Philadelphia USDA Loans
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
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.
Philadelphia's 116 lenders originated 708 USDA loans during 2021. The total origination value was $173,850,000, with an average USDA loan value of $245,551.
Philadelphia USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Philadelphia
averaged
5.52%
for the week of 2022-08-05, compared to the national average (all USDA variants) of
5.294% for the same period.
The average rate for the prior week (2022-07-29) was
5.44% and
one month ago for the week of 2022-07-01, the
average rate was 5.48%.
The average rate one year ago was 2.86%.
For refis of the same type during the week of 2022-08-05, the average rate
was 4.93%.
Philadelphia 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 Philadelphia level.
The top Philadelphia USDA lender as defined by loan originations is RESIDENTIAL MORTGAGE SERVICES, INC., with
53 USDA loans originated. Their average total fees are
$6,606, which is $1,886
lower than the next largest lender,
NVR Mortgage Finance, Inc..
The lowest fee Philadelphia USDA lenders (with over 10 loans originated) are
Gateway First Bank ($5,048), GREENTREE MORTGAGE COMPANY, L.P. ($5,278), Nations Lending Corporation ($5,467), PENNYMAC LOAN SERVICES, LLC ($5,475) and ALLIED MORTGAGE GROUP, INC. ($6,013).
The lowest rate Philadelphia USDA lenders (with over 10 loans originated) are
HOME POINT FINANCIAL CORPORATION (2.77%), Meridian Bank Corporation (2.78%), CALIBER HOME LOANS, INC. (2.81%), FINANCE OF AMERICA MORTGAGE LLC (2.88%) and Mortgage America, Inc. (2.90%).
