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 88 lenders originated 679 FHA loans during 2023. The total origination value was $177,355,000, with an average FHA loan value of $261,200.
Atlantic City FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Atlantic City
averaged
6.34%
for the week of 2024-12-13, compared to the national average (all FHA variants) of
6.277% for the same period.
Atlantic City's average FHA mortgage closing costs are $8,003.
The average rate for the prior week (2024-12-06) was
6.41% and
one month ago for the week of 2024-11-08, the
average rate was 6.47%.
The average rate one year ago was 7.08%.
For refis of the same type during the week of 2024-12-13, the average rate
was 6.75%.
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.
The top Atlantic City FHA lender as defined by loan originations is Advisors Mortgage Group, L.L.C., with
93 FHA loans originated. Their average total fees are
$10,265, which is $366
higher than the next largest lender,
GREENTREE MORTGAGE COMPANY, L.P..
The lowest fee Atlantic City FHA lenders (with over 10 loans originated) are
Gateway First Bank ($9,682), GREENTREE MORTGAGE COMPANY, L.P. ($9,899), Prosperity Home Mortgage, LLC ($10,170), LOANDEPOT.COM, LLC ($10,242) and Advisors Mortgage Group, L.L.C. ($10,265).
The lowest rate Atlantic City FHA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (5.90%), QUICKEN LOANS, LLC (6.24%), LOANDEPOT.COM, LLC (6.41%), Prosperity Home Mortgage, LLC (6.44%) and UNITED WHOLESALE MORTGAGE, LLC (6.48%).
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. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $229,900 (4.6%) | $402,492 (9.7%) | 0.85 | 2,453 |
2018-02-01 | $229,900 (3.4%) | $406,646 (9.7%) | 0.83 | 2,489 |
2018-03-01 | $230,000 (1.3%) | $406,980 (6.3%) | 0.81 | 2,591 |
2018-04-01 | $234,900 (2.6%) | $408,403 (5.3%) | 0.80 | 2,603 |
2018-05-01 | $239,900 (3.2%) | $414,991 (6.4%) | 0.80 | 2,614 |
2018-06-01 | $244,900 (4.2%) | $419,994 (6.5%) | 0.82 | 2,596 |
2018-07-01 | $248,225 (4.3%) | $425,032 (8.6%) | 0.83 | 2,545 |
2018-08-01 | $249,000 (4.2%) | $425,498 (8.5%) | 0.83 | 2,523 |
2018-09-01 | $249,900 (4.2%) | $425,840 (5.5%) | 0.84 | 2,499 |
2018-10-01 | $249,450 (4.0%) | $418,731 (3.3%) | 0.84 | 2,475 |
2018-11-01 | $245,900 (2.9%) | $414,921 (2.9%) | 0.83 | 2,447 |
