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
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%.
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|
|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 .