Ocean City USDA Loans

OCEAN CITY, NJ

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    • 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.