Pittsburgh USDA Loans

PITTSBURGH, PA

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.

Pittsburgh's 71 lenders originated 781 USDA loans during 2021. The total origination value was $108,295,000, with an average USDA loan value of $138,662.

Pittsburgh USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Pittsburgh averaged 5.43% 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 5.41% and one month ago for the week of 2022-04-15, the average rate was 5.01%.

The average rate one year ago was 3.16%.

For refis of the same type during the week of 2022-05-20, the average rate was 4.96%.

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

Pittsburgh 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 Pittsburgh level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Victorian Finance, LLC 81 2.79% $5,373
PLAZA HOME MORTGAGE, INC. 77 3.05% $6,331
UNION HOME MORTGAGE CORP. 57 2.77% $6,618
EQUITY RESOURCES, INC. 55 2.93% $5,071
Citizens Bank 51 2.88% $4,936
Sail Mortgage Corp. 40 2.64% $5,476
SOMERSET TRUST COMPANY 32 3.22% $4,281
WEST PENN FINANCIAL SERVICE CENTER, INC. 31 2.82% $5,160
RELIANCE FIRST CAPITAL, LLC 30 2.77% $3,844
HOME POINT FINANCIAL CORPORATION 26 3.20% $6,390
Flagstar Bank, FSB 25 2.92% $4,298
First Commonwealth Bank 24 2.69% $5,641
DEVELOPER'S MORTGAGE COMPANY 16 2.83% $4,881
HOWARD HANNA FINANCIAL SERVICES, INC. 16 2.75% $5,082
First Guaranty Mortgage Corporation 15 3.01% $5,818
AMERICAN FINANCIAL NETWORK, INC. 12 2.94% $9,817
LOANDEPOT.COM, LLC 12 3.06% $6,386
UNITED WHOLESALE MORTGAGE, LLC 10 2.89% $7,061
EMM LOANS LLC 10 2.83% $5,581
NORWICH COMMERCIAL GROUP, INC. 10 3.83% $6,717
Union Savings Bank 10 2.65% $4,341
WELCOME HOME FINANCE, L.P. 8 2.63% $1,468
MOVEMENT MORTGAGE, LLC 7 3.13% $5,080
ASSOCIATED MORTGAGE BANKERS, INC. 7 3.23% $4,777
TOWNE MORTGAGE COMPANY 6 2.81% $5,243
STEARNS LENDING, LLC 6 2.73% $7,998
AFFORDABLE MORTGAGE ADVISORS, LLC. 5 3.13% $4,719
Carrington Mortgage Services, LLC 5 3.65% $5,943
BROKER SOLUTIONS, INC. 5 2.50% $6,243
NEWREZ LLC 5 2.77% $6,234
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.50% $9,323
WesBanco Bank, Inc. 4 2.72% $5,843
First National Bank of Pennsylvania 4 2.81% $5,556
Gateway First Bank 4 3.34% $2,099
PNC Bank 4 2.84% $4,425
NATIONWIDE MORTGAGE BANKERS, INC. 4 2.66% $6,806
GUARANTEED RATE AFFINITY, LLC 3 2.96% $5,834
EVANSVILLE TEACHERS 3 2.83% $4,920
Paramount Residential Mortgage Group, Inc. 3 2.79% $7,737
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 3.08% $5,079
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 3.63% $5,993
PENNYMAC LOAN SERVICES, LLC 2 2.88% $3,804
EMBRACE HOME LOANS, INC. 2 2.81% $12,321
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.19% $6,848
Bank of England 2 3.25% $5,532
Community Bank 2 2.75% $4,825
FINANCE OF AMERICA MORTGAGE LLC 2 2.88% $5,354
GUARANTEED RATE, INC. 2 2.69% $5,304
The Huntington National Bank 2 3.19% $5,391
TruHome Solutions, LLC 1 3.00% $4,952
Austin Capital Bank SSB 1 2.75% $5,270
CROSSCOUNTRY MORTGAGE, LLC 1 2.88% $5,453
Equity Prime Mortgage LLC 1 2.63% $4,733
First Federal Bank 1 2.75% $7,763
FREEDOM MORTGAGE CORPORATION 1 2.75% $6,324
GREENWAY MORTGAGE FUNDING CORP. 1 2.38% $5,376
HOMESIDE FINANCIAL, LLC 1 3.63% $4,878
Magnolia Bank 1 2.88% $5,684
MEMBERS 1ST FEDERAL CREDIT UNION 1 3.00% $4,917
Meridian Bank Corporation 1 2.63% $7,443
Nations Lending Corporation 1 2.88% $4,281
Northpointe Bank 1 2.63% $5,748
NVR Mortgage Finance, Inc. 1 3.25% $8,374
OCEANSIDE MORTGAGE COMPANY 1 3.13% $1,326
PLANET HOME LENDING, LLC 1 2.25% $3,802
Prosperity Home Mortgage, LLC 1 2.38% $6,221
RESIDENTIAL MORTGAGE SERVICES, INC. 1 2.75% $5,606
SUN WEST MORTGAGE COMPANY, INC. 1 2.25% $5,246
TIDEWATER MORTGAGE SERVICES, INC. 1 3.13% $5,332
ABSOLUTE HOME MORTGAGE CORPORATION 1 4.75% $5,302
UNITED MORTGAGE CORP. 1 2.75% $5,295

The top Pittsburgh USDA lender as defined by loan originations is Victorian Finance, LLC, with 81 USDA loans originated. Their average total fees are $5,373, which is $959 lower than the next largest lender, PLAZA HOME MORTGAGE, INC..

