Phoenix USDA Loans

PHOENIX-MESA-CHANDLER, AZ

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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.

    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.