Trenton FHA Loans

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 128 lenders originated 1,306 FHA loans during 2021. The total origination value was $293,080,000, with an average FHA loan value of $224,410.

Trenton FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Trenton averaged 5.45% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.28% and one month ago for the week of 2022-04-08, the average rate was 4.65%.

The average rate one year ago was 3.16%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.07%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Trenton level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 115 2.74% $6,699
FINANCE OF AMERICA MORTGAGE LLC 64 3.06% $8,697
CROSSCOUNTRY MORTGAGE, LLC 59 3.09% $10,366
PENNYMAC LOAN SERVICES, LLC 42 3.03% $5,562
FREEDOM MORTGAGE CORPORATION 37 2.85% $5,584
UNITED WHOLESALE MORTGAGE, LLC 33 2.72% $8,722
LOANDEPOT.COM, LLC 31 2.93% $8,431
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 30 3.09% $8,936
Mr. Cooper ( Nationstar Mortgage ) 30 3.26% $4,725
LAKEVIEW LOAN SERVICING, LLC 27 3.03% $5,452
CALIBER HOME LOANS, INC. 25 2.77% $6,434
ALLIED MORTGAGE GROUP, INC. 23 2.92% $7,797
Carrington Mortgage Services, LLC 22 3.23% $7,266
GREENTREE MORTGAGE COMPANY, L.P. 22 2.86% $7,377
ABSOLUTE HOME MORTGAGE CORPORATION 20 3.24% $7,871
FAMILY FIRST FUNDING LLC 20 3.21% $10,375
Manufacturers and Traders Trust Company 19 2.68% $7,836
AMERICAN FINANCIAL NETWORK, INC. 18 3.25% $13,037
Paramount Residential Mortgage Group, Inc. 18 3.33% $9,931
NEWREZ LLC 17 2.71% $5,891
Prosperity Home Mortgage, LLC 16 3.16% $8,835
HOMEBRIDGE FINANCIAL SERVICES, INC. 16 2.87% $9,833
Gateway First Bank 15 3.03% $6,710
OCMBC, INC. 15 2.61% $7,479
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 15 3.24% $10,077
Bank of America 14 2.75% $5,143
HOME POINT FINANCIAL CORPORATION 12 2.99% $6,899
NATION ONE MORTGAGE CORPORATION 12 3.65% $10,921
Advisors Mortgage Group, L.L.C. 12 3.01% $8,942
Princeton Mortgage Corporation 11 3.00% $9,718
SUCCESS MORTGAGE PARTNERS, INC. 11 3.11% $9,796
First Guaranty Mortgage Corporation 10 2.90% $7,447
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 3.31% $10,229
FIRST ALLIANCE HOME MORTGAGE, LLC 9 3.18% $9,635
MOVEMENT MORTGAGE, LLC 9 3.38% $7,906
BROKER SOLUTIONS, INC. 9 2.99% $8,768
Equity Prime Mortgage LLC 8 3.38% $8,310
Acre Mortgage and Financial Inc 8 3.22% $10,002
Lakeview Community Capital, LLC 8 3.12% $4,173
VILLAGE CAPITAL & INVESTMENT LLC 7 2.95% $3,145
APEX HOME LOANS, INC. 6 3.29% $10,331
AMERISAVE MORTGAGE CORPORATION 6 2.98% $8,240
InterContinental Capital Group, Inc 6 3.29% $11,391
Financial Freedom Mortgage, LLC 5 3.40% $10,251
BEST CAPITAL FUNDING 5 3.25% $24,189
MDE Home Loans, LLC 5 2.63% $11,097
CONTOUR MORTGAGE CORPORATION 5 2.93% $8,599
CMG MORTGAGE, INC. 5 3.20% $10,511
RESIDENTIAL HOME FUNDING CORP. 5 2.93% $10,428
DEVELOPER'S MORTGAGE COMPANY 5 2.80% $7,260
NATIONWIDE MORTGAGE BANKERS, INC. 4 3.41% $12,754
Mortgage Unlimited, L.L.C. 4 3.00% $14,134
NJ LENDERS CORP. 4 2.91% $9,036
STEARNS LENDING, LLC 4 2.63% $9,972
Evesham Mortgage, LLC 4 3.06% $8,361
