Reading USDA Loans

READING, 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.

Reading's 41 lenders originated 109 USDA loans during 2021. The total origination value was $20,475,000, with an average USDA loan value of $187,844.

Reading USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Reading averaged 5.58% 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 5.17% and one month ago for the week of 2022-04-15, the average rate was 5.27%.

The average rate one year ago was 3.21%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.28%.

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

Reading 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 Reading level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage America, Inc. 22 2.77% $5,344
FINANCE OF AMERICA MORTGAGE LLC 10 2.89% $6,512
Northpointe Bank 9 2.90% $6,121
CROSSCOUNTRY MORTGAGE, LLC 5 3.10% $7,108
RESIDENTIAL MORTGAGE SERVICES, INC. 4 3.03% $5,928
CALIBER HOME LOANS, INC. 3 3.02% $6,033
Fulton Bank 3 3.13% $5,121
Citizens Bank 3 2.92% $6,397
GUARANTEED RATE AFFINITY, LLC 3 3.17% $6,443
GUARANTEED RATE, INC. 3 2.92% $5,949
ENVOY MORTGAGE, LTD 2 2.88% $8,181
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 2.94% $6,275
BROKER SOLUTIONS, INC. 2 2.69% $5,506
CONTOUR MORTGAGE CORPORATION 2 3.00% $6,095
ABSOLUTE HOME MORTGAGE CORPORATION 2 3.25% $8,843
MOVEMENT MORTGAGE, LLC 2 2.69% $5,375
NATIONWIDE MORTGAGE BANKERS, INC. 2 3.50% $7,780
Paramount Residential Mortgage Group, Inc. 2 3.13% $5,399
Philadelphia Mortgage Advisors, Inc. 2 2.81% $5,442
GUILD MORTGAGE COMPANY 1 2.88% $6,339
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $6,235
HOME POINT FINANCIAL CORPORATION 1 2.88% $6,762
Keystone Funding, Inc. 1 2.25% $6,408
MCLEAN MORTGAGE CORPORATION 1 2.50% $4,693
Meridian Bank Corporation 1 2.75% $7,133
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.63% $7,552
Summit Mortgage Corporation 1 2.25% $6,979
SUN WEST MORTGAGE COMPANY, INC. 1 2.88% $5,140
NEWREZ LLC 1 2.75% $7,069
Atlantic Home Loans, Inc. 1 2.50% $6,676
UNION HOME MORTGAGE CORP. 1 2.75% $6,061
UNITED WHOLESALE MORTGAGE, LLC 1 2.88% $10,772
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.13% $6,656
AMERICAN FINANCIAL NETWORK, INC. 1 2.75% $11,881
Sierra Pacific Mortgage Company, Inc. 1 2.50% $5,418
STEARNS LENDING, LLC 1 2.50% $8,568
SUCCESS MORTGAGE PARTNERS, INC. 1 3.63% $7,069
Flagstar Bank, FSB 1 2.88% $8,628
Gateway First Bank 1 2.50% $3,300
First National Bank of Pennsylvania 1 2.63% $5,294
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.00% $5,323

The top Reading USDA lender as defined by loan originations is Mortgage America, Inc., with 22 USDA loans originated. Their average total fees are $5,344, which is $1,168 lower than the next largest lender, FINANCE OF AMERICA MORTGAGE LLC.

The lowest fee Reading USDA lenders (with over 10 loans originated) are Mortgage America, Inc. ($5,344), FINANCE OF AMERICA MORTGAGE LLC ($6,512), .

The lowest rate Reading USDA lenders (with over 10 loans originated) are Mortgage America, Inc. (2.77%), FINANCE OF AMERICA MORTGAGE LLC (2.89%), .