Ocean City FHA Loan Rates, Closing Costs & Stats

OCEAN CITY, 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.

    Ocean City's 51 lenders originated 233 FHA loans during 2022. The total origination value was $64,965,000, with an average FHA loan value of $278,820.

    Ocean City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Ocean City averaged 5.66% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Ocean City's average FHA mortgage closing costs are $8,375.

    The average rate for the prior week (2023-05-19) was 5.84% and one month ago for the week of 2023-04-21, the average rate was 5.58%.

    The average rate one year ago was 4.3%.

    For refis of the same type during the week of 2023-05-26, the average rate was 4.75%.

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

    Ocean 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 Ocean City level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 31 4.57% $11,311
    CALIBER HOME LOANS, INC. 26 4.84% $8,908
    ALLIED MORTGAGE GROUP, INC. 14 4.98% $10,725
    HOME POINT FINANCIAL CORPORATION 10 4.07% $12,264
    LAKEVIEW LOAN SERVICING, LLC 6 4.27% $9,533
    Advisors Mortgage Group, L.L.C. 6 5.19% $9,063
    CROSSCOUNTRY MORTGAGE, LLC 6 3.96% $13,205
    GREENTREE MORTGAGE COMPANY, L.P. 5 5.53% $11,872
    UNITED WHOLESALE MORTGAGE, LLC 5 4.65% $16,058
    SUCCESS MORTGAGE PARTNERS, INC. 4 5.13% $12,365
    EMM LOANS LLC 4 5.34% $13,905
    LOANDEPOT.COM, LLC 4 4.47% $9,737
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 5.06% $12,012
    Republic Bank 3 4.58% $6,606
    DRAPER AND KRAMER MORTGAGE CORP. 3 4.25% $10,127
    NEWREZ LLC 3 3.83% $9,758
    Paramount Residential Mortgage Group, Inc. 3 4.96% $12,785
    FREEDOM MORTGAGE CORPORATION 3 5.41% $11,650
    Prosperity Home Mortgage, LLC 3 4.12% $11,231
    Gateway First Bank 3 5.17% $8,416
    PENNYMAC LOAN SERVICES, LLC 3 4.63% $10,936
    Carrington Mortgage Services, LLC 3 4.88% $10,851
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 4.62% $13,386
    AmeriHome Mortgage Company, LLC 2 5.63% $16,429
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 4.38% $7,747
    Equity Prime Mortgage LLC 2 4.25% $11,798
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.18% $13,278
    Mr. Cooper ( Nationstar Mortgage ) 2 4.19% $13,803
    NATION ONE MORTGAGE CORPORATION 2 5.25% $21,064
    Presidential Bank, FSB 2 4.13% $13,856
    Financial Freedom Mortgage, LLC 1 5.38% $12,093
    ENVOY MORTGAGE, LTD 1 4.50% $10,927
    MLD MORTGAGE INC. 1 5.38% $6,505
    RESIDENTIAL HOME FUNDING CORP. 1 3.88% $11,744
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $9,346
    AMERICAN FINANCIAL RESOURCES, INC. 1 4.25% $14,353
    NETWORK CAPITAL FUNDING CORPORATION 1 5.75% $14,885
    East Coast Capital Corp. 1 4.75% $17,949
    OCEANSIDE MORTGAGE COMPANY 1 3.38% $4,549
    Citizens Bank 1 6.50% $8,542
    CARDINAL FINANCIAL 1 5.13% $19,549
    PIKE CREEK MORTGAGE SERVICES, INC. 1 4.38% $15,124
    PLANET HOME LENDING, LLC 1 3.75% $4,983
    ABSOLUTE HOME MORTGAGE CORPORATION 1 4.38% $18,085
    1st Colonial Community Bank 1 5.75% $15,315
    BAYSHORE MORTGAGE FUNDING, LLC 1 5.63% $8,177
    AmRes Corporation 1 5.75% $17,235
    AMERISAVE MORTGAGE CORPORATION 1 4.50% $18,674
    GUARANTEED RATE, INC. 1 3.63% $11,348
    First Home Bank 1 6.75% $19,614
    Huntingdon Valley Bank 1 3.25% $6,513

    The top Ocean City FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 31 FHA loans originated. Their average total fees are $11,311, which is $2,404 higher than the next largest lender, CALIBER HOME LOANS, INC..

    The lowest fee Ocean City FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. ($8,908), ALLIED MORTGAGE GROUP, INC. ($10,725), QUICKEN LOANS, LLC ($11,311), HOME POINT FINANCIAL CORPORATION ($12,264) and .

    The lowest rate Ocean City FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (4.07%), QUICKEN LOANS, LLC (4.57%), CALIBER HOME LOANS, INC. (4.84%), ALLIED MORTGAGE GROUP, INC. (4.98%) and .

