Atlantic City USDA Loans

ATLANTIC CITY-HAMMONTON, NJ

USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

Atlantic City's 29 lenders originated 93 USDA loans during 2021. The total origination value was $15,945,000, with an average USDA loan value of $171,452.

Atlantic City USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Atlantic City averaged 5.52% for the week of 2022-08-05, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-07-29) was 5.45% and one month ago for the week of 2022-07-01, the average rate was 5.58%.

The average rate one year ago was 3.26%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.36%.

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

Atlantic City USDA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Atlantic City level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
UNION HOME MORTGAGE CORP. 15 2.88% $5,411
CALIBER HOME LOANS, INC. 13 2.85% $4,291
GREENTREE MORTGAGE COMPANY, L.P. 11 2.94% $4,795
FINANCE OF AMERICA MORTGAGE LLC 5 3.15% $5,778
CROSSCOUNTRY MORTGAGE, LLC 5 2.90% $6,757
Prosperity Home Mortgage, LLC 5 2.75% $6,678
MLD MORTGAGE INC. 4 3.03% $5,767
Advisors Mortgage Group, L.L.C. 4 3.09% $5,388
DRAPER AND KRAMER MORTGAGE CORP. 4 2.75% $5,314
ALLIED MORTGAGE GROUP, INC. 4 3.03% $5,526
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 3.17% $6,305
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 2.69% $8,003
Meridian Bank Corporation 2 2.81% $5,230
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.00% $5,412
RESIDENTIAL HOME FUNDING CORP. 1 2.88% $4,446
1st Colonial Community Bank 1 2.75% $7,084
UNITED WHOLESALE MORTGAGE, LLC 1 2.50% $7,644
ABSOLUTE HOME MORTGAGE CORPORATION 1 3.25% $7,128
AMERICAN FINANCIAL NETWORK, INC. 1 3.00% $11,373
AmRes Corporation 1 2.75% $5,125
Carrington Mortgage Services, LLC 1 2.88% $7,665
EMM LOANS LLC 1 3.13% $5,084
FAMILY FIRST FUNDING LLC 1 3.13% $6,251
FREEDOM MORTGAGE CORPORATION 1 3.00% $2,019
Gateway First Bank 1 3.00% $5,175
GUARANTEED RATE, INC. 1 3.13% $3,820
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $7,372
KELLER MORTGAGE, LLC 1 2.75% $3,995
Nations Lending Corporation 1 2.75% $11,883

The top Atlantic City USDA lender as defined by loan originations is UNION HOME MORTGAGE CORP., with 15 USDA loans originated. Their average total fees are $5,411, which is $1,121 higher than the next largest lender, CALIBER HOME LOANS, INC..

The lowest fee Atlantic City USDA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. ($4,291), GREENTREE MORTGAGE COMPANY, L.P. ($4,795), UNION HOME MORTGAGE CORP. ($5,411), .

