Phoenix USDA Loans

PHOENIX-MESA-CHANDLER, AZ

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.

Phoenix's 61 lenders originated 502 USDA loans during 2021. The total origination value was $167,440,000, with an average USDA loan value of $333,546.

Phoenix USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Phoenix averaged 5.58% 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 5.51% and one month ago for the week of 2022-04-08, the average rate was 4.87%.

The average rate one year ago was 3.18%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.09%.

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

Phoenix 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 Phoenix level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
DHI MORTGAGE COMPANY, LTD. 54 2.81% $5,918
LOANDEPOT.COM, LLC 23 3.28% $7,457
NOVA FINANCIAL & INVESTMENT CORPORATION 16 3.09% $3,685
INSPIRE HOME LOANS INC. 14 3.27% $6,718
Amerifirst Financial, Inc. 13 2.84% $4,974
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 2.93% $7,143
V.I.P. MORTGAGE, INC. 10 2.94% $6,541
CITYWIDE HOME LOANS, LLC 9 3.46% $7,012
SUNSTREET MORTGAGE, LLC 8 2.75% $5,162
HOMEAMERICAN MORTGAGE CORPORATION 8 2.61% $3,451
GUILD MORTGAGE COMPANY 8 2.98% $7,138
CALIBER HOME LOANS, INC. 7 2.91% $5,618
FINANCE OF AMERICA MORTGAGE LLC 6 3.33% $7,147
STARBOARD FINANCIAL MANAGEMENT, LLC 5 3.20% $7,306
Paramount Residential Mortgage Group, Inc. 5 2.68% $6,747
UNITED WHOLESALE MORTGAGE, LLC 4 2.88% $7,546
CMG MORTGAGE, INC. 4 3.09% $7,173
Loan Simple, Inc. 3 2.79% $6,135
LEADERONE FINANCIAL CORPORATION 3 2.88% $4,182
HOME POINT FINANCIAL CORPORATION 3 2.75% $6,416
Waterstone Mortgage Corporation 3 2.50% $6,904
SUN AMERICAN MORTGAGE COMPANY 2 2.75% $5,421
Carrington Mortgage Services, LLC 2 3.50% $4,903
First Guaranty Mortgage Corporation 2 2.88% $8,585
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.00% $8,651
HOMEOWNERS FINANCIAL GROUP USA, LLC 2 2.75% $6,917
LAKEVIEW LOAN SERVICING, LLC 2 2.75% $3,820
Lend Smart Mortgage, LLC 2 3.56% $7,958
LHM FINANCIAL CORPORATION 2 2.75% $5,854
MICHIGAN MUTUAL, INC. 2 3.00% $3,875
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.69% $7,695
ACADEMY MORTGAGE CORPORATION 2 3.50% $7,734
Wallick & Volk, Inc. 2 3.13% $11,438
ENVOY MORTGAGE, LTD 1 3.13% $9,365
TOWNE MORTGAGE COMPANY 1 2.75% $7,122
UNION HOME MORTGAGE CORP. 1 2.75% $6,098
CROSSCOUNTRY MORTGAGE, LLC 1 3.63% $8,106
CORNERSTONE HOME LENDING, INC. 1 2.75% $14,108
AMERICAN FINANCIAL RESOURCES, INC. 1 3.63% $5,451
MORIA DEVELOPMENT, INC. 1 3.88% $5,249
MOUNTAIN WEST FINANCIAL, INC. 1 3.13% $5,065
NATIONS DIRECT MORTGAGE, LLC 1 3.25% $6,221
Neighborhood Loans, Inc. 1 2.75% $7,136
Colten Mortgage, LLC 1 2.63% $4,272
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.75% $10,147
PENNYMAC LOAN SERVICES, LLC 1 2.75% $5,548
PREMIER MORTGAGE RESOURCES, L.L.C. 1 3.63% $5,997
AMERICAN FINANCIAL NETWORK, INC. 1 3.00% $6,718
PULTE MORTGAGE LLC 1 3.00% $3,088
SECURITYNATIONAL MORTGAGE COMPANY 1 3.00% $8,590
BNC National Bank 1 3.25% $4,371
STEARNS LENDING, LLC 1 2.88% $6,815
GUARANTEED RATE, INC. 1 2.50% $7,396
GENEVA FINANCIAL, LLC 1 2.63% $6,101
SUMMIT FUNDING, INC. 1 2.88% $9,264
ALTITUDE FINANCIAL CORPORATION 1 2.75% $4,328
FISHER FINANCIAL GROUP, INCORPORATED 1 2.88% $4,832
Hometown Lenders, Inc. 1 3.00% $8,563
FBC MORTGAGE, LLC 1 2.75% $5,476
KBHS HOME LOANS, LLC 1 3.25% $6,758
Austin Capital Bank SSB 1 3.00% $6,495

The top Phoenix USDA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 54 USDA loans originated. Their average total fees are $5,918, which is $1,538 lower than the next largest lender, LOANDEPOT.COM, LLC.

