Ocean City USDA Loan Rates, Closing Costs & Stats

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 -0.23% for the week of 2022-11-25, compared to the national average (all USDA variants) of 0% for the same period.

Ocean City's average USDA mortgage closing costs are $5,695.

The average rate for the prior week (2022-11-18) was 6.42% and one month ago for the week of 2022-10-21, the average rate was 6.73%.

The average rate one year ago was 3.17%.

For refis of the same type during the week of 2022-11-25, the average rate was -0.09%.

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/closing costs 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. Closing Costs
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 (2.8%) $685,995 (11.8%) 0.00 2,142
2018-02-01 $412,225 (3.3%) $699,840 (10.5%) 0.00 2,230
2018-03-01 $415,000 (4.0%) $709,696 (11.1%) 0.00 2,230
2018-04-01 $419,450 (7.6%) $718,298 (11.8%) 0.00 2,209
2018-05-01 $404,500 (3.7%) $711,706 (9.5%) 0.00 2,218
2018-06-01 $410,950 (4.5%) $726,820 (10.1%) 0.00 2,166
2018-07-01 $411,750 (5.6%) $743,637 (11.1%) 0.00 2,130
2018-08-01 $407,500 (7.3%) $753,930 (12.3%) 0.00 2,154
2018-09-01 $414,900 (6.4%) $746,724 (11.8%) 0.00 2,179
2018-10-01 $419,075 (5.1%) $754,485 (11.2%) 0.00 2,185
2018-11-01 $423,050 (6.2%) $749,680 (10.4%) 0.00 2,192
2018-12-01 $425,000 (6.5%) $750,683 (11.1%) 0.00 2,127
2019-01-01 $428,075 (7.1%) $756,332 (10.3%) 0.00 2,048
2019-02-01 $441,950 (7.2%) $766,984 (9.6%) 0.00 2,137
2019-03-01 $440,636 (6.2%) $760,087 (7.1%) 0.00 2,191
2019-04-01 $433,725 (3.4%) $747,414 (4.1%) 0.00 2,217
2019-05-01 $433,625 (7.2%) $738,942 (3.8%) 0.00 2,190
2019-06-01 $448,000 (9.0%) $740,125 (1.8%) 0.00 2,128
2019-07-01 $449,000 (9.1%) $759,053 (2.1%) 0.00 2,053
2019-08-01 $449,000 (10.2%) $765,911 (1.6%) 0.00 2,020
2019-09-01 $449,000 (8.2%) $762,800 (2.2%) 0.00 1,993
2019-10-01 $454,000 (8.3%) $765,453 (1.5%) 0.00 1,971
2019-11-01 $474,900 (12.3%) $780,417 (4.1%) 0.00 1,881
2019-12-01 $474,675 (11.7%) $784,792 (4.5%) 0.00 1,762
2020-01-01 $479,900 (12.1%) $1,028,528 (36.0%) 0.00 1,692
2020-02-01 $484,950 (9.7%) $1,051,202 (37.1%) 0.00 1,704
2020-03-01 $492,700 (11.8%) $822,509 (8.2%) 0.00 1,686
2020-04-01 $498,225 (14.9%) $820,745 (9.8%) 0.00 1,650
2020-05-01 $499,000 (15.1%) $828,105 (12.1%) 0.00 1,576
2020-06-01 $512,450 (14.4%) $909,814 (22.9%) 0.00 1,412
2020-07-01 $499,900 (11.3%) $925,474 (21.9%) 0.00 1,202
2020-08-01 $495,000 (10.2%) $899,589 (17.5%) 0.00 1,121
2020-09-01 $521,975 (16.3%) $889,833 (16.7%) 0.00 1,094
2020-10-01 $529,000 (16.5%) $908,331 (18.7%) 0.00 1,050
2020-11-01 $549,450 (15.7%) $933,599 (19.6%) 0.00 968
2020-12-01 $550,000 (15.9%) $935,429 (19.2%) 0.00 888
2021-01-01 $559,000 (16.5%) $940,866 (-8.5%) 0.00 756
2021-02-01 $594,389 (22.6%) $1,036,731 (-1.4%) 0.00 609
2021-03-01 $649,500 (31.8%) $1,080,187 (31.3%) 0.00 616
2021-04-01 $649,644 (30.4%) $1,160,632 (41.4%) 0.00 660
2021-05-01 $669,900 (34.3%) $1,177,443 (42.2%) 0.00 658
2021-06-01 $649,694 (26.8%) $1,138,918 (25.2%) 0.00 747
2021-07-01 $609,777 (22.0%) $1,079,879 (16.7%) 0.00 774
2021-08-01 $622,500 (25.8%) $1,081,293 (20.2%) 0.00 856
2021-09-01 $599,936 (14.9%) $1,045,883 (17.5%) 0.00 918
2021-10-01 $649,000 (22.7%) $1,074,561 (18.3%) 0.00 893
2021-11-01 $695,000 (26.5%) $1,138,873 (22.0%) 0.00 818
2021-12-01 $676,950 (23.1%) $1,135,590 (21.4%) 0.00 756
2022-01-01 $682,450 (22.1%) $1,183,988 (25.8%) 0.00 617
2022-02-01 $734,950 (23.7%) $1,250,945 (20.7%) 0.00 568
2022-03-01 $759,950 (17.0%) $1,286,417 (19.1%) 0.00 551
2022-04-01 $789,450 (21.5%) $1,365,925 (17.7%) 0.00 582
2022-05-01 $797,125 (19.0%) $1,371,365 (16.5%) 0.00 690
2022-06-01 $754,498 (16.1%) $1,364,936 (19.8%) 0.00 764
2022-07-01 $719,000 (17.9%) $1,296,392 (20.1%) 0.00 869
2022-08-01 $739,925 (18.9%) $1,327,495 (22.8%) 0.00 881
2022-09-01 $789,700 (31.6%) $1,324,924 (26.7%) 0.00 891
2022-10-01 $799,900 (23.3%) $1,335,415 (24.3%) 0.00 920
Ocean City's median listing price for 2022-10-01 was $799,900, a difference of $150,900 (23.3%) versus the prior year and $10,200 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 2022-10-01 was $1,335,415, a difference of $260,854 (24.3%) versus the prior year and $10,491 versus the prior month.

