Palm Bay USDA Loans

PALM BAY-MELBOURNE-TITUSVILLE, FL

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.

Palm Bay's 8 lenders originated 13 USDA loans during 2021. The total origination value was $3,435,000, with an average USDA loan value of $264,231.

Palm Bay USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Palm Bay averaged 5.16% for the week of 2022-05-20, compared to the national average (all USDA variants) of 5.315% for the same period.

The average rate for the prior week (2022-05-13) was 5.44% and one month ago for the week of 2022-04-15, the average rate was 5.04%.

The average rate one year ago was 3.38%.

For refis of the same type during the week of 2022-05-20, the average rate was 4.89%.

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

Palm Bay 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 Palm Bay level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
EMBRACE HOME LOANS, INC. 2 3.00% $5,442
DHI MORTGAGE COMPANY, LTD. 2 2.69% $7,035
CALIBER HOME LOANS, INC. 2 3.00% $11,539
GENEVA FINANCIAL, LLC 1 2.75% $6,611
Plains Commerce Bank 1 2.75% $5,713
RADIUS FINANCIAL GROUP INC. 1 2.25% $3,627
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 3.38% $6,844
FBC MORTGAGE, LLC 1 2.50% $9,371

The top Palm Bay USDA lender as defined by loan originations is EMBRACE HOME LOANS, INC., with 2 USDA loans originated. Their average total fees are $5,442, which is $1,593 lower than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Palm Bay USDA lenders (with over 10 loans originated) are .

The lowest rate Palm Bay USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Palm Bay (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 $284,950 (6.9%) $379,453 (1.2%) 1.05 3,087
2018-02-01 $286,950 (5.3%) $383,145 (1.1%) 1.04 3,125
2018-03-01 $290,000 (3.6%) $386,869 (-0.1%) 1.00 3,139
2018-04-01 $299,400 (3.6%) $396,719 (0.8%) 1.00 3,172
2018-05-01 $297,980 (3.4%) $395,264 (-0.3%) 0.99 3,291
2018-06-01 $297,000 (1.4%) $394,332 (-1.6%) 0.99 3,365
2018-07-01 $295,495 (3.7%) $396,502 (0.6%) 0.99 3,404
2018-08-01 $291,950 (1.2%) $396,214 (0.8%) 0.98 3,470
2018-09-01 $287,000 (-0.7%) $392,596 (0.9%) 0.96 3,606
2018-10-01 $285,000 (0.0%) $390,947 (2.3%) 0.95 3,668
2018-11-01 $282,990 (-1.0%) $390,308 (1.8%) 0.95 3,854
2018-12-01 $279,900 (-2.4%) $386,562 (1.4%) 0.96 3,929
2019-01-01 $282,750 (-0.8%) $383,248 (1.0%) 0.98 3,941
2019-02-01 $288,500 (0.5%) $387,263 (1.1%) 0.97 4,023
2019-03-01 $291,529 (0.5%) $391,965 (1.3%) 0.95 3,849
2019-04-01 $292,029 (-2.5%) $395,093 (-0.4%) 0.92 3,591
2019-05-01 $292,400 (-1.9%) $396,362 (0.3%) 0.90 3,405
2019-06-01 $297,500 (0.2%) $401,740 (1.9%) 0.92 3,303
2019-07-01 $297,000 (0.5%) $393,967 (-0.6%) 0.92 3,234
2019-08-01 $296,657 (1.6%) $396,060 (0.0%) 0.93 3,128
2019-09-01 $299,000 (4.2%) $397,675 (1.3%) 0.95 3,080
2019-10-01 $304,950 (7.0%) $409,483 (4.7%) 0.97 3,079
2019-11-01 $304,000 (7.4%) $409,000 (4.8%) 0.98 3,050
2019-12-01 $299,900 (7.2%) $411,180 (6.4%) 1.00 3,037
2020-01-01 $299,700 (6.0%) $416,913 (8.8%) 1.00 2,978
2020-02-01 $299,900 (4.0%) $417,776 (7.9%) 0.97 2,919
2020-03-01 $299,925 (2.9%) $421,468 (7.5%) 0.94 2,961
2020-04-01 $295,000 (1.0%) $407,427 (3.1%) 0.92 3,174
2020-05-01 $299,000 (2.3%) $411,421 (3.8%) 0.91 3,007
2020-06-01 $299,250 (0.6%) $416,113 (3.6%) 0.87 2,511
2020-07-01 $307,042 (3.4%) $421,385 (7.0%) 0.88 2,227
2020-08-01 $315,000 (6.2%) $430,304 (8.7%) 0.90 2,083
2020-09-01 $329,948 (10.4%) $445,219 (12.0%) 0.94 1,846
2020-10-01 $329,900 (8.2%) $446,155 (9.0%) 0.94 1,792
2020-11-01 $316,800 (4.2%) $436,573 (6.7%) 0.91 1,822
2020-12-01 $309,450 (3.2%) $422,416 (2.7%) 0.91 1,743
2021-01-01 $304,140 (1.5%) $425,298 (2.0%) 0.89 1,527
2021-02-01 $305,948 (2.0%) $434,710 (4.1%) 0.88 1,264
2021-03-01 $314,500 (4.9%) $455,315 (8.0%) 0.88 1,005
2021-04-01 $328,450 (11.3%) $465,337 (14.2%) 0.88 897
2021-05-01 $345,000 (15.4%) $479,372 (16.5%) 0.91 878
2021-06-01 $349,900 (16.9%) $501,351 (20.5%) 0.91 967
2021-07-01 $350,495 (14.2%) $501,920 (19.1%) 0.91 1,166
2021-08-01 $362,000 (14.9%) $497,729 (15.7%) 0.95 1,304
2021-09-01 $360,000 (9.1%) $499,910 (12.3%) 0.95 1,348
2021-10-01 $369,900 (12.1%) $518,844 (16.3%) 0.97 1,243
2021-11-01 $369,950 (16.8%) $525,441 (20.4%) 0.98 1,248
2021-12-01 $369,000 (19.2%) $511,804 (21.2%) 0.98 1,171
2022-01-01 $369,900 (21.6%) $532,239 (25.1%) 0.99 968
2022-02-01 $374,900 (22.5%) $557,443 (28.2%) 0.96 846
2022-03-01 $377,500 (20.0%) $567,653 (24.7%) 0.93 787
2022-04-01 $390,000 (18.7%) $571,675 (22.9%) 0.92 861
Palm Bay's median listing price for 2022-04-01 was $390,000, a difference of $61,550 (18.7%) versus the prior year and $12,500 versus the prior month.

