Trenton FHA Loan Rates, Closing Costs & Stats

TRENTON-PRINCETON, 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.

    Trenton's 110 lenders originated 779 FHA loans during 2022. The total origination value was $194,415,000, with an average FHA loan value of $249,570.

    Trenton FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Trenton averaged 6.24% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Trenton's average FHA mortgage closing costs are $8,369.

    The average rate for the prior week (2023-05-19) was 6.12% and one month ago for the week of 2023-04-21, the average rate was 6.06%.

    The average rate one year ago was 5.08%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.13%.

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

    Trenton 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 Trenton level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 73 4.69% $10,742
    FINANCE OF AMERICA MORTGAGE LLC 52 4.68% $10,260
    LOANDEPOT.COM, LLC 44 5.01% $10,266
    UNITED WHOLESALE MORTGAGE, LLC 36 4.73% $12,542
    CROSSCOUNTRY MORTGAGE, LLC 34 5.26% $12,490
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 29 4.97% $10,164
    CALIBER HOME LOANS, INC. 19 4.53% $10,033
    ABSOLUTE HOME MORTGAGE CORPORATION 18 5.22% $13,428
    Gateway First Bank 17 4.77% $8,791
    ALLIED MORTGAGE GROUP, INC. 16 4.52% $11,009
    GREENTREE MORTGAGE COMPANY, L.P. 15 4.68% $9,135
    PENNYMAC LOAN SERVICES, LLC 14 4.09% $9,870
    Advisors Mortgage Group, L.L.C. 13 4.97% $10,648
    Mr. Cooper ( Nationstar Mortgage ) 13 4.25% $12,338
    Paramount Residential Mortgage Group, Inc. 13 5.19% $13,221
    CARDINAL FINANCIAL 11 4.44% $11,558
    OCMBC, INC. 10 4.85% $11,205
    BROKER SOLUTIONS, INC. 10 5.49% $13,560
    Princeton Mortgage Corporation 10 4.75% $10,318
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 5.44% $11,977
    Prosperity Home Mortgage, LLC 9 5.28% $8,866
    Carrington Mortgage Services, LLC 8 5.03% $9,799
    AMERISAVE MORTGAGE CORPORATION 8 4.98% $9,002
    FREEDOM MORTGAGE CORPORATION 8 4.95% $11,798
    GUARANTEED RATE, INC. 8 4.48% $11,766
    NATION ONE MORTGAGE CORPORATION 8 5.31% $12,889
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 5.48% $13,579
    NEWREZ LLC 7 4.41% $9,573
    Acre Mortgage and Financial Inc 6 4.63% $12,751
    Bank of America 6 4.79% $6,774
    East Coast Capital Corp. 5 5.83% $14,784
    SUCCESS MORTGAGE PARTNERS, INC. 5 4.63% $13,253
    Financial Freedom Mortgage, LLC 5 5.18% $12,333
    CMG MORTGAGE, INC. 5 5.90% $13,127
    GUARANTEED RATE AFFINITY, LLC 5 5.91% $11,807
    HOME POINT FINANCIAL CORPORATION 5 4.47% $13,148
    JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 5 5.58% $15,197
    PNC Bank 5 4.95% $7,108
    MLD MORTGAGE INC. 5 5.38% $10,700
    MLB RESIDENTIAL LENDING, LLC 4 4.97% $12,773
    PANORAMA MORTGAGE GROUP, LLC 4 6.16% $16,508
    NJ LENDERS CORP. 4 4.91% $9,370
    US MORTGAGE CORPORATION 4 5.03% $10,764
    LAKEVIEW LOAN SERVICING, LLC 4 4.00% $8,543
