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 6.9% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Atlantic City's average FHA mortgage closing costs are $8,003.

The average rate for the prior week (2024-05-10) was 7.04% and one month ago for the week of 2024-04-12, the average rate was 6.81%.

The average rate one year ago was 6.56%.

For refis of the same type during the week of 2024-05-17, the average rate was 7.11%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Advisors Mortgage Group, L.L.C. 93 6.50% $10,265
GREENTREE MORTGAGE COMPANY, L.P. 88 6.51% $9,899
QUICKEN LOANS, LLC 45 6.24% $10,916
NATION ONE MORTGAGE CORPORATION 41 6.66% $14,464
CROSSCOUNTRY MORTGAGE, LLC 25 6.67% $12,726
UNITED WHOLESALE MORTGAGE, LLC 20 6.48% $14,408
Prosperity Home Mortgage, LLC 18 6.44% $10,170
PENNYMAC LOAN SERVICES, LLC 17 5.90% $14,502
Gateway First Bank 17 6.86% $9,682
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 12 6.66% $12,477
FREEDOM MORTGAGE CORPORATION 11 6.90% $14,277
LOANDEPOT.COM, LLC 11 6.41% $10,242
NEWREZ LLC 10 6.70% $12,718
BROKER SOLUTIONS, INC. 9 6.51% $13,192
AMERICAN FINANCIAL NETWORK, INC. 9 6.99% $13,081
AMERISAVE MORTGAGE CORPORATION 8 5.86% $12,832
Citizens Bank 7 6.75% $9,174
GUARANTEED RATE, INC. 7 6.19% $10,176
NFM, INC. 7 6.25% $11,254
Equity Prime Mortgage LLC 7 6.80% $11,775
Meridian Bank Corporation 7 6.41% $11,814
CARDINAL FINANCIAL 6 6.27% $14,534
ALLIED MORTGAGE GROUP, INC. 6 6.56% $11,234
Acre Mortgage and Financial Inc 6 6.71% $16,873
UNION HOME MORTGAGE CORP. 6 6.85% $11,107
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.65% $11,487
NJ LENDERS CORP. 5 6.03% $13,690
CMG MORTGAGE, INC. 5 6.73% $14,594
Wells Fargo Bank 4 7.13% $10,334
Mr. Cooper ( Nationstar Mortgage ) 4 6.06% $16,868
DHI MORTGAGE COMPANY, LTD. 4 6.22% $14,713
DRAPER AND KRAMER MORTGAGE CORP. 3 6.54% $8,891
Northpointe Bank 3 6.38% $11,956
Paramount Residential Mortgage Group, Inc. 3 6.46% $11,397
Flagstar Bank, FSB 3 6.25% $12,814
PLANET HOME LENDING, LLC 3 5.67% $7,195
PLAZA HOME MORTGAGE, INC. 3 6.33% $9,955
ABSOLUTE HOME MORTGAGE CORPORATION 3 6.92% $21,294
Republic Bank 3 5.33% $6,537
GUILD MORTGAGE COMPANY 3 6.83% $11,387
MLD MORTGAGE INC. 3 5.75% $8,957
MUTUAL OF OMAHA MORTGAGE, INC. 3 6.54% $15,658
AMERICAN FINANCING CORPORATION 3 6.83% $10,799
1st Colonial Community Bank 2 6.19% $6,775
AmeriHome Mortgage Company, LLC 2 5.94% $10,599
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.44% $18,406
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 7.31% $18,799
Financial Freedom Mortgage, LLC 2 6.38% $17,286
MOVEMENT MORTGAGE, LLC 2 6.38% $11,533
CALIBER HOME LOANS, INC. 2 6.25% $10,076
AMERICAN FINANCIAL RESOURCES, INC. 2 6.75% $13,093
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.75% $12,819
RESIDENTIAL HOME FUNDING CORP. 2 6.56% $18,952
Nations Lending Corporation 2 6.44% $11,625
NATIONWIDE MORTGAGE BANKERS, INC. 2 6.69% $20,154
Carrington Mortgage Services, LLC 2 5.88% $13,130
LAKEVIEW LOAN SERVICING, LLC 2 6.94% $15,557
VAN DYK MORTGAGE CORPORATION 2 6.31% $13,889
ZILLOW HOME LOANS, LLC 1 6.00% $14,235
BECKAM FUNDING CORP. 1 7.25% $10,649
EMM LOANS LLC 1 6.25% $8,351
Evolve Bank & Trust 1 7.13% $13,579
Fifth Third Bank 1 6.25% $5,466
First Citizens Community Bank 1 6.75% $8,198
Bank of America 1 6.88% $8,829
GENEVA FINANCIAL, LLC 1 7.63% $16,281
1ST 2ND MORTGAGE COMPANY OF N.J., INC. 1 6.63% $24,235
GSF Mortgage Corporation 1 7.00% $18,017
HARTFORD FUNDING, LTD. 1 6.13% $11,505
HOMESIDE FINANCIAL, LLC 1 6.63% $9,880
MEMBER FIRST MORTGAGE, LLC 1 6.75% $9,624
NATIONS DIRECT MORTGAGE, LLC 1 6.25% $11,792
NBKC BANK 1 5.38% $9,962
PINNACLE MORTGAGE, INC. 1 6.63% $15,151
Plains Commerce Bank 1 6.75% $5,416
Residential Mortgage Solutions, Inc. 1 7.25% $12,478
ROYAL UNITED MORTGAGE LLC 1 7.25% $5,914
SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $6,262
SUMMIT FUNDING, INC. 1 6.49% $19,937
SUN WEST MORTGAGE COMPANY, INC. 1 5.63% $14,140
The Federal Savings Bank 1 5.75% $16,100
TOTAL MORTGAGE SERVICES, LLC 1 6.13% $14,915
TOWNE MORTGAGE COMPANY 1 5.75% $10,415
UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 6.50% $9,325
U.S. Bank 1 6.75% $11,983
US MORTGAGE CORPORATION 1 6.63% $14,320
Wilmington Savings Fund Society, FSB 1 6.25% $13,646
BOND STREET MORTGAGE, LLC 1 7.63% $20,179

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. 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%) $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
Atlantic City's median listing price for 2024-04-01 was $399,000, a difference of $29,100 (7.9%) versus the prior year and $16,000 versus the prior month.

Atlantic City's median listing price comes in at 93% of the national average.

Atlantic City's average listing price for 2024-04-01 was $726,147, a difference of $40,840 (6.0%) versus the prior year and $28,611 versus the prior month.

For the 2024-04-01 period, Atlantic City had 869 MLS listings, a difference of 19 listings (2%) versus the prior month and 99 listings (13%) 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 1,680 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 1,500 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
Atlantic City's median listing age (time on market) for 2024-04-01 was 55 days. This is 9% longer than the same period one year ago.

Atlantic City's median square footage for active listings during the 2024-04-01 period was 1,498 sqft. One year prior, the average listing was 1,554 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).