The lowest fee Phoenix USDA lenders (with over 10 loans originated) are NOVA FINANCIAL & INVESTMENT CORPORATION ($3,685), Amerifirst Financial, Inc. ($4,974), DHI MORTGAGE COMPANY, LTD. ($5,918), V.I.P. MORTGAGE, INC. ($6,541) and INSPIRE HOME LOANS INC. ($6,718).

The lowest rate Phoenix USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (2.81%), Amerifirst Financial, Inc. (2.84%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (2.93%), V.I.P. MORTGAGE, INC. (2.94%) and NOVA FINANCIAL & INVESTMENT CORPORATION (3.09%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Phoenix (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 $339,934 (6.2%) $584,601 (9.4%) 1.25 15,925
2018-02-01 $350,000 (7.0%) $598,463 (9.3%) 1.26 15,813
2018-03-01 $364,990 (8.3%) $616,768 (10.1%) 1.26 15,534
2018-04-01 $364,950 (5.0%) $617,477 (8.4%) 1.22 15,474
2018-05-01 $366,200 (4.9%) $610,590 (7.3%) 1.22 14,905
2018-06-01 $359,900 (5.9%) $592,644 (6.0%) 1.20 14,461
2018-07-01 $349,950 (4.5%) $563,850 (4.9%) 1.17 14,142
2018-08-01 $345,788 (4.8%) $550,669 (4.2%) 1.16 14,406
2018-09-01 $345,000 (4.6%) $549,912 (3.4%) 1.15 14,642
2018-10-01 $341,495 (3.5%) $553,817 (2.2%) 1.14 16,047
2018-11-01 $344,266 (4.0%) $571,404 (3.2%) 1.15 16,949
2018-12-01 $345,000 (3.0%) $579,346 (1.5%) 1.18 16,681
2019-01-01 $349,394 (2.8%) $587,862 (0.6%) 1.20 17,147
2019-02-01 $350,000 (0.0%) $592,635 (-1.0%) 1.17 17,747
2019-03-01 $362,549 (-0.7%) $606,703 (-1.6%) 1.18 17,305
2019-04-01 $373,148 (2.3%) $620,028 (0.4%) 1.18 16,698
2019-05-01 $376,232 (2.7%) $624,486 (2.3%) 1.16 15,773
2019-06-01 $384,900 (7.0%) $632,398 (6.7%) 1.18 14,485
2019-07-01 $386,187 (10.4%) $631,246 (12.0%) 1.20 13,120
2019-08-01 $391,871 (13.3%) $638,897 (16.0%) 1.23 12,038
2019-09-01 $391,921 (13.6%) $646,918 (17.6%) 1.24 11,637
2019-10-01 $386,524 (13.2%) $643,973 (16.3%) 1.23 12,860
2019-11-01 $385,000 (11.8%) $650,914 (13.9%) 1.24 12,888
2019-12-01 $384,950 (11.6%) $664,974 (14.8%) 1.28 11,871
2020-01-01 $396,495 (13.5%) $687,469 (16.9%) 1.32 11,100
2020-02-01 $400,000 (14.3%) $704,637 (18.9%) 1.29 10,195
2020-03-01 $405,000 (11.7%) $705,399 (16.3%) 1.27 9,973
2020-04-01 $376,722 (1.0%) $625,646 (0.9%) 1.17 12,571
2020-05-01 $385,000 (2.3%) $646,451 (3.5%) 1.17 11,760
2020-06-01 $434,900 (13.0%) $753,424 (19.1%) 1.27 8,679
2020-07-01 $449,990 (16.5%) $790,776 (25.3%) 1.29 7,248
2020-08-01 $449,000 (14.6%) $786,379 (23.1%) 1.28 7,026
2020-09-01 $441,500 (12.7%) $784,602 (21.3%) 1.26 7,205
2020-10-01 $439,990 (13.8%) $780,797 (21.3%) 1.26 7,498
2020-11-01 $417,500 (8.4%) $749,310 (15.1%) 1.20 7,186
2020-12-01 $412,500 (7.2%) $739,618 (11.2%) 1.21 6,003
2021-01-01 $414,900 (4.6%) $781,943 (13.7%) 1.22 5,047
2021-02-01 $418,500 (4.6%) $806,112 (14.4%) 1.20 3,809
2021-03-01 $420,000 (3.7%) $807,496 (14.5%) 1.18 3,810
2021-04-01 $432,400 (14.8%) $815,315 (30.3%) 1.16 4,045
2021-05-01 $450,000 (16.9%) $823,620 (27.4%) 1.18 4,160
2021-06-01 $464,950 (6.9%) $810,420 (7.6%) 1.21 4,718
2021-07-01 $472,500 (5.0%) $790,309 (-0.1%) 1.23 5,449
2021-08-01 $475,000 (5.8%) $757,157 (-3.7%) 1.25 5,857
2021-09-01 $475,000 (7.6%) $753,167 (-4.0%) 1.25 6,113
2021-10-01 $485,000 (10.2%) $760,316 (-2.6%) 1.28 6,283
2021-11-01 $484,731 (16.1%) $769,681 (2.7%) 1.28 6,129
2021-12-01 $486,000 (17.8%) $774,932 (4.8%) 1.30 5,483
2022-01-01 $495,000 (19.3%) $804,557 (2.9%) 1.32 4,533
2022-02-01 $499,900 (19.5%) $847,843 (5.2%) 1.27 3,970
2022-03-01 $501,500 (19.4%) $869,310 (7.7%) 1.24 3,900
2022-04-01 $525,000 (21.4%) $880,312 (8.0%) 1.24 4,452
Phoenix's median listing price for 2022-04-01 was $525,000, a difference of $92,600 (21.4%) versus the prior year and $23,500 versus the prior month.

