Atlantic City FHA Loan Rates, Closing Costs & Stats

ATLANTIC CITY-HAMMONTON, NJ

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

Atlantic City's 95 lenders originated 901 FHA loans during 2022. The total origination value was $217,345,000, with an average FHA loan value of $241,226.

Atlantic City FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Atlantic City averaged 6.68% for the week of 2023-09-22, compared to the national average (all FHA variants) of 7.036% for the same period.

Atlantic City's average FHA mortgage closing costs are $7,573.

The average rate for the prior week (2023-09-15) was 6.73% and one month ago for the week of 2023-08-18, the average rate was 6.74%.

The average rate one year ago was 5.33%.

For refis of the same type during the week of 2023-09-22, the average rate was 5.65%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Atlantic City FHA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Atlantic City level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
GREENTREE MORTGAGE COMPANY, L.P. 124 4.94% $8,727
Advisors Mortgage Group, L.L.C. 106 4.91% $9,235
CALIBER HOME LOANS, INC. 81 4.61% $8,495
QUICKEN LOANS, LLC 67 4.26% $9,739
NATION ONE MORTGAGE CORPORATION 36 5.34% $13,545
CROSSCOUNTRY MORTGAGE, LLC 24 5.30% $12,756
Prosperity Home Mortgage, LLC 19 4.74% $8,321
FINANCE OF AMERICA MORTGAGE LLC 18 4.91% $12,944
MLD MORTGAGE INC. 17 4.88% $9,937
Gateway First Bank 16 4.81% $6,987
DRAPER AND KRAMER MORTGAGE CORP. 15 4.70% $9,373
UNITED WHOLESALE MORTGAGE, LLC 14 4.95% $11,301
Mr. Cooper ( Nationstar Mortgage ) 13 4.62% $8,379
FREEDOM MORTGAGE CORPORATION 13 4.82% $8,918
LOANDEPOT.COM, LLC 13 4.55% $10,269
ALLIED MORTGAGE GROUP, INC. 12 4.41% $10,125
UNION HOME MORTGAGE CORP. 12 4.69% $9,032
NFM, INC. 12 4.65% $10,277
Equity Prime Mortgage LLC 12 4.61% $12,625
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 12 5.02% $13,170
PENNYMAC LOAN SERVICES, LLC 11 3.82% $7,836
EMM LOANS LLC 10 5.39% $10,802
HOMEBRIDGE FINANCIAL SERVICES, INC. 9 5.50% $10,842
CARDINAL FINANCIAL 8 4.79% $12,106
BROKER SOLUTIONS, INC. 7 5.29% $10,446
GUARANTEED RATE, INC. 6 4.75% $9,201
Wells Fargo Bank 5 5.68% $5,607
UNITED MORTGAGE CORP 5 4.45% $11,096
Acre Mortgage and Financial Inc 5 5.10% $14,131
RESIDENTIAL HOME FUNDING CORP. 5 4.15% $9,909
HOME POINT FINANCIAL CORPORATION 5 4.15% $13,280
Paramount Residential Mortgage Group, Inc. 5 5.45% $12,316
AMERISAVE MORTGAGE CORPORATION 5 4.83% $13,110
ABSOLUTE HOME MORTGAGE CORPORATION 4 5.66% $10,240
Meridian Bank Corporation 4 4.63% $11,345
Plains Commerce Bank 4 4.97% $12,209
MORTGAGE ACCESS CORP. 4 4.78% $13,393
MOVEMENT MORTGAGE, LLC 3 5.17% $12,102
US MORTGAGE CORPORATION 3 5.38% $10,475
Nations Lending Corporation 3 6.54% $9,940
NATIONWIDE MORTGAGE BANKERS, INC. 3 5.17% $15,466
LAKEVIEW LOAN SERVICING, LLC 3 3.79% $8,656
AMERICAN PACIFIC MORTGAGE CORPORATION 3 5.67% $12,889
DHI MORTGAGE COMPANY, LTD. 3 3.42% $11,356
DEVELOPER'S MORTGAGE COMPANY 3 5.25% $8,649
Financial Freedom Mortgage, LLC 3 5.04% $11,672
Carrington Mortgage Services, LLC 3 5.25% $13,979
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 5.42% $11,498
First Guaranty Mortgage Corporation 3 4.04% $7,904
SUCCESS MORTGAGE PARTNERS, INC. 3 5.88% $8,225
Republic Bank 2 3.81% $9,260
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 5.44% $10,139
CHERRY CREEK MORTGAGE, LLC 2 6.06% $3,485
CMG MORTGAGE, INC. 2 4.19% $12,180
EVERETT FINANCIAL, INC. 2 4.69% $5,046
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.37% $7,919
Flagstar Bank, FSB 2 4.86% $11,083
Huntingdon Valley Bank 2 5.25% $8,441
Lakeview Community Capital, LLC 2 4.13% $9,417
Mortgage Research Center, LLC 2 5.63% $12,507
NETWORK CAPITAL FUNDING CORPORATION 2 4.81% $9,987
NEWREZ LLC 2 6.44% $8,500
NJ LENDERS CORP. 2 4.69% $10,646
Northpointe Bank 2 4.44% $10,891
PINNACLE MORTGAGE, INC. 2 4.19% $9,920
PLANET HOME LENDING, LLC 2 3.87% $6,492
RELIANCE FIRST CAPITAL, LLC 2 4.94% $11,335
TD Bank 2 3.88% $7,111
The Federal Savings Bank 2 5.19% $10,921
BAYSHORE MORTGAGE FUNDING, LLC 1 4.63% $11,163
NORWICH COMMERCIAL GROUP, INC. 1 6.25% $9,347
OAKTREE FUNDING CORP. 1 5.25% $11,328
OCEANSIDE MORTGAGE COMPANY 1 6.25% $9,496
HOMESIDE FINANCIAL, LLC 1 4.75% $14,134
GUILD MORTGAGE COMPANY 1 5.00% $10,291
Barrington Bank & Trust Company, N.A. 1 3.50% $8,203
Fulton Bank 1 3.00% $4,414
ATLANTIS MORTGAGE CO., INC. 1 6.75% $13,518
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.88% $8,163
First Federal Bank 1 5.00% $11,514
ENVOY MORTGAGE, LTD 1 5.63% $21,597
EMBRACE HOME LOANS, INC. 1 3.38% $11,490
AmRes Corporation 1 5.13% $7,452
1st Colonial Community Bank 1 5.00% $9,124
CONTOUR MORTGAGE CORPORATION 1 6.75% $9,427
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.75% $7,948
M&T Bank 1 6.13% $6,167
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $14,053
MORIA DEVELOPMENT, INC. 1 5.63% $13,142
MLB RESIDENTIAL LENDING, LLC 1 5.75% $9,297
MCLEAN MORTGAGE CORPORATION 1 6.63% $8,860
BOND STREET MORTGAGE, LLC 1 5.75% $8,827
VAN DYK MORTGAGE CORPORATION 1 4.25% $12,263
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 1 5.13% $11,269
AMERICAN FINANCING CORPORATION 1 4.88% $14,181

