Pittsburgh USDA Loans

PITTSBURGH, PA

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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.

    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.