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 6.61% for the week of 2024-05-24, compared to the national average (all FHA variants) of 6.746% for the same period.

New Jersey's average FHA mortgage closing costs are $11,069.

The average rate for the prior week (2024-05-17) was 6.91% and one month ago for the week of 2024-04-19, the average rate was 7.03%.

The average rate one year ago was 6.35%.

For refis of the same type during the week of 2024-05-24, the average rate was 7.09%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 1,313 6.18% $14,920
CROSSCOUNTRY MORTGAGE, LLC 1,073 6.74% $18,010
UNITED WHOLESALE MORTGAGE, LLC 936 6.33% $19,272
NATION ONE MORTGAGE CORPORATION 492 6.57% $13,904
ABSOLUTE HOME MORTGAGE CORPORATION 474 6.63% $16,758
Paramount Residential Mortgage Group, Inc. 464 6.58% $19,758
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 457 6.66% $17,147
LOANDEPOT.COM, LLC 445 6.30% $14,817
GREENTREE MORTGAGE COMPANY, L.P. 411 6.54% $10,613
Advisors Mortgage Group, L.L.C. 379 6.56% $12,313
Northpointe Bank 369 6.22% $19,825
GUARANTEED RATE, INC. 339 6.35% $16,672
PENNYMAC LOAN SERVICES, LLC 292 6.15% $16,492
MOVEMENT MORTGAGE, LLC 287 6.67% $18,314
NJ LENDERS CORP. 277 6.45% $16,442
NFM, INC. 264 6.46% $12,194
FREEDOM MORTGAGE CORPORATION 234 6.84% $16,830
NEWREZ LLC 226 6.42% $15,892
CARDINAL FINANCIAL 226 6.49% $18,514
Prosperity Home Mortgage, LLC 199 6.39% $10,828
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 186 6.53% $16,973
ALLIED MORTGAGE GROUP, INC. 183 6.42% $12,200
AMERICAN FINANCIAL NETWORK, INC. 182 6.79% $18,519
Mr. Cooper ( Nationstar Mortgage ) 177 6.03% $19,531
Gateway First Bank 171 6.54% $11,967
NATIONWIDE MORTGAGE BANKERS, INC. 165 6.77% $22,243
CMG MORTGAGE, INC. 164 6.90% $18,846
MLB RESIDENTIAL LENDING, LLC 162 6.99% $22,148
BROKER SOLUTIONS, INC. 146 6.58% $14,894
Equity Prime Mortgage LLC 137 6.79% $17,816
NVR Mortgage Finance, Inc. 135 5.85% $16,501
PLAZA HOME MORTGAGE, INC. 126 6.44% $20,847
Carrington Mortgage Services, LLC 120 6.36% $15,188
Acre Mortgage and Financial Inc 119 6.87% $14,925
AMERISAVE MORTGAGE CORPORATION 112 6.04% $17,145
EMM LOANS LLC 112 6.43% $17,786
HOMEBRIDGE FINANCIAL SERVICES, INC. 105 6.38% $19,562
MUTUAL OF OMAHA MORTGAGE, INC. 96 6.49% $18,868
BOND STREET MORTGAGE, LLC 94 6.48% $19,225
MLD MORTGAGE INC. 87 6.28% $11,319
FIRST ALLIANCE HOME MORTGAGE, LLC 85 6.62% $22,269
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 84 6.56% $23,195
Nations Lending Corporation 81 6.74% $17,822
Keystone Funding, Inc. 76 6.31% $20,684
MORTGAGE ACCESS CORP. 75 6.44% $16,078
Cornerstone First Mortgage, Inc 70 6.77% $20,207
SUCCESS MORTGAGE PARTNERS, INC. 68 6.39% $15,531
The Federal Savings Bank 67 6.20% $21,084
SUN WEST MORTGAGE COMPANY, INC. 66 6.49% $18,459
UNION HOME MORTGAGE CORP. 63 6.52% $19,308
Citizens Bank 61 6.51% $11,545
Flagstar Bank, FSB 61 6.38% $16,437
PANORAMA MORTGAGE GROUP, LLC 59 6.85% $22,332
US MORTGAGE CORPORATION 59 6.48% $15,568
GUARANTEED RATE AFFINITY, LLC 56 6.54% $17,092
1ST 2ND MORTGAGE COMPANY OF N.J., INC. 55 6.57% $17,912