    DEVELOPER'S MORTGAGE COMPANY 4 5.25% $11,658
    DAS Acquisition Company, LLC 4 5.81% $9,925
    CONTOUR MORTGAGE CORPORATION 4 5.75% $15,369
    The Federal Savings Bank 4 4.53% $14,079
    NATIONWIDE MORTGAGE BANKERS, INC. 4 5.00% $13,591
    MOVEMENT MORTGAGE, LLC 4 5.72% $12,934
    Citizens Bank 4 4.84% $12,190
    FIRST ALLIANCE HOME MORTGAGE, LLC 3 5.71% $14,141
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 5.75% $9,486
    Wells Fargo Bank 3 5.54% $10,457
    NFM, INC. 3 4.54% $8,458
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 3 5.08% $9,483
    MUTUAL OF OMAHA MORTGAGE, INC. 3 4.88% $16,582
    HOMESIDE FINANCIAL, LLC 3 5.33% $10,568
    M&T Bank 3 5.58% $8,016
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.08% $11,112
    1st Colonial Community Bank 3 6.25% $13,894
    Lakeland Bank 3 3.67% $8,861
    PLANET HOME LENDING, LLC 3 5.58% $13,173
    Plains Commerce Bank 3 5.96% $14,264
    Lakeview Community Capital, LLC 2 3.75% $3,600
    APEX HOME LOANS, INC. 2 5.13% $18,979
    BETTER MORTGAGE CORPORATION 2 3.81% $8,828
    EMM LOANS LLC 2 4.19% $6,476
    Equity Prime Mortgage LLC 2 5.50% $9,075
    EVERETT FINANCIAL, INC. 2 5.50% $6,524
    First Guaranty Mortgage Corporation 2 4.31% $8,846
    Flagstar Bank, FSB 2 4.75% $15,730
    Huntingdon Valley Bank 2 4.94% $8,863
    JPMorgan Chase Bank 2 4.31% $6,871
    MDE Home Loans, LLC 2 5.38% $16,226
    MORTGAGE ACCESS CORP. 2 5.19% $17,443
    Northpointe Bank 2 5.63% $10,359
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 4.75% $9,303
    UNITED MORTGAGE CORP. 2 6.25% $15,196
    Univest Bank and Trust Co. 2 3.63% $7,858
    Northeast Equitable Mortgage, LLC 1 5.13% $11,397
    BAYSHORE MORTGAGE FUNDING, LLC 1 5.50% $11,919
    Meridian Bank Corporation 1 3.88% $6,290
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 5.25% $16,805
    LOANLEADERS OF AMERICA, INC. 1 4.99% $11,427
    LIBERTY HOME MORTGAGE CORPORATION 1 6.00% $10,749
    PENTAGON FEDERAL CREDIT UNION 1 5.00% $5,718
    Peoples Bank 1 6.88% $15,814
    LAND HOME FINANCIAL SERVICES, INC. 1 4.75% $10,450
    1ST 2ND MORTGAGE COMPANY OF N.J., INC. 1 5.63% $12,150
    LADERA LENDING, INC. 1 3.50% $10,122
    Bank of England 1 2.88% $19,828
    GENNEXT FUNDING, LLC 1 5.50% $10,154
    GENEVA FINANCIAL, LLC 1 6.63% $7,672
    First Federal Bank 1 5.13% $13,867
    RELIANCE FIRST CAPITAL, LLC 1 5.75% $6,939
    RESIDENTIAL HOME FUNDING CORP. 1 5.63% $8,782
    EMBRACE HOME LOANS, INC. 1 5.75% $8,316
    Sierra Pacific Mortgage Company, Inc. 1 3.13% $7,726
    DRAPER AND KRAMER MORTGAGE CORP. 1 5.63% $6,976
    Summit Mortgage Corporation 1 4.13% $10,410
    SUN WEST MORTGAGE COMPANY, INC. 1 2.75% $6,174
    BOND STREET MORTGAGE, LLC 1 6.99% $12,279
    UNION HOME MORTGAGE CORP. 1 7.13% $11,665
    BAY EQUITY LLC 1 5.25% $14,786
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 7.13% $11,492
    NBKC BANK 1 3.25% $7,095
    Nations Lending Corporation 1 6.00% $18,104
    NATIONS DIRECT MORTGAGE, LLC 1 3.00% $14,877
    MORIA DEVELOPMENT, INC. 1 4.13% $12,532

