Atlantic City FHA Loan Rates, Closing Costs & Stats

ATLANTIC CITY-HAMMONTON, NJ

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    • 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).