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
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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.