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 50 lenders originated 180 FHA loans during 2024. The total origination value was $57,780,000, with an average FHA loan value of $321,000.

    Ocean City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Ocean City averaged 7.01% for the week of 2025-05-23, compared to the national average (all FHA variants) of 6.612% for the same period.

    Ocean City's average FHA mortgage closing costs are $9,371.

    The average rate for the prior week (2025-05-16) was 6.74% and one month ago for the week of 2025-04-18, the average rate was 6.97%.

    The average rate one year ago was 6.84%.

    For refis of the same type during the week of 2025-05-23, the average rate was 6.85%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 29 6.29% $15,088
    ALLIED MORTGAGE GROUP, INC. 12 6.08% $11,418
    CMG MORTGAGE, INC. 9 6.68% $15,611
    Advisors Mortgage Group, L.L.C. 8 6.47% $13,085
    CROSSCOUNTRY MORTGAGE, LLC 7 6.41% $13,636
    UNITED WHOLESALE MORTGAGE, LLC 6 5.52% $18,081
    Citizens Bank 5 6.48% $9,029
    GREENTREE MORTGAGE COMPANY, L.P. 5 6.83% $10,997
    LOANDEPOT.COM, LLC 5 6.32% $12,922
    FREEDOM MORTGAGE CORPORATION 4 6.75% $19,303
    PENNYMAC LOAN SERVICES, LLC 4 5.69% $15,774
    Gateway First Bank 3 6.46% $13,577
    Paramount Residential Mortgage Group, Inc. 3 6.42% $14,769
    NEWREZ LLC 3 6.71% $16,633
    NATION ONE MORTGAGE CORPORATION 3 6.88% $15,676
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.75% $14,673
    1st Colonial Community Bank 3 6.46% $11,741
    LAKEVIEW LOAN SERVICING, LLC 2 6.49% $10,988
    Meridian Bank Corporation 2 6.38% $14,330
    PLANET HOME LENDING, LLC 2 5.88% $9,050
    Princeton Mortgage Corporation 2 6.50% $15,468
    U.S. Bank 2 6.44% $7,973
    ENVOY MORTGAGE, LTD 1 6.63% $13,830
    GUARANTEED RATE, INC. 1 6.23% $12,462
    LADERA LENDING, INC. 1 6.13% $17,361
    Carrington Mortgage Services, LLC 1 7.13% $16,800
    BROKER SOLUTIONS, INC. 1 7.25% $15,343
    Acre Mortgage and Financial Inc 1 7.50% $29,636
    Mortgage Research Center, LLC 1 6.25% $11,610
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $12,682
    AMERISAVE MORTGAGE CORPORATION 1 5.38% $19,970
    Nations Lending Corporation 1 6.50% $18,828
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.62% $19,625
    NFM, INC. 1 6.50% $11,474
    OceanFirst Bank 1 6.13% $17,647
    AMERICAN FINANCING CORPORATION 1 5.50% $20,705
    AMERICAN FINANCIAL NETWORK, INC. 1 5.99% $22,799
    Wilmington Savings Fund Society, FSB 1 6.25% $7,760
    PNC Bank 1 5.50% $19,398
    Waterstone Mortgage Corporation 1 7.13% $15,797
    Prosperity Home Mortgage, LLC 1 6.63% $10,409
    AFFORDABLE MORTGAGE ADVISORS, LLC. 1 7.25% $8,878
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.25% $20,529
    SUN WEST MORTGAGE COMPANY, INC. 1 6.25% $15,374
    The Loan Store, Inc. 1 5.75% $17,544
    UNION HOME MORTGAGE CORP. 1 5.50% $18,958
    Florida Capital Bank 1 6.75% $8,785
    First Citizens Community Bank 1 6.25% $12,452
    Fulton Bank 1 5.88% $10,970
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 7.75% $14,416

    The top Ocean City FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 29 FHA loans originated. Their average total fees are $15,088, which is $3,670 higher than the next largest lender, ALLIED MORTGAGE GROUP, INC..

    The lowest fee Ocean City FHA lenders (with over 10 loans originated) are ALLIED MORTGAGE GROUP, INC. ($11,418), QUICKEN LOANS, LLC ($15,088), .

    The lowest rate Ocean City FHA lenders (with over 10 loans originated) are ALLIED MORTGAGE GROUP, INC. (6.08%), QUICKEN LOANS, LLC (6.29%), .

