Newark FHA Loans

NEWARK, NJ-PA

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's 220 lenders originated 10,030 FHA loans during 2021. The total origination value was $3,539,800,000, with an average FHA loan value of $352,921.

Newark FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Newark averaged 4.58% for the week of 2022-03-25, compared to the national average (all FHA variants) of 4.648% for the same period.

The average rate for the prior week (2022-03-18) was 4.39% and one month ago for the week of 2022-02-18, the average rate was 4.12%.

The average rate one year ago was 3.26%.

For refis of the same type during the week of 2022-03-25, the average rate was 4.36%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Newark level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 633 2.69% $8,768
FREEDOM MORTGAGE CORPORATION 342 2.77% $9,355
CALIBER HOME LOANS, INC. 341 2.67% $10,829
CROSSCOUNTRY MORTGAGE, LLC 311 3.07% $14,342
Paramount Residential Mortgage Group, Inc. 283 3.10% $15,168
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 281 3.15% $13,515
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 276 3.08% $12,671
FAMILY FIRST FUNDING LLC 251 3.11% $13,013
Mr. Cooper ( Nationstar Mortgage ) 229 3.13% $5,853
NJ LENDERS CORP. 224 2.81% $12,702
FINANCE OF AMERICA MORTGAGE LLC 212 2.79% $13,385
LOANDEPOT.COM, LLC 210 2.91% $11,758
PENNYMAC LOAN SERVICES, LLC 210 2.96% $7,417
HOME POINT FINANCIAL CORPORATION 209 2.67% $11,944
UNITED WHOLESALE MORTGAGE, LLC 205 2.65% $13,252
HOMEBRIDGE FINANCIAL SERVICES, INC. 201 2.90% $12,572
MLB RESIDENTIAL LENDING, LLC 198 3.12% $15,229
LAKEVIEW LOAN SERVICING, LLC 183 2.92% $7,318
NEWREZ LLC 180 2.85% $9,843
GUARANTEED RATE, INC. 177 2.88% $12,435
NATIONWIDE MORTGAGE BANKERS, INC. 172 3.22% $15,261
AMERICAN FINANCIAL NETWORK, INC. 168 3.15% $20,476
ABSOLUTE HOME MORTGAGE CORPORATION 165 3.05% $12,818
Northpointe Bank 151 2.89% $13,582
FIRST ALLIANCE HOME MORTGAGE, LLC 131 3.09% $13,847
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 124 3.10% $14,094
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 111 3.25% $14,699
Nations Lending Corporation 102 3.17% $13,928
Carrington Mortgage Services, LLC 95 3.31% $11,138
UNITED MORTGAGE CORP. 87 2.94% $13,490
SUN WEST MORTGAGE COMPANY, INC. 77 3.18% $14,975
First Guaranty Mortgage Corporation 64 2.82% $10,272
InterContinental Capital Group, Inc 63 2.88% $11,943
Manufacturers and Traders Trust Company 62 2.70% $11,243
Atlantic Home Loans, Inc. 61 2.95% $12,087
MOVEMENT MORTGAGE, LLC 60 3.07% $11,365