Phoenix's median listing price comes in at 124% of the national average.

Phoenix's average listing price for 2022-04-01 was $880,312, a difference of $64,997 (8.0%) versus the prior year and $11,002 versus the prior month.

For the 2022-04-01 period, Phoenix had 4,452 MLS listings, a difference of 552 listings (14%) versus the prior month and 407 listings (10%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Phoenix (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 64 days 2,157 sqft
2018-02-01 50 days 2,193 sqft
2018-03-01 46 days 2,249 sqft
2018-04-01 46 days 2,248 sqft
2018-05-01 46 days 2,254 sqft
2018-06-01 48 days 2,223 sqft
2018-07-01 49 days 2,183 sqft
2018-08-01 49 days 2,161 sqft
2018-09-01 48 days 2,156 sqft
2018-10-01 45 days 2,139 sqft
2018-11-01 46 days 2,142 sqft
2018-12-01 55 days 2,133 sqft
2019-01-01 63 days 2,129 sqft
2019-02-01 52 days 2,140 sqft
2019-03-01 50 days 2,181 sqft
2019-04-01 49 days 2,223 sqft
2019-05-01 50 days 2,227 sqft
2019-06-01 52 days 2,250 sqft
2019-07-01 55 days 2,268 sqft
2019-08-01 57 days 2,284 sqft
2019-09-01 49 days 2,292 sqft
2019-10-01 43 days 2,242 sqft
2019-11-01 45 days 2,224 sqft
2019-12-01 55 days 2,210 sqft
2020-01-01 63 days 2,220 sqft
2020-02-01 49 days 2,229 sqft
2020-03-01 43 days 2,215 sqft
2020-04-01 38 days 2,104 sqft
2020-05-01 51 days 2,124 sqft
2020-06-01 60 days 2,231 sqft
2020-07-01 49 days 2,219 sqft
2020-08-01 36 days 2,183 sqft
2020-09-01 32 days 2,141 sqft
2020-10-01 31 days 2,126 sqft
2020-11-01 38 days 2,033 sqft
2020-12-01 43 days 2,000 sqft
2021-01-01 45 days 2,002 sqft
2021-02-01 36 days 1,993 sqft
2021-03-01 32 days 1,989 sqft
2021-04-01 31 days 1,989 sqft
2021-05-01 30 days 2,002 sqft
2021-06-01 29 days 1,999 sqft
2021-07-01 29 days 2,001 sqft
2021-08-01 30 days 2,008 sqft
2021-09-01 32 days 1,995 sqft
2021-10-01 32 days 2,007 sqft
2021-11-01 35 days 2,012 sqft
2021-12-01 38 days 1,996 sqft
2022-01-01 40 days 1,990 sqft
2022-02-01 33 days 1,972 sqft
2022-03-01 30 days 1,949 sqft
2022-04-01 27 days 1,975 sqft
Phoenix's median listing age (time on market) for 2022-04-01 was 27 days. This is -11% shorter than the same period one year ago.

Phoenix's median square footage for active listings during the 2022-04-01 period was 1,975 sqft. One year prior, the average listing was 1,989 sqft.