    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%) $686,088 (11.8%) 0.00 2,141
    2018-02-01 $412,225 (3.3%) $699,840 (10.6%) 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%) $711,945 (9.6%) 0.00 2,217
    2018-06-01 $413,250 (5.1%) $727,118 (10.1%) 0.00 2,164
    2018-07-01 $411,850 (5.6%) $744,041 (11.1%) 0.00 2,129
    2018-08-01 $408,500 (7.5%) $754,201 (12.3%) 0.00 2,153
    2018-09-01 $414,950 (6.4%) $746,821 (11.7%) 0.00 2,178
    2018-10-01 $419,450 (5.1%) $754,753 (11.2%) 0.00 2,183
    2018-11-01 $423,725 (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 $428,075 (7.1%) $756,698 (10.3%) 0.00 2,046
    2019-02-01 $441,950 (7.2%) $767,394 (9.7%) 0.00 2,135
    2019-03-01 $440,657 (6.2%) $760,432 (7.2%) 0.00 2,189
    2019-04-01 $435,000 (3.7%) $747,706 (4.1%) 0.00 2,215
    2019-05-01 $433,625 (7.2%) $739,312 (3.8%) 0.00 2,186
    2019-06-01 $448,500 (8.5%) $741,204 (1.9%) 0.00 2,124
    2019-07-01 $449,000 (9.0%) $759,867 (2.1%) 0.00 2,050
    2019-08-01 $449,000 (9.9%) $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 (8.2%) $766,251 (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 (12.1%) $1,030,324 (36.2%) 0.00 1,686
    2020-02-01 $485,000 (9.7%) $1,053,221 (37.3%) 0.00 1,697
    2020-03-01 $494,500 (12.2%) $823,625 (8.3%) 0.00 1,680
    2020-04-01 $499,000 (14.7%) $821,888 (9.9%) 0.00 1,644
    2020-05-01 $499,000 (15.1%) $829,298 (12.2%) 0.00 1,570
    2020-06-01 $512,500 (14.3%) $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%) $936,363 (19.9%) 0.00 962
    2020-12-01 $552,250 (16.3%) $938,647 (19.5%) 0.00 881
    2021-01-01 $559,000 (16.5%) $944,565 (-8.3%) 0.00 749
    2021-02-01 $594,450 (22.6%) $1,042,501 (-1.0%) 0.00 602
    2021-03-01 $649,725 (31.4%) $1,085,558 (31.8%) 0.00 609
    2021-04-01 $649,950 (30.3%) $1,166,510 (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%) $1,144,741 (25.6%) 0.00 740
    2021-07-01 $619,000 (23.8%) $1,083,934 (16.9%) 0.00 768
    2021-08-01 $626,973 (26.7%) $1,084,223 (20.3%) 0.00 851
    2021-09-01 $599,943 (14.8%) $1,048,410 (17.6%) 0.00 913
    2021-10-01 $649,000 (22.7%) $1,077,306 (18.3%) 0.00 888
    2021-11-01 $695,000 (26.4%) $1,143,238 (22.1%) 0.00 812
    2021-12-01 $677,450 (22.7%) $1,140,091 (21.5%) 0.00 750
    2022-01-01 $689,000 (23.3%) $1,188,813 (25.9%) 0.00 615
    2022-02-01 $738,000 (24.2%) $1,257,453 (20.6%) 0.00 563
    2022-03-01 $767,950 (18.2%) $1,294,309 (19.2%) 0.00 545
    2022-04-01 $792,500 (21.9%) $1,373,419 (17.7%) 0.00 576
    2022-05-01 $797,450 (18.1%) $1,378,253 (16.5%) 0.00 684
    2022-06-01 $775,000 (17.4%) $1,371,150 (19.8%) 0.00 758
    2022-07-01 $724,900 (17.1%) $1,301,540 (20.1%) 0.00 863
    2022-08-01 $746,550 (19.1%) $1,333,912 (23.0%) 0.00 874
    2022-09-01 $794,500 (32.4%) $1,331,001 (27.0%) 0.00 884
    2022-10-01 $799,900 (23.3%) $1,342,416 (24.6%) 0.00 913
    2022-11-01 $799,950 (15.1%) $1,370,826 (19.9%) 0.00 899
    2022-12-01 $824,900 (21.8%) $1,361,256 (19.4%) 0.00 834
    2023-01-01 $835,000 (21.2%) $1,421,437 (19.6%) 0.00 769
    2023-02-01 $889,500 (20.5%) $1,458,037 (16.0%) 0.00 753
    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 (24.3%) $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 (33.2%) $1,734,322 (30.0%) 0.00 690
    2023-09-01 $950,000 (19.6%) $1,710,854 (28.5%) 0.00 725
    2023-10-01 $926,450 (15.8%) $1,607,532 (19.8%) 0.00 784
    2023-11-01 $884,112 (10.5%) $1,552,095 (13.2%) 0.00 805
    2023-12-01 $900,000 (9.1%) $1,565,212 (15.0%) 0.00 775
    2024-01-01 $924,975 (10.8%) $1,571,207 (10.5%) 0.00 705
    2024-02-01 $899,900 (1.2%) $1,579,666 (8.3%) 0.00 729
    2024-03-01 $919,450 (2.3%) $1,632,957 (7.9%) 0.00 794
    2024-04-01 $949,000 (5.6%) $1,667,846 (9.7%) 0.00 814
    2024-05-01 $973,500 (4.0%) $1,668,007 (6.4%) 0.00 827
    2024-06-01 $939,900 (-2.4%) $1,678,984 (1.7%) 0.00 866
    2024-07-01 $924,450 (-5.1%) $1,698,393 (0.9%) 0.00 842
    2024-08-01 $899,900 (-9.5%) $1,747,280 (0.8%) 0.00 822
    2024-09-01 $899,000 (-5.4%) $1,684,323 (-1.6%) 0.00 872
    2024-10-01 $891,694 (-3.8%) $1,606,299 (-0.1%) 0.00 903
    2024-11-01 $869,000 (-1.7%) $1,575,477 (1.5%) 0.00 897
    2024-12-01 $862,500 (-4.2%) $1,532,753 (-2.1%) 0.00 812
    Ocean City's median listing price for 2024-12-01 was $862,500, a difference of $-37,500 (-4.2%) versus the prior year and $-6,500 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 2024-12-01 was $1,532,753, a difference of $-32,459 (-2.1%) versus the prior year and $-42,724 versus the prior month.

