Trenton FHA Loan Rates, Closing Costs & Stats

TRENTON-PRINCETON, 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.

Trenton's 104 lenders originated 592 FHA loans during 2023. The total origination value was $167,050,000, with an average FHA loan value of $282,179.

Trenton FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Trenton averaged 6.58% for the week of 2024-05-24, compared to the national average (all FHA variants) of 6.746% for the same period.

Trenton's average FHA mortgage closing costs are $8,893.

The average rate for the prior week (2024-05-17) was 6.67% and one month ago for the week of 2024-04-19, the average rate was 6.89%.

The average rate one year ago was 6.62%.

For refis of the same type during the week of 2024-05-24, the average rate was 7.01%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 56 6.27% $11,599
CROSSCOUNTRY MORTGAGE, LLC 42 6.67% $13,208
UNITED WHOLESALE MORTGAGE, LLC 36 6.56% $13,922
MLD MORTGAGE INC. 29 6.22% $9,391
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 18 6.76% $14,227
LOANDEPOT.COM, LLC 18 6.15% $11,899
Advisors Mortgage Group, L.L.C. 14 6.56% $12,756
Prosperity Home Mortgage, LLC 14 6.36% $11,401
ALLIED MORTGAGE GROUP, INC. 12 6.25% $11,811
PENNYMAC LOAN SERVICES, LLC 12 6.27% $13,299
Paramount Residential Mortgage Group, Inc. 11 6.95% $14,251
FREEDOM MORTGAGE CORPORATION 10 6.78% $13,837
NFM, INC. 10 6.98% $11,963
NATION ONE MORTGAGE CORPORATION 10 6.90% $12,892
Northpointe Bank 9 6.28% $12,861
ABSOLUTE HOME MORTGAGE CORPORATION 9 6.71% $14,099
Mr. Cooper ( Nationstar Mortgage ) 9 6.08% $16,980
OCMBC, INC. 8 6.63% $14,606
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 6.25% $11,562
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 8 6.47% $15,193
Gateway First Bank 8 6.64% $11,025
NATIONWIDE MORTGAGE BANKERS, INC. 8 6.89% $17,680
MOVEMENT MORTGAGE, LLC 7 6.89% $9,201
AMERISAVE MORTGAGE CORPORATION 7 5.86% $13,061
GREENTREE MORTGAGE COMPANY, L.P. 6 6.69% $10,568
NEWREZ LLC 6 6.67% $13,205
Carrington Mortgage Services, LLC 5 6.60% $12,364
East Coast Capital Corp. 5 6.80% $15,614
Acre Mortgage and Financial Inc 5 6.53% $14,136
SUCCESS MORTGAGE PARTNERS, INC. 5 6.60% $12,602
Keystone Funding, Inc. 4 6.65% $13,065
PNC Bank 4 6.59% $11,172
BOND STREET MORTGAGE, LLC 4 6.59% $16,033
BROKER SOLUTIONS, INC. 4 6.47% $12,088
CARDINAL FINANCIAL 4 6.06% $15,343
NJ LENDERS CORP. 4 6.47% $10,498
Citizens Bank 4 6.97% $9,977
CMG MORTGAGE, INC. 4 6.59% $16,163
Princeton Mortgage Corporation 3 5.92% $13,487
AMERICAN FINANCING CORPORATION 3 6.00% $15,308
Cornerstone First Mortgage, Inc 3 7.08% $14,967
DAS Acquisition Company, LLC 3 7.58% $12,061
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.50% $16,115
JPMorgan Chase Bank 3 6.50% $6,139
MLB RESIDENTIAL LENDING, LLC 3 7.42% $22,958
MORTGAGE ACCESS CORP. 3 6.17% $17,503
Nations Lending Corporation 3 6.33% $15,792
