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
5.56%
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
5.59% and
one month ago for the week of 2022-04-08, the
average rate was 4.96%.
The average rate one year ago was 3.07%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.3%.
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 |
Mcallen's median listing price comes in at 61% of the national average.
Mcallen's average listing price for 2022-04-01 was $359,198, a difference of $36,234 (11.2%) versus the prior year and $10,767 versus the prior month.
For the 2022-04-01 period, Mcallen had 856 MLS listings, a difference of -44 listings (-5%) versus the prior month and -24 listings (-3%) 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 |
Mcallen's median square footage for active listings during the 2022-04-01 period was 1,911 sqft. One year prior, the average listing was 2,069 sqft.