2018-12-01 | $244,900 (4.3%) | $412,550 (3.1%) | 0.84 | 2,411 |
2019-01-01 | $244,450 (6.3%) | $412,337 (2.5%) | 0.84 | 2,290 |
2019-02-01 | $245,000 (6.6%) | $420,656 (3.5%) | 0.83 | 2,381 |
2019-03-01 | $251,943 (9.5%) | $448,447 (10.2%) | 0.82 | 2,483 |
2019-04-01 | $260,750 (11.0%) | $481,933 (18.0%) | 0.83 | 2,512 |
2019-05-01 | $260,500 (8.6%) | $434,864 (4.8%) | 0.81 | 2,576 |
2019-06-01 | $259,000 (5.8%) | $429,431 (2.3%) | 0.81 | 2,594 |
2019-07-01 | $258,238 (4.0%) | $427,480 (0.6%) | 0.81 | 2,593 |
2019-08-01 | $249,727 (0.3%) | $421,877 (-0.9%) | 0.79 | 2,576 |
2019-09-01 | $249,318 (-0.2%) | $415,853 (-2.4%) | 0.80 | 2,529 |
2019-10-01 | $249,045 (-0.2%) | $410,806 (-1.9%) | 0.80 | 2,488 |
2019-11-01 | $249,900 (1.6%) | $406,981 (-1.9%) | 0.82 | 2,361 |
2019-12-01 | $248,625 (1.5%) | $398,634 (-3.4%) | 0.83 | 2,238 |
2020-01-01 | $247,000 (1.0%) | $399,589 (-3.1%) | 0.83 | 2,115 |
2020-02-01 | $249,000 (1.6%) | $404,799 (-3.8%) | 0.82 | 2,119 |
2020-03-01 | $249,900 (-0.8%) | $414,010 (-7.7%) | 0.78 | 2,190 |
2020-04-01 | $249,900 (-4.2%) | $412,880 (-14.3%) | 0.78 | 2,143 |
2020-05-01 | $249,900 (-4.1%) | $412,459 (-5.2%) | 0.76 | 2,086 |
2020-06-01 | $249,000 (-3.9%) | $414,922 (-3.4%) | 0.73 | 1,905 |
2020-07-01 | $249,700 (-3.3%) | $426,311 (-0.3%) | 0.72 | 1,715 |
2020-08-01 | $249,500 (-0.1%) | $424,998 (0.7%) | 0.71 | 1,564 |
2020-09-01 | $250,000 (0.3%) | $432,432 (4.0%) | 0.72 | 1,528 |
2020-10-01 | $249,900 (0.3%) | $433,378 (5.5%) | 0.72 | 1,528 |
2020-11-01 | $249,900 (0.0%) | $442,511 (8.7%) | 0.73 | 1,525 |
2020-12-01 | $247,750 (-0.4%) | $429,836 (7.8%) | 0.74 | 1,493 |
2021-01-01 | $239,900 (-2.9%) | $423,689 (6.0%) | 0.72 | 1,294 |
2021-02-01 | $239,900 (-3.7%) | $438,429 (8.3%) | 0.70 | 1,161 |
2021-03-01 | $239,950 (-4.0%) | $444,573 (7.4%) | 0.68 | 1,084 |
2021-04-01 | $249,450 (-0.2%) | $463,558 (12.3%) | 0.68 | 1,064 |
2021-05-01 | $269,900 (8.0%) | $474,776 (15.1%) | 0.72 | 1,079 |
2021-06-01 | $269,900 (8.4%) | $467,187 (12.6%) | 0.71 | 1,112 |
2021-07-01 | $277,500 (11.1%) | $455,260 (6.8%) | 0.73 | 1,259 |
2021-08-01 | $282,450 (13.2%) | $454,887 (7.0%) | 0.75 | 1,313 |
2021-09-01 | $289,000 (15.6%) | $448,561 (3.7%) | 0.77 | 1,289 |
2021-10-01 | $297,950 (19.2%) | $456,631 (5.4%) | 0.79 | 1,188 |
2021-11-01 | $291,725 (16.7%) | $446,731 (1.0%) | 0.78 | 1,101 |
