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 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).