    Ocean City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    OCEAN CITY, NJ CAPE MAY 2022 $489,900 $627,150 $758,100 $942,100
    OCEAN CITY, NJ CAPE MAY 2023 $548,550 $702,250 $848,850 $1,054,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Ocean 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 $399,900 (2.8%) $685,995 (11.8%) 0.00 2,142
    2018-02-01 $412,225 (3.3%) $699,840 (10.5%) 0.00 2,230
    2018-03-01 $415,000 (4.0%) $709,696 (11.1%) 0.00 2,230
    2018-04-01 $419,450 (7.6%) $718,298 (11.8%) 0.00 2,209
    2018-05-01 $404,500 (3.7%) $711,706 (9.5%) 0.00 2,218
    2018-06-01 $410,950 (4.5%) $726,820 (10.1%) 0.00 2,166
    2018-07-01 $411,750 (5.6%) $743,637 (11.1%) 0.00 2,130
    2018-08-01 $407,500 (7.3%) $753,930 (12.3%) 0.00 2,154
    2018-09-01 $414,900 (6.4%) $746,724 (11.8%) 0.00 2,179
    2018-10-01 $419,075 (5.1%) $754,485 (11.2%) 0.00 2,185
    2018-11-01 $423,700 (6.3%) $749,974 (10.4%) 0.00 2,191
    2018-12-01 $425,000 (6.5%) $750,991 (11.1%) 0.00 2,126
    2019-01-01 $428,700 (7.2%) $756,643 (10.3%) 0.00 2,047
    2019-02-01 $442,675 (7.4%) $767,286 (9.6%) 0.00 2,136
    2019-03-01 $429,900 (3.6%) $752,823 (6.1%) 0.00 2,222
    2019-04-01 $435,000 (3.7%) $747,695 (4.1%) 0.00 2,211
    2019-05-01 $434,375 (7.4%) $739,219 (3.9%) 0.00 2,187
    2019-06-01 $449,000 (9.3%) $741,107 (2.0%) 0.00 2,125
    2019-07-01 $449,000 (9.1%) $759,867 (2.2%) 0.00 2,050
    2019-08-01 $448,600 (10.1%) $770,658 (2.2%) 0.00 2,014
    2019-09-01 $449,000 (8.2%) $764,890 (2.4%) 0.00 1,965
    2019-10-01 $454,000 (8.3%) $766,142 (1.5%) 0.00 1,965
    2019-11-01 $474,900 (12.1%) $781,297 (4.2%) 0.00 1,875
    2019-12-01 $474,900 (11.7%) $785,720 (4.6%) 0.00 1,756
    2020-01-01 $479,900 (11.9%) $1,030,324 (36.2%) 0.00 1,686
    2020-02-01 $485,000 (9.6%) $1,053,104 (37.3%) 0.00 1,698
    2020-03-01 $494,500 (15.0%) $823,625 (9.4%) 0.00 1,680
    2020-04-01 $499,000 (14.7%) $821,888 (9.9%) 0.00 1,644
    2020-05-01 $499,000 (14.9%) $829,298 (12.2%) 0.00 1,570
    2020-06-01 $512,500 (14.1%) $911,443 (23.0%) 0.00 1,406
    2020-07-01 $499,950 (11.4%) $927,433 (22.1%) 0.00 1,196
    2020-08-01 $495,000 (10.3%) $901,556 (17.0%) 0.00 1,115
    2020-09-01 $522,400 (16.4%) $891,758 (16.6%) 0.00 1,088
    2020-10-01 $529,000 (16.5%) $910,487 (18.8%) 0.00 1,044
    2020-11-01 $549,675 (15.8%) $936,107 (19.8%) 0.00 962
    2020-12-01 $550,000 (15.8%) $938,135 (19.4%) 0.00 882
    2021-01-01 $559,000 (16.5%) $943,976 (-8.4%) 0.00 750
    2021-02-01 $594,450 (22.6%) $1,041,580 (-1.1%) 0.00 603
    2021-03-01 $649,500 (31.3%) $1,085,199 (31.8%) 0.00 610
    2021-04-01 $649,925 (30.3%) $1,166,003 (41.9%) 0.00 654
    2021-05-01 $675,000 (35.3%) $1,183,157 (42.7%) 0.00 652
    2021-06-01 $659,900 (28.8%) $1,143,585 (25.5%) 0.00 741
    2021-07-01 $619,000 (23.8%) $1,083,934 (16.9%) 0.00 768
    2021-08-01 $626,995 (26.7%) $1,085,102 (20.4%) 0.00 850
    2021-09-01 $599,950 (14.8%) $1,049,207 (17.7%) 0.00 912
    2021-10-01 $649,000 (22.7%) $1,078,154 (18.4%) 0.00 887
    2021-11-01 $695,000 (26.4%) $1,143,238 (22.1%) 0.00 812
    2021-12-01 $677,450 (23.2%) $1,140,091 (21.5%) 0.00 750
    2022-01-01 $689,450 (23.3%) $1,190,275 (26.1%) 0.00 614
    2022-02-01 $738,000 (24.2%) $1,258,379 (20.8%) 0.00 562
    2022-03-01 $767,950 (18.2%) $1,294,309 (19.3%) 0.00 545
    2022-04-01 $792,500 (21.9%) $1,373,419 (17.8%) 0.00 576
    2022-05-01 $797,450 (18.1%) $1,378,253 (16.5%) 0.00 684
    2022-06-01 $773,725 (17.3%) $1,370,663 (19.9%) 0.00 759
    2022-07-01 $724,900 (17.1%) $1,301,550 (20.1%) 0.00 863
    2022-08-01 $744,525 (18.7%) $1,332,914 (22.8%) 0.00 875
    2022-09-01 $793,475 (32.3%) $1,330,062 (26.8%) 0.00 885
    2022-10-01 $799,900 (23.3%) $1,342,177 (24.5%) 0.00 914
    2022-11-01 $799,900 (15.1%) $1,368,907 (19.7%) 0.00 901
    2022-12-01 $822,450 (21.4%) $1,360,138 (19.3%) 0.00 835
    2023-01-01 $839,700 (21.8%) $1,423,221 (19.6%) 0.00 768
    2023-02-01 $889,500 (20.5%) $1,456,705 (15.8%) 0.00 754
    2023-03-01 $899,000 (17.1%) $1,514,079 (17.0%) 0.00 737
    2023-04-01 $899,900 (13.6%) $1,520,524 (10.7%) 0.00 714
    Ocean City's median listing price for 2023-04-01 was $899,900, a difference of $107,400 (13.6%) versus the prior year and $900 versus the prior month.