The top Atlantic City FHA lender as defined by loan originations is GREENTREE MORTGAGE COMPANY, L.P., with 124 FHA loans originated. Their average total fees are $8,727, which is $509 lower than the next largest lender, Advisors Mortgage Group, L.L.C..

The lowest fee Atlantic City FHA lenders (with over 10 loans originated) are Gateway First Bank ($6,987), PENNYMAC LOAN SERVICES, LLC ($7,836), Prosperity Home Mortgage, LLC ($8,321), Mr. Cooper ( Nationstar Mortgage ) ($8,379) and CALIBER HOME LOANS, INC. ($8,495).

The lowest rate Atlantic City FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.82%), QUICKEN LOANS, LLC (4.26%), ALLIED MORTGAGE GROUP, INC. (4.41%), LOANDEPOT.COM, LLC (4.55%) and CALIBER HOME LOANS, INC. (4.61%).

Atlantic City FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
ATLANTIC CITY-HAMMONTON, NJ ATLANTIC 2022 $420,680 $538,650 $651,050 $809,150
ATLANTIC CITY-HAMMONTON, NJ ATLANTIC 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Atlantic City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $229,900 (4.6%) $401,416 (10.0%) 0.85 2,451
2018-02-01 $229,900 (3.4%) $405,384 (10.0%) 0.84 2,488
2018-03-01 $230,000 (1.4%) $405,999 (6.6%) 0.81 2,589
2018-04-01 $234,900 (2.6%) $407,283 (5.6%) 0.80 2,602
2018-05-01 $239,900 (3.2%) $414,048 (6.7%) 0.80 2,612
2018-06-01 $244,900 (4.2%) $419,228 (6.9%) 0.82 2,593
2018-07-01 $248,250 (4.4%) $424,252 (9.0%) 0.83 2,543
2018-08-01 $249,000 (4.2%) $424,710 (8.9%) 0.83 2,520
2018-09-01 $249,900 (4.2%) $425,003 (5.8%) 0.84 2,497
2018-10-01 $249,450 (4.0%) $417,739 (3.3%) 0.85 2,473
2018-11-01 $245,900 (2.9%) $413,927 (2.9%) 0.83 2,446
2018-12-01 $244,900 (4.3%) $411,453 (3.0%) 0.84 2,411
2019-01-01 $244,450 (6.3%) $411,215 (2.4%) 0.84 2,289
2019-02-01 $245,000 (6.6%) $419,585 (3.5%) 0.83 2,381
2019-03-01 $251,943 (9.5%) $447,889 (10.3%) 0.82 2,483
2019-04-01 $261,750 (11.4%) $482,032 (18.4%) 0.83 2,512
2019-05-01 $261,850 (9.2%) $434,961 (5.1%) 0.82 2,576
2019-06-01 $259,700 (6.0%) $429,605 (2.5%) 0.81 2,593
2019-07-01 $258,363 (4.1%) $427,530 (0.8%) 0.81 2,594
2019-08-01 $249,727 (0.3%) $421,749 (-0.7%) 0.79 2,577
2019-09-01 $249,318 (-0.2%) $415,797 (-2.2%) 0.80 2,530
2019-10-01 $249,045 (-0.2%) $410,806 (-1.7%) 0.80 2,488
2019-11-01 $249,900 (1.6%) $406,837 (-1.7%) 0.82 2,361
2019-12-01 $248,500 (1.5%) $398,579 (-3.1%) 0.83 2,237
2020-01-01 $247,000 (1.0%) $399,595 (-2.8%) 0.83 2,114
2020-02-01 $249,000 (1.6%) $404,743 (-3.5%) 0.82 2,117