The lowest rate Atlantic City USDA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. (2.85%), UNION HOME MORTGAGE CORP. (2.88%), GREENTREE MORTGAGE COMPANY, L.P. (2.94%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Atlantic City (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 $229,950 (2.3%) $403,847 (10.2%) 0.85 2,608
2018-02-01 $234,150 (4.1%) $409,199 (10.4%) 0.84 2,645
2018-03-01 $235,000 (2.6%) $410,281 (7.7%) 0.81 2,742
2018-04-01 $239,900 (4.4%) $410,506 (6.5%) 0.81 2,757
2018-05-01 $244,950 (3.8%) $417,946 (7.3%) 0.82 2,766
2018-06-01 $246,000 (3.0%) $421,746 (7.3%) 0.82 2,764
2018-07-01 $249,000 (4.2%) $427,732 (9.0%) 0.83 2,712
2018-08-01 $249,000 (4.0%) $424,887 (9.5%) 0.83 2,719
2018-09-01 $249,900 (4.1%) $424,215 (5.9%) 0.84 2,682
2018-10-01 $249,900 (3.1%) $420,603 (3.8%) 0.84 2,655
2018-11-01 $249,900 (4.4%) $417,762 (4.1%) 0.84 2,626
2018-12-01 $249,000 (6.0%) $414,645 (3.5%) 0.85 2,588
2019-01-01 $246,250 (7.1%) $412,214 (2.1%) 0.85 2,440
2019-02-01 $247,700 (5.8%) $422,348 (3.2%) 0.83 2,543
2019-03-01 $256,943 (9.3%) $465,823 (13.5%) 0.84 2,658
2019-04-01 $269,000 (12.1%) $524,353 (27.7%) 0.85 2,725
2019-05-01 $269,000 (9.8%) $436,601 (4.5%) 0.83 2,793
2019-06-01 $260,000 (5.7%) $429,865 (1.9%) 0.80 2,817
2019-07-01 $259,950 (4.4%) $427,984 (0.1%) 0.81 2,807
2019-08-01 $255,614 (2.7%) $416,908 (-1.9%) 0.80 2,978
2019-09-01 $249,900 (0.0%) $404,760 (-4.6%) 0.79 3,047
2019-10-01 $249,900 (0.0%) $410,925 (-2.3%) 0.80 2,690
2019-11-01 $250,000 (0.0%) $409,573 (-2.0%) 0.81 2,550
2019-12-01 $249,900 (0.4%) $404,652 (-2.4%) 0.83 2,423
2020-01-01 $249,900 (1.5%) $408,432 (-0.9%) 0.83 2,282
2020-02-01 $249,900 (0.9%) $409,682 (-3.0%) 0.81 2,309
2020-03-01 $255,700 (-0.5%) $425,202 (-8.7%) 0.80 2,380
2020-04-01 $250,000 (-7.1%) $424,299 (-19.1%) 0.78 2,327
2020-05-01 $252,900 (-6.0%) $423,571 (-3.0%) 0.77 2,277
2020-06-01 $250,000 (-3.9%) $423,211 (-1.6%) 0.73 2,066
2020-07-01 $252,450 (-2.9%) $438,423 (2.4%) 0.72 1,868
2020-08-01 $254,900 (-0.3%) $443,974 (6.5%) 0.73 1,689
2020-09-01 $256,950 (2.8%) $434,600 (7.4%) 0.73 1,636
2020-10-01 $254,900 (2.0%) $443,702 (8.0%) 0.73 1,678
2020-11-01 $256,950 (2.8%) $445,013 (8.7%) 0.74 1,682
2020-12-01 $249,900 (0.0%) $434,008 (7.3%) 0.73 1,644
2021-01-01 $249,000 (-0.4%) $425,401 (4.2%) 0.73 1,427
2021-02-01 $249,450 (-0.2%) $442,924 (8.1%) 0.72 1,262
2021-03-01 $245,950 (-3.8%) $449,946 (5.8%) 0.69 1,174
2021-04-01 $252,500 (1.0%) $471,426 (11.1%) 0.68 1,139
2021-05-01 $279,900 (10.7%) $485,648 (14.7%) 0.74 1,152
2021-06-01 $279,900 (12.0%) $472,231 (11.6%) 0.73 1,196
2021-07-01 $282,875 (12.1%) $463,992 (5.8%) 0.73 1,320
2021-08-01 $290,750 (14.1%) $461,820 (4.0%) 0.76 1,442
2021-09-01 $299,000 (16.4%) $451,588 (3.9%) 0.79 1,421
2021-10-01 $299,900 (17.7%) $452,070 (1.9%) 0.79 1,305
2021-11-01 $299,000 (16.4%) $444,653 (-0.1%) 0.79 1,216
2021-12-01 $298,200 (19.3%) $449,669 (3.6%) 0.80 1,105
2022-01-01 $299,000 (20.1%) $453,508 (6.6%) 0.80 944
2022-02-01 $296,450 (18.8%) $468,104 (5.7%) 0.76 840
2022-03-01 $287,450 (16.9%) $496,377 (10.3%) 0.71 840
2022-04-01 $300,000 (18.8%) $527,699 (11.9%) 0.71 869
2022-05-01 $337,000 (20.4%) $540,498 (11.3%) 0.75 992
2022-06-01 $334,950 (19.7%) $550,623 (16.6%) 0.74 1,085
Atlantic City's median listing price for 2022-06-01 was $334,950, a difference of $55,050 (19.7%) versus the prior year and $-2,050 versus the prior month.

