Newark FHA Loan Rates, Closing Costs & Stats

NEWARK, NJ-PA

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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.

    Newark FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Newark averaged 0% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Newark's average FHA mortgage closing costs are $0.

    The average rate for the prior week (2024-04-05) was 0% and one month ago for the week of 2024-03-08, the average rate was 0%.

    The average rate one year ago was 0%.

    For refis of the same type during the week of 2024-04-12, the average rate was 0%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Newark 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 Newark level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs

    The lowest fee Newark FHA lenders (with over 10 loans originated) are .

    The lowest rate Newark FHA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Newark (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 $499,000 (13.2%) $1,184,160 (11.5%) 1.85 48,059
    2018-02-01 $519,000 (14.2%) $1,187,602 (7.0%) 1.88 50,498
    2018-03-01 $529,995 (11.6%) $1,166,065 (4.1%) 1.86 54,028
    2018-04-01 $549,444 (12.1%) $1,162,682 (1.3%) 1.86 57,178
    2018-05-01 $559,000 (11.9%) $1,155,902 (1.3%) 1.87 62,355
    2018-06-01 $559,900 (12.0%) $1,137,861 (0.1%) 1.87 65,388
    2018-07-01 $552,906 (10.6%) $1,118,327 (-0.6%) 1.85 66,067
    2018-08-01 $549,000 (10.2%) $1,085,063 (-1.6%) 1.84 65,240
    2018-09-01 $549,900 (10.2%) $1,092,650 (-2.4%) 1.85 65,820
    2018-10-01 $549,999 (8.6%) $1,103,826 (-3.8%) 1.86 66,122
    2018-11-01 $549,900 (10.0%) $1,115,364 (-3.3%) 1.86 63,702
    2018-12-01 $540,000 (8.0%) $1,115,460 (-4.2%) 1.86 57,615
    2019-01-01 $535,000 (7.2%) $1,114,717 (-5.9%) 1.85 53,016
    2019-02-01 $547,000 (5.4%) $1,128,541 (-5.0%) 1.85 55,002
    2019-03-01 $560,143 (5.7%) $1,129,863 (-3.1%) 1.83 58,572
    2019-04-01 $575,000 (4.7%) $1,125,947 (-3.2%) 1.83 62,598
    2019-05-01 $589,000 (5.4%) $1,130,704 (-2.2%) 1.84 68,043
    2019-06-01 $585,000 (4.5%) $1,121,806 (-1.4%) 1.83 69,942
    2019-07-01 $575,000 (4.0%) $1,107,826 (-0.9%) 1.80 68,901
    2019-08-01 $575,818 (4.9%) $1,102,079 (1.6%) 1.82 68,031
    2019-09-01 $577,045 (4.9%) $1,114,839 (2.0%) 1.85 67,163
    2019-10-01 $577,864 (5.1%) $1,125,085 (1.9%) 1.86 66,023
    2019-11-01 $575,000 (4.6%) $1,138,373 (2.1%) 1.89 62,133
    2019-12-01 $574,500 (6.4%) $1,164,085 (4.4%) 1.92 54,253
    2020-01-01 $565,000 (5.6%) $1,173,101 (5.2%) 1.89 49,998
    2020-02-01 $575,000 (5.1%) $1,176,805 (4.3%) 1.88 51,374
    2020-03-01 $589,950 (5.3%) $1,181,583 (4.6%) 1.85 52,870
    2020-04-01 $598,900 (4.2%) $1,221,296 (8.5%) 1.88 48,980
    2020-05-01 $599,000 (1.7%) $1,197,316 (5.9%) 1.82 48,638
    2020-06-01 $599,944 (2.6%) $1,191,273 (6.2%) 1.77 51,185
    2020-07-01 $627,000 (9.0%) $1,207,357 (9.0%) 1.82 54,352
