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%.
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. LouisDate | 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 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. LouisDate | 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 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.