2021-12-01 | $288,000 (16.3%) | $454,046 (5.6%) | 0.78 | 1,001 |
2022-01-01 | $295,000 (23.0%) | $454,540 (7.3%) | 0.80 | 865 |
2022-02-01 | $287,000 (19.6%) | $467,882 (6.7%) | 0.75 | 772 |
2022-03-01 | $279,250 (16.4%) | $487,819 (9.7%) | 0.70 | 774 |
2022-04-01 | $299,000 (19.9%) | $515,956 (11.3%) | 0.71 | 797 |
2022-05-01 | $329,288 (22.0%) | $548,532 (15.5%) | 0.75 | 897 |
2022-06-01 | $329,450 (22.1%) | $559,180 (19.7%) | 0.73 | 983 |
2022-07-01 | $329,700 (18.8%) | $547,193 (20.2%) | 0.74 | 1,114 |
2022-08-01 | $325,000 (15.1%) | $555,510 (22.1%) | 0.75 | 1,109 |
2022-09-01 | $325,000 (12.5%) | $548,294 (22.2%) | 0.76 | 1,047 |
2022-10-01 | $329,900 (10.7%) | $565,509 (23.8%) | 0.78 | 1,040 |
2022-11-01 | $333,450 (14.3%) | $574,247 (28.5%) | 0.80 | 1,045 |
2022-12-01 | $330,000 (14.6%) | $584,388 (28.7%) | 0.81 | 931 |
2023-01-01 | $338,950 (14.9%) | $595,391 (31.0%) | 0.84 | 858 |
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 (28.9%) | 0.86 | 746 |
2023-06-01 | $392,450 (19.1%) | $710,963 (27.1%) | 0.88 | 769 |
2023-07-01 | $394,900 (19.8%) | $703,810 (28.6%) | 0.90 | 771 |
2023-08-01 | $399,000 (22.8%) | $703,404 (26.6%) | 0.92 | 779 |
2023-09-01 | $400,000 (23.1%) | $676,860 (23.5%) | 0.93 | 796 |
2023-10-01 | $414,850 (25.8%) | $668,742 (18.3%) | 0.98 | 823 |
2023-11-01 | $401,175 (20.3%) | $687,322 (19.7%) | 0.96 | 862 |
2023-12-01 | $399,000 (20.9%) | $677,421 (15.9%) | 0.97 | 834 |
2024-01-01 | $399,000 (17.7%) | $684,996 (15.1%) | 0.97 | 821 |
2024-02-01 | $397,000 (15.3%) | $689,926 (9.4%) | 0.96 | 841 |
2024-03-01 | $383,000 (9.5%) | $697,536 (12.2%) | 0.90 | 850 |
2024-04-01 | $399,000 (7.9%) | $726,147 (6.0%) | 0.93 | 869 |
2024-05-01 | $397,000 (4.2%) | $767,739 (8.6%) | 0.90 | 878 |
2024-06-01 | $399,900 (1.9%) | $789,099 (11.0%) | 0.90 | 910 |
2024-07-01 | $399,900 (1.3%) | $779,605 (10.8%) | 0.91 | 946 |
2024-08-01 | $389,999 (-2.3%) | $769,523 (9.4%) | 0.91 | 973 |
2024-09-01 | $399,950 (0.0%) | $762,375 (12.6%) | 0.94 | 1,030 |
2024-10-01 | $399,950 (-3.6%) | $756,141 (13.1%) | 0.94 | 1,046 |
2024-11-01 | $400,000 (-0.3%) | $786,351 (14.4%) | 0.96 | 987 |
Atlantic City's median listing price comes in at 96% of the national average.
Atlantic City's average listing price for 2024-11-01 was $786,351, a difference of $99,029 (14.4%) versus the prior year and $30,210 versus the prior month.
