New Jersey USDA Loan Rates, Closing Costs & Stats
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.
New Jersey USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in New Jersey
for the week of 2023-12-01, compared to the national average (all USDA variants) of
6.997% for the same period.
New Jersey's average USDA mortgage closing costs are $6,052.
The average rate for the prior week (2023-11-24) was 6.39% and one month ago for the week of 2023-10-27, the average rate was 7.24%.
The average rate one year ago was 6.26%.
For refis of the same type during the week of 2023-12-01, the average rate was 5.42%.
New Jersey USDA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the New Jersey level.
The top New Jersey USDA lender as defined by loan originations is FINANCE OF AMERICA MORTGAGE LLC, with
18 USDA loans originated. Their average total fees are
$7,338, which is $2,181
higher than the next largest lender,
CALIBER HOME LOANS, INC..
The lowest fee New Jersey USDA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. ($5,158), Advisors Mortgage Group, L.L.C. ($5,734), GREENTREE MORTGAGE COMPANY, L.P. ($6,343), FINANCE OF AMERICA MORTGAGE LLC ($7,338) and AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC ($8,266).
The lowest rate New Jersey USDA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. (4.27%), FINANCE OF AMERICA MORTGAGE LLC (4.37%), GREENTREE MORTGAGE COMPANY, L.P. (4.64%), AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC (4.88%) and Advisors Mortgage Group, L.L.C. (5.01%).