Mcallen USDA Loans

MCALLEN-EDINBURG-MISSION, TX

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.

Mcallen's 3 lenders originated 3 USDA loans during 2021. The total origination value was $535,000, with an average USDA loan value of $178,333.

Mcallen USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Mcallen averaged 6.25% for the week of 2022-09-23, compared to the national average (all USDA variants) of 6.08% for the same period.

The average rate for the prior week (2022-09-16) was 6.08% and one month ago for the week of 2022-08-19, the average rate was 5.56%.

The average rate one year ago was 2.99%.

For refis of the same type during the week of 2022-09-23, the average rate was 6.08%.

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

Mcallen 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 Mcallen level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.75% $5,926
PILGRIM MORTGAGE LLC 1 3.13% $8,170
SENTE MORTGAGE, INC. 1 2.75% $7,738

The top Mcallen USDA lender as defined by loan originations is CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP, with 1 USDA loans originated. Their average total fees are $5,926, which is $2,244 lower than the next largest lender, PILGRIM MORTGAGE LLC.

The lowest fee Mcallen USDA lenders (with over 10 loans originated) are .

The lowest rate Mcallen USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Mcallen (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 $189,450 (2.4%) $246,325 (-0.7%) 0.70 2,105
2018-02-01 $189,900 (2.7%) $246,050 (0.3%) 0.68 2,108
2018-03-01 $189,000 (0.0%) $248,874 (1.2%) 0.65 2,120
2018-04-01 $194,500 (3.5%) $253,776 (3.9%) 0.65 2,061
2018-05-01 $194,700 (2.8%) $252,441 (2.3%) 0.65 2,054
2018-06-01 $195,000 (2.7%) $251,621 (2.3%) 0.65 2,090
2018-07-01 $195,000 (2.6%) $249,357 (0.1%) 0.65 2,067
2018-08-01 $194,950 (3.2%) $249,148 (1.1%) 0.65 2,013
2018-09-01 $195,000 (3.2%) $251,170 (1.0%) 0.65 2,001
2018-10-01 $192,250 (0.0%) $246,606 (-1.5%) 0.64 2,036
2018-11-01 $190,944 (-1.9%) $246,543 (-2.3%) 0.64 2,117
2018-12-01 $189,900 (-0.1%) $244,697 (-1.5%) 0.65 2,078
2019-01-01 $189,950 (0.3%) $245,507 (-0.3%) 0.66 2,046
2019-02-01 $191,976 (1.1%) $244,948 (-0.5%) 0.64 2,111
2019-03-01 $192,086 (1.6%) $245,423 (-1.4%) 0.63 2,132
2019-04-01 $196,000 (0.8%) $250,588 (-1.3%) 0.62 2,051
2019-05-01 $198,500 (2.0%) $252,270 (-0.1%) 0.61 2,003
2019-06-01 $199,000 (2.1%) $255,336 (1.5%) 0.61 2,022
2019-07-01 $199,000 (2.1%) $260,167 (4.3%) 0.62 2,037
2019-08-01 $197,286 (1.2%) $260,047 (4.4%) 0.62 2,000
2019-09-01 $195,000 (0.0%) $260,398 (3.7%) 0.62 1,965
2019-10-01 $195,000 (1.4%) $262,208 (6.3%) 0.62 2,006
2019-11-01 $197,500 (3.4%) $262,089 (6.3%) 0.64 1,961
2019-12-01 $198,600 (4.6%) $262,855 (7.4%) 0.66 1,915
2020-01-01 $197,750 (4.1%) $263,072 (7.2%) 0.66 1,834
2020-02-01 $197,000 (2.6%) $261,462 (6.7%) 0.64 1,871
2020-03-01 $199,450 (3.8%) $266,628 (8.6%) 0.62 1,831
2020-04-01 $199,000 (1.5%) $266,005 (6.2%) 0.62 1,855
2020-05-01 $199,999 (0.8%) $268,288 (6.4%) 0.61 1,706
2020-06-01 $214,900 (8.0%) $278,689 (9.2%) 0.63 1,426
2020-07-01 $215,000 (8.0%) $281,597 (8.2%) 0.62 1,269
2020-08-01 $215,950 (9.5%) $282,853 (8.8%) 0.62 1,151
2020-09-01 $222,320 (14.0%) $289,282 (11.1%) 0.64 1,055
2020-10-01 $229,999 (18.0%) $292,748 (11.7%) 0.66 1,093
2020-11-01 $229,000 (16.0%) $292,599 (11.6%) 0.66 1,150
2020-12-01 $228,500 (15.1%) $297,316 (13.1%) 0.67 1,153
2021-01-01 $225,000 (13.8%) $296,912 (12.9%) 0.66 1,110
2021-02-01 $226,000 (14.7%) $308,030 (17.8%) 0.65 1,043
2021-03-01 $234,250 (17.5%) $316,495 (18.7%) 0.66 951
2021-04-01 $240,000 (20.6%) $322,964 (21.4%) 0.64 880
2021-05-01 $250,000 (25.0%) $340,151 (26.8%) 0.66 805
2021-06-01 $257,000 (19.6%) $352,597 (26.5%) 0.67 787
2021-07-01 $259,500 (20.7%) $352,237 (25.1%) 0.67 799
2021-08-01 $264,500 (22.5%) $353,362 (24.9%) 0.70 815
2021-09-01 $264,500 (19.0%) $351,892 (21.6%) 0.70 969
2021-10-01 $268,000 (16.5%) $349,627 (19.4%) 0.71 982
2021-11-01 $260,000 (13.5%) $344,414 (17.7%) 0.69 997
2021-12-01 $259,000 (13.4%) $341,543 (14.9%) 0.69 1,021
2022-01-01 $259,999 (15.6%) $343,479 (15.7%) 0.69 925
2022-02-01 $259,750 (14.9%) $346,890 (12.6%) 0.66 912
2022-03-01 $259,250 (10.7%) $348,431 (10.1%) 0.64 900
2022-04-01 $260,000 (8.3%) $359,198 (11.2%) 0.61 856
2022-05-01 $275,600 (10.2%) $365,267 (7.4%) 0.62 940
2022-06-01 $275,000 (7.0%) $369,271 (4.7%) 0.61 1,018
2022-07-01 $275,000 (6.0%) $366,479 (4.0%) 0.61 1,153
2022-08-01 $277,000 (4.7%) $359,724 (1.8%) 0.64 1,271
Mcallen's median listing price for 2022-08-01 was $277,000, a difference of $12,500 (4.7%) versus the prior year and $2,000 versus the prior month.