    For the 2024-12-01 period, Ocean City had 812 MLS listings, a difference of -85 listings (-9%) versus the prior month and 37 listings (5%) 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 1,590 sqft
    2018-02-01 0 days 1,590 sqft
    2018-03-01 0 days 1,592 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 1,580 sqft
    2018-10-01 0 days 1,577 sqft
    2018-11-01 0 days 1,567 sqft
    2018-12-01 0 days 1,564 sqft
    2019-01-01 0 days 1,567 sqft
    2019-02-01 0 days 1,549 sqft
    2019-03-01 0 days 1,520 sqft
    2019-04-01 0 days 1,520 sqft
    2019-05-01 0 days 1,527 sqft
    2019-06-01 0 days 1,560 sqft
    2019-07-01 0 days 1,578 sqft
    2019-08-01 0 days 1,592 sqft
    2019-09-01 0 days 1,606 sqft
    2019-10-01 0 days 1,615 sqft
    2019-11-01 0 days 1,622 sqft
    2019-12-01 0 days 1,601 sqft
    2020-01-01 0 days 1,600 sqft
    2020-02-01 0 days 1,615 sqft
    2020-03-01 0 days 1,656 sqft
    2020-04-01 0 days 1,679 sqft
    2020-05-01 0 days 1,700 sqft
    2020-06-01 0 days 1,732 sqft
    2020-07-01 0 days 1,718 sqft
    2020-08-01 0 days 1,680 sqft
    2020-09-01 0 days 1,601 sqft
    2020-10-01 0 days 1,600 sqft
    2020-11-01 0 days 1,608 sqft
    2020-12-01 0 days 1,629 sqft
    2021-01-01 0 days 1,680 sqft
    2021-02-01 0 days 1,686 sqft
    2021-03-01 0 days 1,585 sqft
    2021-04-01 0 days 1,603 sqft
    2021-05-01 0 days 1,700 sqft
    2021-06-01 0 days 1,658 sqft
    2021-07-01 0 days 1,597 sqft
    2021-08-01 0 days 1,587 sqft
    2021-09-01 0 days 1,550 sqft
    2021-10-01 0 days 1,549 sqft
    2021-11-01 0 days 1,600 sqft
    2021-12-01 0 days 1,600 sqft
    2022-01-01 0 days 1,637 sqft
    2022-02-01 0 days 1,668 sqft
    2022-03-01 0 days 1,720 sqft
    2022-04-01 0 days 1,700 sqft
    2022-05-01 0 days 1,785 sqft
    2022-06-01 0 days 1,736 sqft
    2022-07-01 0 days 1,677 sqft
    2022-08-01 0 days 1,653 sqft
    2022-09-01 0 days 1,699 sqft
    2022-10-01 0 days 1,732 sqft
    2022-11-01 0 days 1,703 sqft
    2022-12-01 0 days 1,640 sqft
    2023-01-01 0 days 1,700 sqft
    2023-02-01 0 days 1,704 sqft
    2023-03-01 0 days 1,717 sqft
    2023-04-01 0 days 1,736 sqft
    2023-05-01 0 days 1,750 sqft
    2023-06-01 0 days 1,734 sqft
    2023-07-01 0 days 1,810 sqft
    2023-08-01 0 days 1,814 sqft
    2023-09-01 0 days 1,734 sqft
    2023-10-01 0 days 1,710 sqft
    2023-11-01 0 days 1,665 sqft
    2023-12-01 0 days 1,710 sqft
    2024-01-01 0 days 1,700 sqft
    2024-02-01 0 days 1,711 sqft
    2024-03-01 0 days 1,702 sqft
    2024-04-01 0 days 1,735 sqft
    2024-05-01 0 days 1,755 sqft
    2024-06-01 0 days 1,786 sqft
    2024-07-01 0 days 1,822 sqft
    2024-08-01 0 days 1,808 sqft
    2024-09-01 0 days 1,753 sqft
    2024-10-01 0 days 1,713 sqft
    2024-11-01 0 days 1,636 sqft
    2024-12-01 0 days 1,610 sqft
    Ocean City's median listing age (time on market) for 2024-12-01 was 0 days.

    Ocean City's median square footage for active listings during the 2024-12-01 period was 1,610 sqft. One year prior, the average listing was 1,710 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).