    The top Trenton FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 73 FHA loans originated. Their average total fees are $10,742, which is $482 higher than the next largest lender, FINANCE OF AMERICA MORTGAGE LLC.

    The lowest fee Trenton FHA lenders (with over 10 loans originated) are Gateway First Bank ($8,791), GREENTREE MORTGAGE COMPANY, L.P. ($9,135), PENNYMAC LOAN SERVICES, LLC ($9,870), CALIBER HOME LOANS, INC. ($10,033) and AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC ($10,164).

    The lowest rate Trenton FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (4.09%), Mr. Cooper ( Nationstar Mortgage ) (4.25%), CARDINAL FINANCIAL (4.44%), ALLIED MORTGAGE GROUP, INC. (4.52%) and CALIBER HOME LOANS, INC. (4.53%).

    Trenton FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    TRENTON-PRINCETON, NJ MERCER 2022 $420,680 $538,650 $651,050 $809,150
    TRENTON-PRINCETON, NJ MERCER 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Trenton (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 $228,050 (5.1%) $382,946 (-4.4%) 0.85 1,158
    2018-02-01 $229,375 (2.0%) $387,475 (-2.5%) 0.83 1,207
    2018-03-01 $257,999 (12.4%) $425,082 (0.4%) 0.91 1,194
    2018-04-01 $274,925 (6.2%) $477,170 (5.4%) 0.93 1,317
    2018-05-01 $302,450 (12.3%) $504,597 (8.1%) 1.01 1,401
    2018-06-01 $300,000 (9.1%) $496,506 (3.5%) 1.00 1,487
    2018-07-01 $304,450 (9.1%) $487,980 (1.9%) 1.02 1,518
    2018-08-01 $299,000 (11.1%) $483,660 (5.4%) 1.00 1,499
    2018-09-01 $290,000 (11.6%) $470,141 (3.6%) 0.97 1,510
    2018-10-01 $289,186 (13.5%) $467,823 (4.9%) 0.98 1,482
    2018-11-01 $284,500 (16.1%) $472,701 (11.4%) 0.96 1,411
    2018-12-01 $274,450 (19.4%) $448,322 (8.9%) 0.95 1,250
    2019-01-01 $267,250 (17.2%) $443,099 (15.7%) 0.92 1,135
    2019-02-01 $281,875 (22.9%) $466,765 (20.5%) 0.95 1,141
    2019-03-01 $289,900 (12.4%) $480,597 (13.1%) 0.97 1,199
    2019-04-01 $329,450 (19.8%) $525,447 (10.1%) 1.05 1,305
    2019-05-01 $349,900 (15.7%) $549,156 (8.8%) 1.09 1,380
    2019-06-01 $359,000 (19.7%) $556,035 (12.0%) 1.12 1,366
    2019-07-01 $351,925 (15.6%) $543,075 (11.3%) 1.10 1,378
    2019-08-01 $349,000 (16.7%) $514,934 (6.5%) 1.09 1,375
    2019-09-01 $359,575 (24.0%) $539,802 (14.8%) 1.13 1,167
    2019-10-01 $349,450 (20.8%) $530,818 (13.5%) 1.13 1,185
    2019-11-01 $330,000 (16.0%) $520,641 (10.1%) 1.08 1,129
    2019-12-01 $327,000 (19.2%) $521,353 (16.3%) 1.09 928
    2020-01-01 $319,995 (19.7%) $518,551 (17.0%) 1.07 829
    2020-02-01 $339,900 (20.6%) $547,558 (17.3%) 1.11 855
    2020-03-01 $369,900 (27.6%) $593,197 (23.4%) 1.16 903
    2020-04-01 $359,468 (9.1%) $581,414 (10.7%) 1.13 804
    2020-05-01 $382,500 (9.3%) $581,568 (5.9%) 1.16 792
    2020-06-01 $405,748 (13.0%) $592,509 (6.6%) 1.20 812
    2020-07-01 $405,000 (15.1%) $615,816 (13.4%) 1.17 770
    2020-08-01 $410,000 (17.5%) $627,620 (21.9%) 1.17 694
    2020-09-01 $419,750 (16.7%) $643,962 (19.3%) 1.20 654
    2020-10-01 $410,000 (17.3%) $635,875 (19.8%) 1.17 621
    2020-11-01 $382,500 (15.9%) $618,467 (18.8%) 1.12 581
    2020-12-01 $387,470 (18.5%) $619,547 (18.8%) 1.15 501
    2021-01-01 $369,950 (15.6%) $594,876 (14.7%) 1.10 390
    2021-02-01 $376,000 (10.6%) $693,628 (26.7%) 1.09 327
    2021-03-01 $399,450 (8.0%) $702,142 (18.4%) 1.13 369
    2021-04-01 $389,000 (8.2%) $690,817 (18.8%) 1.05 390
    2021-05-01 $399,900 (4.6%) $670,871 (15.4%) 1.06 473
    2021-06-01 $354,950 (-12.5%) $595,841 (0.6%) 0.93 609
    2021-07-01 $350,000 (-13.6%) $565,521 (-8.2%) 0.92 695
    2021-08-01 $354,675 (-13.5%) $568,022 (-9.5%) 0.95 660
    2021-09-01 $351,250 (-16.3%) $580,777 (-9.8%) 0.94 624
    2021-10-01 $337,000 (-17.8%) $567,096 (-10.8%) 0.90 600
    2021-11-01 $327,500 (-14.4%) $567,324 (-8.3%) 0.88 508
    2021-12-01 $293,950 (-24.1%) $536,143 (-13.5%) 0.80 412
    2022-01-01 $275,000 (-25.7%) $539,942 (-9.2%) 0.74 321
    2022-02-01 $284,950 (-24.2%) $586,954 (-15.4%) 0.74 338
    2022-03-01 $307,450 (-23.0%) $604,047 (-14.0%) 0.77 364
    2022-04-01 $329,000 (-15.4%) $662,891 (-4.0%) 0.78 396
    2022-05-01 $368,650 (-7.8%) $684,678 (2.1%) 0.84 499
    2022-06-01 $377,500 (6.4%) $671,233 (12.7%) 0.84 526
    2022-07-01 $374,900 (7.1%) $633,418 (12.0%) 0.85 573
    2022-08-01 $388,750 (9.6%) $629,723 (10.9%) 0.90 582
    2022-09-01 $375,450 (6.9%) $619,720 (6.7%) 0.88 524
    2022-10-01 $379,000 (12.5%) $645,994 (13.9%) 0.89 517
    2022-11-01 $375,000 (14.5%) $629,725 (11.0%) 0.90 519
    2022-12-01 $359,000 (22.1%) $604,580 (12.8%) 0.89 424
    2023-01-01 $369,950 (34.5%) $611,320 (13.2%) 0.92 366
    2023-02-01 $374,850 (31.6%) $659,532 (12.4%) 0.90 339
    2023-03-01 $387,000 (25.9%) $686,810 (13.7%) 0.91 332
    2023-04-01 $417,500 (26.9%) $757,033 (14.2%) 0.97 323
    Trenton's median listing price for 2023-04-01 was $417,500, a difference of $88,500 (26.9%) versus the prior year and $30,500 versus the prior month.

