New Jersey USDA Loan Rates, Closing Costs & Stats

New Jersey

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 averaged 6.78% for the week of 2024-05-24, compared to the national average (all USDA variants) of 6.738% for the same period.

New Jersey's average USDA mortgage closing costs are $6,130.

The average rate for the prior week (2024-05-17) was 6.86% and one month ago for the week of 2024-04-19, the average rate was 6.9%.

The average rate one year ago was 6.22%.

For refis of the same type during the week of 2024-05-24, the average rate was 7.16%.

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

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.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Advisors Mortgage Group, L.L.C. 10 6.08% $5,250
GREENTREE MORTGAGE COMPANY, L.P. 8 6.36% $8,052
NATION ONE MORTGAGE CORPORATION 6 6.48% $9,947
AMERICAN FINANCIAL NETWORK, INC. 4 6.34% $9,362
ABSOLUTE HOME MORTGAGE CORPORATION 4 6.47% $11,143
GUARANTEED RATE, INC. 3 6.29% $9,590
1st Colonial Community Bank 3 6.25% $6,534
CROSSCOUNTRY MORTGAGE, LLC 3 6.54% $8,552
PLAZA HOME MORTGAGE, INC. 2 6.24% $12,134
FIRST COMMUNITY MORTGAGE, INC. 2 7.25% $5,560
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.12% $9,138
Acre Mortgage and Financial Inc 2 7.06% $13,920
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 2 6.50% $12,517
Meridian Bank Corporation 2 6.31% $8,278
CMG MORTGAGE, INC. 2 6.37% $10,207
MLD MORTGAGE INC. 2 6.19% $7,909
MOVEMENT MORTGAGE, LLC 2 6.19% $10,997
NEWREZ LLC 2 6.06% $9,561
NFM, INC. 2 5.94% $6,443
NJ LENDERS CORP. 2 6.69% $7,515
NVR Mortgage Finance, Inc. 2 5.56% $14,633
DRAPER AND KRAMER MORTGAGE CORP. 2 5.81% $6,812
UNITED WHOLESALE MORTGAGE, LLC 1 5.44% $11,166
Bank of England 1 6.25% $6,440
CALIBER HOME LOANS, INC. 1 5.63% $3,764
Century Mortgage Company DBA Century Lending Company 1 5.99% $10,819
EMBRACE HOME LOANS, INC. 1 6.25% $10,895
Gateway First Bank 1 6.13% $3,670
GREENWAY MORTGAGE FUNDING CORP. 1 5.75% $11,451
GUARANTEED RATE AFFINITY, LLC 1 6.75% $7,167
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $7,908
Keystone Funding, Inc. 1 7.13% $7,120
Northpointe Bank 1 6.13% $10,075
Philadelphia Mortgage Advisors, Inc. 1 6.00% $7,946
Presidential Bank, FSB 1 7.00% $7,306
Republic Bank 1 6.25% $5,795
SUCCESS MORTGAGE PARTNERS, INC. 1 6.13% $5,504
The Huntington National Bank 1 6.00% $6,678
TOTAL MORTGAGE SERVICES, LLC 1 7.13% $8,073

The top New Jersey USDA lender as defined by loan originations is Advisors Mortgage Group, L.L.C., with 10 USDA loans originated. Their average total fees are $5,250, which is $2,803 lower than the next largest lender, GREENTREE MORTGAGE COMPANY, L.P..

The lowest fee New Jersey USDA lenders (with over 10 loans originated) are Advisors Mortgage Group, L.L.C. ($5,250), .

The lowest rate New Jersey USDA lenders (with over 10 loans originated) are Advisors Mortgage Group, L.L.C. (6.08%), .