Buffalo USDA Loans

BUFFALO-CHEEKTOWAGA, NY

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.

Buffalo's 19 lenders originated 44 USDA loans during 2021. The total origination value was $6,930,000, with an average USDA loan value of $157,500.

Buffalo USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Buffalo averaged 5.26% for the week of 2022-08-05, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-07-29) was 5.48% and one month ago for the week of 2022-07-01, the average rate was 5.52%.

The average rate one year ago was 3.1%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.08%.

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

Buffalo 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 Buffalo level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Premium Mortgage Corporation 6 2.71% $3,480
HUNT MORTGAGE CORPORATION 5 3.10% $6,079
AMERICAN FINANCIAL NETWORK, INC. 4 3.16% $8,792
Northwest Bank 4 2.78% $5,591
1ST PRIORITY MORTGAGE, INC. 3 2.96% $5,338
MOVEMENT MORTGAGE, LLC 3 2.92% $4,518
PARAGON HOME LOANS INC. 2 3.13% $6,060
Bank of England 2 3.44% $5,777
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.12% $6,030
HOMESTEAD FUNDING CORP. 2 2.94% $4,572
UNITED WHOLESALE MORTGAGE, LLC 2 2.81% $7,490
CALIBER HOME LOANS, INC. 1 3.05% $5,251
SEFCU SERVICES, LLC 1 3.00% $3,806
Flagstar Bank, FSB 1 3.44% $3,719
EVERETT FINANCIAL, INC. 1 3.50% $3,466
HOME POINT FINANCIAL CORPORATION 1 3.25% $4,897
CROSSCOUNTRY MORTGAGE, LLC 1 3.13% $5,723
Manufacturers and Traders Trust Company 1 3.75% $5,047
NEWREZ LLC 1 2.75% $3,991

The top Buffalo USDA lender as defined by loan originations is Premium Mortgage Corporation, with 6 USDA loans originated. Their average total fees are $3,480, which is $2,598 lower than the next largest lender, HUNT MORTGAGE CORPORATION.

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

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