1st Colonial Community Bank 4 3.03% $8,845
PRIMARY RESIDENTIAL MORTGAGE, INC. 4 3.16% $9,846
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 4 2.91% $11,573
PNC Bank 3 2.96% $10,233
Huntingdon Valley Bank 3 2.88% $6,908
INLAND BANK & TRUST 3 2.79% $7,748
GUARANTEED RATE AFFINITY, LLC 3 3.29% $9,376
MLB RESIDENTIAL LENDING, LLC 3 3.33% $10,777
Plains Commerce Bank 3 2.50% $10,585
AmeriHome Mortgage Company, LLC 3 2.83% $5,070
Keystone Funding, Inc. 3 2.92% $7,593
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.04% $9,401
ROUNDPOINT MORTGAGE SERVICING CORPORATION 3 3.25% $8,911
LENDING CAPITAL GROUP Inc 3 2.83% $8,774
The Federal Savings Bank 3 2.92% $10,325
US MORTGAGE CORPORATION 3 3.17% $9,720
NFM, INC. 3 3.38% $9,229
Northpointe Bank 3 3.00% $7,491
Nations Lending Corporation 3 3.50% $9,511
MORTGAGE ACCESS CORP. 3 2.79% $11,094
HOMESIDE FINANCIAL, LLC 3 3.33% $5,589
GENEVA FINANCIAL, LLC 2 3.75% $9,176
AmRes Corporation 2 4.25% $11,419
Atlantic Home Loans, Inc. 2 3.13% $9,799
EMM LOANS LLC 2 2.81% $13,069
First Home Bank 2 3.19% $10,771
Flagstar Bank, FSB 2 2.79% $6,235
Fulton Bank 2 2.75% $4,390
GENNEXT FUNDING, LLC 2 4.06% $9,907
GET A RATE LLC 2 2.81% $11,624
Hometown Equity Mortgage, LLC 2 2.81% $8,248
LIBERTY HOME MORTGAGE CORPORATION 2 3.25% $9,813
Mortgage America, Inc. 2 2.94% $9,945
Mortgage Research Center, LLC 2 3.06% $9,660
OCEANSIDE MORTGAGE COMPANY 2 2.75% $3,209
PLANET HOME LENDING, LLC 2 2.75% $4,055
Republic Bank 2 2.81% $7,319
RESIDENTIAL HOME MORTGAGE CORPORATION 2 3.25% $5,762
SUN WEST MORTGAGE COMPANY, INC. 2 2.94% $18,687
TD Bank 2 3.06% $5,523
VAN DYK MORTGAGE CORPORATION 2 3.13% $11,502
PINNACLE MORTGAGE, INC. 1 3.00% $10,648
JPMorgan Chase Bank 1 3.13% $0
Bethpage Federal Credit Union 1 3.00% $3,608
PLAZA HOME MORTGAGE, INC. 1 2.99% $9,598
GUARANTEED RATE, INC. 1 2.75% $9,392
Presidential Bank, FSB 1 2.75% $10,042
GREENWAY MORTGAGE FUNDING CORP. 1 3.50% $11,087
First Federal Bank 1 3.13% $9,859
FEDERATED LENDING CORPORATION 1 2.25% $10,540
EVERETT FINANCIAL, INC. 1 3.50% $3,789
ENVOY MORTGAGE, LTD 1 3.63% $20,168
RELIANCE FIRST CAPITAL, LLC 1 3.25% $9,694
U.S. Bank 1 2.50% $8,484
EMBRACE HOME LOANS, INC. 1 3.25% $10,475
Barrington Bank & Trust Company, N.A. 1 2.88% $9,415
RESIDENTIAL MORTGAGE SERVICES, INC. 1 3.75% $7,984
Residential Mortgage Solutions, Inc. 1 2.25% $9,171
East Coast Capital Corp. 1 3.75% $9,179
Santander Bank, N.A. 1 2.75% $7,999
SOVEREIGN LENDING GROUP INCORPORATED 1 2.25% $9,648
Customers Bank 1 2.75% $6,572
Citizens Bank 1 3.25% $8,423
Wells Fargo Bank 1 3.25% $7,198
ARC HOME LLC 1 3.13% $10,339
BOND STREET MORTGAGE, LLC 1 2.63% $14,451
MLD MORTGAGE INC. 1 3.05% $10,851
NP, Inc. 1 2.88% $9,672
UNITED MORTGAGE CORP. 1 2.38% $7,720
MEMBER FIRST MORTGAGE, LLC 1 3.13% $11,385
Luxury Mortgage Corp. 1 3.75% $11,384
KELLER MORTGAGE, LLC 1 3.25% $7,299
PHH Mortgage Corporation 1 3.13% $2,644

The top Trenton FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 115 FHA loans originated. Their average total fees are $6,699, which is $1,998 lower than the next largest lender, FINANCE OF AMERICA MORTGAGE LLC.

