Trenton FHA Loans

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 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).