LAKEVIEW LOAN SERVICING, LLC 55 6.15% $15,183
PLANET HOME LENDING, LLC 50 6.05% $15,174
M&T Bank 50 6.08% $14,926
DHI MORTGAGE COMPANY, LTD. 48 6.38% $14,208
CONTOUR MORTGAGE CORPORATION 48 6.70% $24,810
1st Colonial Community Bank 44 6.44% $9,114
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 40 6.84% $24,397
Plains Commerce Bank 40 6.46% $20,936
VILLAGE CAPITAL MORTGAGE 40 6.46% $16,575
EMBRACE HOME LOANS, INC. 39 6.21% $17,305
VAN DYK MORTGAGE CORPORATION 37 6.72% $15,131
TD Bank 37 6.30% $12,307
Century Mortgage Company DBA Century Lending Company 33 6.37% $16,641
Meridian Bank Corporation 33 6.50% $10,168
JPMorgan Chase Bank 33 6.10% $13,041
UNITED NORTHERN MORTGAGE BANKERS LIMITED 32 6.50% $24,869
PRIMARY RESIDENTIAL MORTGAGE, INC. 32 6.57% $13,461
DRAPER AND KRAMER MORTGAGE CORP. 31 6.38% $10,217
Financial Freedom Mortgage, LLC 31 6.27% $14,460
MY MORTGAGE, INC. 31 6.81% $21,752
HOMESIDE FINANCIAL, LLC 31 6.40% $17,170
East Coast Capital Corp. 30 6.74% $21,745
PRIMELENDING, A PLAINSCAPITAL COMPANY 29 6.56% $15,546
AmeriHome Mortgage Company, LLC 29 6.25% $13,462
FM Home Loans, LLC 26 6.39% $16,156
MILLENIUM HOME MORTGAGE, LLC 25 6.65% $16,866
EVERETT FINANCIAL, INC. 25 6.77% $20,865
Wells Fargo Bank 25 6.80% $10,739
NATIONS DIRECT MORTGAGE, LLC 24 6.52% $19,371
Lakeview Community Capital, LLC 24 6.24% $13,815
Bank of America 24 6.16% $13,761
CALIBER HOME LOANS, INC. 23 6.21% $14,373
RESIDENTIAL HOME FUNDING CORP. 23 6.63% $19,436
RELIANCE FIRST CAPITAL, LLC 22 6.52% $16,475
GENEVA FINANCIAL, LLC 22 6.81% $24,752
PHH Mortgage Corporation 21 6.27% $12,877
AMERICAN FINANCING CORPORATION 21 6.23% $14,972
CLIFFCO, INC. 21 6.58% $19,970
ARK-LA-TEX FINANCIAL SERVICES, LLC. 21 6.58% $14,553
OCMBC, INC. 21 6.63% $16,381
GREENWAY MORTGAGE FUNDING CORP. 20 6.69% $18,788
PNC Bank 20 6.59% $11,478
GUILD MORTGAGE COMPANY 19 6.60% $13,933
U.S. Bank 19 6.34% $15,067
Waterstone Mortgage Corporation 18 6.53% $21,838
BAY EQUITY LLC 18 6.49% $14,127
LOANPAL, LLC 18 6.12% $16,836
AMERICAN FINANCIAL RESOURCES, INC. 17 6.39% $17,456
NETWORK CAPITAL FUNDING CORPORATION 17 6.05% $17,418
LIBERTY HOME MORTGAGE CORPORATION 16 6.69% $20,550
PINNACLE MORTGAGE, INC. 14 6.72% $13,441
GLENDENNING MORTGAGE CORPORATION 14 6.89% $18,681
NBKC BANK 13 6.07% $12,553
TOTAL MORTGAGE SERVICES, LLC 13 6.62% $18,715
AMERICAN FEDERAL MORTGAGE CORPORATION 13 6.38% $12,783
Bank of England 12 6.52% $16,290
AMERICAN PACIFIC MORTGAGE CORPORATION 12 6.60% $16,882
PENTAGON FEDERAL CREDIT UNION 12 5.88% $11,946
Huntingdon Valley Bank 12 6.35% $10,159
Princeton Mortgage Corporation 11 6.62% $13,549
TOWNE MORTGAGE COMPANY 11 6.23% $14,195
GSF Mortgage Corporation 10 6.78% $13,360
BECKAM FUNDING CORP. 10 7.37% $21,170
AmRes Corporation 10 6.93% $13,280
CHURCHILL MORTGAGE CORPORATION 10 6.40% $17,981
Lakeland Bank 10 6.36% $17,358
VERITAS FUNDING, LLC 10 6.91% $20,195
RESIDENTIAL HOME MORTGAGE CORPORATION 10 6.63% $18,486
RESIDENTIAL BANCORP 10 6.64% $16,913
MORTGAGE SOLUTIONS OF COLORADO, LLC 10 6.59% $15,131
NORWICH COMMERCIAL GROUP, INC. 9 6.72% $21,803
Wilmington Savings Fund Society, FSB 9 6.81% $11,429
