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 6.49% for the week of 2023-12-01, compared to the national average (all FHA variants) of 6.949% for the same period.

New Jersey's average FHA mortgage closing costs are $10,480.

The average rate for the prior week (2023-11-24) was 6.6% and one month ago for the week of 2023-10-27, the average rate was 7.11%.

The average rate one year ago was 5.83%.

For refis of the same type during the week of 2023-12-01, the average rate was 5.43%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

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.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 1,469 4.45% $12,686
CROSSCOUNTRY MORTGAGE, LLC 1,066 5.01% $16,447
UNITED WHOLESALE MORTGAGE, LLC 921 4.80% $15,686
LOANDEPOT.COM, LLC 836 4.59% $12,647
CALIBER HOME LOANS, INC. 657 4.52% $12,850
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 642 4.92% $14,467
GREENTREE MORTGAGE COMPANY, L.P. 602 4.93% $9,259
Paramount Residential Mortgage Group, Inc. 546 4.92% $17,658
FINANCE OF AMERICA MORTGAGE LLC 529 4.59% $12,723
ABSOLUTE HOME MORTGAGE CORPORATION 499 5.20% $15,696
Gateway First Bank 432 4.92% $8,238
GUARANTEED RATE, INC. 425 4.84% $14,984
Advisors Mortgage Group, L.L.C. 402 4.90% $11,603
Northpointe Bank 399 4.72% $17,767
CARDINAL FINANCIAL 383 4.69% $16,087
NATION ONE MORTGAGE CORPORATION 377 5.41% $13,809
NJ LENDERS CORP. 370 4.50% $14,847
PENNYMAC LOAN SERVICES, LLC 370 4.13% $11,803
FREEDOM MORTGAGE CORPORATION 359 4.68% $12,058
HOME POINT FINANCIAL CORPORATION 343 4.15% $16,559
Mr. Cooper ( Nationstar Mortgage ) 340 4.36% $13,678
HOMEBRIDGE FINANCIAL SERVICES, INC. 337 4.71% $17,090
ALLIED MORTGAGE GROUP, INC. 304 4.94% $10,319
NFM, INC. 286 5.16% $10,595
NATIONWIDE MORTGAGE BANKERS, INC. 252 4.96% $19,913
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 248 4.84% $14,680
MLB RESIDENTIAL LENDING, LLC 247 5.07% $19,579
Prosperity Home Mortgage, LLC 234 4.89% $8,999
Carrington Mortgage Services, LLC 214 4.95% $12,951
Equity Prime Mortgage LLC 212 5.09% $14,144
Acre Mortgage and Financial Inc 202 5.13% $13,198
ROUNDPOINT MORTGAGE SERVICING CORPORATION 187 4.11% $14,047
LAKEVIEW LOAN SERVICING, LLC 184 3.80% $8,593
BROKER SOLUTIONS, INC. 171 5.24% $12,934
AMERISAVE MORTGAGE CORPORATION 166 4.43% $15,305
MOVEMENT MORTGAGE, LLC 163 4.84% $12,363
NEWREZ LLC 158 4.56% $10,758
Nations Lending Corporation 152 4.86% $16,077
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 148 4.86% $20,848
UNITED MORTGAGE CORP 134 4.82% $17,489
FIRST ALLIANCE HOME MORTGAGE, LLC 124 5.06% $19,025