PANORAMA MORTGAGE GROUP, LLC 59 3.30% $15,442
VILLAGE CAPITAL & INVESTMENT LLC 55 2.81% $4,084
Equity Prime Mortgage LLC 50 3.18% $14,445
AmeriHome Mortgage Company, LLC 49 2.80% $7,144
The Federal Savings Bank 49 2.74% $14,411
Advisors Mortgage Group, L.L.C. 48 2.89% $11,936
BROKER SOLUTIONS, INC. 46 2.90% $10,774
AMERISAVE MORTGAGE CORPORATION 45 2.88% $10,771
BOND STREET MORTGAGE, LLC 43 2.91% $11,820
MORTGAGE ACCESS CORP. 43 3.10% $12,798
PLANET HOME LENDING, LLC 42 2.74% $7,044
Mortgage Unlimited, L.L.C. 41 2.84% $13,835
GUARANTEED RATE AFFINITY, LLC 38 2.68% $11,619
Gateway First Bank 38 3.04% $10,793
Financial Freedom Mortgage, LLC 38 3.17% $12,980
Lakeview Community Capital, LLC 36 2.88% $6,084
UNITED NORTHERN MORTGAGE BANKERS LIMITED 35 2.98% $13,778
CMG MORTGAGE, INC. 35 2.90% $10,952
ALLIED MORTGAGE GROUP, INC. 33 3.08% $11,903
SUCCESS MORTGAGE PARTNERS, INC. 31 3.20% $11,149
EMBRACE HOME LOANS, INC. 29 2.73% $13,497
MILLENIUM HOME MORTGAGE, LLC 26 2.88% $13,800
Plains Commerce Bank 25 2.92% $12,713
Summit Mortgage Corporation 25 2.93% $7,857
ROUNDPOINT MORTGAGE SERVICING CORPORATION 25 3.12% $13,221
Bank of America 24 2.88% $8,682
OCMBC, INC. 23 2.82% $13,304
EMM LOANS LLC 23 2.98% $17,139
MLD MORTGAGE INC. 22 2.84% $12,035
JPMorgan Chase Bank 21 2.82% $9,559
GET A RATE LLC 20 2.82% $12,092
Sierra Pacific Mortgage Company, Inc. 20 2.74% $11,765
Prosperity Home Mortgage, LLC 19 2.96% $12,270
RESIDENTIAL HOME FUNDING CORP. 18 3.32% $13,118
CONTOUR MORTGAGE CORPORATION 18 2.95% $14,523
GREENWAY MORTGAGE FUNDING CORP. 17 3.04% $11,350
TOWNE MORTGAGE COMPANY 15 2.88% $15,581
Flagstar Bank, FSB 15 2.73% $12,102
Hometown Lenders, Inc. 15 3.01% $10,084
GENEVA FINANCIAL, LLC 14 3.22% $13,979
Acre Mortgage and Financial Inc 14 3.25% $13,155
GENNEXT FUNDING, LLC 13 3.30% $11,012
PLAZA HOME MORTGAGE, INC. 13 2.94% $15,623
CHURCHILL MORTGAGE CORPORATION 13 2.69% $13,059
BAYSHORE MORTGAGE FUNDING, LLC 13 2.91% $12,452
Valley National Bank 13 2.80% $16,202
LENDING CAPITAL GROUP Inc 13 3.03% $12,738
HOMESIDE FINANCIAL, LLC 13 3.04% $11,238
ARK-LA-TEX FINANCIAL SERVICES, LLC. 12 3.40% $9,411
U.S. Bank 12 2.67% $11,570
MUTUAL OF OMAHA MORTGAGE, INC. 12 3.01% $11,909
MORIA DEVELOPMENT, INC. 11 3.48% $12,744
GREENTREE MORTGAGE COMPANY, L.P. 11 2.68% $10,394
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 11 3.18% $19,342
East Coast Capital Corp. 11 2.68% $18,073
1st Constitution Bank 11 3.13% $11,285
US MORTGAGE CORPORATION 10 3.19% $12,645
Evesham Mortgage, LLC 10 3.06% $12,198