Fulton Bank 9 5.97% $12,531
DEVELOPER'S MORTGAGE COMPANY 9 6.75% $10,600
ATLANTIS MORTGAGE CO., INC. 8 6.59% $19,010
EAGLE HOME MORTGAGE, LLC 8 6.34% $20,716
Residential Mortgage Solutions, Inc. 8 6.59% $14,587
Valley National Bank 8 5.94% $17,195
BAYSHORE MORTGAGE FUNDING, LLC 8 6.92% $22,460
First Citizens Community Bank 8 6.78% $13,900
First Federal Bank 8 6.20% $13,377
ARC HOME LLC 7 6.21% $20,030
MEMBER FIRST MORTGAGE, LLC 7 6.64% $11,891
The Loan Store, Inc. 7 7.23% $25,079
Loan Simple, Inc. 7 6.43% $19,433
TIDEWATER MORTGAGE SERVICES, INC. 6 6.67% $15,233
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 6 6.85% $16,860
LOANLEADERS OF AMERICA, INC. 6 5.79% $22,176
ZILLOW HOME LOANS, LLC 6 6.69% $11,145
Philadelphia Mortgage Advisors, Inc. 6 5.83% $9,078
The Huntington National Bank 6 6.42% $12,662
MDE Home Loans, LLC 6 6.69% $29,274
Republic Bank 6 5.38% $6,702
LENDING CAPITAL GROUP Inc 5 6.90% $12,131
LADERA LENDING, INC. 5 6.55% $19,531
BETTER MORTGAGE CORPORATION 5 6.18% $15,040
SUMMIT FUNDING, INC. 5 6.45% $24,133
Ixonia Bank 5 7.33% $15,811
HARTFORD FUNDING, LTD. 5 6.58% $22,303
MID AMERICA MORTGAGE, INC. 5 7.05% $14,845
CHERRY CREEK MORTGAGE, LLC 5 6.00% $7,075
Mortgage Research Center, LLC 5 7.18% $7,997
DAS Acquisition Company, LLC 5 7.40% $14,582
OCEANSIDE MORTGAGE COMPANY 5 6.08% $10,842
NP, Inc. 5 6.80% $19,929
FIRST HERITAGE FINANCIAL, LLC 4 6.44% $16,459
First Savings Bank 4 6.13% $18,468
ROYAL UNITED MORTGAGE LLC 4 7.09% $8,400
CIBM Bank 4 7.31% $13,196
MORIA DEVELOPMENT, INC. 4 6.78% $18,286
Citibank 4 6.28% $12,972
Center City Mortgage and Investments LLC 4 6.31% $10,826
CITY FIRST MORTGAGE SERVICES, L.L.C. 4 7.06% $16,217
NEW FED MORTGAGE, CORP. 4 6.84% $12,980
ENVOY MORTGAGE, LTD 4 5.91% $15,848
The Central Trust Bank 4 5.56% $15,065
POLARIS HOME FUNDING CORP. 4 7.00% $14,908
Firstrust Savings Bank 4 7.06% $12,505
Barrington Bank & Trust Company, N.A. 4 6.13% $17,060
First Internet Bank of Indiana 4 5.56% $11,699
Commerce Home Mortgage, Inc. 3 6.96% $12,242
Encompass Lending Group, LP 3 6.33% $12,044
Evolve Bank & Trust 3 6.88% $15,502
FIRST COMMUNITY MORTGAGE, INC. 3 6.79% $15,518
Hometown Equity Mortgage, LLC 3 6.75% $26,102
INTERSTATE HOME LOAN CENTER, INC. 3 7.00% $23,683
JET DIRECT FUNDING CORP 3 7.00% $12,722
JMAC LENDING, INC. 3 6.92% $18,952
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 3 6.46% $22,229
Kwik Mortgage Corporation 3 6.50% $10,283
LAND HOME FINANCIAL SERVICES, INC. 3 7.50% $16,650
NATIONWIDE EQUITIES CORPORATION 3 6.63% $17,595
AMERITRUST MORTGAGE CORPORATION 3 6.17% $19,001
Quaint Oak Mortgage, LLC 3 6.04% $13,729
TJC Mortgage, Inc. 3 7.25% $12,085
SOVEREIGN LENDING GROUP INCORPORATED 2 5.31% $18,871
Strong Home Mortgage, LLC 2 6.00% $18,364
Fifth Third Bank 2 6.00% $7,595
AMERICAN HERITAGE FCU 2 7.13% $7,924
LEGEND LENDING CORPORATION 2 6.88% $32,323
American Mortgage & Equity Consultants, Inc. 2 7.12% $13,648
AMERICAN BANCSHARES MORTGAGE 2 7.06% $24,155
RADIUS FINANCIAL GROUP INC. 2 6.87% $12,793
MID-ISLAND MORTGAGE CORP. 2 6.37% $27,737
TruHome Solutions, LLC 2 6.19% $12,459