The lowest fee Pittsburgh USDA lenders (with over 10 loans originated) are RELIANCE FIRST CAPITAL, LLC ($3,844), SOMERSET TRUST COMPANY ($4,281), Flagstar Bank, FSB ($4,298), Union Savings Bank ($4,341) and DEVELOPER'S MORTGAGE COMPANY ($4,881).

The lowest rate Pittsburgh USDA lenders (with over 10 loans originated) are Sail Mortgage Corp. (2.64%), Union Savings Bank (2.65%), First Commonwealth Bank (2.69%), HOWARD HANNA FINANCIAL SERVICES, INC. (2.75%) and RELIANCE FIRST CAPITAL, LLC (2.77%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Pittsburgh (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 $170,000 (9.7%) $261,913 (6.9%) 0.63 7,787
2018-02-01 $172,500 (8.9%) $267,949 (6.8%) 0.62 7,298
2018-03-01 $179,900 (9.1%) $281,372 (7.7%) 0.62 7,052
2018-04-01 $187,750 (10.5%) $287,343 (7.7%) 0.63 7,111
2018-05-01 $189,900 (8.6%) $290,644 (7.2%) 0.63 7,350
2018-06-01 $189,000 (5.1%) $285,803 (5.5%) 0.63 7,687
2018-07-01 $187,700 (4.3%) $283,957 (4.6%) 0.63 7,952
2018-08-01 $185,950 (3.4%) $280,188 (4.1%) 0.62 8,144
2018-09-01 $184,900 (2.8%) $277,416 (3.9%) 0.62 8,252
2018-10-01 $179,950 (2.3%) $275,090 (4.2%) 0.60 8,389
2018-11-01 $177,000 (-1.1%) $273,059 (2.8%) 0.59 8,136
2018-12-01 $173,900 (-0.6%) $274,286 (4.7%) 0.60 7,565
2019-01-01 $171,250 (0.7%) $274,817 (4.9%) 0.59 7,180
2019-02-01 $175,400 (1.7%) $280,871 (4.8%) 0.59 6,748
2019-03-01 $184,186 (2.4%) $292,170 (3.8%) 0.60 6,530
2019-04-01 $189,900 (1.2%) $299,130 (4.1%) 0.60 6,479
2019-05-01 $197,450 (4.0%) $302,885 (4.2%) 0.61 6,674
2019-06-01 $199,900 (5.8%) $304,387 (6.5%) 0.62 7,070
2019-07-01 $199,900 (6.5%) $302,033 (6.4%) 0.62 7,369
2019-08-01 $199,900 (7.5%) $300,057 (7.1%) 0.63 7,288
2019-09-01 $199,900 (8.1%) $297,732 (7.3%) 0.63 7,212
2019-10-01 $197,750 (9.9%) $295,298 (7.4%) 0.63 7,360
2019-11-01 $194,900 (10.1%) $297,273 (8.9%) 0.63 6,999
2019-12-01 $189,700 (9.1%) $294,069 (7.2%) 0.63 6,458
2020-01-01 $189,900 (10.9%) $300,862 (9.5%) 0.63 6,021
2020-02-01 $200,000 (14.0%) $316,877 (12.8%) 0.65 5,784
2020-03-01 $214,950 (16.7%) $326,634 (11.8%) 0.67 5,521
2020-04-01 $217,000 (14.3%) $324,067 (8.3%) 0.68 5,413
2020-05-01 $225,000 (14.0%) $328,230 (8.4%) 0.68 5,510
2020-06-01 $247,200 (23.7%) $351,154 (15.4%) 0.72 5,287
2020-07-01 $249,900 (25.0%) $359,668 (19.1%) 0.72 4,982
2020-08-01 $249,900 (25.0%) $359,066 (19.7%) 0.71 4,824
2020-09-01 $249,900 (25.0%) $361,718 (21.5%) 0.71 4,809
2020-10-01 $245,000 (23.9%) $361,931 (22.6%) 0.70 4,646
2020-11-01 $240,000 (23.1%) $359,640 (21.0%) 0.69 4,297
2020-12-01 $238,950 (26.0%) $363,443 (23.6%) 0.70 3,870
2021-01-01 $243,500 (28.2%) $374,484 (24.5%) 0.72 3,348
2021-02-01 $249,900 (25.0%) $396,864 (25.2%) 0.72 2,767
2021-03-01 $257,950 (20.0%) $414,079 (26.8%) 0.72 2,623
2021-04-01 $267,450 (23.3%) $418,222 (29.1%) 0.72 2,719
2021-05-01 $268,000 (19.1%) $413,019 (25.8%) 0.71 2,910
2021-06-01 $262,450 (6.2%) $399,571 (13.8%) 0.68 3,313
2021-07-01 $247,500 (-1.0%) $376,143 (4.6%) 0.64 3,784
2021-08-01 $232,500 (-7.0%) $353,036 (-1.7%) 0.61 4,113
2021-09-01 $229,900 (-8.0%) $344,807 (-4.7%) 0.61 4,250
2021-10-01 $225,000 (-8.2%) $345,457 (-4.6%) 0.59 4,158
2021-11-01 $219,450 (-8.6%) $340,286 (-5.4%) 0.58 3,894
2021-12-01 $210,000 (-12.1%) $339,063 (-6.7%) 0.56 3,453
2022-01-01 $209,900 (-13.8%) $349,138 (-6.8%) 0.56 2,934
2022-02-01 $215,000 (-14.0%) $368,740 (-7.1%) 0.55 2,504
2022-03-01 $222,500 (-13.7%) $374,164 (-9.6%) 0.55 2,429
2022-04-01 $229,000 (-14.4%) $374,156 (-10.5%) 0.54 2,530
Pittsburgh's median listing price for 2022-04-01 was $229,000, a difference of $-38,450 (-14.4%) versus the prior year and $6,500 versus the prior month.

