Ocean City USDA Loans

OCEAN CITY, NJ

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.

Ocean City's 16 lenders originated 26 USDA loans during 2021. The total origination value was $5,610,000, with an average USDA loan value of $215,769.

Ocean City USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Ocean City averaged 5.26% 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 5.1% and one month ago for the week of 2022-04-08, the average rate was 5.06%.

The average rate one year ago was 3.27%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.21%.

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

Ocean City 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 Ocean City level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
HOME POINT FINANCIAL CORPORATION 7 2.89% $5,965
Prosperity Home Mortgage, LLC 3 2.67% $7,615
Republic Bank 2 2.88% $6,673
CROSSCOUNTRY MORTGAGE, LLC 2 2.63% $6,056
Carrington Mortgage Services, LLC 1 3.13% $7,425
ALLIED MORTGAGE GROUP, INC. 1 3.13% $5,168
DRAPER AND KRAMER MORTGAGE CORP. 1 2.63% $6,458
FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $5,458
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.50% $5,547
LOANDEPOT.COM, LLC 1 2.88% $6,235
NFM, INC. 1 3.00% $5,239
Paramount Residential Mortgage Group, Inc. 1 2.75% $8,993
PENNYMAC LOAN SERVICES, LLC 1 2.63% $6,873
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 2.75% $7,157
AMERICAN FINANCIAL NETWORK, INC. 1 2.75% $9,881
Bank of England 1 3.38% $5,374

The top Ocean City USDA lender as defined by loan originations is HOME POINT FINANCIAL CORPORATION, with 7 USDA loans originated. Their average total fees are $5,965, which is $1,651 lower than the next largest lender, Prosperity Home Mortgage, LLC.

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

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


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Ocean City (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 $399,900 (2.6%) $686,591 (10.8%) 0.00 2,249
2018-02-01 $412,500 (3.3%) $707,679 (11.1%) 0.00 2,342
2018-03-01 $414,500 (3.9%) $715,145 (11.6%) 0.00 2,365
2018-04-01 $416,000 (5.3%) $716,270 (11.6%) 0.00 2,334
2018-05-01 $399,950 (1.4%) $714,836 (10.5%) 0.00 2,342
2018-06-01 $409,900 (2.7%) $729,040 (11.3%) 0.00 2,293
2018-07-01 $402,450 (3.2%) $741,938 (10.6%) 0.00 2,286
2018-08-01 $399,900 (3.0%) $747,900 (11.2%) 0.00 2,313
2018-09-01 $402,900 (3.3%) $739,838 (11.1%) 0.00 2,338
2018-10-01 $404,950 (1.6%) $744,305 (9.9%) 0.00 2,339
2018-11-01 $414,450 (3.9%) $745,437 (8.6%) 0.00 2,344
2018-12-01 $424,700 (6.4%) $750,339 (9.9%) 0.00 2,270
2019-01-01 $429,000 (7.3%) $760,409 (10.8%) 0.00 2,170
2019-02-01 $439,900 (6.6%) $775,157 (9.5%) 0.00 2,275
2019-03-01 $437,814 (5.6%) $768,825 (7.5%) 0.00 2,352
2019-04-01 $434,900 (4.5%) $759,707 (6.1%) 0.00 2,380
2019-05-01 $436,750 (9.2%) $755,860 (5.7%) 0.00 2,344
2019-06-01 $440,000 (7.3%) $747,645 (2.6%) 0.00 2,291
2019-07-01 $444,300 (10.4%) $766,755 (3.3%) 0.00 2,222
2019-08-01 $444,871 (11.3%) $769,874 (2.9%) 0.00 2,207
2019-09-01 $439,900 (9.2%) $762,598 (3.1%) 0.00 2,189
2019-10-01 $449,500 (11.0%) $776,171 (4.3%) 0.00 2,093
2019-11-01 $474,900 (14.6%) $790,549 (6.1%) 0.00 2,003
2019-12-01 $474,950 (11.8%) $806,888 (7.5%) 0.00 1,898
2020-01-01 $482,400 (12.5%) $1,245,654 (63.8%) 0.00 1,814
2020-02-01 $489,900 (11.4%) $1,264,993 (63.2%) 0.00 1,805
2020-03-01 $497,000 (13.5%) $849,519 (10.5%) 0.00 1,788
2020-04-01 $499,450 (14.8%) $853,770 (12.4%) 0.00 1,750
2020-05-01 $499,900 (14.5%) $861,157 (13.9%) 0.00 1,647
2020-06-01 $527,450 (19.9%) $942,109 (26.0%) 0.00 1,465
2020-07-01 $527,000 (18.6%) $974,703 (27.1%) 0.00 1,239
2020-08-01 $499,900 (12.4%) $932,118 (21.1%) 0.00 1,152
2020-09-01 $515,000 (17.1%) $908,146 (19.1%) 0.00 1,141
2020-10-01 $525,000 (16.8%) $920,065 (18.5%) 0.00 1,112
2020-11-01 $537,000 (13.1%) $914,954 (15.7%) 0.00 1,046
2020-12-01 $550,000 (15.8%) $944,806 (17.1%) 0.00 955
2021-01-01 $549,900 (14.0%) $949,760 (-23.8%) 0.00 815
2021-02-01 $587,000 (19.8%) $1,044,435 (-17.4%) 0.00 651
2021-03-01 $624,945 (25.7%) $1,080,228 (27.2%) 0.00 648
2021-04-01 $639,450 (28.0%) $1,169,428 (37.0%) 0.00 703
2021-05-01 $649,900 (30.0%) $1,188,893 (38.1%) 0.00 685
2021-06-01 $649,500 (23.1%) $1,162,920 (23.4%) 0.00 782
2021-07-01 $612,400 (16.2%) $1,087,948 (11.6%) 0.00 817
2021-08-01 $599,900 (20.0%) $1,071,534 (15.0%) 0.00 936
2021-09-01 $599,000 (16.3%) $1,031,267 (13.6%) 0.00 1,005
2021-10-01 $599,999 (14.3%) $1,056,540 (14.8%) 0.00 999
2021-11-01 $652,450 (21.5%) $1,130,164 (23.5%) 0.00 911
2021-12-01 $652,450 (18.6%) $1,129,956 (19.6%) 0.00 845
2022-01-01 $675,000 (22.8%) $1,195,406 (25.9%) 0.00 677
2022-02-01 $721,950 (23.0%) $1,277,079 (22.3%) 0.00 615
2022-03-01 $759,950 (21.6%) $1,323,167 (22.5%) 0.00 600
2022-04-01 $795,000 (24.3%) $1,390,295 (18.9%) 0.00 642
Ocean City's median listing price for 2022-04-01 was $795,000, a difference of $155,550 (24.3%) versus the prior year and $35,050 versus the prior month.