MID-ISLAND MORTGAGE CORP. 10 2.81% $11,747
NFM, INC. 10 3.35% $13,263
First Home Bank 10 3.35% $11,851
NVR Mortgage Finance, Inc. 9 3.01% $16,334
The Huntington National Bank 9 2.78% $9,519
PNC Bank 8 3.00% $9,582
SOVEREIGN LENDING GROUP INCORPORATED 8 2.88% $9,244
Wells Fargo Bank 8 3.25% $8,216
CLIFFCO, INC. 7 3.14% $16,125
NATIONS DIRECT MORTGAGE, LLC 7 2.96% $10,986
Bank of England 7 2.95% $15,401
Citizens Bank 7 2.75% $9,922
APEX HOME LOANS, INC. 7 3.02% $14,925
NP, Inc. 7 3.18% $13,899
Princeton Mortgage Corporation 7 2.82% $11,121
TD Bank 7 2.80% $13,662
JET DIRECT FUNDING CORP 6 2.85% $17,252
FM Home Loans, LLC 6 2.54% $12,107
RESIDENTIAL HOME MORTGAGE CORPORATION 6 3.25% $7,240
PRIMARY RESIDENTIAL MORTGAGE, INC. 6 3.33% $11,716
STEARNS LENDING, LLC 6 2.89% $8,659
ARC HOME LLC 6 2.83% $12,803
SWBC MORTGAGE CORPORATION 6 3.31% $6,184
NATION ONE MORTGAGE CORPORATION 6 3.42% $12,231
LADERA LENDING, INC. 6 3.17% $9,411
TIDEWATER MORTGAGE SERVICES, INC. 6 2.94% $12,300
TOTAL MORTGAGE SERVICES, LLC 6 3.10% $15,463
EVERETT FINANCIAL, INC. 6 3.69% $10,627
OCEANSIDE MORTGAGE COMPANY 6 2.50% $6,383
PHH Mortgage Corporation 5 3.03% $5,419
Keystone Funding, Inc. 5 2.38% $9,123
DEVELOPER'S MORTGAGE COMPANY 5 3.25% $9,891
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 3.14% $11,111
Magnolia Bank 5 2.88% $11,546
INTELLILOAN, INC. 5 2.85% $9,251
HARBORONE MORTGAGE, LLC 5 2.80% $14,419
Residential Mortgage Solutions, Inc. 4 2.75% $10,614
Luxury Mortgage Corp. 4 3.47% $13,412
Barrington Bank & Trust Company, N.A. 4 3.04% $10,260
First Federal Bank 4 2.84% $15,118
First Savings Bank 4 3.19% $14,489
HARTFORD FUNDING, LTD. 4 3.06% $20,912
ENVOY MORTGAGE, LTD 3 3.00% $11,870
RELIANCE FIRST CAPITAL, LLC 3 2.63% $13,075
Republic Bank 3 2.83% $8,262
LOANPAL, LLC 3 2.33% $18,137
Strong Home Mortgage, LLC 3 2.50% $11,884
UNION HOME MORTGAGE CORP. 3 3.08% $13,363
AMERICAN FEDERAL MORTGAGE CORPORATION 3 2.50% $11,857
A&D Mortgage LLC 3 3.50% $16,656
MID AMERICA MORTGAGE, INC. 3 2.75% $4,115
Hometown Equity Mortgage, LLC 3 3.29% $14,521
Kwik Mortgage Corporation 3 2.88% $9,578
LOANLEADERS OF AMERICA, INC. 3 2.67% $13,012
MDE Home Loans, LLC 2 2.88% $12,535
Huntingdon Valley Bank 2 2.94% $9,480
Univest Bank and Trust Co. 2 2.63% $12,143
AMERICAN FINANCING CORPORATION 2 2.50% $12,081
HAMILTON HOME LOANS, INC. 2 3.62% $16,187
BETTER MORTGAGE CORPORATION 2 2.63% $10,655
AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.19% $13,524
ARK MORTGAGE, INC. 2 2.94% $11,698
Wyndham Capital Mortgage, Inc. 2 2.81% $10,362
