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%.
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
.
