Modesto USDA Loans

MODESTO, CA

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.

Modesto's 16 lenders originated 33 USDA loans during 2021. The total origination value was $10,985,000, with an average USDA loan value of $332,879.

Modesto USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Modesto averaged 5.49% for the week of 2022-05-20, compared to the national average (all USDA variants) of 5.315% for the same period.

The average rate for the prior week (2022-05-13) was 5.38% and one month ago for the week of 2022-04-15, the average rate was 5.07%.

The average rate one year ago was 3.12%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.34%.

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

Modesto 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 Modesto level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
SCENIC OAKS FUNDING, INC. 4 2.47% $9,022
AMERICAN PACIFIC MORTGAGE CORPORATION 3 2.67% $8,911
MASON MCDUFFIE MORTGAGE CORPORATION 3 3.38% $7,350
HOME POINT FINANCIAL CORPORATION 3 2.88% $7,002
ACADEMY MORTGAGE CORPORATION 2 2.88% $7,036
AMERICAN FINANCIAL NETWORK, INC. 2 2.81% $8,725
CROSSCOUNTRY MORTGAGE, LLC 2 2.63% $9,921
FINANCE OF AMERICA MORTGAGE LLC 2 2.63% $8,151
RESIDENTIAL BANCORP. 2 3.31% $13,724
FBC MORTGAGE, LLC 1 3.25% $7,955
MOVEMENT MORTGAGE, LLC 1 3.50% $9,097
RANLIFE, INC. 1 3.13% $6,511
SUMMIT FUNDING, INC. 1 2.38% $15,968
CMG MORTGAGE, INC. 1 2.75% $13,245
STEARNS LENDING, LLC 1 3.63% $10,653
GUILD MORTGAGE COMPANY 1 2.88% $8,421

The top Modesto USDA lender as defined by loan originations is SCENIC OAKS FUNDING, INC., with 4 USDA loans originated. Their average total fees are $9,022, which is $111 higher than the next largest lender, AMERICAN PACIFIC MORTGAGE CORPORATION.

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

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


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Modesto (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 $349,000 (14.4%) $432,876 (9.1%) 1.29 661
2018-02-01 $348,500 (11.0%) $421,959 (3.4%) 1.26 704
2018-03-01 $359,900 (12.5%) $445,838 (9.5%) 1.25 752
2018-04-01 $363,450 (10.2%) $452,048 (9.6%) 1.22 784
2018-05-01 $369,975 (10.5%) $450,045 (8.5%) 1.23 899
2018-06-01 $359,900 (7.3%) $430,952 (3.3%) 1.20 1,021
2018-07-01 $355,000 (6.5%) $423,904 (1.5%) 1.18 1,062
2018-08-01 $350,000 (5.3%) $418,961 (-0.6%) 1.17 1,169
2018-09-01 $349,900 (4.5%) $418,212 (0.4%) 1.17 1,151
2018-10-01 $340,000 (1.5%) $412,492 (0.2%) 1.14 1,158
2018-11-01 $339,994 (0.0%) $414,086 (0.1%) 1.14 1,133
2018-12-01 $340,000 (-1.5%) $413,138 (-3.4%) 1.16 1,076
2019-01-01 $342,475 (-1.9%) $413,660 (-4.4%) 1.18 979
2019-02-01 $346,975 (-0.4%) $416,570 (-1.3%) 1.16 927
2019-03-01 $356,423 (-1.0%) $428,827 (-3.8%) 1.16 884
2019-04-01 $367,500 (1.1%) $445,590 (-1.4%) 1.16 851
2019-05-01 $367,450 (-0.7%) $447,368 (-0.6%) 1.13 916
2019-06-01 $374,000 (3.9%) $462,930 (7.4%) 1.15 928
2019-07-01 $376,500 (6.1%) $466,803 (10.1%) 1.17 905
2019-08-01 $377,800 (7.9%) $468,817 (11.9%) 1.19 898
2019-09-01 $375,000 (7.2%) $459,893 (10.0%) 1.19 908
2019-10-01 $375,000 (10.3%) $457,413 (10.9%) 1.20 932
2019-11-01 $375,900 (10.6%) $458,219 (10.7%) 1.21 852
2019-12-01 $375,000 (10.3%) $469,624 (13.7%) 1.25 691
2020-01-01 $379,700 (10.9%) $477,762 (15.5%) 1.27 609
2020-02-01 $389,000 (12.1%) $495,047 (18.8%) 1.26 572
2020-03-01 $399,000 (12.0%) $491,345 (14.6%) 1.25 646
2020-04-01 $383,650 (4.4%) $468,448 (5.1%) 1.20 708
2020-05-01 $379,900 (3.4%) $473,149 (5.8%) 1.15 698
2020-06-01 $404,925 (8.3%) $514,172 (11.1%) 1.18 507
2020-07-01 $425,000 (12.9%) $566,894 (21.4%) 1.22 430
2020-08-01 $425,072 (12.5%) $558,859 (19.2%) 1.21 371
2020-09-01 $424,950 (13.3%) $545,902 (18.7%) 1.21 385
2020-10-01 $420,000 (12.0%) $560,516 (22.5%) 1.20 416
2020-11-01 $426,500 (13.5%) $563,052 (22.9%) 1.22 422
2020-12-01 $438,500 (16.9%) $601,315 (28.0%) 1.29 370
2021-01-01 $449,900 (18.5%) $637,226 (33.4%) 1.32 311
2021-02-01 $434,500 (11.7%) $638,329 (28.9%) 1.25 262
2021-03-01 $449,500 (12.7%) $648,224 (31.9%) 1.26 263
2021-04-01 $449,500 (17.2%) $617,193 (31.8%) 1.21 294
2021-05-01 $450,000 (18.5%) $625,856 (32.3%) 1.18 317
2021-06-01 $449,900 (11.1%) $621,890 (21.0%) 1.17 376
2021-07-01 $454,900 (7.0%) $598,656 (5.6%) 1.18 441
2021-08-01 $460,000 (8.2%) $586,992 (5.0%) 1.21 500
2021-09-01 $466,450 (9.8%) $571,636 (4.7%) 1.23 487
2021-10-01 $470,000 (11.9%) $581,672 (3.8%) 1.24 531
2021-11-01 $484,950 (13.7%) $594,337 (5.6%) 1.28 470
2021-12-01 $482,450 (10.0%) $603,086 (0.3%) 1.29 355
2022-01-01 $478,900 (6.5%) $608,994 (-4.4%) 1.28 286
2022-02-01 $489,950 (12.8%) $625,926 (-1.9%) 1.25 282
2022-03-01 $494,894 (10.1%) $629,198 (-2.9%) 1.22 288
2022-04-01 $499,000 (11.0%) $634,393 (2.8%) 1.17 337
Modesto's median listing price for 2022-04-01 was $499,000, a difference of $49,500 (11.0%) versus the prior year and $4,106 versus the prior month.