CLEARPATH LENDING 2 3.00% $8,037
FBC MORTGAGE, LLC 2 2.75% $9,157
Peoples Bank 2 3.31% $13,927
Santander Bank, N.A. 2 3.13% $9,434
FIRST HOME MORTGAGE CORPORATION 2 3.25% $8,771
BEST CAPITAL FUNDING 2 3.69% $10,714
Mortgage Research Center, LLC 2 2.93% $13,593
ROYAL UNITED MORTGAGE LLC 2 3.50% $6,478
1st Colonial Community Bank 2 3.00% $9,099
Bethpage Federal Credit Union 2 2.94% $5,507
Victorian Finance, LLC 2 3.06% $15,285
VAN DYK MORTGAGE CORPORATION 2 2.81% $12,377
WALL STREET MORTGAGE BANKERS, LTD. 2 2.88% $17,656
DRAPER AND KRAMER MORTGAGE CORP. 2 3.25% $10,852
Reliant Bank 1 3.00% $18,322
INTERSTATE HOME LOAN CENTER, INC. 1 2.88% $8,513
JAMES B. NUTTER & COMPANY 1 3.00% $3,160
HOMESTEAD FUNDING CORP. 1 2.63% $10,179
KELLER MORTGAGE, LLC 1 2.75% $7,218
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 1 3.75% $21,269
Lakeland Bank 1 2.50% $9,224
HOMESPIRE MORTGAGE CORPORATION 1 2.63% $14,042
Home Mortgage Alliance Corp 1 3.25% $9,355
Home Loan Investment Bank, F.S.B. 1 2.50% $4,716
Low VA Rates, LLC 1 3.00% $6,196
Meridian Bank Corporation 1 3.13% $26,405
MICHIGAN MUTUAL, INC. 1 3.50% $12,993
GUARANTY HOME MORTGAGE CORPORATION 1 2.63% $7,816
GSF Mortgage Corporation 1 2.25% $8,802
Goldwater Bank, N.A. 1 2.88% $9,945
Fulton Bank 1 3.38% $9,215
FIRST HERITAGE FINANCIAL, LLC 1 2.88% $9,904
Evolve Bank & Trust 1 2.50% $11,874
NETWORK CAPITAL FUNDING CORPORATION 1 2.75% $11,505
EAGLE HOME MORTGAGE, LLC 1 3.13% $10,148
North American Savings Bank, F.S.B. 1 2.88% $5,651
NORWICH COMMERCIAL GROUP, INC. 1 2.25% $18,480
DATA MORTGAGE, INC. 1 3.13% $7,204
Columbia Bank 1 3.38% $12,052
Paramount Bank 1 2.50% $9,005
PINNACLE MORTGAGE, INC. 1 2.38% $10,037
Citibank 1 3.00% $4,940
CELEBRITY HOME LOANS, LLC 1 3.13% $19,413
Blue Ridge Bank 1 3.00% $13,943
POLARIS HOME FUNDING CORP. 1 3.13% $14,881
Prime Choice Funding Inc. 1 3.00% $6,094
Quaint Oak Mortgage, LLC 1 2.88% $7,327
HUDSON VALLEY CREDIT UNION 1 3.13% $7,376
Berkshire Bank 1 2.50% $10,054
RUOFF MORTGAGE COMPANY, INC. 1 3.38% $6,310
SIRVA MORTGAGE, INC. 1 2.63% $0
SOUTHWEST STAGE FUNDING, LLC 1 2.88% $7,623
T2 FINANCIAL LLC 1 3.25% $5,991
The Honesdale National Bank 1 3.00% $7,981
AmRes Corporation 1 3.25% $12,001
Ameris Bank 1 3.00% $12,727
TruHome Solutions, LLC 1 2.75% $10,123
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 3.75% $12,509
Unity Bank 1 3.63% $11,361
AMERICAN FINANCIAL RESOURCES, INC. 1 3.25% $18,818
ACADEMY MORTGAGE CORPORATION 1 3.25% $6,001
ZILLOW HOME LOANS, LLC 1 3.63% $6,987
Willamette Valley Bank 1 3.00% $13,768

