Atlantic City FHA Loan Rates, Closing Costs & Stats

ATLANTIC CITY-HAMMONTON, NJ

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 -0.04% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

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

    The average rate for the prior week (2024-11-08) was 6.57% and one month ago for the week of 2024-10-11, the average rate was 6.37%.

    The average rate one year ago was 7.52%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.37%.

    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
    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
    Atlantic City's median listing price for 2024-10-01 was $399,950, a difference of $-14,900 (-3.6%) versus the prior year and $0 versus the prior month.

    Atlantic City's median listing price comes in at 94% of the national average.

    Atlantic City's average listing price for 2024-10-01 was $756,141, a difference of $87,399 (13.1%) versus the prior year and $-6,234 versus the prior month.

    For the 2024-10-01 period, Atlantic City had 1,046 MLS listings, a difference of 16 listings (2%) versus the prior month and 223 listings (27%) 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 1,502 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
    Atlantic City's median listing age (time on market) for 2024-10-01 was 54 days. This is 10% longer than the same period one year ago.

    Atlantic City's median square footage for active listings during the 2024-10-01 period was 1,538 sqft. One year prior, the average listing was 1,607 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).