Ocean City USDA Loan Rates, Closing Costs & Stats

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 -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.