The top Newark FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 633 FHA loans originated. Their average total fees are $8,768, which is $587 lower than the next largest lender, FREEDOM MORTGAGE CORPORATION.

The lowest fee Newark FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($4,084), Mr. Cooper ( Nationstar Mortgage ) ($5,853), Lakeview Community Capital, LLC ($6,084), PLANET HOME LENDING, LLC ($7,044) and AmeriHome Mortgage Company, LLC ($7,144).

The lowest rate Newark FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.65%), U.S. Bank (2.67%), CALIBER HOME LOANS, INC. (2.67%), HOME POINT FINANCIAL CORPORATION (2.67%) and East Coast Capital Corp. (2.68%).


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 $479,990 (11.9%) $1,120,433 (11.2%) 1.77 57,187
2018-02-01 $499,950 (11.9%) $1,143,135 (8.6%) 1.80 60,843
2018-03-01 $520,000 (13.3%) $1,127,161 (6.0%) 1.80 64,252
2018-04-01 $534,450 (12.5%) $1,117,910 (-0.1%) 1.79 69,662
2018-05-01 $549,000 (11.1%) $1,125,466 (1.1%) 1.83 76,071
2018-06-01 $549,000 (10.9%) $1,100,381 (0.9%) 1.83 79,722
2018-07-01 $549,000 (12.3%) $1,089,758 (2.1%) 1.83 80,369
2018-08-01 $532,450 (11.0%) $1,037,144 (-2.0%) 1.78 79,480
2018-09-01 $535,000 (10.3%) $1,040,837 (-2.6%) 1.79 80,337
2018-10-01 $538,312 (10.2%) $1,047,397 (-1.4%) 1.80 80,917
2018-11-01 $535,000 (10.3%) $1,059,739 (0.1%) 1.79 78,103
2018-12-01 $525,000 (9.4%) $1,060,260 (-0.8%) 1.80 70,729
2019-01-01 $520,000 (8.3%) $1,060,952 (-5.3%) 1.79 65,203
2019-02-01 $528,500 (5.7%) $1,068,687 (-6.5%) 1.77 67,311
2019-03-01 $540,714 (4.0%) $1,081,156 (-4.1%) 1.76 71,501
2019-04-01 $556,500 (4.1%) $1,091,209 (-2.4%) 1.75 76,385
2019-05-01 $569,500 (3.7%) $1,091,152 (-3.1%) 1.76 82,849
2019-06-01 $569,000 (3.6%) $1,083,706 (-1.5%) 1.75 85,761
2019-07-01 $559,500 (1.9%) $1,066,914 (-2.1%) 1.74 84,579
2019-08-01 $553,989 (4.1%) $1,045,028 (0.8%) 1.74 82,599
2019-09-01 $550,461 (2.9%) $1,041,042 (0.0%) 1.75 80,488
2019-10-01 $558,028 (3.7%) $1,070,885 (2.2%) 1.78 80,248
2019-11-01 $550,000 (2.8%) $1,081,547 (2.1%) 1.77 75,510
2019-12-01 $553,528 (5.4%) $1,114,237 (5.1%) 1.85 65,625
2020-01-01 $549,000 (5.6%) $1,113,984 (5.0%) 1.83 59,940
2020-02-01 $559,900 (5.9%) $1,115,474 (4.4%) 1.81 61,312
2020-03-01 $569,450 (5.3%) $1,116,442 (3.3%) 1.78 63,346
2020-04-01 $580,000 (4.2%) $1,187,911 (8.9%) 1.81 61,178
2020-05-01 $579,000 (1.7%) $1,135,762 (4.1%) 1.75 58,452
2020-06-01 $589,500 (3.6%) $1,136,559 (4.9%) 1.72 61,210
2020-07-01 $599,500 (7.2%) $1,149,009 (7.7%) 1.72 64,394
2020-08-01 $635,000 (14.6%) $1,227,096 (17.4%) 1.81 66,679
2020-09-01 $644,450 (17.1%) $1,236,828 (18.8%) 1.84 67,133
2020-10-01 $655,360 (17.4%) $1,300,695 (21.5%) 1.87 68,637
2020-11-01 $649,000 (18.0%) $1,284,039 (18.7%) 1.86 65,676
2020-12-01 $649,450 (17.3%) $1,317,463 (18.2%) 1.90 57,196
2021-01-01 $649,000 (18.2%) $1,356,030 (21.7%) 1.91 49,631
2021-02-01 $649,108 (15.9%) $1,370,351 (22.9%) 1.87 46,629
2021-03-01 $648,500 (13.9%) $1,361,646 (22.0%) 1.82 46,573
2021-04-01 $649,694 (12.0%) $1,374,697 (15.7%) 1.75 48,615
2021-05-01 $649,000 (12.1%) $1,356,538 (19.4%) 1.71 51,469
2021-06-01 $640,060 (8.6%) $1,320,359 (16.2%) 1.66 54,695
2021-07-01 $622,500 (3.8%) $1,276,979 (11.1%) 1.62 55,033
2021-08-01 $627,000 (-1.3%) $1,376,032 (12.1%) 1.65 57,049
2021-09-01 $631,868 (-2.0%) $1,410,300 (14.0%) 1.66 56,921
2021-10-01 $639,000 (-2.5%) $1,439,479 (10.7%) 1.68 57,262
2021-11-01 $655,000 (0.9%) $1,557,436 (21.3%) 1.73 54,263
2021-12-01 $664,000 (2.2%) $1,631,077 (23.8%) 1.77 46,763
2022-01-01 $675,000 (4.0%) $1,713,536 (26.4%) 1.80 40,031
Newark's median listing price for 2022-01-01 was $675,000, a difference of $26,000 (4.0%) versus the prior year and $11,000 versus the prior month.