EMM LOANS LLC 112 5.12% $15,238
MORTGAGE ACCESS CORP. 111 5.01% $13,454
BOND STREET MORTGAGE, LLC 98 4.79% $17,068
Lakeview Community Capital, LLC 97 3.86% $8,374
Financial Freedom Mortgage, LLC 96 4.99% $13,842
The Federal Savings Bank 91 4.56% $17,984
Flagstar Bank, FSB 88 4.92% $15,277
GUARANTEED RATE AFFINITY, LLC 87 4.97% $13,854
MLD MORTGAGE INC. 85 4.84% $13,696
NVR Mortgage Finance, Inc. 81 4.19% $16,901
US MORTGAGE CORPORATION 80 5.10% $14,103
1ST 2ND MORTGAGE COMPANY OF N.J., INC. 79 4.93% $15,924
PANORAMA MORTGAGE GROUP, LLC 79 5.49% $21,524
SUCCESS MORTGAGE PARTNERS, INC. 76 4.84% $14,632
M&T Bank 75 4.44% $11,723
SUN WEST MORTGAGE COMPANY, INC. 73 4.42% $16,979
Plains Commerce Bank 73 4.57% $14,020
1st Colonial Community Bank 62 5.06% $10,179
CMG MORTGAGE, INC. 62 4.93% $14,571
Bank of America 61 4.05% $8,654
UNION HOME MORTGAGE CORP. 61 4.73% $13,947
HOMESIDE FINANCIAL, LLC 61 4.72% $13,586
MUTUAL OF OMAHA MORTGAGE, INC. 59 4.93% $15,139
CONTOUR MORTGAGE CORPORATION 58 5.18% $21,239
PLANET HOME LENDING, LLC 57 3.99% $10,901
JPMorgan Chase Bank 54 4.66% $11,721
AMERICAN PACIFIC MORTGAGE CORPORATION 53 5.58% $17,557
Meridian Bank Corporation 51 4.91% $8,809
ENVOY MORTGAGE, LTD 51 5.03% $12,370
RESIDENTIAL HOME FUNDING CORP. 50 4.69% $14,715
DRAPER AND KRAMER MORTGAGE CORP. 50 4.75% $10,864
DHI MORTGAGE COMPANY, LTD. 49 4.08% $12,481
Huntingdon Valley Bank 49 4.80% $9,282
UNITED NORTHERN MORTGAGE BANKERS LIMITED 48 4.99% $19,888
Citizens Bank 48 4.46% $11,520
PRIMARY RESIDENTIAL MORTGAGE, INC. 43 4.83% $11,403
EMBRACE HOME LOANS, INC. 42 4.64% $14,006
CHERRY CREEK MORTGAGE, LLC 42 5.00% $5,435
TOWNE MORTGAGE COMPANY 42 4.67% $17,151
East Coast Capital Corp. 41 5.43% $19,790
AmRes Corporation 40 4.82% $14,099
ARK-LA-TEX FINANCIAL SERVICES, LLC. 40 5.07% $12,416
GREENWAY MORTGAGE FUNDING CORP. 38 4.82% $13,988
PNC Bank 36 4.59% $9,963
Republic Bank 35 4.80% $8,648
VILLAGE CAPITAL MORTGAGE 35 3.78% $8,122
MILLENIUM HOME MORTGAGE, LLC 35 4.58% $17,079
Wells Fargo Bank 34 5.23% $9,782
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 33 4.86% $22,633
First Home Bank 32 4.72% $14,841
TD Bank 32 4.24% $9,259
RELIANCE FIRST CAPITAL, LLC 30 4.83% $14,237
PLAZA HOME MORTGAGE, INC. 30 4.74% $19,220
PRIMELENDING, A PLAINSCAPITAL COMPANY 29 5.20% $15,605
EVERETT FINANCIAL, INC. 28 5.38% $6,722
MY MORTGAGE, INC. 28 5.27% $20,371
U.S. Bank 26 4.56% $12,808
BAYSHORE MORTGAGE FUNDING, LLC 26 4.70% $13,668
ARC HOME LLC 26 4.03% $14,376
OCMBC, INC. 26 4.69% $11,622
Century Mortgage Company DBA Century Lending Company 26 5.11% $16,385
