State College USDA Loans

STATE COLLEGE, 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.

State College's 17 lenders originated 85 USDA loans during 2021. The total origination value was $16,295,000, with an average USDA loan value of $191,706.

State College USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in State College averaged 5.25% 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 4.99% and one month ago for the week of 2022-04-08, the average rate was 4.65%.

The average rate one year ago was 2.86%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.12%.

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

State College 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 State College level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Jersey Shore State Bank 28 2.61% $6,379
MICHIGAN MUTUAL, INC. 7 2.46% $9,492
Citizens Bank 6 2.77% $7,381
First National Bank of Pennsylvania 6 2.75% $5,335
Flagstar Bank, FSB 5 2.78% $5,478
BROKER SOLUTIONS, INC. 5 2.33% $8,952
HOMESIDE FINANCIAL, LLC 3 2.88% $5,853
CALIBER HOME LOANS, INC. 2 2.50% $5,365
AmeriServ Financial Bank 1 2.00% $5,776
STEARNS LENDING, LLC 1 2.75% $4,690
Century Mortgage Company DBA Century Lending Company 1 2.25% $6,495
First Commonwealth Bank 1 2.88% $4,853
Keystone Funding, Inc. 1 2.88% $6,820
Manufacturers and Traders Trust Company 1 2.75% $7,751
NEWREZ LLC 1 3.25% $5,579
Northwest Bank 1 2.88% $7,572
NORWICH COMMERCIAL GROUP, INC. 1 3.00% $7,917

The top State College USDA lender as defined by loan originations is Jersey Shore State Bank, with 28 USDA loans originated. Their average total fees are $6,379, which is $3,113 lower than the next largest lender, MICHIGAN MUTUAL, INC..

The lowest fee State College USDA lenders (with over 10 loans originated) are Jersey Shore State Bank ($6,379), .

The lowest rate State College USDA lenders (with over 10 loans originated) are Jersey Shore State Bank (2.61%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - State College (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 $242,450 (11.6%) $319,476 (9.8%) 0.89 220
2018-02-01 $259,000 (7.3%) $340,962 (8.9%) 0.93 234
2018-03-01 $299,900 (8.5%) $367,889 (10.0%) 1.04 268
2018-04-01 $307,500 (10.2%) $383,940 (16.7%) 1.03 272
2018-05-01 $292,950 (8.5%) $375,190 (17.3%) 0.98 305
2018-06-01 $315,000 (17.5%) $384,362 (19.2%) 1.05 324
2018-07-01 $295,824 (16.0%) $368,851 (19.7%) 0.99 315
2018-08-01 $271,200 (7.1%) $360,516 (15.8%) 0.91 301
2018-09-01 $267,990 (3.1%) $346,101 (8.4%) 0.90 316
2018-10-01 $262,450 (2.8%) $338,336 (5.7%) 0.88 314
2018-11-01 $254,400 (1.8%) $332,426 (2.4%) 0.85 303
2018-12-01 $239,900 (6.6%) $322,891 (0.7%) 0.82 257
2019-01-01 $255,000 (5.2%) $313,905 (-1.7%) 0.88 210
2019-02-01 $288,000 (11.2%) $327,492 (-4.0%) 0.96 240
2019-03-01 $319,314 (6.5%) $359,780 (-2.2%) 1.04 279
2019-04-01 $337,314 (9.7%) $393,410 (2.5%) 1.06 301
2019-05-01 $328,500 (12.1%) $397,210 (5.9%) 1.01 305
2019-06-01 $325,000 (3.2%) $379,026 (-1.4%) 1.00 349
2019-07-01 $316,000 (6.8%) $370,763 (0.5%) 0.98 356
2019-08-01 $310,957 (14.7%) $368,952 (2.3%) 0.98 352
2019-09-01 $300,200 (12.0%) $361,210 (4.4%) 0.95 330
2019-10-01 $269,950 (2.9%) $335,756 (-0.8%) 0.86 322
2019-11-01 $269,000 (5.7%) $328,106 (-1.3%) 0.87 298
2019-12-01 $252,500 (5.3%) $317,813 (-1.6%) 0.84 246
2020-01-01 $259,950 (1.9%) $320,498 (2.1%) 0.87 206
2020-02-01 $279,900 (-2.8%) $351,248 (7.3%) 0.90 217
2020-03-01 $310,500 (-2.8%) $372,980 (3.7%) 0.97 260
2020-04-01 $319,450 (-5.3%) $380,291 (-3.3%) 1.00 267
2020-05-01 $319,900 (-2.6%) $377,394 (-5.0%) 0.97 296
2020-06-01 $329,450 (1.4%) $382,140 (0.8%) 0.96 300
2020-07-01 $329,000 (4.1%) $379,770 (2.4%) 0.94 297
2020-08-01 $325,000 (4.5%) $376,876 (2.2%) 0.93 293
2020-09-01 $299,700 (-0.2%) $369,692 (2.4%) 0.86 274
2020-10-01 $319,000 (18.2%) $382,805 (14.0%) 0.91 251
2020-11-01 $321,500 (19.5%) $393,585 (20.0%) 0.92 202
2020-12-01 $312,500 (23.8%) $379,888 (19.5%) 0.92 183
2021-01-01 $299,900 (15.4%) $368,109 (14.9%) 0.88 161
2021-02-01 $315,000 (12.5%) $362,583 (3.2%) 0.91 132
2021-03-01 $325,000 (4.7%) $383,768 (2.9%) 0.91 122
2021-04-01 $292,200 (-8.5%) $374,221 (-1.6%) 0.79 135
2021-05-01 $315,000 (-1.5%) $383,600 (1.6%) 0.83 158
2021-06-01 $317,000 (-3.8%) $390,827 (2.3%) 0.82 164
2021-07-01 $325,000 (-1.2%) $396,732 (4.5%) 0.84 176
2021-08-01 $304,900 (-6.2%) $378,536 (0.4%) 0.80 187
2021-09-01 $294,990 (-1.6%) $368,167 (-0.4%) 0.78 175
2021-10-01 $285,000 (-10.7%) $358,807 (-6.3%) 0.75 176
2021-11-01 $287,000 (-10.7%) $369,033 (-6.2%) 0.76 145
2021-12-01 $294,450 (-5.8%) $357,815 (-5.8%) 0.79 112
2022-01-01 $289,000 (-3.6%) $373,764 (1.5%) 0.77 94
2022-02-01 $307,445 (-2.4%) $430,699 (18.8%) 0.78 82
2022-03-01 $324,950 (0.0%) $418,124 (9.0%) 0.80 101
2022-04-01 $339,900 (16.3%) $428,447 (14.5%) 0.80 118
State College's median listing price for 2022-04-01 was $339,900, a difference of $47,700 (16.3%) versus the prior year and $14,950 versus the prior month.

