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%.
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 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 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.