PLAZA HOME MORTGAGE, INC. 3 6.16% $15,324
The Federal Savings Bank 3 6.38% $19,191
UNION HOME MORTGAGE CORP. 3 6.33% $18,187
VILLAGE CAPITAL MORTGAGE 3 6.21% $14,895
TD Bank 2 6.44% $9,778
Meridian Bank Corporation 2 6.13% $9,794
CLIFFCO, INC. 2 6.37% $22,287
MID AMERICA MORTGAGE, INC. 2 7.75% $10,627
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.75% $17,009
NVR Mortgage Finance, Inc. 2 5.38% $27,116
BAYSHORE MORTGAGE FUNDING, LLC 2 6.88% $14,052
Wells Fargo Bank 2 6.56% $9,355
Financial Freedom Mortgage, LLC 2 6.69% $13,843
TOWNE MORTGAGE COMPANY 2 6.19% $14,467
GUARANTEED RATE AFFINITY, LLC 2 6.19% $13,511
GUARANTEED RATE, INC. 2 7.00% $11,484
LAKEVIEW LOAN SERVICING, LLC 2 6.25% $11,539
Plains Commerce Bank 2 6.75% $16,606
1st Colonial Community Bank 2 6.25% $9,529
NATIONS DIRECT MORTGAGE, LLC 1 6.50% $21,373
Waterstone Mortgage Corporation 1 6.63% $20,842
Customers Bank 1 6.63% $8,699
CONTOUR MORTGAGE CORPORATION 1 7.13% $18,864
Citibank 1 5.63% $16,971
CALIBER HOME LOANS, INC. 1 5.75% $11,789
BAY EQUITY LLC 1 7.25% $10,912
Bank of England 1 6.25% $14,542
PHH Mortgage Corporation 1 6.13% $12,101
Philadelphia Mortgage Advisors, Inc. 1 6.13% $10,917
AMERITRUST MORTGAGE CORPORATION 1 6.25% $11,728
1ST 2ND MORTGAGE COMPANY OF N.J., INC. 1 6.63% $14,298
American Mortgage & Equity Consultants, Inc. 1 7.12% $15,747
AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $15,676
RUOFF MORTGAGE COMPANY, INC. 1 6.75% $8,761
Strong Home Mortgage, LLC 1 5.75% $9,642
FM Home Loans, LLC 1 7.25% $10,978
Firstrust Savings Bank 1 6.75% $8,286
GENEVA FINANCIAL, LLC 1 6.25% $27,076
FIRST COMMUNITY MORTGAGE, INC. 1 7.63% $17,181
AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $10,616
HOMESIDE FINANCIAL, LLC 1 7.00% $13,851
FIRST ALLIANCE HOME MORTGAGE, LLC 1 7.25% $5,959
Huntingdon Valley Bank 1 6.25% $9,902
KELLER MORTGAGE, LLC 1 5.75% $12,554
LADERA LENDING, INC. 1 8.00% $15,565
Lakeview Community Capital, LLC 1 6.25% $9,201
EVERETT FINANCIAL, INC. 1 5.63% $21,039
LOANLEADERS OF AMERICA, INC. 1 5.25% $15,885
LOANPAL, LLC 1 6.99% $18,732
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 5.75% $14,739
Equity Prime Mortgage LLC 1 6.38% $14,543
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $8,570
EMM LOANS LLC 1 6.13% $15,609
EMBRACE HOME LOANS, INC. 1 6.63% $10,136
M&T Bank 1 6.25% $11,240
MY MORTGAGE, INC. 1 6.63% $22,422
DEVELOPER'S MORTGAGE COMPANY 1 6.63% $4,335

The top Trenton FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 56 FHA loans originated. Their average total fees are $11,599, which is $1,608 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

The lowest fee Trenton FHA lenders (with over 10 loans originated) are MLD MORTGAGE INC. ($9,391), Prosperity Home Mortgage, LLC ($11,401), QUICKEN LOANS, LLC ($11,599), ALLIED MORTGAGE GROUP, INC. ($11,811) and LOANDEPOT.COM, LLC ($11,899).