Pittsburgh's median listing price comes in at 54% of the national average.

Pittsburgh's average listing price for 2022-04-01 was $374,156, a difference of $-44,066 (-10.5%) versus the prior year and $-8 versus the prior month.

For the 2022-04-01 period, Pittsburgh had 2,530 MLS listings, a difference of 101 listings (4%) versus the prior month and -189 listings (-7%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Pittsburgh (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 109 days 1,590 sqft
2018-02-01 111 days 1,578 sqft
2018-03-01 99 days 1,548 sqft
2018-04-01 70 days 1,578 sqft
2018-05-01 62 days 1,606 sqft
2018-06-01 58 days 1,623 sqft
2018-07-01 60 days 1,678 sqft
2018-08-01 65 days 1,613 sqft
2018-09-01 70 days 1,612 sqft
2018-10-01 73 days 1,630 sqft
2018-11-01 79 days 1,627 sqft
2018-12-01 90 days 1,564 sqft
2019-01-01 104 days 1,624 sqft
2019-02-01 108 days 1,613 sqft
2019-03-01 95 days 1,592 sqft
2019-04-01 68 days 1,563 sqft
2019-05-01 59 days 1,616 sqft
2019-06-01 58 days 1,611 sqft
2019-07-01 61 days 1,624 sqft
2019-08-01 64 days 1,715 sqft
2019-09-01 66 days 1,811 sqft
2019-10-01 67 days 1,692 sqft
2019-11-01 73 days 1,679 sqft
2019-12-01 86 days 1,665 sqft
2020-01-01 98 days 1,688 sqft
2020-02-01 98 days 1,711 sqft
2020-03-01 78 days 1,721 sqft
2020-04-01 83 days 1,736 sqft
2020-05-01 91 days 1,773 sqft
2020-06-01 89 days 1,800 sqft
2020-07-01 56 days 1,800 sqft
2020-08-01 55 days 1,800 sqft
2020-09-01 55 days 1,770 sqft
2020-10-01 57 days 1,730 sqft
2020-11-01 64 days 1,700 sqft
2020-12-01 73 days 1,693 sqft
2021-01-01 87 days 1,694 sqft
2021-02-01 87 days 1,686 sqft
2021-03-01 61 days 1,706 sqft
2021-04-01 44 days 1,727 sqft
2021-05-01 43 days 1,719 sqft
2021-06-01 41 days 1,705 sqft
2021-07-01 40 days 1,657 sqft
2021-08-01 42 days 1,629 sqft
2021-09-01 46 days 1,618 sqft
2021-10-01 50 days 1,600 sqft
2021-11-01 55 days 1,585 sqft
2021-12-01 65 days 1,570 sqft
2022-01-01 79 days 1,580 sqft
2022-02-01 82 days 1,624 sqft
2022-03-01 61 days 1,629 sqft
2022-04-01 42 days 1,654 sqft
Pittsburgh's median listing age (time on market) for 2022-04-01 was 42 days. This is -3% shorter than the same period one year ago.

Pittsburgh's median square footage for active listings during the 2022-04-01 period was 1,654 sqft. One year prior, the average listing was 1,727 sqft.