AmeriHome Mortgage Company, LLC 26 5.07% $12,449
DEVELOPER'S MORTGAGE COMPANY 23 4.76% $10,319
Princeton Mortgage Corporation 22 4.66% $12,896
VAN DYK MORTGAGE CORPORATION 21 4.13% $13,592
NP, Inc. 21 4.80% $19,586
FM Home Loans, LLC 20 4.15% $20,115
LIBERTY HOME MORTGAGE CORPORATION 20 5.61% $13,589
Fulton Bank 20 4.45% $7,660
First Guaranty Mortgage Corporation 20 4.14% $10,901
NETWORK CAPITAL FUNDING CORPORATION 19 4.77% $13,893
GENNEXT FUNDING, LLC 18 5.28% $16,658
LENDING CAPITAL GROUP Inc 17 4.51% $19,001
CHURCHILL MORTGAGE CORPORATION 16 5.11% $17,327
LOANLEADERS OF AMERICA, INC. 16 4.90% $16,385
MORIA DEVELOPMENT, INC. 16 4.72% $13,120
LADERA LENDING, INC. 16 4.47% $14,147
AMERICAN FINANCING CORPORATION 16 4.40% $12,309
Lakeland Bank 15 4.27% $11,891
Bank of England 15 4.85% $14,621
Kwik Mortgage Corporation 15 4.57% $15,988
OCEANSIDE MORTGAGE COMPANY 15 4.39% $7,174
Sierra Pacific Mortgage Company, Inc. 15 3.58% $13,285
Valley National Bank 14 5.11% $16,561
MDE Home Loans, LLC 14 4.28% $14,303
GENEVA FINANCIAL, LLC 14 4.70% $15,860
TIDEWATER MORTGAGE SERVICES, INC. 13 4.81% $12,251
PHH Mortgage Corporation 12 5.04% $13,671
Wilmington Savings Fund Society, FSB 12 4.72% $8,081
LOANPAL, LLC 12 4.33% $11,660
NATIONS DIRECT MORTGAGE, LLC 12 4.61% $14,188
APEX HOME LOANS, INC. 12 4.36% $14,722
NORWICH COMMERCIAL GROUP, INC. 11 5.19% $14,848
TOTAL MORTGAGE SERVICES, LLC 11 4.53% $18,043
Barrington Bank & Trust Company, N.A. 11 4.40% $13,267
PREMIER MORTGAGE RESOURCES, L.L.C. 10 6.21% $19,084
AMERICAN FEDERAL MORTGAGE CORPORATION 10 4.79% $14,061
AMERICAN FINANCIAL RESOURCES, INC. 10 5.26% $17,644
Peoples Bank 10 5.22% $20,112
RESIDENTIAL HOME MORTGAGE CORPORATION 10 5.13% $16,597
Wyndham Capital Mortgage, Inc. 9 4.88% $15,129
BEST CAPITAL FUNDING 9 3.86% $13,527
HOMESPIRE MORTGAGE CORPORATION 9 4.63% $15,112
Texana Bank 9 3.58% $9,925
PINNACLE MORTGAGE, INC. 8 4.83% $14,277
ATLANTIS MORTGAGE CO., INC. 8 5.52% $14,527
SOVEREIGN LENDING GROUP INCORPORATED 8 4.00% $12,989
Waterstone Mortgage Corporation 8 6.06% $22,399
BETTER MORTGAGE CORPORATION 8 3.69% $10,773
MORTGAGE SOLUTIONS OF COLORADO, LLC 8 5.11% $19,225
PENTAGON FEDERAL CREDIT UNION 8 4.69% $10,478
EAGLE HOME MORTGAGE, LLC 8 4.84% $15,730
T2 FINANCIAL LLC 7 5.55% $20,983
Mortgage Research Center, LLC 7 5.36% $11,027
First Federal Bank 7 4.77% $18,192
The Huntington National Bank 7 3.59% $11,914
CITY FIRST MORTGAGE SERVICES, L.L.C. 7 5.29% $21,662
GLENDENNING MORTGAGE CORPORATION 7 4.82% $11,632
NBKC BANK 7 4.13% $10,082
GUILD MORTGAGE COMPANY 6 5.40% $11,265
CLIFFCO, INC. 6 4.40% $18,562