    Ocean City's median listing price comes in at 0% of the national average.

    Ocean City's average listing price for 2023-04-01 was $1,520,524, a difference of $147,105 (10.7%) versus the prior year and $6,445 versus the prior month.

    For the 2023-04-01 period, Ocean City had 714 MLS listings, a difference of -23 listings (-3%) versus the prior month and 138 listings (24%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Ocean City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,592 sqft
    2018-02-01 0 days 1,595 sqft
    2018-03-01 0 days 1,600 sqft
    2018-04-01 0 days 1,600 sqft
    2018-05-01 0 days 1,598 sqft
    2018-06-01 0 days 1,600 sqft
    2018-07-01 0 days 1,600 sqft
    2018-08-01 0 days 1,600 sqft
    2018-09-01 0 days 1,594 sqft
    2018-10-01 0 days 1,580 sqft
    2018-11-01 0 days 1,573 sqft
    2018-12-01 0 days 1,569 sqft
    2019-01-01 0 days 1,569 sqft
    2019-02-01 0 days 1,556 sqft
    2019-03-01 0 days 1,558 sqft
    2019-04-01 0 days 1,535 sqft
    2019-05-01 0 days 1,535 sqft
    2019-06-01 0 days 1,562 sqft
    2019-07-01 0 days 1,588 sqft
    2019-08-01 0 days 1,600 sqft
    2019-09-01 0 days 1,610 sqft
    2019-10-01 0 days 1,624 sqft
    2019-11-01 0 days 1,646 sqft
    2019-12-01 0 days 1,620 sqft
    2020-01-01 0 days 1,618 sqft
    2020-02-01 0 days 1,656 sqft
    2020-03-01 0 days 1,682 sqft
    2020-04-01 0 days 1,701 sqft
    2020-05-01 0 days 1,722 sqft
    2020-06-01 0 days 1,751 sqft
    2020-07-01 0 days 1,741 sqft
    2020-08-01 0 days 1,695 sqft
    2020-09-01 0 days 1,648 sqft
    2020-10-01 0 days 1,633 sqft
    2020-11-01 0 days 1,637 sqft
    2020-12-01 0 days 1,674 sqft
    2021-01-01 0 days 1,680 sqft
    2021-02-01 0 days 1,700 sqft
    2021-03-01 0 days 1,598 sqft
    2021-04-01 0 days 1,617 sqft
    2021-05-01 0 days 1,752 sqft
    2021-06-01 0 days 1,668 sqft
    2021-07-01 0 days 1,640 sqft
    2021-08-01 0 days 1,607 sqft
    2021-09-01 0 days 1,554 sqft
    2021-10-01 0 days 1,556 sqft
    2021-11-01 0 days 1,600 sqft
    2021-12-01 0 days 1,596 sqft
    2022-01-01 0 days 1,619 sqft
    2022-02-01 0 days 1,659 sqft
    2022-03-01 0 days 1,726 sqft
    2022-04-01 0 days 1,716 sqft
    2022-05-01 0 days 1,800 sqft
    2022-06-01 0 days 1,738 sqft
    2022-07-01 0 days 1,667 sqft
    2022-08-01 0 days 1,649 sqft
    2022-09-01 0 days 1,690 sqft
    2022-10-01 0 days 1,700 sqft
    2022-11-01 0 days 1,682 sqft
    2022-12-01 0 days 1,638 sqft
    2023-01-01 0 days 1,662 sqft
    2023-02-01 0 days 1,700 sqft
    2023-03-01 0 days 1,716 sqft
    2023-04-01 0 days 1,734 sqft
    Ocean City's median listing age (time on market) for 2023-04-01 was 0 days.

    Ocean City's median square footage for active listings during the 2023-04-01 period was 1,734 sqft. One year prior, the average listing was 1,716 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).