The lowest rate Trenton FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (6.15%), MLD MORTGAGE INC. (6.22%), ALLIED MORTGAGE GROUP, INC. (6.25%), PENNYMAC LOAN SERVICES, LLC (6.27%) and QUICKEN LOANS, LLC (6.27%).

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 $228,750 (5.4%) $383,689 (-4.2%) 0.85 1,155
2018-02-01 $229,500 (2.1%) $388,262 (-2.4%) 0.83 1,207
2018-03-01 $255,000 (11.1%) $424,893 (0.3%) 0.89 1,194
2018-04-01 $274,900 (6.1%) $476,997 (5.0%) 0.93 1,316
2018-05-01 $302,450 (12.1%) $504,524 (6.6%) 1.01 1,401
2018-06-01 $300,000 (9.1%) $496,896 (2.0%) 1.00 1,486
2018-07-01 $304,450 (8.8%) $487,579 (0.3%) 1.02 1,517
2018-08-01 $299,000 (10.8%) $483,123 (3.8%) 1.00 1,497
2018-09-01 $289,900 (9.7%) $469,566 (2.1%) 0.97 1,508
2018-10-01 $289,000 (13.4%) $467,377 (3.3%) 0.98 1,481
2018-11-01 $283,700 (14.9%) $472,306 (10.9%) 0.96 1,411
2018-12-01 $270,000 (17.4%) $447,731 (8.3%) 0.93 1,245
2019-01-01 $267,000 (16.7%) $443,245 (15.5%) 0.92 1,136
2019-02-01 $282,100 (22.9%) $467,039 (20.3%) 0.95 1,142
2019-03-01 $306,143 (20.1%) $491,375 (15.7%) 1.00 1,224
2019-04-01 $329,450 (19.8%) $525,647 (10.2%) 1.05 1,306
2019-05-01 $349,900 (15.7%) $549,243 (8.9%) 1.09 1,382
2019-06-01 $359,000 (19.7%) $556,320 (12.0%) 1.12 1,367
2019-07-01 $352,147 (15.7%) $543,373 (11.4%) 1.10 1,377
2019-08-01 $349,245 (16.8%) $535,440 (10.8%) 1.11 1,321
2019-09-01 $349,614 (20.6%) $535,595 (14.1%) 1.12 1,239
2019-10-01 $349,634 (21.0%) $535,699 (14.6%) 1.13 1,186
2019-11-01 $330,000 (16.3%) $529,155 (12.0%) 1.08 1,129
2019-12-01 $327,000 (21.1%) $530,701 (18.5%) 1.09 929
2020-01-01 $320,725 (20.1%) $529,696 (19.5%) 1.07 829
2020-02-01 $339,900 (20.5%) $548,508 (17.4%) 1.11 854
2020-03-01 $370,550 (21.0%) $593,569 (20.8%) 1.16 902
2020-04-01 $361,000 (9.6%) $581,581 (10.6%) 1.13 803
2020-05-01 $385,000 (10.0%) $581,959 (6.0%) 1.17 791
2020-06-01 $405,970 (13.1%) $593,186 (6.6%) 1.20 811
2020-07-01 $402,445 (14.3%) $616,959 (13.5%) 1.17 765
2020-08-01 $407,000 (16.5%) $628,917 (17.5%) 1.17 689
2020-09-01 $420,000 (20.1%) $646,806 (20.8%) 1.20 651
2020-10-01 $410,000 (17.3%) $639,360 (19.4%) 1.17 620
2020-11-01 $382,500 (15.9%) $621,843 (17.5%) 1.12 581
2020-12-01 $387,470 (18.5%) $627,056 (18.2%) 1.15 502
2021-01-01 $371,250 (15.8%) $612,648 (15.7%) 1.11 393