Magnolia Bank 6 4.52% $24,119
Luxury Mortgage Corp. 6 4.52% $18,363
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 6 4.88% $17,932
OAKTREE FUNDING CORP. 6 5.15% $15,679
DAS Acquisition Company, LLC 6 6.10% $12,282
GSF Mortgage Corporation 6 6.23% $12,259
BAY EQUITY LLC 6 5.42% $13,161
Quaint Oak Mortgage, LLC 6 5.04% $12,442
First Savings Bank 5 4.05% $18,163
ROYAL UNITED MORTGAGE LLC 5 5.60% $9,602
Hometown Equity Mortgage, LLC 5 5.15% $13,220
JET DIRECT FUNDING CORP 5 4.90% $21,784
BECKAM FUNDING CORP. 5 6.20% $25,476
NEXERA HOLDING LLC 5 4.88% $8,849
Philadelphia Mortgage Advisors, Inc. 5 5.35% $9,016
HARTFORD FUNDING, LTD. 5 4.83% $24,987
MID-ISLAND MORTGAGE CORP. 5 4.50% $19,107
AMERICAN HERITAGE FCU 4 5.25% $7,953
MICHIGAN MUTUAL, INC. 4 4.97% $21,110
Cornerstone First Mortgage, Inc 4 4.91% $10,740
Univest Bank and Trust Co. 4 4.41% $10,180
AMERICAN BANCSHARES MORTGAGE 4 4.63% $13,948
Victorian Finance, LLC 4 4.59% $13,175
A&D Mortgage LLC 4 6.03% $27,701
GOLDEN WEST ALLIANCE, INC. 3 6.38% $13,335
NEW FED MORTGAGE, CORP. 3 5.25% $11,477
FIRST HERITAGE FINANCIAL, LLC 3 5.79% $16,322
Presidential Bank, FSB 3 4.46% $11,070
AMCAP MORTGAGE, LTD. 3 3.83% $23,558
Unity Bank 3 5.25% $15,395
INTERSTATE HOME LOAN CENTER, INC. 3 4.83% $18,603
United Community Bank 3 3.63% $16,224
Truist 3 5.75% $8,549
HARBORONE MORTGAGE, LLC 3 5.25% $16,899
Summit Mortgage Corporation 3 5.25% $13,294
INTELLILOAN, INC. 3 3.96% $12,966
INLAND BANK & TRUST 3 5.33% $20,528
PIKE CREEK MORTGAGE SERVICES, INC. 3 4.87% $15,599
Credence Funding Corporation 2 4.88% $14,160
FAY SERVICING, LLC 2 4.69% $9,741
Mutual Federal Bank 2 5.25% $9,541
Citibank 2 5.25% $11,629
BRIDGEVIEW MORTGAGE CORP. 2 4.44% $20,462
Quontic Bank 2 4.44% $22,089
RESIDENTIAL BANCORP 2 6.12% $15,280
Florida Capital Bank 2 4.69% $17,974
Residential Mortgage Solutions, Inc. 2 5.00% $12,846
Axos Bank 2 4.50% $11,336
GEO-CORP, INC. 2 5.69% $12,092
Santander Bank, N.A. 2 2.88% $9,813
Semper Home Loans, Inc. 2 5.38% $21,356
Strong Home Mortgage, LLC 2 3.25% $6,506
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 4.38% $14,391
LENOX FINANCIAL MORTGAGE CORPORATION 2 4.06% $13,123
ARK MORTGAGE, INC. 2 3.31% $18,392
The Central Trust Bank 2 3.38% $8,946
WILLIAM RAVEIS MORTGAGE, LLC 2 4.25% $12,691
AMERICA'S CHOICE HOME LOANS LP 2 6.44% $12,965
Hometown Lenders, Inc. 2 4.06% $10,318
AMERICAN ADVISORS GROUP 2 4.94% $15,413
WALL STREET MORTGAGE BANKERS, LTD. 2 4.44% $19,741
North American Savings Bank, F.S.B. 2 3.94% $17,643
Northeast Equitable Mortgage, LLC 2 5.50% $12,259