Newark's median listing price comes in at 180% of the national average.

Newark's average listing price for 2022-01-01 was $1,713,536, a difference of $357,506 (26.4%) versus the prior year and $82,459 versus the prior month.

For the 2022-01-01 period, Newark had 40,031 MLS listings, a difference of -6,732 listings (-14%) versus the prior month and -9,600 listings (-19%) 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 90 days 1,926 sqft
2018-02-01 82 days 1,910 sqft
2018-03-01 58 days 1,900 sqft
2018-04-01 56 days 1,918 sqft
2018-05-01 52 days 1,923 sqft
2018-06-01 53 days 1,944 sqft
2018-07-01 63 days 1,959 sqft
2018-08-01 67 days 1,950 sqft
2018-09-01 71 days 1,932 sqft
2018-10-01 69 days 1,912 sqft
2018-11-01 70 days 1,888 sqft
2018-12-01 82 days 1,872 sqft
2019-01-01 88 days 1,847 sqft
2019-02-01 82 days 1,850 sqft
2019-03-01 57 days 1,887 sqft
2019-04-01 52 days 1,931 sqft
2019-05-01 52 days 1,935 sqft
2019-06-01 57 days 1,964 sqft
2019-07-01 64 days 1,960 sqft
2019-08-01 72 days 1,952 sqft
2019-09-01 71 days 1,932 sqft
2019-10-01 67 days 1,924 sqft
2019-11-01 66 days 1,872 sqft
2019-12-01 84 days 1,854 sqft
2020-01-01 92 days 1,845 sqft
2020-02-01 77 days 1,860 sqft
2020-03-01 56 days 1,881 sqft
2020-04-01 56 days 1,872 sqft
2020-05-01 74 days 1,860 sqft
2020-06-01 77 days 1,888 sqft
2020-07-01 49 days 1,812 sqft
2020-08-01 45 days 1,734 sqft
2020-09-01 50 days 1,690 sqft
2020-10-01 49 days 1,645 sqft
2020-11-01 63 days 1,635 sqft
2020-12-01 75 days 1,588 sqft
2021-01-01 85 days 1,536 sqft
2021-02-01 84 days 1,515 sqft
2021-03-01 60 days 1,510 sqft
2021-04-01 49 days 1,514 sqft
2021-05-01 44 days 1,532 sqft
2021-06-01 45 days 1,550 sqft
2021-07-01 50 days 1,568 sqft
2021-08-01 49 days 1,547 sqft
2021-09-01 49 days 1,528 sqft
2021-10-01 53 days 1,504 sqft
2021-11-01 57 days 1,494 sqft
2021-12-01 68 days 1,449 sqft
2022-01-01 79 days 1,410 sqft
Newark's median listing age (time on market) for 2022-01-01 was 79 days. This is -7% shorter than the same period one year ago.

Newark's median square footage for active listings during the 2022-01-01 period was 1,410 sqft. One year prior, the average listing was 1,536 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).