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%.
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 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. LouisDate | 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 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. LouisDate | 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 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.