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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.