Palm Bay's median listing price comes in at 92% of the national average.

Palm Bay's average listing price for 2022-04-01 was $571,675, a difference of $106,338 (22.9%) versus the prior year and $4,022 versus the prior month.

For the 2022-04-01 period, Palm Bay had 861 MLS listings, a difference of 74 listings (9%) versus the prior month and -36 listings (-4%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Palm Bay (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 66 days 1,891 sqft
2018-02-01 57 days 1,889 sqft
2018-03-01 52 days 1,890 sqft
2018-04-01 54 days 1,914 sqft
2018-05-01 52 days 1,911 sqft
2018-06-01 55 days 1,911 sqft
2018-07-01 58 days 1,917 sqft
2018-08-01 60 days 1,895 sqft
2018-09-01 60 days 1,866 sqft
2018-10-01 61 days 1,861 sqft
2018-11-01 63 days 1,851 sqft
2018-12-01 65 days 1,832 sqft
2019-01-01 71 days 1,828 sqft
2019-02-01 66 days 1,843 sqft
2019-03-01 59 days 1,857 sqft
2019-04-01 62 days 1,867 sqft
2019-05-01 63 days 1,883 sqft
2019-06-01 60 days 1,903 sqft
2019-07-01 59 days 1,883 sqft
2019-08-01 60 days 1,872 sqft
2019-09-01 64 days 1,872 sqft
2019-10-01 64 days 1,904 sqft
2019-11-01 59 days 1,873 sqft
2019-12-01 63 days 1,866 sqft
2020-01-01 65 days 1,866 sqft
2020-02-01 58 days 1,861 sqft
2020-03-01 52 days 1,865 sqft
2020-04-01 55 days 1,851 sqft
2020-05-01 66 days 1,860 sqft
2020-06-01 76 days 1,842 sqft
2020-07-01 65 days 1,848 sqft
2020-08-01 57 days 1,851 sqft
2020-09-01 53 days 1,864 sqft
2020-10-01 55 days 1,863 sqft
2020-11-01 49 days 1,828 sqft
2020-12-01 52 days 1,786 sqft
2021-01-01 59 days 1,780 sqft
2021-02-01 50 days 1,812 sqft
2021-03-01 47 days 1,823 sqft
2021-04-01 43 days 1,825 sqft
2021-05-01 39 days 1,800 sqft
2021-06-01 37 days 1,775 sqft
2021-07-01 35 days 1,774 sqft
2021-08-01 36 days 1,777 sqft
2021-09-01 39 days 1,788 sqft
2021-10-01 44 days 1,806 sqft
2021-11-01 42 days 1,789 sqft
2021-12-01 46 days 1,794 sqft
2022-01-01 52 days 1,764 sqft
2022-02-01 39 days 1,791 sqft
2022-03-01 37 days 1,756 sqft
2022-04-01 32 days 1,754 sqft
Palm Bay's median listing age (time on market) for 2022-04-01 was 32 days. This is -25% shorter than the same period one year ago.

Palm Bay's median square footage for active listings during the 2022-04-01 period was 1,754 sqft. One year prior, the average listing was 1,825 sqft.