Mcallen's median listing price comes in at 64% of the national average.

Mcallen's average listing price for 2022-08-01 was $359,724, a difference of $6,362 (1.8%) versus the prior year and $-6,755 versus the prior month.

For the 2022-08-01 period, Mcallen had 1,271 MLS listings, a difference of 118 listings (10%) versus the prior month and 456 listings (56%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Mcallen (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 113 days 2,139 sqft
2018-02-01 107 days 2,123 sqft
2018-03-01 98 days 2,120 sqft
2018-04-01 89 days 2,154 sqft
2018-05-01 89 days 2,168 sqft
2018-06-01 95 days 2,175 sqft
2018-07-01 102 days 2,162 sqft
2018-08-01 95 days 2,118 sqft
2018-09-01 97 days 2,138 sqft
2018-10-01 87 days 2,081 sqft
2018-11-01 85 days 2,077 sqft
2018-12-01 91 days 2,056 sqft
2019-01-01 97 days 2,051 sqft
2019-02-01 100 days 2,028 sqft
2019-03-01 83 days 2,005 sqft
2019-04-01 77 days 2,018 sqft
2019-05-01 84 days 2,031 sqft
2019-06-01 86 days 2,059 sqft
2019-07-01 89 days 2,053 sqft
2019-08-01 93 days 2,042 sqft
2019-09-01 93 days 2,025 sqft
2019-10-01 94 days 2,015 sqft
2019-11-01 81 days 2,023 sqft
2019-12-01 85 days 2,058 sqft
2020-01-01 87 days 2,021 sqft
2020-02-01 87 days 2,000 sqft
2020-03-01 69 days 2,033 sqft
2020-04-01 79 days 2,003 sqft
2020-05-01 92 days 1,998 sqft
2020-06-01 102 days 2,039 sqft
2020-07-01 99 days 2,079 sqft
2020-08-01 85 days 2,063 sqft
2020-09-01 78 days 2,099 sqft
2020-10-01 63 days 2,119 sqft
2020-11-01 57 days 2,100 sqft
2020-12-01 66 days 2,029 sqft
2021-01-01 73 days 2,000 sqft
2021-02-01 71 days 2,009 sqft
2021-03-01 65 days 2,033 sqft
2021-04-01 59 days 2,069 sqft
2021-05-01 55 days 2,109 sqft
2021-06-01 49 days 2,092 sqft
2021-07-01 48 days 2,086 sqft
2021-08-01 49 days 2,096 sqft
2021-09-01 49 days 2,086 sqft
2021-10-01 51 days 2,063 sqft
2021-11-01 50 days 2,017 sqft
2021-12-01 51 days 1,990 sqft
2022-01-01 62 days 1,987 sqft
2022-02-01 59 days 1,946 sqft
2022-03-01 43 days 1,900 sqft
2022-04-01 42 days 1,911 sqft
2022-05-01 42 days 1,989 sqft
2022-06-01 43 days 1,995 sqft
2022-07-01 46 days 1,965 sqft
2022-08-01 48 days 1,936 sqft
Mcallen's median listing age (time on market) for 2022-08-01 was 48 days. This is -2% shorter than the same period one year ago.

Mcallen's median square footage for active listings during the 2022-08-01 period was 1,936 sqft. One year prior, the average listing was 2,096 sqft.