New York USDA Loans

New York-Newark-Jersey City, NY-NJ-PA

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.

New York's 56 lenders originated 197 USDA loans during 2021. The total origination value was $53,675,000, with an average USDA loan value of $272,462.

New York USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in New York averaged 5.32% for the week of 2022-08-05, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-07-29) was 5.14% and one month ago for the week of 2022-07-01, the average rate was 5.47%.

The average rate one year ago was 2.96%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.22%.

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

New York 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 New York level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 18 2.81% $7,372
HOME POINT FINANCIAL CORPORATION 10 2.66% $8,990
GREENTREE MORTGAGE COMPANY, L.P. 9 2.83% $6,253
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 8 2.91% $7,735
AMERICA'S CHOICE HOME LOANS LP 8 2.78% $7,364
Advisors Mortgage Group, L.L.C. 7 2.77% $6,826
CALIBER HOME LOANS, INC. 6 2.48% $6,286
FAMILY FIRST FUNDING LLC 6 3.08% $8,435
Summit Mortgage Corporation 6 2.65% $6,595
Equity Prime Mortgage LLC 6 2.85% $6,536
Paramount Residential Mortgage Group, Inc. 5 3.10% $7,818
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 3.10% $6,082
MOVEMENT MORTGAGE, LLC 5 3.00% $5,933
Evesham Mortgage, LLC 5 2.83% $6,972
SWBC MORTGAGE CORPORATION 4 3.25% $3,126
MILLENIUM HOME MORTGAGE, LLC 4 2.44% $6,091
Bank of England 3 3.04% $8,375
ALLIED MORTGAGE GROUP, INC. 3 2.96% $7,502
VAN DYK MORTGAGE CORPORATION 3 3.00% $11,218
CROSSCOUNTRY MORTGAGE, LLC 3 2.96% $6,973
NJ LENDERS CORP. 3 2.50% $5,831
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 3 2.46% $7,078
UNION HOME MORTGAGE CORP. 2 2.69% $7,725
NATIONWIDE MORTGAGE BANKERS, INC. 2 3.06% $8,389
NEWREZ LLC 2 2.38% $9,447
PENNYMAC LOAN SERVICES, LLC 2 2.87% $5,267
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 2.69% $7,223
RESIDENTIAL HOME FUNDING CORP. 2 3.06% $6,925
SUCCESS MORTGAGE PARTNERS, INC. 2 3.31% $7,459
MLD MORTGAGE INC. 2 2.56% $7,257
ABSOLUTE HOME MORTGAGE CORPORATION 2 3.38% $7,579
GREENWAY MORTGAGE FUNDING CORP. 2 3.06% $5,822
GUARANTEED RATE, INC. 2 2.69% $6,855
LOANDEPOT.COM, LLC 2 3.06% $6,878
Wells Fargo Bank 1 2.25% $13,779
Acre Mortgage and Financial Inc 1 3.63% $7,007
AMERICAN FINANCIAL NETWORK, INC. 1 2.75% $10,480
Carrington Mortgage Services, LLC 1 2.50% $4,991
DRAPER AND KRAMER MORTGAGE CORP. 1 2.75% $5,012
EMM LOANS LLC 1 2.75% $5,951
EVERETT FINANCIAL, INC. 1 3.13% $8,686
Financial Freedom Mortgage, LLC 1 3.38% $8,706
First Guaranty Mortgage Corporation 1 3.13% $6,025
FREEDOM MORTGAGE CORPORATION 1 3.00% $3,652
Gateway First Bank 1 3.00% $7,700
GUARANTEED RATE AFFINITY, LLC 1 2.63% $6,190
Hometown Equity Mortgage, LLC 1 2.75% $6,305
Keystone Funding, Inc. 1 2.50% $0
LAKEVIEW LOAN SERVICING, LLC 1 3.00% $3,087
MORTGAGE ACCESS CORP. 1 3.25% $6,023
Northpointe Bank 1 2.88% $7,013
OCEANSIDE MORTGAGE COMPANY 1 2.99% $1,595
Plains Commerce Bank 1 2.75% $6,851
Republic Bank 1 2.75% $8,035
UNITED MORTGAGE CORP. 1 3.38% $6,921
UNITED WHOLESALE MORTGAGE, LLC 1 2.75% $9,641

The top New York USDA lender as defined by loan originations is AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC, with 18 USDA loans originated. Their average total fees are $7,372, which is $1,618 lower than the next largest lender, HOME POINT FINANCIAL CORPORATION.