The lowest fee Trenton FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($4,725), Bank of America ($5,143), LAKEVIEW LOAN SERVICING, LLC ($5,452), PENNYMAC LOAN SERVICES, LLC ($5,562) and FREEDOM MORTGAGE CORPORATION ($5,584).

The lowest rate Trenton FHA lenders (with over 10 loans originated) are OCMBC, INC. (2.61%), Manufacturers and Traders Trust Company (2.68%), NEWREZ LLC (2.71%), UNITED WHOLESALE MORTGAGE, LLC (2.72%) and QUICKEN LOANS, LLC (2.74%).

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

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 $244,950 (2.3%) $399,536 (-2.9%) 0.90 1,304
2018-02-01 $249,000 (2.9%) $403,980 (-1.7%) 0.90 1,360
2018-03-01 $279,900 (11.0%) $436,297 (0.0%) 0.97 1,352
2018-04-01 $304,450 (8.8%) $475,084 (2.2%) 1.02 1,491
2018-05-01 $335,000 (12.1%) $503,485 (6.1%) 1.12 1,614
2018-06-01 $339,000 (13.2%) $499,097 (3.0%) 1.13 1,725
2018-07-01 $337,000 (12.3%) $486,763 (0.7%) 1.12 1,788
2018-08-01 $329,500 (8.2%) $481,724 (2.3%) 1.10 1,757
2018-09-01 $319,900 (8.6%) $470,512 (2.3%) 1.07 1,770
2018-10-01 $317,450 (13.4%) $465,831 (3.1%) 1.06 1,743
2018-11-01 $314,450 (18.9%) $469,671 (7.7%) 1.05 1,655
2018-12-01 $298,999 (19.7%) $446,345 (5.1%) 1.02 1,427
2019-01-01 $289,745 (18.3%) $441,225 (10.4%) 1.00 1,288
2019-02-01 $300,000 (20.5%) $462,930 (14.6%) 1.01 1,304
2019-03-01 $326,014 (16.5%) $483,404 (10.8%) 1.06 1,407
2019-04-01 $348,700 (14.5%) $512,042 (7.8%) 1.10 1,506
2019-05-01 $379,450 (13.3%) $534,496 (6.2%) 1.17 1,627
2019-06-01 $385,000 (13.6%) $545,943 (9.4%) 1.19 1,616
2019-07-01 $375,750 (11.5%) $535,918 (10.1%) 1.17 1,653
2019-08-01 $371,871 (12.9%) $524,913 (9.0%) 1.17 1,551
2019-09-01 $376,500 (17.7%) $529,109 (12.5%) 1.20 1,453
2019-10-01 $372,200 (17.3%) $541,755 (16.3%) 1.19 1,405
2019-11-01 $349,900 (11.3%) $538,250 (14.6%) 1.13 1,335
2019-12-01 $342,500 (14.6%) $534,601 (19.8%) 1.14 1,118
2020-01-01 $339,900 (17.3%) $532,410 (20.7%) 1.13 1,018
2020-02-01 $359,900 (20.0%) $553,986 (19.7%) 1.16 1,049
2020-03-01 $387,700 (18.9%) $592,667 (22.6%) 1.21 1,107
2020-04-01 $382,500 (9.7%) $582,690 (13.8%) 1.19 1,022
2020-05-01 $399,888 (5.4%) $572,382 (7.1%) 1.21 993
2020-06-01 $422,815 (9.8%) $601,276 (10.1%) 1.23 996
2020-07-01 $425,000 (13.1%) $612,116 (14.2%) 1.22 950
2020-08-01 $429,000 (15.4%) $627,006 (19.5%) 1.23 844
2020-09-01 $429,890 (14.2%) $634,573 (19.9%) 1.23 781
2020-10-01 $425,000 (14.2%) $619,905 (14.4%) 1.21 763
2020-11-01 $414,450 (18.5%) $611,842 (13.7%) 1.19 724
2020-12-01 $409,900 (19.7%) $601,238 (12.5%) 1.20 624
2021-01-01 $389,900 (14.7%) $592,981 (11.4%) 1.15 508
2021-02-01 $404,500 (12.4%) $688,961 (24.4%) 1.16 416
2021-03-01 $410,000 (5.8%) $690,859 (16.6%) 1.15 453
2021-04-01 $399,975 (4.6%) $678,877 (16.5%) 1.07 498
2021-05-01 $415,000 (3.8%) $656,767 (14.7%) 1.09 589
2021-06-01 $377,600 (-10.7%) $585,500 (-2.6%) 0.98 746
2021-07-01 $377,000 (-11.3%) $570,097 (-6.9%) 0.98 836
2021-08-01 $382,450 (-10.9%) $566,539 (-9.6%) 1.01 825
2021-09-01 $379,950 (-11.6%) $576,108 (-9.2%) 1.00 774
2021-10-01 $354,900 (-16.5%) $563,857 (-9.0%) 0.93 734
2021-11-01 $349,450 (-15.7%) $562,775 (-8.0%) 0.92 611
2021-12-01 $312,450 (-23.8%) $528,717 (-12.1%) 0.83 487
2022-01-01 $299,900 (-23.1%) $541,068 (-8.8%) 0.80 401
2022-02-01 $299,950 (-25.9%) $566,557 (-17.8%) 0.76 421
2022-03-01 $332,000 (-19.0%) $609,137 (-11.8%) 0.82 442
2022-04-01 $363,000 (-9.2%) $659,739 (-2.8%) 0.85 475
Trenton's median listing price for 2022-04-01 was $363,000, a difference of $-36,975 (-9.2%) versus the prior year and $31,000 versus the prior month.