2021-02-01 $377,000 (10.9%) $718,218 (30.9%) 1.10 328
2021-03-01 $399,450 (7.8%) $724,112 (22.0%) 1.13 370
2021-04-01 $389,225 (7.8%) $710,502 (22.2%) 1.05 391
2021-05-01 $399,900 (3.9%) $686,924 (18.0%) 1.06 474
2021-06-01 $355,200 (-12.5%) $609,571 (2.8%) 0.94 610
2021-07-01 $350,000 (-13.0%) $576,887 (-6.5%) 0.92 697
2021-08-01 $354,900 (-12.8%) $580,077 (-7.8%) 0.95 662
2021-09-01 $355,950 (-15.3%) $594,873 (-8.0%) 0.95 625
2021-10-01 $339,000 (-17.3%) $580,945 (-9.1%) 0.90 601
2021-11-01 $327,500 (-14.4%) $582,731 (-6.3%) 0.88 509
2021-12-01 $294,200 (-24.1%) $554,034 (-11.7%) 0.80 413
2022-01-01 $275,000 (-25.9%) $549,949 (-10.2%) 0.74 322
2022-02-01 $284,975 (-24.4%) $610,949 (-14.9%) 0.74 339
2022-03-01 $307,475 (-23.0%) $625,471 (-13.6%) 0.77 365
2022-04-01 $329,450 (-15.4%) $680,449 (-4.2%) 0.79 396
2022-05-01 $372,000 (-7.0%) $702,000 (2.2%) 0.85 499
2022-06-01 $377,500 (6.3%) $686,923 (12.7%) 0.84 527
2022-07-01 $374,950 (7.1%) $647,359 (12.2%) 0.84 574
2022-08-01 $388,775 (9.5%) $644,129 (11.0%) 0.90 583
2022-09-01 $375,225 (5.4%) $633,640 (6.5%) 0.88 523
2022-10-01 $377,500 (11.4%) $657,124 (13.1%) 0.89 515
2022-11-01 $374,900 (14.5%) $625,282 (7.3%) 0.90 516
2022-12-01 $357,111 (21.4%) $603,398 (8.9%) 0.88 423
2023-01-01 $369,950 (34.5%) $611,320 (11.2%) 0.92 366
2023-02-01 $374,850 (31.5%) $659,532 (8.0%) 0.90 339
2023-03-01 $387,000 (25.9%) $686,810 (9.8%) 0.91 332
2023-04-01 $419,999 (27.5%) $757,033 (11.3%) 0.98 323
2023-05-01 $460,975 (23.9%) $787,754 (12.2%) 1.05 322
2023-06-01 $495,500 (31.3%) $822,369 (19.7%) 1.11 350
2023-07-01 $454,950 (21.3%) $823,059 (27.1%) 1.03 354
2023-08-01 $444,900 (14.4%) $797,017 (23.7%) 1.02 377
2023-09-01 $420,000 (11.9%) $771,254 (21.7%) 0.98 382
2023-10-01 $427,450 (13.2%) $736,988 (12.2%) 1.01 410
2023-11-01 $394,894 (5.3%) $695,871 (11.3%) 0.94 381
2023-12-01 $380,000 (6.4%) $610,747 (1.2%) 0.93 324
2024-01-01 $392,000 (6.0%) $617,829 (1.1%) 0.96 301
2024-02-01 $384,500 (2.6%) $606,657 (-8.0%) 0.93 298
2024-03-01 $399,900 (3.3%) $657,574 (-4.3%) 0.94 317
2024-04-01 $447,475 (6.5%) $708,887 (-6.4%) 1.04 359
Trenton's median listing price for 2024-04-01 was $447,475, a difference of $27,476 (6.5%) versus the prior year and $47,575 versus the prior month.