NORTHPOINT MORTGAGE, INC. 2 6.44% $13,502
ACADEMY MORTGAGE CORPORATION 1 4.50% $9,906
Shamrock Home Loans, Inc. 1 3.75% $18,203
MCLEAN MORTGAGE CORPORATION 1 6.63% $8,860
SOUTHWEST STAGE FUNDING, LLC 1 2.88% $13,918
FIDELITY DIRECT MORTGAGE, LLC 1 5.75% $10,291
Specialized Loan Servicing LLC 1 2.75% $12,505
West Town Bank & Trust 1 4.25% $8,499
JMAC LENDING, INC. 1 5.50% $13,425
SUMMIT FUNDING, INC. 1 6.13% $14,095
Evolve Bank & Trust 1 5.25% $9,444
Sunflower Bank 1 6.13% $17,055
Armed Forces Bank 1 4.75% $8,757
NEW DAY FINANCIAL, LLC 1 3.88% $38,566
Columbia Bank 1 5.00% $12,299
LEADERONE FINANCIAL CORPORATION 1 3.13% $15,445
Commerce Home Mortgage, Inc. 1 3.88% $15,070
LAND HOME FINANCIAL SERVICES, INC. 1 4.75% $10,450
EQUITY NOW INC. 1 5.13% $24,397
The Union Bank Company 1 5.13% $8,082
Home Loan Investment Bank, F.S.B. 1 5.25% $5,725
COMMUNITYAMERICA 1 4.50% $15,898
ANGEL OAK HOME LOANS LLC 1 6.25% $9,736
DIRECT MORTGAGE LOANS, LLC 1 5.75% $15,894
FirstBank 1 2.63% $6,409
CANOPY MORTGAGE, LLC 1 4.99% $8,263
BNC National Bank 1 5.63% $19,118
Prime Choice Funding Inc. 1 3.50% $13,497
Blue Ridge Bank 1 5.62% $7,559
Mortgage America, Inc. 1 5.75% $7,106
Bethpage Federal Credit Union 1 5.25% $5,962
PULTE MORTGAGE LLC 1 5.25% $35,076
First Federal Bank of Kansas City 1 2.88% $12,010
Center City Mortgage and Investments LLC 1 6.13% $8,859
Quik Fund, Inc 1 6.25% $7,656
Ixonia Bank 1 5.75% $16,230
First Internet Bank of Indiana 1 6.38% $9,474
MK LENDING CORP. 1 4.25% $21,032
CLEARPATH LENDING 1 2.99% $11,761
DATA MORTGAGE, INC. 1 7.00% $15,664
MID AMERICA MORTGAGE, INC. 1 4.88% $2,119
KeyBank 1 4.38% $16,329
KELLER MORTGAGE, LLC 1 5.25% $7,133
Colonial Savings, F.A. 1 5.38% $11,598
Willamette Valley Bank 1 3.25% $10,334

The top New Jersey FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,469 FHA loans originated. Their average total fees are $12,686, which is $3,761 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

The lowest fee New Jersey FHA lenders (with over 10 loans originated) are CHERRY CREEK MORTGAGE, LLC ($5,435), EVERETT FINANCIAL, INC. ($6,722), OCEANSIDE MORTGAGE COMPANY ($7,174), Fulton Bank ($7,660) and Wilmington Savings Fund Society, FSB ($8,081).

The lowest rate New Jersey FHA lenders (with over 10 loans originated) are Sierra Pacific Mortgage Company, Inc. (3.58%), VILLAGE CAPITAL MORTGAGE (3.78%), LAKEVIEW LOAN SERVICING, LLC (3.80%), Lakeview Community Capital, LLC (3.86%) and PLANET HOME LENDING, LLC (3.99%).

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

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).