Trenton's median listing price comes in at 85% of the national average.

Trenton's average listing price for 2022-04-01 was $659,739, a difference of $-19,138 (-2.8%) versus the prior year and $50,602 versus the prior month.

For the 2022-04-01 period, Trenton had 475 MLS listings, a difference of 33 listings (7%) versus the prior month and -23 listings (-5%) 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 94 days 1,566 sqft
2018-02-01 82 days 1,567 sqft
2018-03-01 61 days 1,615 sqft
2018-04-01 51 days 1,661 sqft
2018-05-01 48 days 1,735 sqft
2018-06-01 54 days 1,741 sqft
2018-07-01 60 days 1,750 sqft
2018-08-01 66 days 1,755 sqft
2018-09-01 72 days 1,708 sqft
2018-10-01 71 days 1,712 sqft
2018-11-01 71 days 1,711 sqft
2018-12-01 80 days 1,656 sqft
2019-01-01 85 days 1,690 sqft
2019-02-01 78 days 1,727 sqft
2019-03-01 53 days 1,766 sqft
2019-04-01 46 days 1,817 sqft
2019-05-01 47 days 1,902 sqft
2019-06-01 56 days 1,908 sqft
2019-07-01 62 days 1,896 sqft
2019-08-01 70 days 1,896 sqft
2019-09-01 73 days 1,915 sqft
2019-10-01 70 days 1,902 sqft
2019-11-01 71 days 1,856 sqft
2019-12-01 82 days 1,843 sqft
2020-01-01 84 days 1,827 sqft
2020-02-01 67 days 1,870 sqft
2020-03-01 44 days 1,925 sqft
2020-04-01 60 days 1,914 sqft
2020-05-01 74 days 1,924 sqft
2020-06-01 70 days 2,005 sqft
2020-07-01 49 days 1,987 sqft
2020-08-01 50 days 1,932 sqft
2020-09-01 51 days 1,925 sqft
2020-10-01 52 days 1,922 sqft
2020-11-01 55 days 1,866 sqft
2020-12-01 68 days 1,854 sqft
2021-01-01 77 days 1,825 sqft
2021-02-01 70 days 1,765 sqft
2021-03-01 37 days 1,791 sqft
2021-04-01 29 days 1,773 sqft
2021-05-01 33 days 1,782 sqft
2021-06-01 36 days 1,660 sqft
2021-07-01 36 days 1,656 sqft
2021-08-01 43 days 1,660 sqft
2021-09-01 49 days 1,661 sqft
2021-10-01 45 days 1,647 sqft
2021-11-01 51 days 1,609 sqft
2021-12-01 66 days 1,536 sqft
2022-01-01 62 days 1,500 sqft
2022-02-01 45 days 1,500 sqft
2022-03-01 42 days 1,524 sqft
2022-04-01 34 days 1,628 sqft
Trenton's median listing age (time on market) for 2022-04-01 was 34 days. This is 17% longer than the same period one year ago.

Trenton's median square footage for active listings during the 2022-04-01 period was 1,628 sqft. One year prior, the average listing was 1,773 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).