New Jersey FHA Loan Rates, Closing Costs & Stats
New Jersey
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.
New Jersey FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in New Jersey
averaged
6.42%
for the week of 2025-04-04, compared to the national average (all FHA variants) of
6.259% for the same period.
New Jersey's average FHA mortgage closing costs are $11,597.
The average rate for the prior week (2025-03-28) was
6.82% and
one month ago for the week of 2025-02-28, the
average rate was 6.61%.
The average rate one year ago was 6.73%.
For refis of the same type during the week of 2025-04-04, the average rate
was 6.45%.
New Jersey 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 New Jersey level.
The top New Jersey FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with
1,293 FHA loans originated. Their average total fees are
$18,143, which is $2,800
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee New Jersey FHA lenders (with over 10 loans originated) are
OCEANSIDE MORTGAGE COMPANY ($7,886), Wilmington Savings Fund Society, FSB ($7,901), INTELLILOAN, INC. ($8,539), 1st Colonial Community Bank ($9,677) and AMERICAN FEDERAL MORTGAGE CORPORATION ($10,672).
The lowest rate New Jersey FHA lenders (with over 10 loans originated) are
LOANPAL, LLC (5.62%), AMERICAN FINANCING CORPORATION (5.70%), PENNYMAC LOAN SERVICES, LLC (6.00%), FIRST COLONY MORTGAGE CORPORATION (6.02%) and OceanFirst Bank (6.03%).
New Jersey FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| ATLANTIC CITY-HAMMONTON, NJ | ATLANTIC | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | BERGEN | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | BURLINGTON | 2022 | $477,250 | $610,950 | $738,500 | $917,800 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | CAMDEN | 2022 | $477,250 | $610,950 | $738,500 | $917,800 |
| OCEAN CITY, NJ | CAPE MAY | 2022 | $489,900 | $627,150 | $758,100 | $942,100 |
| VINELAND-BRIDGETON, NJ | CUMBERLAND | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | ESSEX | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | GLOUCESTER | 2022 | $477,250 | $610,950 | $738,500 | $917,800 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | HUDSON | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | HUNTERDON | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
| TRENTON-PRINCETON, NJ | MERCER | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | MIDDLESEX | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | MONMOUTH | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | MORRIS | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | OCEAN | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | PASSAIC | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | SALEM | 2022 | $477,250 | $610,950 | $738,500 | $917,800 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | SOMERSET | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | SUSSEX | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | UNION | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ | WARREN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| ATLANTIC CITY-HAMMONTON, NJ | ATLANTIC | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | BERGEN | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | BURLINGTON | 2023 | $529,000 | $677,200 | $818,600 | $1,017,300 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | CAMDEN | 2023 | $529,000 | $677,200 | $818,600 | $1,017,300 |
| OCEAN CITY, NJ | CAPE MAY | 2023 | $548,550 | $702,250 | $848,850 | $1,054,900 |
| VINELAND-BRIDGETON, NJ | CUMBERLAND | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | ESSEX | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | GLOUCESTER | 2023 | $529,000 | $677,200 | $818,600 | $1,017,300 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | HUDSON | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | HUNTERDON | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
| TRENTON-PRINCETON, NJ | MERCER | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | MIDDLESEX | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | MONMOUTH | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | MORRIS | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | OCEAN | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | PASSAIC | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | SALEM | 2023 | $529,000 | $677,200 | $818,600 | $1,017,300 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | SOMERSET | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | SUSSEX | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
| NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | UNION | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ | WARREN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |