California USDA Loans

CALIFORNIA-LEXINGTON PARK, MD

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.

California's 52 lenders originated 387 USDA loans during 2021. The total origination value was $111,875,000, with an average USDA loan value of $289,083.

California USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in California averaged 5.01% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-05-06) was 5.15% and one month ago for the week of 2022-04-08, the average rate was 4.71%.

The average rate one year ago was 2.92%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.11%.

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

California 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 California level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
FIRST HOME MORTGAGE CORPORATION 94 2.82% $7,399
C & F Mortgage Corporation 46 2.83% $7,062
Towne Bank 29 2.72% $6,915
Waterstone Mortgage Corporation 22 2.82% $7,965
SOUTHERN TRUST MORTGAGE, LLC 21 2.90% $4,330
First Heritage Mortgage, LLC 18 2.60% $7,359
CORNERSTONE HOME LENDING, INC. 14 3.00% $8,421
BAY CAPITAL MORTGAGE CORPORATION 12 2.41% $6,727
EQUITY RESOURCES, INC. 10 2.60% $6,653
CALIBER HOME LOANS, INC. 10 2.88% $6,732
Vellum Mortgage, Inc. 9 3.01% $6,995
Cedar Point Federal Credit Union 9 3.25% $7,558
PRIMARY RESIDENTIAL MORTGAGE, INC. 8 2.89% $9,009
Presidential Bank, FSB 7 2.98% $7,415
INTERLINC MORTGAGE SERVICES, LLC 7 3.14% $5,346
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 3.11% $7,879
WesBanco Bank, Inc. 6 3.04% $6,964
AMERICAN FINANCIAL NETWORK, INC. 5 2.83% $13,576
Paramount Residential Mortgage Group, Inc. 4 2.94% $6,785
First Option Mortgage, LLC 3 3.21% $8,206
HOME POINT FINANCIAL CORPORATION 3 2.75% $8,846
Sierra Pacific Mortgage Company, Inc. 3 2.38% $8,529
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.46% $7,563
CROSSCOUNTRY MORTGAGE, LLC 2 3.56% $8,280
EAGLE HOME MORTGAGE, LLC 2 3.38% $8,937
Plains Commerce Bank 2 2.81% $6,175
CELEBRITY HOME LOANS, LLC 2 2.56% $8,455
MOVEMENT MORTGAGE, LLC 2 2.31% $5,789
TOWNE MORTGAGE COMPANY 1 3.13% $10,537
Ameris Bank 1 3.13% $9,430
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.13% $6,699
Colten Mortgage, LLC 1 2.88% $5,021
EMBRACE HOME LOANS, INC. 1 3.00% $5,703
Flagstar Bank, FSB 1 3.00% $6,903
George Mason Mortgage, LLC 1 2.75% $6,132
GUARANTEED RATE, INC. 1 2.88% $4,303
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $5,244
HOMESIDE FINANCIAL, LLC 1 2.63% $6,126
INTERCOASTAL MORTGAGE COMPANY 1 3.25% $8,556
MCLEAN MORTGAGE CORPORATION 1 2.50% $6,127
NFM, INC. 1 3.13% $8,942
Northpointe Bank 1 2.75% $9,592
PENNYMAC LOAN SERVICES, LLC 1 2.75% $7,875
PLANET HOME LENDING, LLC 1 3.75% $7,947
Prosperity Home Mortgage, LLC 1 3.00% $7,344
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.00% $4,717
THE MORTGAGE FIRM, INC. 1 2.88% $8,204
THRIVE MORTGAGE, LLC 1 3.25% $17,311
1ST FINANCIAL, INC. 1 3.25% $8,451
Truist Bank 1 2.63% $6,676
UNITED WHOLESALE MORTGAGE, LLC 1 2.63% $6,850
UNIVERSAL MORTGAGE & FINANCE, INC. 1 3.38% $8,885

The top California USDA lender as defined by loan originations is FIRST HOME MORTGAGE CORPORATION, with 94 USDA loans originated. Their average total fees are $7,399, which is $336 higher than the next largest lender, C & F Mortgage Corporation.

The lowest fee California USDA lenders (with over 10 loans originated) are SOUTHERN TRUST MORTGAGE, LLC ($4,330), EQUITY RESOURCES, INC. ($6,653), BAY CAPITAL MORTGAGE CORPORATION ($6,727), CALIBER HOME LOANS, INC. ($6,732) and Towne Bank ($6,915).

The lowest rate California USDA lenders (with over 10 loans originated) are BAY CAPITAL MORTGAGE CORPORATION (2.41%), First Heritage Mortgage, LLC (2.60%), EQUITY RESOURCES, INC. (2.60%), Towne Bank (2.72%) and FIRST HOME MORTGAGE CORPORATION (2.82%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - California (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 $289,950 (5.5%) $324,650 (8.0%) 0.00 441
2018-02-01 $285,000 (2.2%) $325,713 (7.4%) 0.00 441
2018-03-01 $299,900 (3.5%) $331,066 (4.1%) 0.00 447
2018-04-01 $309,950 (3.8%) $345,114 (3.8%) 0.00 468
2018-05-01 $319,995 (7.3%) $354,912 (6.0%) 0.00 503
2018-06-01 $320,000 (6.9%) $355,168 (4.5%) 0.00 544
2018-07-01 $318,450 (6.2%) $350,913 (1.9%) 0.00 570
2018-08-01 $307,445 (1.7%) $350,604 (2.9%) 0.00 554
2018-09-01 $299,900 (0.3%) $351,157 (3.8%) 0.00 542
2018-10-01 $295,000 (-1.3%) $341,173 (0.8%) 0.00 548
2018-11-01 $302,400 (3.5%) $349,655 (5.2%) 0.00 500
2018-12-01 $290,000 (0.9%) $336,216 (4.3%) 0.00 452
2019-01-01 $289,940 (0.0%) $331,477 (2.1%) 0.00 421
2019-02-01 $295,603 (3.7%) $335,069 (2.9%) 0.00 421
2019-03-01 $312,757 (4.3%) $355,186 (7.3%) 0.00 425
2019-04-01 $329,900 (6.4%) $380,939 (10.4%) 0.00 422
2019-05-01 $335,000 (4.7%) $388,774 (9.5%) 0.00 456
2019-06-01 $334,900 (4.7%) $388,023 (9.3%) 0.00 489
2019-07-01 $329,945 (3.6%) $384,315 (9.5%) 0.00 473
2019-08-01 $334,186 (8.7%) $387,208 (10.4%) 0.00 444
2019-09-01 $339,950 (13.4%) $387,187 (10.3%) 0.00 420
2019-10-01 $339,900 (15.2%) $369,102 (8.2%) 0.00 420
2019-11-01 $335,000 (10.8%) $362,101 (3.6%) 0.00 389
2019-12-01 $339,000 (16.9%) $359,280 (6.9%) 0.00 356
2020-01-01 $339,950 (17.3%) $364,709 (10.0%) 0.00 305
2020-02-01 $340,000 (15.0%) $376,754 (12.4%) 0.00 298
2020-03-01 $354,450 (13.3%) $381,682 (7.5%) 0.00 305
2020-04-01 $369,900 (12.1%) $394,259 (3.5%) 0.00 298
2020-05-01 $370,000 (10.5%) $396,726 (2.1%) 0.00 280
2020-06-01 $354,950 (6.0%) $400,701 (3.3%) 0.00 240
2020-07-01 $364,900 (10.6%) $411,186 (7.0%) 0.00 207
2020-08-01 $365,000 (9.2%) $422,158 (9.0%) 0.00 161
2020-09-01 $364,950 (7.4%) $421,608 (8.9%) 0.00 168
2020-10-01 $345,000 (1.5%) $409,050 (10.8%) 0.00 185
2020-11-01 $329,475 (-1.7%) $406,712 (12.3%) 0.00 187
2020-12-01 $319,950 (-5.6%) $382,192 (6.4%) 0.00 161
2021-01-01 $319,900 (-5.9%) $375,420 (2.9%) 0.00 138
2021-02-01 $313,543 (-7.8%) $356,841 (-5.3%) 0.00 123
2021-03-01 $315,450 (-11.0%) $379,591 (-0.6%) 0.00 122
2021-04-01 $320,335 (-13.4%) $359,286 (-8.9%) 0.00 124
2021-05-01 $350,000 (-5.4%) $408,983 (3.1%) 0.00 136
2021-06-01 $352,500 (-0.7%) $443,296 (10.6%) 0.00 165
2021-07-01 $359,900 (-1.4%) $460,080 (11.9%) 0.00 179
2021-08-01 $368,500 (1.0%) $462,968 (9.7%) 0.00 195
2021-09-01 $373,500 (2.3%) $490,399 (16.3%) 0.00 180
2021-10-01 $375,000 (8.7%) $496,732 (21.4%) 0.00 156
2021-11-01 $387,000 (17.5%) $528,802 (30.0%) 0.00 136
2021-12-01 $389,900 (21.9%) $508,265 (33.0%) 0.00 142
2022-01-01 $385,000 (20.4%) $546,836 (45.7%) 0.00 104
2022-02-01 $387,000 (23.4%) $558,605 (56.5%) 0.00 94
2022-03-01 $399,500 (26.6%) $531,981 (40.2%) 0.00 99
2022-04-01 $414,900 (29.5%) $551,258 (53.4%) 0.00 124
California's median listing price for 2022-04-01 was $414,900, a difference of $94,565 (29.5%) versus the prior year and $15,400 versus the prior month.

California's median listing price comes in at 0% of the national average.

California's average listing price for 2022-04-01 was $551,258, a difference of $191,972 (53.4%) versus the prior year and $19,277 versus the prior month.

For the 2022-04-01 period, California had 124 MLS listings, a difference of 25 listings (25%) versus the prior month and 0 listings (0%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - California (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,930 sqft
2018-02-01 0 days 1,883 sqft
2018-03-01 0 days 1,920 sqft
2018-04-01 0 days 1,934 sqft
2018-05-01 0 days 2,056 sqft
2018-06-01 0 days 2,092 sqft
2018-07-01 0 days 2,027 sqft
2018-08-01 0 days 1,981 sqft
2018-09-01 0 days 1,996 sqft
2018-10-01 0 days 1,976 sqft
2018-11-01 0 days 1,952 sqft
2018-12-01 0 days 1,920 sqft
2019-01-01 0 days 1,980 sqft
2019-02-01 0 days 1,975 sqft
2019-03-01 0 days 2,041 sqft
2019-04-01 0 days 2,145 sqft
2019-05-01 0 days 2,158 sqft
2019-06-01 0 days 2,152 sqft
2019-07-01 0 days 2,133 sqft
2019-08-01 0 days 2,141 sqft
2019-09-01 0 days 2,192 sqft
2019-10-01 0 days 2,198 sqft
2019-11-01 0 days 2,200 sqft
2019-12-01 0 days 2,135 sqft
2020-01-01 0 days 2,161 sqft
2020-02-01 0 days 2,210 sqft
2020-03-01 0 days 2,248 sqft
2020-04-01 0 days 2,249 sqft
2020-05-01 0 days 2,292 sqft
2020-06-01 0 days 2,237 sqft
2020-07-01 0 days 2,329 sqft
2020-08-01 0 days 2,283 sqft
2020-09-01 0 days 2,343 sqft
2020-10-01 0 days 2,160 sqft
2020-11-01 0 days 2,057 sqft
2020-12-01 0 days 1,954 sqft
2021-01-01 0 days 1,992 sqft
2021-02-01 0 days 1,812 sqft
2021-03-01 0 days 1,975 sqft
2021-04-01 0 days 1,849 sqft
2021-05-01 0 days 2,106 sqft
2021-06-01 0 days 2,111 sqft
2021-07-01 0 days 2,066 sqft
2021-08-01 0 days 2,110 sqft
2021-09-01 0 days 2,133 sqft
2021-10-01 0 days 2,119 sqft
2021-11-01 0 days 2,075 sqft
2021-12-01 0 days 2,053 sqft
2022-01-01 0 days 2,076 sqft
2022-02-01 0 days 2,092 sqft
2022-03-01 0 days 2,088 sqft
2022-04-01 0 days 2,050 sqft
California's median listing age (time on market) for 2022-04-01 was 0 days.

California's median square footage for active listings during the 2022-04-01 period was 2,050 sqft. One year prior, the average listing was 1,849 sqft.