The lowest fee New York USDA lenders (with over 10 loans originated) are AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC ($7,372), HOME POINT FINANCIAL CORPORATION ($8,990), .

The lowest rate New York USDA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (2.66%), AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC (2.81%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - New York (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 $479,990 (11.9%) $1,120,433 (11.2%) 1.77 57,187
2018-02-01 $499,950 (11.9%) $1,143,135 (8.6%) 1.80 60,843
2018-03-01 $520,000 (13.3%) $1,127,161 (6.0%) 1.80 64,252
2018-04-01 $534,450 (12.5%) $1,117,910 (-0.1%) 1.79 69,662
2018-05-01 $549,000 (11.1%) $1,125,466 (1.1%) 1.83 76,071
2018-06-01 $549,000 (10.9%) $1,100,381 (0.9%) 1.83 79,722
2018-07-01 $549,000 (12.3%) $1,089,758 (2.1%) 1.83 80,369
2018-08-01 $532,450 (11.0%) $1,037,144 (-2.0%) 1.78 79,480
2018-09-01 $535,000 (10.3%) $1,040,837 (-2.6%) 1.79 80,337
2018-10-01 $538,312 (10.2%) $1,047,397 (-1.4%) 1.80 80,917
2018-11-01 $535,000 (10.3%) $1,059,739 (0.1%) 1.79 78,103
2018-12-01 $525,000 (9.4%) $1,060,260 (-0.8%) 1.80 70,729
2019-01-01 $520,000 (8.3%) $1,060,952 (-5.3%) 1.79 65,203
2019-02-01 $528,500 (5.7%) $1,068,687 (-6.5%) 1.77 67,311
2019-03-01 $540,714 (4.0%) $1,081,156 (-4.1%) 1.76 71,501
2019-04-01 $556,500 (4.1%) $1,091,209 (-2.4%) 1.75 76,385
2019-05-01 $569,500 (3.7%) $1,091,152 (-3.1%) 1.76 82,849
2019-06-01 $569,000 (3.6%) $1,083,706 (-1.5%) 1.75 85,761
2019-07-01 $559,500 (1.9%) $1,066,914 (-2.1%) 1.74 84,579
2019-08-01 $553,989 (4.1%) $1,045,028 (0.8%) 1.74 82,599
2019-09-01 $550,461 (2.9%) $1,041,042 (0.0%) 1.75 80,488
2019-10-01 $558,028 (3.7%) $1,070,885 (2.2%) 1.78 80,248
2019-11-01 $550,000 (2.8%) $1,081,547 (2.1%) 1.77 75,510
2019-12-01 $553,528 (5.4%) $1,114,237 (5.1%) 1.85 65,625
2020-01-01 $549,000 (5.6%) $1,113,984 (5.0%) 1.83 59,940
2020-02-01 $559,900 (5.9%) $1,115,474 (4.4%) 1.81 61,312
2020-03-01 $569,450 (5.3%) $1,116,442 (3.3%) 1.78 63,346
2020-04-01 $580,000 (4.2%) $1,187,911 (8.9%) 1.81 61,178
2020-05-01 $579,000 (1.7%) $1,135,762 (4.1%) 1.75 58,452
2020-06-01 $589,500 (3.6%) $1,136,559 (4.9%) 1.72 61,210
2020-07-01 $599,500 (7.2%) $1,149,009 (7.7%) 1.72 64,394
2020-08-01 $635,000 (14.6%) $1,227,096 (17.4%) 1.81 66,679
2020-09-01 $644,450 (17.1%) $1,236,828 (18.8%) 1.84 67,133
2020-10-01 $655,360 (17.4%) $1,300,695 (21.5%) 1.87 68,637
2020-11-01 $649,000 (18.0%) $1,284,039 (18.7%) 1.86 65,676
2020-12-01 $649,450 (17.3%) $1,317,463 (18.2%) 1.90 57,196
2021-01-01 $649,000 (18.2%) $1,356,030 (21.7%) 1.91 49,631
2021-02-01 $649,108 (15.9%) $1,370,351 (22.9%) 1.87 46,629
2021-03-01 $648,500 (13.9%) $1,361,646 (22.0%) 1.82 46,573
2021-04-01 $649,694 (12.0%) $1,374,697 (15.7%) 1.75 48,615
2021-05-01 $649,000 (12.1%) $1,356,538 (19.4%) 1.71 51,469
2021-06-01 $640,060 (8.6%) $1,320,359 (16.2%) 1.66 54,695
2021-07-01 $622,500 (3.8%) $1,276,979 (11.1%) 1.62 55,033
2021-08-01 $627,000 (-1.3%) $1,376,032 (12.1%) 1.65 57,049
2021-09-01 $631,868 (-2.0%) $1,410,300 (14.0%) 1.66 56,921
2021-10-01 $639,000 (-2.5%) $1,439,479 (10.7%) 1.68 57,262
2021-11-01 $655,000 (0.9%) $1,557,436 (21.3%) 1.73 54,263
2021-12-01 $664,000 (2.2%) $1,631,077 (23.8%) 1.77 46,763
2022-01-01 $675,000 (4.0%) $1,713,536 (26.4%) 1.80 40,031
2022-02-01 $697,000 (7.4%) $1,699,961 (24.1%) 1.78 40,529
2022-03-01 $699,000 (7.8%) $1,700,187 (24.9%) 1.73 42,816
2022-04-01 $715,000 (10.1%) $1,684,560 (22.5%) 1.68 45,562
2022-05-01 $720,000 (10.9%) $1,667,529 (22.9%) 1.61 51,069
2022-06-01 $700,208 (9.4%) $1,599,569 (21.2%) 1.56 54,860
New York's median listing price for 2022-06-01 was $700,208, a difference of $60,148 (9.4%) versus the prior year and $-19,792 versus the prior month.