Modesto's median listing price comes in at 117% of the national average.

Modesto's average listing price for 2022-04-01 was $634,393, a difference of $17,200 (2.8%) versus the prior year and $5,195 versus the prior month.

For the 2022-04-01 period, Modesto had 337 MLS listings, a difference of 49 listings (17%) versus the prior month and 43 listings (15%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Modesto (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 57 days 1,840 sqft
2018-02-01 36 days 1,795 sqft
2018-03-01 34 days 1,865 sqft
2018-04-01 36 days 1,870 sqft
2018-05-01 33 days 1,889 sqft
2018-06-01 34 days 1,865 sqft
2018-07-01 37 days 1,844 sqft
2018-08-01 37 days 1,814 sqft
2018-09-01 39 days 1,780 sqft
2018-10-01 42 days 1,725 sqft
2018-11-01 45 days 1,713 sqft
2018-12-01 55 days 1,713 sqft
2019-01-01 57 days 1,697 sqft
2019-02-01 47 days 1,716 sqft
2019-03-01 42 days 1,753 sqft
2019-04-01 38 days 1,814 sqft
2019-05-01 41 days 1,827 sqft
2019-06-01 37 days 1,876 sqft
2019-07-01 42 days 1,872 sqft
2019-08-01 41 days 1,889 sqft
2019-09-01 44 days 1,885 sqft
2019-10-01 41 days 1,882 sqft
2019-11-01 43 days 1,917 sqft
2019-12-01 53 days 1,902 sqft
2020-01-01 62 days 1,936 sqft
2020-02-01 36 days 1,965 sqft
2020-03-01 29 days 1,974 sqft
2020-04-01 37 days 1,876 sqft
2020-05-01 46 days 1,863 sqft
2020-06-01 45 days 1,990 sqft
2020-07-01 36 days 2,024 sqft
2020-08-01 37 days 1,988 sqft
2020-09-01 33 days 1,859 sqft
2020-10-01 35 days 1,849 sqft
2020-11-01 37 days 1,861 sqft
2020-12-01 42 days 1,852 sqft
2021-01-01 48 days 1,877 sqft
2021-02-01 38 days 1,832 sqft
2021-03-01 35 days 1,863 sqft
2021-04-01 29 days 1,849 sqft
2021-05-01 26 days 1,819 sqft
2021-06-01 27 days 1,743 sqft
2021-07-01 27 days 1,762 sqft
2021-08-01 27 days 1,788 sqft
2021-09-01 31 days 1,728 sqft
2021-10-01 31 days 1,757 sqft
2021-11-01 36 days 1,774 sqft
2021-12-01 42 days 1,792 sqft
2022-01-01 41 days 1,779 sqft
2022-02-01 30 days 1,743 sqft
2022-03-01 27 days 1,751 sqft
2022-04-01 27 days 1,714 sqft
Modesto's median listing age (time on market) for 2022-04-01 was 27 days. This is -7% shorter than the same period one year ago.

Modesto's median square footage for active listings during the 2022-04-01 period was 1,714 sqft. One year prior, the average listing was 1,849 sqft.