Atlantic City's median listing price comes in at 74% of the national average.

Atlantic City's average listing price for 2022-06-01 was $550,623, a difference of $78,392 (16.6%) versus the prior year and $10,125 versus the prior month.

For the 2022-06-01 period, Atlantic City had 1,085 MLS listings, a difference of 93 listings (9%) versus the prior month and -111 listings (-9%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Atlantic City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 108 days 1,784 sqft
2018-02-01 103 days 1,786 sqft
2018-03-01 84 days 1,784 sqft
2018-04-01 75 days 1,800 sqft
2018-05-01 79 days 1,820 sqft
2018-06-01 84 days 1,844 sqft
2018-07-01 91 days 1,843 sqft
2018-08-01 89 days 1,841 sqft
2018-09-01 87 days 1,853 sqft
2018-10-01 87 days 1,844 sqft
2018-11-01 89 days 1,803 sqft
2018-12-01 95 days 1,764 sqft
2019-01-01 100 days 1,765 sqft
2019-02-01 95 days 1,760 sqft
2019-03-01 72 days 1,763 sqft
2019-04-01 70 days 1,771 sqft
2019-05-01 72 days 1,797 sqft
2019-06-01 74 days 1,783 sqft
2019-07-01 80 days 1,791 sqft
2019-08-01 85 days 1,774 sqft
2019-09-01 87 days 1,732 sqft
2019-10-01 86 days 1,781 sqft
2019-11-01 92 days 1,786 sqft
2019-12-01 96 days 1,762 sqft
2020-01-01 99 days 1,753 sqft
2020-02-01 89 days 1,750 sqft
2020-03-01 70 days 1,774 sqft
2020-04-01 79 days 1,745 sqft
2020-05-01 91 days 1,748 sqft
2020-06-01 105 days 1,746 sqft
2020-07-01 99 days 1,744 sqft
2020-08-01 66 days 1,700 sqft
2020-09-01 56 days 1,698 sqft
2020-10-01 53 days 1,700 sqft
2020-11-01 59 days 1,679 sqft
2020-12-01 72 days 1,601 sqft
2021-01-01 83 days 1,560 sqft
2021-02-01 81 days 1,521 sqft
2021-03-01 71 days 1,513 sqft
2021-04-01 56 days 1,502 sqft
2021-05-01 52 days 1,598 sqft
2021-06-01 51 days 1,583 sqft
2021-07-01 49 days 1,600 sqft
2021-08-01 49 days 1,628 sqft
2021-09-01 56 days 1,648 sqft
2021-10-01 62 days 1,632 sqft
2021-11-01 62 days 1,625 sqft
2021-12-01 69 days 1,635 sqft
2022-01-01 78 days 1,650 sqft
2022-02-01 71 days 1,564 sqft
2022-03-01 46 days 1,568 sqft
2022-04-01 43 days 1,617 sqft
2022-05-01 40 days 1,662 sqft
2022-06-01 42 days 1,645 sqft
Atlantic City's median listing age (time on market) for 2022-06-01 was 42 days. This is -18% shorter than the same period one year ago.

Atlantic City's median square footage for active listings during the 2022-06-01 period was 1,645 sqft. One year prior, the average listing was 1,583 sqft.