New York's median listing price comes in at 156% of the national average.

New York's average listing price for 2022-06-01 was $1,599,569, a difference of $279,210 (21.2%) versus the prior year and $-67,960 versus the prior month.

For the 2022-06-01 period, New York had 54,860 MLS listings, a difference of 3,791 listings (7%) versus the prior month and 165 listings (0%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - New York (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 90 days 1,926 sqft
2018-02-01 82 days 1,910 sqft
2018-03-01 58 days 1,900 sqft
2018-04-01 56 days 1,918 sqft
2018-05-01 52 days 1,923 sqft
2018-06-01 53 days 1,944 sqft
2018-07-01 63 days 1,959 sqft
2018-08-01 67 days 1,950 sqft
2018-09-01 71 days 1,932 sqft
2018-10-01 69 days 1,912 sqft
2018-11-01 70 days 1,888 sqft
2018-12-01 82 days 1,872 sqft
2019-01-01 88 days 1,847 sqft
2019-02-01 82 days 1,850 sqft
2019-03-01 57 days 1,887 sqft
2019-04-01 52 days 1,931 sqft
2019-05-01 52 days 1,935 sqft
2019-06-01 57 days 1,964 sqft
2019-07-01 64 days 1,960 sqft
2019-08-01 72 days 1,952 sqft
2019-09-01 71 days 1,932 sqft
2019-10-01 67 days 1,924 sqft
2019-11-01 66 days 1,872 sqft
2019-12-01 84 days 1,854 sqft
2020-01-01 92 days 1,845 sqft
2020-02-01 77 days 1,860 sqft
2020-03-01 56 days 1,881 sqft
2020-04-01 56 days 1,872 sqft
2020-05-01 74 days 1,860 sqft
2020-06-01 77 days 1,888 sqft
2020-07-01 49 days 1,812 sqft
2020-08-01 45 days 1,734 sqft
2020-09-01 50 days 1,690 sqft
2020-10-01 49 days 1,645 sqft
2020-11-01 63 days 1,635 sqft
2020-12-01 75 days 1,588 sqft
2021-01-01 85 days 1,536 sqft
2021-02-01 84 days 1,515 sqft
2021-03-01 60 days 1,510 sqft
2021-04-01 49 days 1,514 sqft
2021-05-01 44 days 1,532 sqft
2021-06-01 45 days 1,550 sqft
2021-07-01 50 days 1,568 sqft
2021-08-01 49 days 1,547 sqft
2021-09-01 49 days 1,528 sqft
2021-10-01 53 days 1,504 sqft
2021-11-01 57 days 1,494 sqft
2021-12-01 68 days 1,449 sqft
2022-01-01 79 days 1,410 sqft
2022-02-01 64 days 1,400 sqft
2022-03-01 47 days 1,402 sqft
2022-04-01 44 days 1,424 sqft
2022-05-01 43 days 1,494 sqft
2022-06-01 45 days 1,536 sqft
New York's median listing age (time on market) for 2022-06-01 was 45 days. This is 0% longer than the same period one year ago.

New York's median square footage for active listings during the 2022-06-01 period was 1,536 sqft. One year prior, the average listing was 1,550 sqft.