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 42 lenders originated 148 FHA loans during 2023. The total origination value was $44,590,000, with an average FHA loan value of $301,284.

Ocean City FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Ocean City averaged 6.65% for the week of 2024-07-05, compared to the national average (all FHA variants) of 6.724% for the same period.

Ocean City's average FHA mortgage closing costs are $8,853.

The average rate for the prior week (2024-06-28) was 6.61% and one month ago for the week of 2024-05-31, the average rate was 7%.

The average rate one year ago was 6.47%.

For refis of the same type during the week of 2024-07-05, the average rate was 7.06%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 25 6.15% $13,579
Citizens Bank 10 6.49% $9,927
PENNYMAC LOAN SERVICES, LLC 7 6.53% $14,792
NATION ONE MORTGAGE CORPORATION 6 6.69% $20,959
DRAPER AND KRAMER MORTGAGE CORP. 6 6.35% $9,652
CROSSCOUNTRY MORTGAGE, LLC 6 6.80% $12,630
LOANDEPOT.COM, LLC 5 5.75% $14,353
GREENTREE MORTGAGE COMPANY, L.P. 5 6.53% $14,709
Advisors Mortgage Group, L.L.C. 5 6.50% $11,081
ALLIED MORTGAGE GROUP, INC. 4 6.66% $12,596
Paramount Residential Mortgage Group, Inc. 4 6.28% $17,749
UNITED WHOLESALE MORTGAGE, LLC 4 6.22% $12,275
MUTUAL OF OMAHA MORTGAGE, INC. 3 6.58% $13,083
CMG MORTGAGE, INC. 3 6.42% $18,364
Flagstar Bank, FSB 2 6.06% $19,808
Prosperity Home Mortgage, LLC 2 6.63% $11,093
BROKER SOLUTIONS, INC. 2 6.31% $21,167
FREEDOM MORTGAGE CORPORATION 2 6.75% $13,315
LAKEVIEW LOAN SERVICING, LLC 2 6.00% $11,082
NATIONS DIRECT MORTGAGE, LLC 2 6.75% $16,356
CONTOUR MORTGAGE CORPORATION 2 6.38% $14,145
PLANET HOME LENDING, LLC 2 5.81% $13,977
US MORTGAGE CORPORATION 1 5.88% $25,503
Acre Mortgage and Financial Inc 1 7.38% $26,171
AMERICAN FINANCIAL NETWORK, INC. 1 6.88% $19,120
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.75% $15,823
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $11,479
BAY EQUITY LLC 1 6.25% $13,633
CALIBER HOME LOANS, INC. 1 6.75% $13,621
Carrington Mortgage Services, LLC 1 6.13% $12,891
Century Mortgage Company DBA Century Lending Company 1 6.25% $8,423
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.50% $7,230
GUARANTEED RATE, INC. 1 6.75% $12,177
Huntingdon Valley Bank 1 6.75% $13,459
Keystone Funding, Inc. 1 6.99% $14,160
Mr. Cooper ( Nationstar Mortgage ) 1 5.63% $13,173
Nations Lending Corporation 1 7.63% $4,312
OCMBC, INC. 1 6.50% $9,309
PENTAGON FEDERAL CREDIT UNION 1 5.50% $4,958
PNC Bank 1 6.25% $11,235
Presidential Bank, FSB 1 7.25% $11,357
1st Colonial Community Bank 1 6.25% $8,078

The top Ocean City FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 25 FHA loans originated. Their average total fees are $13,579, which is $3,652 higher than the next largest lender, Citizens Bank.

The lowest fee Ocean City FHA lenders (with over 10 loans originated) are Citizens Bank ($9,927), QUICKEN LOANS, LLC ($13,579), .

The lowest rate Ocean City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.15%), Citizens Bank (6.49%), .

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 $949,000 (-1.5%) $1,695,654 (2.7%) 0.00 866
Ocean City's median listing price for 2024-06-01 was $949,000, a difference of $-13,991 (-1.5%) versus the prior year and $-24,500 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 2024-06-01 was $1,695,654, a difference of $45,074 (2.7%) versus the prior year and $27,647 versus the prior month.

For the 2024-06-01 period, Ocean City had 866 MLS listings, a difference of 39 listings (5%) versus the prior month and 164 listings (23%) 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 1,847 sqft
Ocean City's median listing age (time on market) for 2024-06-01 was 0 days.

Ocean City's median square footage for active listings during the 2024-06-01 period was 1,847 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).