State College's median listing price comes in at 80% of the national average.

State College's average listing price for 2022-04-01 was $428,447, a difference of $54,226 (14.5%) versus the prior year and $10,323 versus the prior month.

For the 2022-04-01 period, State College had 118 MLS listings, a difference of 17 listings (17%) versus the prior month and -17 listings (-13%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - State College (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 81 days 1,776 sqft
2018-02-01 88 days 1,827 sqft
2018-03-01 61 days 2,010 sqft
2018-04-01 53 days 2,106 sqft
2018-05-01 52 days 2,086 sqft
2018-06-01 58 days 2,185 sqft
2018-07-01 65 days 2,090 sqft
2018-08-01 69 days 2,134 sqft
2018-09-01 74 days 2,100 sqft
2018-10-01 81 days 2,054 sqft
2018-11-01 85 days 2,006 sqft
2018-12-01 86 days 1,978 sqft
2019-01-01 84 days 1,989 sqft
2019-02-01 87 days 2,050 sqft
2019-03-01 92 days 2,148 sqft
2019-04-01 47 days 2,272 sqft
2019-05-01 46 days 2,299 sqft
2019-06-01 56 days 2,194 sqft
2019-07-01 62 days 2,139 sqft
2019-08-01 65 days 2,130 sqft
2019-09-01 67 days 2,077 sqft
2019-10-01 72 days 1,966 sqft
2019-11-01 71 days 1,862 sqft
2019-12-01 83 days 1,790 sqft
2020-01-01 83 days 1,778 sqft
2020-02-01 57 days 1,849 sqft
2020-03-01 39 days 1,938 sqft
2020-04-01 56 days 1,944 sqft
2020-05-01 72 days 1,944 sqft
2020-06-01 67 days 2,002 sqft
2020-07-01 56 days 1,998 sqft
2020-08-01 53 days 1,963 sqft
2020-09-01 57 days 2,043 sqft
2020-10-01 64 days 2,088 sqft
2020-11-01 73 days 2,100 sqft
2020-12-01 79 days 2,014 sqft
2021-01-01 71 days 1,861 sqft
2021-02-01 45 days 1,860 sqft
2021-03-01 48 days 1,893 sqft
2021-04-01 43 days 1,791 sqft
2021-05-01 36 days 1,854 sqft
2021-06-01 44 days 1,852 sqft
2021-07-01 46 days 1,847 sqft
2021-08-01 44 days 1,901 sqft
2021-09-01 52 days 1,771 sqft
2021-10-01 55 days 1,792 sqft
2021-11-01 53 days 1,782 sqft
2021-12-01 65 days 1,794 sqft
2022-01-01 73 days 1,868 sqft
2022-02-01 58 days 1,922 sqft
2022-03-01 34 days 1,868 sqft
2022-04-01 35 days 1,924 sqft
State College's median listing age (time on market) for 2022-04-01 was 35 days. This is -19% shorter than the same period one year ago.

State College's median square footage for active listings during the 2022-04-01 period was 1,924 sqft. One year prior, the average listing was 1,791 sqft.