For the 2022-10-01 period, Ocean City had 920 MLS listings, a difference of 29 listings (3%) versus the prior month and 27 listings (3%) 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 1,590 sqft
2018-02-01 0 days 1,594 sqft
2018-03-01 0 days 1,598 sqft
2018-04-01 0 days 1,600 sqft
2018-05-01 0 days 1,598 sqft
2018-06-01 0 days 1,600 sqft
2018-07-01 0 days 1,600 sqft
2018-08-01 0 days 1,600 sqft
2018-09-01 0 days 1,587 sqft
2018-10-01 0 days 1,580 sqft
2018-11-01 0 days 1,573 sqft
2018-12-01 0 days 1,568 sqft
2019-01-01 0 days 1,565 sqft
2019-02-01 0 days 1,552 sqft
2019-03-01 0 days 1,527 sqft
2019-04-01 0 days 1,520 sqft
2019-05-01 0 days 1,526 sqft
2019-06-01 0 days 1,561 sqft
2019-07-01 0 days 1,583 sqft
2019-08-01 0 days 1,594 sqft
2019-09-01 0 days 1,608 sqft
2019-10-01 0 days 1,618 sqft
2019-11-01 0 days 1,641 sqft
2019-12-01 0 days 1,609 sqft
2020-01-01 0 days 1,608 sqft
2020-02-01 0 days 1,639 sqft
2020-03-01 0 days 1,671 sqft
2020-04-01 0 days 1,690 sqft
2020-05-01 0 days 1,716 sqft
2020-06-01 0 days 1,741 sqft
2020-07-01 0 days 1,737 sqft
2020-08-01 0 days 1,682 sqft
2020-09-01 0 days 1,627 sqft
2020-10-01 0 days 1,601 sqft
2020-11-01 0 days 1,622 sqft
2020-12-01 0 days 1,653 sqft
2021-01-01 0 days 1,680 sqft
2021-02-01 0 days 1,710 sqft
2021-03-01 0 days 1,600 sqft
2021-04-01 0 days 1,600 sqft
2021-05-01 0 days 1,758 sqft
2021-06-01 0 days 1,667 sqft
2021-07-01 0 days 1,600 sqft
2021-08-01 0 days 1,610 sqft
2021-09-01 0 days 1,557 sqft
2021-10-01 0 days 1,550 sqft
2021-11-01 0 days 1,600 sqft
2021-12-01 0 days 1,596 sqft
2022-01-01 0 days 1,611 sqft
2022-02-01 0 days 1,665 sqft
2022-03-01 0 days 1,720 sqft
2022-04-01 0 days 1,700 sqft
2022-05-01 0 days 1,770 sqft
2022-06-01 0 days 1,751 sqft
2022-07-01 0 days 1,692 sqft
2022-08-01 0 days 1,677 sqft
2022-09-01 0 days 1,703 sqft
2022-10-01 0 days 1,728 sqft
Ocean City's median listing age (time on market) for 2022-10-01 was 0 days.

Ocean City's median square footage for active listings during the 2022-10-01 period was 1,728 sqft. One year prior, the average listing was 1,550 sqft.