Ocean City FHA Loan Rates, Closing Costs & Stats

OCEAN CITY, NJ

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 -1.05% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2023-11-17) was 6.24% and one month ago for the week of 2023-10-20, the average rate was 6.45%.

The average rate one year ago was 5.88%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.86%.

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%) $726,614 (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%) $746,557 (11.8%) 0.00 2,179
2018-10-01 $419,075 (5.1%) $754,485 (11.2%) 0.00 2,184
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 $440,657 (6.2%) $760,329 (7.1%) 0.00 2,190
2019-04-01 $435,000 (3.7%) $747,498 (4.1%) 0.00 2,216
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 $449,000 (10.2%) $766,728 (1.7%) 0.00 2,016
2019-09-01 $449,000 (8.2%) $763,597 (2.3%) 0.00 1,988
2019-10-01 $454,000 (8.3%) $766,251 (1.6%) 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 (12.2%) $823,625 (8.3%) 0.00 1,680
2020-04-01 $499,000 (14.7%) $821,888 (10.0%) 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 (10.2%) $901,556 (17.6%) 0.00 1,115
2020-09-01 $522,400 (16.4%) $891,758 (16.8%) 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 $899,000 (13.4%) $1,520,524 (10.7%) 0.00 714
2023-05-01 $935,750 (17.3%) $1,568,262 (13.8%) 0.00 702
2023-06-01 $962,991 (24.5%) $1,650,580 (20.4%) 0.00 702
2023-07-01 $974,450 (34.4%) $1,683,743 (29.4%) 0.00 711
2023-08-01 $994,000 (33.5%) $1,734,322 (30.1%) 0.00 690
2023-09-01 $950,000 (19.7%) $1,710,854 (28.6%) 0.00 725
2023-10-01 $926,450 (15.8%) $1,607,532 (19.8%) 0.00 784
Ocean City's median listing price for 2023-10-01 was $926,450, a difference of $126,550 (15.8%) versus the prior year and $-23,550 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 2023-10-01 was $1,607,532, a difference of $265,355 (19.8%) versus the prior year and $-103,322 versus the prior month.

For the 2023-10-01 period, Ocean City had 784 MLS listings, a difference of 59 listings (8%) versus the prior month and -130 listings (-14%) 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 1,589 sqft
2018-02-01 0 days 1,591 sqft
2018-03-01 0 days 1,595 sqft
2018-04-01 0 days 1,600 sqft
2018-05-01 0 days 1,592 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 1,584 sqft
2018-10-01 0 days 1,575 sqft
2018-11-01 0 days 1,571 sqft
2018-12-01 0 days 1,566 sqft
2019-01-01 0 days 1,567 sqft
2019-02-01 0 days 1,550 sqft
2019-03-01 0 days 1,533 sqft
2019-04-01 0 days 1,534 sqft
2019-05-01 0 days 1,535 sqft
2019-06-01 0 days 1,562 sqft
2019-07-01 0 days 1,586 sqft
2019-08-01 0 days 1,596 sqft
2019-09-01 0 days 1,610 sqft
2019-10-01 0 days 1,619 sqft
2019-11-01 0 days 1,640 sqft
2019-12-01 0 days 1,617 sqft
2020-01-01 0 days 1,612 sqft
2020-02-01 0 days 1,633 sqft
2020-03-01 0 days 1,675 sqft
2020-04-01 0 days 1,696 sqft
2020-05-01 0 days 1,718 sqft
2020-06-01 0 days 1,740 sqft
2020-07-01 0 days 1,731 sqft
2020-08-01 0 days 1,682 sqft
2020-09-01 0 days 1,629 sqft
2020-10-01 0 days 1,633 sqft
2020-11-01 0 days 1,636 sqft
2020-12-01 0 days 1,640 sqft
2021-01-01 0 days 1,676 sqft
2021-02-01 0 days 1,692 sqft
2021-03-01 0 days 1,600 sqft
2021-04-01 0 days 1,600 sqft
2021-05-01 0 days 1,758 sqft
2021-06-01 0 days 1,661 sqft
2021-07-01 0 days 1,605 sqft
2021-08-01 0 days 1,606 sqft
2021-09-01 0 days 1,555 sqft
2021-10-01 0 days 1,564 sqft
2021-11-01 0 days 1,600 sqft
2021-12-01 0 days 1,600 sqft
2022-01-01 0 days 1,620 sqft
2022-02-01 0 days 1,661 sqft
2022-03-01 0 days 1,714 sqft
2022-04-01 0 days 1,716 sqft
2022-05-01 0 days 1,802 sqft
2022-06-01 0 days 1,738 sqft
2022-07-01 0 days 1,660 sqft
2022-08-01 0 days 1,653 sqft
2022-09-01 0 days 1,711 sqft
2022-10-01 0 days 1,734 sqft
2022-11-01 0 days 1,705 sqft
2022-12-01 0 days 1,659 sqft
2023-01-01 0 days 1,680 sqft
2023-02-01 0 days 1,702 sqft
2023-03-01 0 days 1,713 sqft
2023-04-01 0 days 1,734 sqft
2023-05-01 0 days 1,763 sqft
2023-06-01 0 days 1,733 sqft
2023-07-01 0 days 1,820 sqft
2023-08-01 0 days 1,822 sqft
2023-09-01 0 days 1,734 sqft
2023-10-01 0 days 1,724 sqft
Ocean City's median listing age (time on market) for 2023-10-01 was 0 days.

Ocean City's median square footage for active listings during the 2023-10-01 period was 1,724 sqft. One year prior, the average listing was 1,734 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).