    2020-08-01 $641,617 (11.4%) $1,249,587 (13.4%) 1.84 54,377
    2020-09-01 $649,000 (12.5%) $1,263,476 (13.3%) 1.86 54,572
    2020-10-01 $649,999 (12.5%) $1,292,377 (14.9%) 1.86 55,661
    2020-11-01 $649,000 (12.9%) $1,307,486 (14.9%) 1.90 52,172
    2020-12-01 $649,000 (13.0%) $1,328,343 (14.1%) 1.93 46,928
    2021-01-01 $649,000 (14.9%) $1,374,981 (17.2%) 1.94 40,456
    2021-02-01 $649,950 (13.0%) $1,399,017 (18.9%) 1.89 38,707
    2021-03-01 $649,000 (10.0%) $1,383,278 (17.1%) 1.84 38,458
    2021-04-01 $649,946 (8.5%) $1,391,889 (14.0%) 1.76 40,115
    2021-05-01 $649,993 (8.5%) $1,379,846 (15.2%) 1.73 42,335
    2021-06-01 $645,371 (7.6%) $1,340,463 (12.5%) 1.70 44,880
    2021-07-01 $625,000 (-0.3%) $1,297,035 (7.4%) 1.65 45,172
    2021-08-01 $617,000 (-3.8%) $1,281,311 (2.5%) 1.65 44,667
    2021-09-01 $605,000 (-6.8%) $1,284,368 (1.7%) 1.61 43,617
    2021-10-01 $619,000 (-4.8%) $1,303,095 (0.8%) 1.65 43,542
    2021-11-01 $621,950 (-4.2%) $1,352,359 (3.4%) 1.66 39,093
    2021-12-01 $619,250 (-4.6%) $1,384,948 (4.3%) 1.68 32,921
    2022-01-01 $625,000 (-3.7%) $1,494,423 (8.7%) 1.69 28,164
    2022-02-01 $637,125 (-2.0%) $1,442,220 (3.1%) 1.66 28,498
    2022-03-01 $649,444 (0.1%) $1,450,238 (4.8%) 1.63 30,421
    2022-04-01 $660,000 (1.6%) $1,447,922 (4.0%) 1.57 32,090
    2022-05-01 $675,000 (3.9%) $1,431,626 (3.8%) 1.54 36,015
    2022-06-01 $675,000 (4.6%) $1,377,710 (2.8%) 1.50 38,789
    2022-07-01 $659,000 (5.4%) $1,336,068 (3.0%) 1.48 41,010
    2022-08-01 $650,000 (5.4%) $1,318,875 (2.9%) 1.50 40,176
    2022-09-01 $660,130 (9.1%) $1,365,889 (6.4%) 1.54 39,681
    2022-10-01 $674,894 (9.0%) $1,454,762 (11.6%) 1.59 40,045
    2022-11-01 $669,500 (7.7%) $1,497,072 (10.7%) 1.61 38,648
    2022-12-01 $660,000 (6.6%) $1,519,502 (9.7%) 1.63 33,979
    2023-01-01 $662,500 (6.0%) $1,547,512 (3.6%) 1.64 30,692
    2023-02-01 $679,950 (6.7%) $1,577,557 (9.4%) 1.64 30,173
    2023-03-01 $698,500 (7.6%) $1,590,414 (9.7%) 1.65 30,144
    2023-04-01 $699,999 (6.1%) $1,611,863 (11.3%) 1.63 31,313
    2023-05-01 $734,500 (8.8%) $1,672,672 (16.8%) 1.67 32,425
    2023-06-01 $749,000 (11.0%) $1,623,987 (17.9%) 1.68 33,254
    2023-07-01 $737,430 (11.9%) $1,591,760 (19.1%) 1.68 33,111
    2023-08-01 $717,000 (10.3%) $1,555,281 (17.9%) 1.65 32,798
    2023-09-01 $719,000 (8.9%) $1,541,683 (12.9%) 1.67 34,732
    2023-10-01 $729,444 (8.1%) $1,608,212 (10.6%) 1.72 33,897
    2023-11-01 $727,931 (8.7%) $1,667,818 (11.4%) 1.73 34,211
    2023-12-01 $734,142 (11.2%) $1,758,935 (15.8%) 1.79 29,215
    2024-01-01 $741,500 (11.9%) $1,742,252 (12.6%) 1.81 26,933
    2024-02-01 $749,500 (10.2%) $1,686,410 (6.9%) 1.80 27,182
    2024-03-01 $759,900 (8.8%) $1,681,115 (5.7%) 1.79 28,856
    Newark's median listing price for 2024-03-01 was $759,900, a difference of $61,400 (8.8%) versus the prior year and $10,400 versus the prior month.

    Newark's median listing price comes in at 179% of the national average.