    Trenton's median listing price comes in at 97% of the national average.

    Trenton's average listing price for 2023-04-01 was $757,033, a difference of $94,142 (14.2%) versus the prior year and $70,223 versus the prior month.

    For the 2023-04-01 period, Trenton had 323 MLS listings, a difference of -9 listings (-3%) versus the prior month and -73 listings (-18%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Trenton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 95 days 1,549 sqft
    2018-02-01 85 days 1,557 sqft
    2018-03-01 65 days 1,615 sqft
    2018-04-01 52 days 1,661 sqft
    2018-05-01 50 days 1,731 sqft
    2018-06-01 54 days 1,736 sqft
    2018-07-01 63 days 1,738 sqft
    2018-08-01 67 days 1,741 sqft
    2018-09-01 73 days 1,684 sqft
    2018-10-01 72 days 1,706 sqft
    2018-11-01 72 days 1,700 sqft
    2018-12-01 80 days 1,646 sqft
    2019-01-01 85 days 1,655 sqft
    2019-02-01 78 days 1,681 sqft
    2019-03-01 56 days 1,709 sqft
    2019-04-01 46 days 1,807 sqft
    2019-05-01 47 days 1,874 sqft
    2019-06-01 58 days 1,897 sqft
    2019-07-01 64 days 1,881 sqft
    2019-08-01 75 days 1,887 sqft
    2019-09-01 81 days 1,954 sqft
    2019-10-01 73 days 1,874 sqft
    2019-11-01 73 days 1,828 sqft
    2019-12-01 85 days 1,800 sqft
    2020-01-01 89 days 1,807 sqft
    2020-02-01 71 days 1,891 sqft
    2020-03-01 45 days 1,954 sqft
    2020-04-01 61 days 1,927 sqft
    2020-05-01 75 days 1,975 sqft
    2020-06-01 67 days 2,019 sqft
    2020-07-01 49 days 1,990 sqft
    2020-08-01 48 days 1,926 sqft
    2020-09-01 46 days 1,960 sqft
    2020-10-01 53 days 1,931 sqft
    2020-11-01 55 days 1,882 sqft
    2020-12-01 66 days 1,885 sqft
    2021-01-01 70 days 1,846 sqft
    2021-02-01 63 days 1,795 sqft
    2021-03-01 26 days 1,799 sqft
    2021-04-01 25 days 1,800 sqft
    2021-05-01 28 days 1,798 sqft
    2021-06-01 31 days 1,648 sqft
    2021-07-01 34 days 1,638 sqft
    2021-08-01 45 days 1,639 sqft
    2021-09-01 49 days 1,626 sqft
    2021-10-01 43 days 1,620 sqft
    2021-11-01 49 days 1,578 sqft
    2021-12-01 64 days 1,508 sqft
    2022-01-01 59 days 1,497 sqft
    2022-02-01 42 days 1,492 sqft
    2022-03-01 34 days 1,526 sqft
    2022-04-01 29 days 1,578 sqft
    2022-05-01 31 days 1,647 sqft
    2022-06-01 34 days 1,679 sqft
    2022-07-01 37 days 1,648 sqft
    2022-08-01 41 days 1,649 sqft
    2022-09-01 49 days 1,673 sqft
    2022-10-01 57 days 1,650 sqft
    2022-11-01 58 days 1,678 sqft
    2022-12-01 66 days 1,640 sqft
    2023-01-01 76 days 1,690 sqft
    2023-02-01 62 days 1,687 sqft
    2023-03-01 38 days 1,687 sqft
    2023-04-01 39 days 1,668 sqft
    Trenton's median listing age (time on market) for 2023-04-01 was 39 days. This is 34% longer than the same period one year ago.

    Trenton's median square footage for active listings during the 2023-04-01 period was 1,668 sqft. One year prior, the average listing was 1,578 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).