Santa Cruz USDA Loans

SANTA CRUZ-WATSONVILLE, CA

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.

Santa Cruz's 3 lenders originated 3 USDA loans during 2021. The total origination value was $1,565,000, with an average USDA loan value of $521,667.

Santa Cruz USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Santa Cruz averaged 5.8% for the week of 2022-09-23, compared to the national average (all USDA variants) of 6.08% for the same period.

The average rate for the prior week (2022-09-16) was 6.03% and one month ago for the week of 2022-08-19, the average rate was 5.22%.

The average rate one year ago was 2.75%.

For refis of the same type during the week of 2022-09-23, the average rate was 5.87%.

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

Santa Cruz 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 Santa Cruz level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
CMG MORTGAGE, INC. 1 3.25% $13,811
FINANCE OF AMERICA MORTGAGE LLC 1 2.38% $25,697
HOME POINT FINANCIAL CORPORATION 1 2.38% $8,957

The top Santa Cruz USDA lender as defined by loan originations is CMG MORTGAGE, INC., with 1 USDA loans originated. Their average total fees are $13,811, which is $11,886 lower than the next largest lender, FINANCE OF AMERICA MORTGAGE LLC.

The lowest fee Santa Cruz USDA lenders (with over 10 loans originated) are .

The lowest rate Santa Cruz USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Santa Cruz (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 $899,500 (5.6%) $1,376,038 (7.3%) 3.31 236
2018-02-01 $899,000 (5.9%) $1,377,145 (7.8%) 3.24 266
2018-03-01 $959,000 (9.7%) $1,344,682 (2.1%) 3.32 313
2018-04-01 $948,500 (5.5%) $1,425,853 (6.7%) 3.18 369
2018-05-01 $939,000 (4.5%) $1,404,459 (6.8%) 3.13 412
2018-06-01 $979,000 (7.0%) $1,409,376 (7.2%) 3.26 449
2018-07-01 $972,000 (5.1%) $1,366,872 (5.0%) 3.24 506
2018-08-01 $944,000 (4.3%) $1,316,267 (3.7%) 3.15 556
2018-09-01 $937,000 (4.1%) $1,282,981 (2.0%) 3.13 607
2018-10-01 $919,500 (2.3%) $1,289,600 (3.8%) 3.08 602
2018-11-01 $914,950 (1.8%) $1,309,094 (0.9%) 3.07 570
2018-12-01 $895,000 (-0.5%) $1,308,370 (0.1%) 3.07 453
2019-01-01 $895,000 (-0.5%) $1,353,971 (-1.6%) 3.09 346
2019-02-01 $899,000 (0.0%) $1,314,460 (-4.6%) 3.01 322
2019-03-01 $941,857 (-1.8%) $1,357,147 (0.9%) 3.07 372
2019-04-01 $991,857 (4.6%) $1,374,826 (-3.6%) 3.12 432
2019-05-01 $1,024,250 (9.1%) $1,361,668 (-3.1%) 3.16 501
2019-06-01 $1,049,000 (7.2%) $1,421,673 (0.9%) 3.23 549
2019-07-01 $977,000 (0.5%) $1,353,278 (-1.0%) 3.04 618
2019-08-01 $989,286 (4.8%) $1,355,714 (3.0%) 3.11 606
2019-09-01 $995,000 (6.2%) $1,362,806 (6.2%) 3.16 582
2019-10-01 $979,500 (6.5%) $1,377,359 (6.8%) 3.12 594
2019-11-01 $969,000 (5.9%) $1,388,310 (6.1%) 3.13 497
2019-12-01 $924,000 (3.2%) $1,427,425 (9.1%) 3.08 343
2020-01-01 $909,500 (1.6%) $1,391,075 (2.7%) 3.03 268
2020-02-01 $939,000 (4.5%) $1,392,377 (5.9%) 3.03 285
2020-03-01 $957,500 (1.7%) $1,370,578 (1.0%) 2.99 342
2020-04-01 $962,500 (-3.0%) $1,335,706 (-2.9%) 3.00 371
2020-05-01 $975,000 (-4.8%) $1,378,903 (1.3%) 2.95 404
2020-06-01 $1,049,000 (0.0%) $1,503,080 (5.7%) 3.06 405
2020-07-01 $1,098,500 (12.4%) $1,521,060 (12.4%) 3.15 374
2020-08-01 $1,119,000 (13.1%) $1,602,520 (18.2%) 3.20 331
2020-09-01 $1,149,500 (15.5%) $1,657,636 (21.6%) 3.28 289
2020-10-01 $1,118,000 (14.1%) $1,627,796 (18.2%) 3.19 280
2020-11-01 $1,164,500 (20.2%) $1,565,941 (12.8%) 3.33 263
2020-12-01 $1,022,950 (10.7%) $1,457,444 (2.1%) 3.00 229
2021-01-01 $998,000 (9.7%) $1,411,160 (1.4%) 2.94 172
2021-02-01 $957,500 (2.0%) $1,468,324 (5.5%) 2.75 159
2021-03-01 $1,122,500 (17.2%) $1,554,950 (13.5%) 3.15 172
2021-04-01 $1,182,000 (22.8%) $1,614,044 (20.8%) 3.18 201
2021-05-01 $1,249,000 (28.1%) $1,702,049 (23.4%) 3.29 224
2021-06-01 $1,230,000 (17.3%) $1,688,960 (12.4%) 3.19 228
2021-07-01 $1,270,500 (15.7%) $1,682,907 (10.6%) 3.30 247
2021-08-01 $1,199,000 (7.2%) $1,544,071 (-3.7%) 3.15 266
2021-09-01 $1,200,000 (4.4%) $1,586,898 (-4.3%) 3.16 233
2021-10-01 $1,250,000 (11.8%) $1,690,794 (3.9%) 3.29 199
2021-11-01 $1,348,000 (15.8%) $1,674,977 (7.0%) 3.55 162
2021-12-01 $1,272,500 (24.4%) $1,578,310 (8.3%) 3.39 106
2022-01-01 $1,199,000 (20.1%) $1,474,350 (4.5%) 3.20 92
2022-02-01 $1,243,250 (29.8%) $1,492,242 (1.6%) 3.17 113
2022-03-01 $1,262,500 (12.5%) $1,572,400 (1.1%) 3.12 137
2022-04-01 $1,275,000 (7.9%) $1,616,407 (0.2%) 3.00 165
2022-05-01 $1,386,000 (11.0%) $1,703,118 (0.1%) 3.10 248
2022-06-01 $1,324,975 (7.7%) $1,752,457 (3.8%) 2.94 290
2022-07-01 $1,349,000 (6.2%) $1,724,300 (2.5%) 3.00 337
2022-08-01 $1,345,000 (12.2%) $1,687,826 (9.3%) 3.09 330
Santa Cruz's median listing price for 2022-08-01 was $1,345,000, a difference of $146,000 (12.2%) versus the prior year and $-4,000 versus the prior month.