2020-03-01 $249,900 (-0.8%) $414,093 (-7.6%) 0.78 2,189
2020-04-01 $249,900 (-4.5%) $412,963 (-14.3%) 0.78 2,142
2020-05-01 $249,900 (-4.6%) $412,544 (-5.2%) 0.76 2,085
2020-06-01 $249,000 (-4.1%) $415,004 (-3.4%) 0.73 1,904
2020-07-01 $249,508 (-3.4%) $426,406 (-0.3%) 0.72 1,714
2020-08-01 $249,250 (-0.2%) $425,094 (0.8%) 0.71 1,563
2020-09-01 $250,000 (0.3%) $432,534 (4.0%) 0.72 1,527
2020-10-01 $249,900 (0.3%) $433,476 (5.5%) 0.72 1,527
2020-11-01 $249,900 (0.0%) $442,298 (8.7%) 0.73 1,524
2020-12-01 $247,500 (-0.4%) $429,830 (7.8%) 0.74 1,492
2021-01-01 $239,900 (-2.9%) $423,522 (6.0%) 0.72 1,294
2021-02-01 $239,900 (-3.7%) $438,677 (8.4%) 0.70 1,159
2021-03-01 $239,925 (-4.0%) $444,527 (7.4%) 0.68 1,084
2021-04-01 $249,450 (-0.2%) $463,571 (12.3%) 0.68 1,064
2021-05-01 $269,900 (8.0%) $474,776 (15.1%) 0.72 1,079
2021-06-01 $269,950 (8.4%) $467,419 (12.6%) 0.71 1,111
2021-07-01 $278,250 (11.5%) $455,458 (6.8%) 0.73 1,257
2021-08-01 $282,425 (13.3%) $454,587 (6.9%) 0.75 1,314
2021-09-01 $289,000 (15.6%) $448,262 (3.6%) 0.77 1,288
2021-10-01 $297,900 (19.2%) $456,477 (5.3%) 0.79 1,189
2021-11-01 $291,725 (16.7%) $446,576 (1.0%) 0.78 1,101
2021-12-01 $288,000 (16.4%) $454,046 (5.6%) 0.78 1,001
2022-01-01 $294,950 (23.0%) $454,285 (7.3%) 0.80 866
2022-02-01 $287,000 (19.6%) $467,772 (6.6%) 0.75 773
2022-03-01 $279,250 (16.4%) $487,724 (9.7%) 0.70 774
2022-04-01 $299,000 (19.9%) $515,956 (11.3%) 0.71 798
2022-05-01 $329,288 (22.0%) $548,455 (15.5%) 0.75 898
2022-06-01 $329,450 (22.0%) $559,021 (19.6%) 0.73 984
2022-07-01 $329,900 (18.6%) $547,056 (20.1%) 0.74 1,115
2022-08-01 $325,000 (15.1%) $555,363 (22.2%) 0.75 1,110
2022-09-01 $325,000 (12.5%) $548,329 (22.3%) 0.76 1,048
2022-10-01 $329,900 (10.7%) $565,351 (23.9%) 0.78 1,041
2022-11-01 $333,725 (14.4%) $574,531 (28.7%) 0.80 1,044
2022-12-01 $332,495 (15.5%) $584,712 (28.8%) 0.82 930
2023-01-01 $339,075 (15.0%) $595,769 (31.1%) 0.84 857
2023-02-01 $344,450 (20.0%) $630,571 (34.8%) 0.83 819
2023-03-01 $349,900 (25.3%) $621,566 (27.4%) 0.83 802
2023-04-01 $369,900 (23.7%) $685,307 (32.8%) 0.86 770
2023-05-01 $381,000 (15.7%) $707,206 (29.0%) 0.86 746
2023-06-01 $392,450 (19.1%) $710,963 (27.2%) 0.88 769
2023-07-01 $394,900 (19.7%) $703,810 (28.7%) 0.90 771
2023-08-01 $399,000 (22.8%) $703,404 (26.7%) 0.92 779
Atlantic City's median listing price for 2023-08-01 was $399,000, a difference of $74,000 (22.8%) versus the prior year and $4,100 versus the prior month.

