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 6.02% for the week of 2023-05-26, compared to the national average (all USDA variants) of 6.63% for the same period.

New Jersey's average USDA mortgage closing costs are $6,052.

The average rate for the prior week (2023-05-19) was 5.96% and one month ago for the week of 2023-04-21, the average rate was 6.07%.

The average rate one year ago was 4.59%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.05%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
FINANCE OF AMERICA MORTGAGE LLC 18 4.37% $7,338
CALIBER HOME LOANS, INC. 15 4.27% $5,158
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 14 4.88% $8,266
GREENTREE MORTGAGE COMPANY, L.P. 14 4.64% $6,343
Advisors Mortgage Group, L.L.C. 11 5.01% $5,734
EMM LOANS LLC 9 4.44% $7,347
CROSSCOUNTRY MORTGAGE, LLC 8 4.66% $7,866
NFM, INC. 6 4.90% $6,630
Gateway First Bank 5 5.05% $6,529
ABSOLUTE HOME MORTGAGE CORPORATION 5 4.80% $8,692
DRAPER AND KRAMER MORTGAGE CORP. 5 4.20% $6,408
UNION HOME MORTGAGE CORP. 5 5.15% $7,964
UNITED WHOLESALE MORTGAGE, LLC 5 3.90% $12,088
Acre Mortgage and Financial Inc 4 4.75% $13,460
NATION ONE MORTGAGE CORPORATION 4 5.19% $11,585
Paramount Residential Mortgage Group, Inc. 4 6.56% $11,742
GUARANTEED RATE, INC. 3 4.38% $7,299
HOME POINT FINANCIAL CORPORATION 3 4.24% $7,826
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 3 4.42% $11,208
Northpointe Bank 3 4.79% $7,687
ALLIED MORTGAGE GROUP, INC. 3 4.67% $5,694
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 4.17% $10,891
LOANDEPOT.COM, LLC 2 5.44% $7,527
MLD MORTGAGE INC. 2 3.25% $7,303
MOVEMENT MORTGAGE, LLC 2 3.63% $3,889
Equity Prime Mortgage LLC 2 3.94% $5,432
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 4.75% $5,845
Prosperity Home Mortgage, LLC 2 4.24% $7,392
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.93% $9,516
ROUNDPOINT MORTGAGE SERVICING CORPORATION 2 3.69% $6,948
SUN WEST MORTGAGE COMPANY, INC. 2 3.63% $13,981
GENEVA FINANCIAL, LLC 2 3.63% $9,681
GREENWAY MORTGAGE FUNDING CORP. 2 4.13% $9,939
US MORTGAGE CORPORATION 1 4.75% $5,639
AMERISAVE MORTGAGE CORPORATION 1 3.63% $6,993
AmRes Corporation 1 5.75% $6,863
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 4.63% $6,611
Bank of England 1 5.13% $14,778
BROKER SOLUTIONS, INC. 1 4.38% $7,688
CARDINAL FINANCIAL 1 3.75% $5,698
Carrington Mortgage Services, LLC 1 5.13% $9,438
First Guaranty Mortgage Corporation 1 3.00% $7,300
Fulton Bank 1 5.50% $3,953
HOMESIDE FINANCIAL, LLC 1 5.75% $5,134
LAKEVIEW LOAN SERVICING, LLC 1 3.50% $8,147
MDE Home Loans, LLC 1 3.00% $7,300
Meridian Bank Corporation 1 5.38% $9,342
MILLENIUM HOME MORTGAGE, LLC 1 5.63% $9,197
MLB RESIDENTIAL LENDING, LLC 1 6.50% $12,255
NJ LENDERS CORP. 1 3.63% $5,956
PLAZA HOME MORTGAGE, INC. 1 6.13% $13,217
Republic Bank 1 6.00% $5,622
The Federal Savings Bank 1 6.25% $6,803
TOWNE MORTGAGE COMPANY 1 4.38% $9,153
U.S. Bank 1 5.75% $7,482
1st Colonial Community Bank 1 5.13% $11,952

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%).