MICHIGAN MUTUAL, INC. 2 6.44% $11,986
A&D Mortgage LLC 2 6.44% $26,626
Semper Home Loans, Inc. 2 5.75% $24,154
Magnolia Bank 2 5.69% $28,249
Customers Bank 1 6.63% $8,699
MILEND, INC. 1 7.63% $15,909
Quontic Bank 1 5.75% $29,742
Bethpage Federal Credit Union 1 7.13% $4,837
LEADERONE FINANCIAL CORPORATION 1 6.75% $17,633
Leader Bank 1 6.13% $9,194
RUOFF MORTGAGE COMPANY, INC. 1 6.75% $8,761
SECURITYNATIONAL MORTGAGE COMPANY 1 7.25% $22,798
SOUTHERN TRUST MORTGAGE, LLC 1 6.13% $8,672
BNC National Bank 1 6.50% $15,618
KELLER MORTGAGE, LLC 1 5.75% $12,554
Summit Mortgage Corporation 1 6.75% $13,224
SWBC MORTGAGE CORPORATION 1 6.25% $5,633
T2 FINANCIAL LLC 1 6.13% $37,991
TBI MORTGAGE COMPANY 1 5.25% $30,475
CALCON MUTUAL MORTGAGE LLC 1 5.50% $11,930
HOMESTEAD FUNDING CORP. 1 6.50% $13,467
AMCAP MORTGAGE, LTD. 1 5.88% $8,645
HOMESPIRE MORTGAGE CORPORATION 1 7.25% $12,559
HARBORONE MORTGAGE, LLC 1 7.38% $15,039
The Union Bank Company 1 6.75% $10,931
CANOPY MORTGAGE, LLC 1 7.62% $43,007
Columbia Bank 1 6.63% $13,722
Goldwater Bank, N.A. 1 6.13% $17,943
Forcht Bank 1 7.25% $13,186
Truist 1 6.50% $7,929
Florida Capital Bank 1 6.75% $21,611
ACADEMY MORTGAGE CORPORATION 1 7.63% $10,594
First National Bank Texas 1 7.75% $21,054
FIRST MORTGAGE COMPANY, INC. 1 7.13% $19,665
EQUITY NOW INC. 1 6.75% $20,251
Colonial Savings, F.A. 1 6.50% $12,734
Victorian Finance, LLC 1 6.00% $6,252
DIRECT MORTGAGE LOANS, LLC 1 6.63% $8,700
V.I.P. MORTGAGE, INC. 1 6.38% $21,226
WALL STREET MORTGAGE BANKERS, LTD. 1 7.25% $27,080
Watermark Capital, Inc. 1 6.25% $15,065
DELMAR FINANCIAL COMPANY 1 6.25% $12,138
DATA MORTGAGE, INC. 1 6.13% $10,616
OPEN MORTGAGE, LLC 1 7.00% $14,831
ON Q FINANCIAL, INC. 1 7.25% $22,069
ONY GLO, INC. 1 5.75% $16,588
PIKE CREEK MORTGAGE SERVICES, INC. 1 6.63% $8,509
Old National Bank 1 6.13% $11,328
OceanFirst Bank 1 7.13% $16,428
North American Savings Bank, F.S.B. 1 6.63% $16,704
Arvest Bank 1 7.38% $9,643
PREMIER MORTGAGE RESOURCES, L.L.C. 1 5.50% $36,301
Premium Mortgage Corporation 1 5.88% $26,249
Presidential Bank, FSB 1 7.25% $11,357
NexBank 1 6.75% $11,866
ASSOCIATED MORTGAGE BANKERS, INC. 1 7.13% $13,698
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 7.63% $6,452
BANC ONE MORTGAGE CORPORATION 1 6.13% $4,452
PULTE MORTGAGE LLC 1 6.25% $25,583

The top New Jersey FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,313 FHA loans originated. Their average total fees are $14,920, which is $3,090 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

The lowest fee New Jersey FHA lenders (with over 10 loans originated) are 1st Colonial Community Bank ($9,114), Huntingdon Valley Bank ($10,159), Meridian Bank Corporation ($10,168), DRAPER AND KRAMER MORTGAGE CORP. ($10,217) and GREENTREE MORTGAGE COMPANY, L.P. ($10,613).

The lowest rate New Jersey FHA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.85%), PENTAGON FEDERAL CREDIT UNION (5.88%), Mr. Cooper ( Nationstar Mortgage ) (6.03%), AMERISAVE MORTGAGE CORPORATION (6.04%) and NETWORK CAPITAL FUNDING CORPORATION (6.05%).

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).