Atlantic City's median listing price comes in at 92% of the national average.

Atlantic City's average listing price for 2023-08-01 was $703,404, a difference of $148,041 (26.7%) versus the prior year and $-406 versus the prior month.

For the 2023-08-01 period, Atlantic City had 779 MLS listings, a difference of 8 listings (1%) versus the prior month and -331 listings (-30%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Atlantic City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 96 days 1,710 sqft
2018-02-01 91 days 1,715 sqft
2018-03-01 70 days 1,700 sqft
2018-04-01 66 days 1,741 sqft
2018-05-01 71 days 1,749 sqft
2018-06-01 75 days 1,791 sqft
2018-07-01 82 days 1,786 sqft
2018-08-01 81 days 1,790 sqft
2018-09-01 77 days 1,800 sqft
2018-10-01 78 days 1,779 sqft
2018-11-01 79 days 1,741 sqft
2018-12-01 87 days 1,720 sqft
2019-01-01 92 days 1,725 sqft
2019-02-01 84 days 1,722 sqft
2019-03-01 74 days 1,728 sqft
2019-04-01 67 days 1,733 sqft
2019-05-01 68 days 1,750 sqft
2019-06-01 70 days 1,728 sqft
2019-07-01 75 days 1,739 sqft
2019-08-01 78 days 1,737 sqft
2019-09-01 80 days 1,732 sqft
2019-10-01 81 days 1,725 sqft
2019-11-01 87 days 1,708 sqft
2019-12-01 92 days 1,691 sqft
2020-01-01 93 days 1,665 sqft
2020-02-01 83 days 1,668 sqft
2020-03-01 67 days 1,689 sqft
2020-04-01 76 days 1,669 sqft
2020-05-01 88 days 1,691 sqft
2020-06-01 100 days 1,677 sqft
2020-07-01 84 days 1,682 sqft
2020-08-01 62 days 1,631 sqft
2020-09-01 52 days 1,600 sqft
2020-10-01 52 days 1,600 sqft
2020-11-01 60 days 1,591 sqft
2020-12-01 73 days 1,545 sqft
2021-01-01 81 days 1,488 sqft
2021-02-01 75 days 1,452 sqft
2021-03-01 62 days 1,452 sqft
2021-04-01 50 days 1,446 sqft
2021-05-01 49 days 1,510 sqft
2021-06-01 48 days 1,518 sqft
2021-07-01 45 days 1,560 sqft
2021-08-01 49 days 1,583 sqft
2021-09-01 55 days 1,600 sqft
2021-10-01 59 days 1,600 sqft
2021-11-01 58 days 1,569 sqft
2021-12-01 66 days 1,583 sqft
2022-01-01 76 days 1,568 sqft
2022-02-01 66 days 1,497 sqft
2022-03-01 42 days 1,499 sqft
2022-04-01 42 days 1,540 sqft
2022-05-01 40 days 1,606 sqft
2022-06-01 41 days 1,598 sqft
2022-07-01 45 days 1,610 sqft
2022-08-01 53 days 1,597 sqft
2022-09-01 64 days 1,607 sqft
2022-10-01 60 days 1,608 sqft
2022-11-01 65 days 1,598 sqft
2022-12-01 74 days 1,588 sqft
2023-01-01 79 days 1,578 sqft
2023-02-01 66 days 1,593 sqft
2023-03-01 51 days 1,608 sqft
2023-04-01 50 days 1,625 sqft
2023-05-01 51 days 1,659 sqft
2023-06-01 47 days 1,684 sqft
2023-07-01 46 days 1,628 sqft
2023-08-01 50 days 1,668 sqft
Atlantic City's median listing age (time on market) for 2023-08-01 was 50 days. This is -5% shorter than the same period one year ago.

Atlantic City's median square footage for active listings during the 2023-08-01 period was 1,668 sqft. One year prior, the average listing was 1,597 sqft.

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).