Trenton's median listing price comes in at 104% of the national average.

Trenton's average listing price for 2024-04-01 was $708,887, a difference of $-48,146 (-6.4%) versus the prior year and $51,313 versus the prior month.

For the 2024-04-01 period, Trenton had 359 MLS listings, a difference of 42 listings (13%) versus the prior month and 36 listings (11%) 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 88 days 1,553 sqft
2018-02-01 78 days 1,562 sqft
2018-03-01 58 days 1,617 sqft
2018-04-01 47 days 1,677 sqft
2018-05-01 46 days 1,740 sqft
2018-06-01 51 days 1,746 sqft
2018-07-01 60 days 1,745 sqft
2018-08-01 63 days 1,747 sqft
2018-09-01 68 days 1,705 sqft
2018-10-01 66 days 1,712 sqft
2018-11-01 67 days 1,714 sqft
2018-12-01 76 days 1,656 sqft
2019-01-01 81 days 1,659 sqft
2019-02-01 72 days 1,702 sqft
2019-03-01 52 days 1,759 sqft
2019-04-01 44 days 1,821 sqft
2019-05-01 45 days 1,893 sqft
2019-06-01 55 days 1,905 sqft
2019-07-01 59 days 1,886 sqft
2019-08-01 62 days 1,885 sqft
2019-09-01 65 days 1,885 sqft
2019-10-01 68 days 1,876 sqft
2019-11-01 71 days 1,844 sqft
2019-12-01 83 days 1,814 sqft
2020-01-01 87 days 1,821 sqft
2020-02-01 68 days 1,894 sqft
2020-03-01 43 days 1,957 sqft
2020-04-01 58 days 1,944 sqft
2020-05-01 74 days 1,979 sqft
2020-06-01 61 days 2,019 sqft
2020-07-01 46 days 1,990 sqft
2020-08-01 44 days 1,925 sqft
2020-09-01 43 days 1,990 sqft
2020-10-01 48 days 1,964 sqft
2020-11-01 50 days 1,897 sqft
2020-12-01 60 days 1,900 sqft
2021-01-01 64 days 1,863 sqft
2021-02-01 55 days 1,823 sqft
2021-03-01 24 days 1,827 sqft
2021-04-01 24 days 1,825 sqft
2021-05-01 26 days 1,820 sqft
2021-06-01 30 days 1,656 sqft
2021-07-01 33 days 1,643 sqft
2021-08-01 43 days 1,646 sqft
2021-09-01 48 days 1,634 sqft
2021-10-01 42 days 1,622 sqft
2021-11-01 48 days 1,583 sqft
2021-12-01 63 days 1,519 sqft
2022-01-01 58 days 1,497 sqft
2022-02-01 40 days 1,486 sqft
2022-03-01 33 days 1,515 sqft
2022-04-01 26 days 1,568 sqft
2022-05-01 30 days 1,646 sqft
2022-06-01 33 days 1,688 sqft
2022-07-01 36 days 1,651 sqft
2022-08-01 40 days 1,656 sqft
2022-09-01 48 days 1,676 sqft
2022-10-01 55 days 1,650 sqft
2022-11-01 56 days 1,683 sqft
2022-12-01 64 days 1,646 sqft
2023-01-01 74 days 1,698 sqft
2023-02-01 55 days 1,680 sqft
2023-03-01 37 days 1,691 sqft
2023-04-01 37 days 1,674 sqft
2023-05-01 32 days 1,695 sqft
2023-06-01 30 days 1,818 sqft
2023-07-01 33 days 1,764 sqft
2023-08-01 31 days 1,704 sqft
2023-09-01 33 days 1,660 sqft
2023-10-01 36 days 1,705 sqft
2023-11-01 42 days 1,597 sqft
2023-12-01 46 days 1,566 sqft
2024-01-01 51 days 1,574 sqft
2024-02-01 36 days 1,575 sqft
2024-03-01 33 days 1,687 sqft
2024-04-01 25 days 1,718 sqft
Trenton's median listing age (time on market) for 2024-04-01 was 25 days. This is -32% shorter than the same period one year ago.

Trenton's median square footage for active listings during the 2024-04-01 period was 1,718 sqft. One year prior, the average listing was 1,674 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).