Santa Cruz's median listing price comes in at 309% of the national average.

Santa Cruz's average listing price for 2022-08-01 was $1,687,826, a difference of $143,755 (9.3%) versus the prior year and $-36,474 versus the prior month.

For the 2022-08-01 period, Santa Cruz had 330 MLS listings, a difference of -7 listings (-2%) versus the prior month and 64 listings (24%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Santa Cruz (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 70 days 1,732 sqft
2018-02-01 38 days 1,619 sqft
2018-03-01 31 days 1,685 sqft
2018-04-01 36 days 1,697 sqft
2018-05-01 36 days 1,683 sqft
2018-06-01 39 days 1,696 sqft
2018-07-01 42 days 1,728 sqft
2018-08-01 45 days 1,658 sqft
2018-09-01 46 days 1,676 sqft
2018-10-01 52 days 1,671 sqft
2018-11-01 58 days 1,700 sqft
2018-12-01 69 days 1,648 sqft
2019-01-01 81 days 1,602 sqft
2019-02-01 65 days 1,661 sqft
2019-03-01 41 days 1,725 sqft
2019-04-01 32 days 1,791 sqft
2019-05-01 35 days 1,785 sqft
2019-06-01 45 days 1,796 sqft
2019-07-01 51 days 1,698 sqft
2019-08-01 53 days 1,712 sqft
2019-09-01 58 days 1,737 sqft
2019-10-01 59 days 1,718 sqft
2019-11-01 66 days 1,758 sqft
2019-12-01 85 days 1,696 sqft
2020-01-01 92 days 1,695 sqft
2020-02-01 52 days 1,695 sqft
2020-03-01 37 days 1,693 sqft
2020-04-01 48 days 1,728 sqft
2020-05-01 60 days 1,759 sqft
2020-06-01 46 days 1,783 sqft
2020-07-01 48 days 1,866 sqft
2020-08-01 49 days 1,892 sqft
2020-09-01 58 days 1,890 sqft
2020-10-01 57 days 1,914 sqft
2020-11-01 43 days 1,916 sqft
2020-12-01 51 days 1,733 sqft
2021-01-01 58 days 1,680 sqft
2021-02-01 37 days 1,590 sqft
2021-03-01 33 days 1,716 sqft
2021-04-01 26 days 1,709 sqft
2021-05-01 27 days 1,815 sqft
2021-06-01 30 days 1,846 sqft
2021-07-01 29 days 1,837 sqft
2021-08-01 31 days 1,762 sqft
2021-09-01 37 days 1,881 sqft
2021-10-01 42 days 1,901 sqft
2021-11-01 42 days 1,949 sqft
2021-12-01 47 days 1,925 sqft
2022-01-01 42 days 1,800 sqft
2022-02-01 20 days 1,616 sqft
2022-03-01 22 days 1,555 sqft
2022-04-01 26 days 1,656 sqft
2022-05-01 24 days 1,780 sqft
2022-06-01 29 days 1,772 sqft
2022-07-01 37 days 1,751 sqft
2022-08-01 43 days 1,745 sqft
Santa Cruz's median listing age (time on market) for 2022-08-01 was 43 days. This is 39% longer than the same period one year ago.

Santa Cruz's median square footage for active listings during the 2022-08-01 period was 1,745 sqft. One year prior, the average listing was 1,762 sqft.