Arecibo USDA Loan Rates, Closing Costs & Stats
Arecibo, PR
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.
Arecibo's 15 lenders originated 54 USDA loans during 2023. The total origination value was $7,070,000, with an average USDA loan value of $130,926.
Arecibo USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Arecibo
averaged
6.53%
for the week of 2024-04-26, compared to the national average (all USDA variants) of
6.838% for the same period.
Arecibo's average USDA mortgage closing costs are $5,620.
The average rate for the prior week (2024-04-19) was
6.55% and
one month ago for the week of 2024-03-22, the
average rate was 6.35%.
The average rate one year ago was 6.07%.
For refis of the same type during the week of 2024-04-26, the average rate
was 6.84%.
Arecibo 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 Arecibo level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| FIRSTBANK PUERTO RICO | 12 | 5.60% | $7,979 |
| HR MORTGAGE CORP. | 8 | 6.44% | $7,493 |
| COOPERATIVA DE AHORRO Y CREDITO LA PUERTORRIQUEÑA | 5 | 6.85% | $10,160 |
| SUN WEST MORTGAGE COMPANY, INC. | 4 | 6.38% | $7,451 |
| TRUST MORTGAGE, CORP | 4 | 6.31% | $7,564 |
| METRO ISLAND MORTGAGE, INC. | 4 | 6.06% | $8,656 |
| Oriental Bank | 3 | 5.75% | $5,973 |
| PREFERRED MORTGAGE CORPORATION | 2 | 6.50% | $11,515 |
| FIRST EQUITY MORTGAGE BANKERS, INC. | 2 | 6.75% | $6,431 |
| Banco Popular de Puerto Rico | 2 | 5.25% | $13,079 |
| Senior Mortgage Bankers Inc | 1 | 5.75% | $8,977 |
| RM ACTUAL MORTGAGE, INC. | 1 | 6.00% | $7,291 |
| The Lending Center Corporation | 1 | 7.25% | $4,996 |
| THE MONEY HOUSE INC. | 1 | 6.25% | $9,879 |
| Rf Mortgage & Investment Corp | 1 | 5.75% | $10,474 |
The top Arecibo USDA lender as defined by loan originations is FIRSTBANK PUERTO RICO, with
12 USDA loans originated. Their average total fees are
$7,979, which is $486
higher than the next largest lender,
HR MORTGAGE CORP..
The lowest fee Arecibo USDA lenders (with over 10 loans originated) are
FIRSTBANK PUERTO RICO ($7,979), .
The lowest rate Arecibo USDA lenders (with over 10 loans originated) are
FIRSTBANK PUERTO RICO (5.60%), .