For the 2024-11-01 period, Atlantic City had 987 MLS listings, a difference of -59 listings (-6%) versus the prior month and 125 listings (15%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Atlantic City (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 96 days | 1,680 sqft |
2018-02-01 | 91 days | 1,680 sqft |
2018-03-01 | 70 days | 1,668 sqft |
2018-04-01 | 66 days | 1,709 sqft |
2018-05-01 | 71 days | 1,728 sqft |
2018-06-01 | 75 days | 1,748 sqft |
2018-07-01 | 82 days | 1,743 sqft |
2018-08-01 | 81 days | 1,749 sqft |
2018-09-01 | 78 days | 1,768 sqft |
2018-10-01 | 78 days | 1,743 sqft |
2018-11-01 | 79 days | 1,704 sqft |
2018-12-01 | 87 days | 1,682 sqft |
2019-01-01 | 92 days | 1,685 sqft |
2019-02-01 | 84 days | 1,660 sqft |
2019-03-01 | 74 days | 1,687 sqft |
2019-04-01 | 67 days | 1,701 sqft |
2019-05-01 | 67 days | 1,715 sqft |
2019-06-01 | 70 days | 1,711 sqft |
2019-07-01 | 75 days | 1,721 sqft |
2019-08-01 | 78 days | 1,712 sqft |
2019-09-01 | 80 days | 1,701 sqft |
2019-10-01 | 81 days | 1,688 sqft |
2019-11-01 | 87 days | 1,680 sqft |
2019-12-01 | 92 days | 1,640 sqft |
2020-01-01 | 93 days | 1,623 sqft |
2020-02-01 | 82 days | 1,611 sqft |
2020-03-01 | 66 days | 1,635 sqft |
2020-04-01 | 76 days | 1,610 sqft |
2020-05-01 | 88 days | 1,629 sqft |
2020-06-01 | 100 days | 1,610 sqft |
2020-07-01 | 84 days | 1,621 sqft |
2020-08-01 | 62 days | 1,588 sqft |
2020-09-01 | 52 days | 1,551 sqft |
2020-10-01 | 52 days | 1,550 sqft |
2020-11-01 | 60 days | 1,551 sqft |
2020-12-01 | 73 days | 1,519 sqft |
2021-01-01 | 81 days | 1,454 sqft |
2021-02-01 | 75 days | 1,433 sqft |
2021-03-01 | 62 days | 1,439 sqft |
2021-04-01 | 50 days | 1,442 sqft |
2021-05-01 | 49 days | 1,501 sqft |
2021-06-01 | 48 days | 1,508 sqft |
2021-07-01 | 45 days | 1,554 sqft |
2021-08-01 | 49 days | 1,567 sqft |
2021-09-01 | 55 days | 1,578 sqft |
2021-10-01 | 59 days | 1,572 sqft |
2021-11-01 | 57 days | 1,553 sqft |
2021-12-01 | 66 days | 1,573 sqft |
2022-01-01 | 76 days | 1,562 sqft |
2022-02-01 | 66 days | 1,495 sqft |
2022-03-01 | 43 days | 1,493 sqft |
2022-04-01 | 42 days | 1,506 sqft |
2022-05-01 | 40 days | 1,580 sqft |
2022-06-01 | 42 days | 1,577 sqft |
2022-07-01 | 45 days | 1,600 sqft |
2022-08-01 | 53 days | 1,549 sqft |
2022-09-01 | 64 days | 1,564 sqft |
2022-10-01 | 60 days | 1,576 sqft |
2022-11-01 | 65 days | 1,565 sqft |
2022-12-01 | 74 days | 1,567 sqft |
2023-01-01 | 80 days | 1,562 sqft |
2023-02-01 | 66 days | 1,568 sqft |
2023-03-01 | 51 days | 1,557 sqft |
2023-04-01 | 50 days | 1,554 sqft |
2023-05-01 | 51 days | 1,590 sqft |
2023-06-01 | 47 days | 1,639 sqft |
2023-07-01 | 46 days | 1,612 sqft |
2023-08-01 | 50 days | 1,650 sqft |
2023-09-01 | 48 days | 1,600 sqft |
2023-10-01 | 49 days | 1,607 sqft |
2023-11-01 | 48 days | 1,579 sqft |
2023-12-01 | 58 days | 1,526 sqft |
2024-01-01 | 68 days | 1,502 sqft |
2024-02-01 | 58 days | 1,500 sqft |
2024-03-01 | 52 days | 1,457 sqft |
2024-04-01 | 55 days | 1,498 sqft |
2024-05-01 | 47 days | 1,485 sqft |
2024-06-01 | 50 days | 1,536 sqft |
2024-07-01 | 51 days | 1,522 sqft |
2024-08-01 | 48 days | 1,512 sqft |
2024-09-01 | 52 days | 1,520 sqft |
2024-10-01 | 54 days | 1,538 sqft |
2024-11-01 | 61 days | 1,509 sqft |
Atlantic City's median square footage for active listings during the 2024-11-01 period was 1,509 sqft. One year prior, the average listing was 1,579 sqft.