    Newark's average listing price for 2024-03-01 was $1,681,115, a difference of $90,701 (5.7%) versus the prior year and $-5,295 versus the prior month.

    For the 2024-03-01 period, Newark had 28,856 MLS listings, a difference of 1,674 listings (6%) versus the prior month and -1,288 listings (-4%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Newark (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 84 days 1,842 sqft
    2018-02-01 72 days 1,855 sqft
    2018-03-01 52 days 1,880 sqft
    2018-04-01 51 days 1,893 sqft
    2018-05-01 46 days 1,907 sqft
    2018-06-01 50 days 1,918 sqft
    2018-07-01 59 days 1,920 sqft
    2018-08-01 65 days 1,913 sqft
    2018-09-01 66 days 1,900 sqft
    2018-10-01 64 days 1,887 sqft
    2018-11-01 65 days 1,865 sqft
    2018-12-01 78 days 1,842 sqft
    2019-01-01 82 days 1,823 sqft
    2019-02-01 73 days 1,833 sqft
    2019-03-01 59 days 1,866 sqft
    2019-04-01 50 days 1,906 sqft
    2019-05-01 50 days 1,921 sqft
    2019-06-01 55 days 1,930 sqft
    2019-07-01 64 days 1,922 sqft
    2019-08-01 67 days 1,917 sqft
    2019-09-01 69 days 1,908 sqft
    2019-10-01 70 days 1,901 sqft
    2019-11-01 71 days 1,854 sqft
    2019-12-01 85 days 1,835 sqft
    2020-01-01 90 days 1,821 sqft
    2020-02-01 75 days 1,840 sqft
    2020-03-01 54 days 1,854 sqft
    2020-04-01 71 days 1,860 sqft
    2020-05-01 85 days 1,870 sqft
    2020-06-01 86 days 1,866 sqft
    2020-07-01 47 days 1,806 sqft
    2020-08-01 47 days 1,760 sqft
    2020-09-01 51 days 1,705 sqft
    2020-10-01 51 days 1,692 sqft
    2020-11-01 60 days 1,652 sqft
    2020-12-01 74 days 1,612 sqft
    2021-01-01 84 days 1,574 sqft
    2021-02-01 78 days 1,539 sqft
    2021-03-01 55 days 1,538 sqft
    2021-04-01 44 days 1,550 sqft
    2021-05-01 41 days 1,571 sqft
    2021-06-01 44 days 1,582 sqft
    2021-07-01 47 days 1,592 sqft
    2021-08-01 53 days 1,588 sqft
    2021-09-01 57 days 1,566 sqft
    2021-10-01 57 days 1,539 sqft
    2021-11-01 59 days 1,510 sqft
    2021-12-01 70 days 1,465 sqft
    2022-01-01 79 days 1,436 sqft
    2022-02-01 60 days 1,416 sqft
    2022-03-01 40 days 1,438 sqft
    2022-04-01 39 days 1,452 sqft
    2022-05-01 38 days 1,508 sqft
    2022-06-01 39 days 1,558 sqft
    2022-07-01 44 days 1,568 sqft
    2022-08-01 54 days 1,555 sqft
    2022-09-01 59 days 1,550 sqft
    2022-10-01 59 days 1,538 sqft
    2022-11-01 62 days 1,527 sqft
    2022-12-01 75 days 1,502 sqft
    2023-01-01 82 days 1,489 sqft
    2023-02-01 75 days 1,483 sqft
    2023-03-01 55 days 1,488 sqft
    2023-04-01 50 days 1,496 sqft
    2023-05-01 48 days 1,503 sqft
    2023-06-01 51 days 1,525 sqft
    2023-07-01 54 days 1,552 sqft
    2023-08-01 59 days 1,557 sqft
    2023-09-01 60 days 1,560 sqft
    2023-10-01 56 days 1,564 sqft
    2023-11-01 58 days 1,559 sqft
    2023-12-01 71 days 1,543 sqft
    2024-01-01 79 days 1,509 sqft
    2024-02-01 69 days 1,500 sqft
    2024-03-01 50 days 1,502 sqft
    Newark's median listing age (time on market) for 2024-03-01 was 50 days. This is -9% shorter than the same period one year ago.

    Newark's median square footage for active listings during the 2024-03-01 period was 1,502 sqft. One year prior, the average listing was 1,488 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).