Bay City USDA Loans

BAY CITY, MI

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.

Bay City's 18 lenders originated 36 USDA loans during 2021. The total origination value was $4,690,000, with an average USDA loan value of $130,278.

Bay City USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Bay City averaged 5.51% 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 5.64% and one month ago for the week of 2022-04-08, the average rate was 5.11%.

The average rate one year ago was 3.12%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.44%.

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

Bay City 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 Bay City level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
ACADEMY MORTGAGE CORPORATION 4 3.59% $4,424
PLAZA HOME MORTGAGE, INC. 4 2.94% $5,574
Frankenmuth Credit Union 3 2.75% $3,940
LAKE MICHIGAN CREDIT UNION 3 2.88% $4,273
UNION HOME MORTGAGE CORP. 2 3.88% $4,035
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.37% $6,006
GENEVA FINANCIAL, LLC 2 3.13% $4,952
Mercantile Bank of Michigan 2 2.94% $3,668
PENNYMAC LOAN SERVICES, LLC 2 3.00% $4,676
Independent Bank 1 2.88% $3,687
Isabella Bank 1 3.00% $3,557
J. VIRGIL, INC. 1 3.50% $6,839
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.88% $4,429
The Dart Bank 1 2.75% $3,984
ADVISORS CAPITAL, INC. 1 3.25% $3,293
ENVOY MORTGAGE, LTD 1 4.25% $3,689
AMERIFIRST FINANCIAL CORPORATION 1 2.88% $7,772
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 3.63% $7,831

The top Bay City USDA lender as defined by loan originations is ACADEMY MORTGAGE CORPORATION, with 4 USDA loans originated. Their average total fees are $4,424, which is $1,150 lower than the next largest lender, PLAZA HOME MORTGAGE, INC..

The lowest fee Bay City USDA lenders (with over 10 loans originated) are .

The lowest rate Bay City USDA lenders (with over 10 loans originated) are .