Ames USDA Loans

AMES, IA

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.

Ames's 31 lenders originated 114 USDA loans during 2021. The total origination value was $17,740,000, with an average USDA loan value of $155,614.

Ames USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Ames averaged 5.12% 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 5.05% and one month ago for the week of 2022-04-08, the average rate was 4.91%.

The average rate one year ago was 2.93%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.31%.

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

Ames 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 Ames level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
INLANTA MORTGAGE, INC. 28 3.17% $3,944
AMERICAN PACIFIC MORTGAGE CORPORATION 15 3.25% $4,547
IOWA BANKERS MORTGAGE CORPORATION 10 2.93% $3,826
Chickasaw Community Bank 7 3.05% $4,730
GERSHMAN INVESTMENT CORP. 6 2.85% $3,879
Great Western Bank 5 2.65% $3,942
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 3.06% $4,660
LAND HOME FINANCIAL SERVICES, INC. 3 2.75% $5,625
GREENSTATE CREDIT UNION 3 2.00% $4,611
Ixonia Bank 3 2.79% $4,819
PENNYMAC LOAN SERVICES, LLC 2 2.81% $5,077
Fortress Bank 2 3.00% $4,078
First Savings Bank 2 2.69% $3,524
Lincoln Savings Bank 2 2.81% $3,707
GUARANTEED RATE, INC. 2 2.81% $5,812
HOMESERVICES LENDING, LLC 2 2.88% $4,205
MID AMERICA MORTGAGE, INC. 2 3.00% $3,050
Bank Iowa 1 2.49% $4,217
RESIDENTIAL MORTGAGE NETWORK, INC. 1 2.38% $4,461
STEARNS LENDING, LLC 1 3.25% $6,838
TOWNE MORTGAGE COMPANY 1 2.99% $4,176
Fidelity Bank 1 2.50% $3,960
First International Bank & Trust 1 3.13% $2,886
FIRST STATE MORTGAGE SERVICES, LLC 1 2.25% $3,984
Flagstar Bank, FSB 1 2.88% $3,663
FRONTIER FINANCIAL, INC. 1 2.88% $3,636
COMPASS MORTGAGE, INC. 1 3.00% $6,164
Central Bank 1 3.25% $3,525
GUILD MORTGAGE COMPANY 1 3.38% $4,064
HOME POINT FINANCIAL CORPORATION 1 2.38% $5,566
Barrington Bank & Trust Company, N.A. 1 2.63% $4,097

The top Ames USDA lender as defined by loan originations is INLANTA MORTGAGE, INC., with 28 USDA loans originated. Their average total fees are $3,944, which is $603 lower than the next largest lender, AMERICAN PACIFIC MORTGAGE CORPORATION.

The lowest fee Ames USDA lenders (with over 10 loans originated) are IOWA BANKERS MORTGAGE CORPORATION ($3,826), INLANTA MORTGAGE, INC. ($3,944), AMERICAN PACIFIC MORTGAGE CORPORATION ($4,547), .

The lowest rate Ames USDA lenders (with over 10 loans originated) are IOWA BANKERS MORTGAGE CORPORATION (2.93%), INLANTA MORTGAGE, INC. (3.17%), AMERICAN PACIFIC MORTGAGE CORPORATION (3.25%), .