Ocean City's median listing price comes in at 0% of the national average.

Ocean City's average listing price for 2022-04-01 was $1,390,295, a difference of $220,867 (18.9%) versus the prior year and $67,128 versus the prior month.

For the 2022-04-01 period, Ocean City had 642 MLS listings, a difference of 42 listings (7%) versus the prior month and -61 listings (-9%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Ocean City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,601 sqft
2018-02-01 0 days 1,622 sqft
2018-03-01 0 days 1,639 sqft
2018-04-01 0 days 1,660 sqft
2018-05-01 0 days 1,635 sqft
2018-06-01 0 days 1,674 sqft
2018-07-01 0 days 1,658 sqft
2018-08-01 0 days 1,648 sqft
2018-09-01 0 days 1,606 sqft
2018-10-01 0 days 1,606 sqft
2018-11-01 0 days 1,600 sqft
2018-12-01 0 days 1,600 sqft
2019-01-01 0 days 1,596 sqft
2019-02-01 0 days 1,592 sqft
2019-03-01 0 days 1,583 sqft
2019-04-01 0 days 1,585 sqft
2019-05-01 0 days 1,579 sqft
2019-06-01 0 days 1,604 sqft
2019-07-01 0 days 1,669 sqft
2019-08-01 0 days 1,677 sqft
2019-09-01 0 days 1,661 sqft
2019-10-01 0 days 1,669 sqft
2019-11-01 0 days 1,700 sqft
2019-12-01 0 days 1,700 sqft
2020-01-01 0 days 1,700 sqft
2020-02-01 0 days 1,722 sqft
2020-03-01 0 days 1,742 sqft
2020-04-01 0 days 1,750 sqft
2020-05-01 0 days 1,764 sqft
2020-06-01 0 days 1,814 sqft
2020-07-01 0 days 1,807 sqft
2020-08-01 0 days 1,752 sqft
2020-09-01 0 days 1,703 sqft
2020-10-01 0 days 1,680 sqft
2020-11-01 0 days 1,686 sqft
2020-12-01 0 days 1,734 sqft
2021-01-01 0 days 1,737 sqft
2021-02-01 0 days 1,733 sqft
2021-03-01 0 days 1,646 sqft
2021-04-01 0 days 1,650 sqft
2021-05-01 0 days 1,766 sqft
2021-06-01 0 days 1,729 sqft
2021-07-01 0 days 1,693 sqft
2021-08-01 0 days 1,625 sqft
2021-09-01 0 days 1,582 sqft
2021-10-01 0 days 1,568 sqft
2021-11-01 0 days 1,622 sqft
2021-12-01 0 days 1,616 sqft
2022-01-01 0 days 1,639 sqft
2022-02-01 0 days 1,690 sqft
2022-03-01 0 days 1,737 sqft
2022-04-01 0 days 1,750 sqft
Ocean City's median listing age (time on market) for 2022-04-01 was 0 days.

Ocean City's median square footage for active listings during the 2022-04-01 period was 1,750 sqft. One year prior, the average listing was 1,650 sqft.