Cedar Rapids USDA Loan Rates, Closing Costs & Stats

CEDAR RAPIDS, IA

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.

Cedar Rapids's 13 lenders originated 44 USDA loans during 2023. The total origination value was $6,270,000, with an average USDA loan value of $142,500.

Cedar Rapids USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Cedar Rapids averaged 6.27% for the week of 2024-07-19, compared to the national average (all USDA variants) of 6.628% for the same period.

Cedar Rapids's average USDA mortgage closing costs are $4,201.

The average rate for the prior week (2024-07-12) was 6.29% and one month ago for the week of 2024-06-14, the average rate was 6.52%.

The average rate one year ago was 6.38%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.44%.

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

Cedar Rapids 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 Cedar Rapids level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
OPEN MORTGAGE, LLC 13 7.04% $7,524
RESIDENTIAL MORTGAGE NETWORK, INC. 9 6.33% $3,981
GREENSTATE CREDIT UNION 3 6.42% $3,125
UNITED WHOLESALE MORTGAGE, LLC 3 7.16% $5,265
IOWA BANKERS MORTGAGE CORPORATION 3 6.88% $3,334
Waterstone Mortgage Corporation 2 6.94% $7,581
GUILD MORTGAGE COMPANY 2 7.13% $5,522
U.S. Bank 2 6.69% $3,715
Ixonia Bank 1 5.75% $8,818
THOMPSON KANE & COMPANY, LLC 1 7.00% $4,771
BROKER SOLUTIONS, INC. 1 6.25% $5,269
BankIowa of Cedar Rapids 1 7.38% $1,662
PLAZA HOME MORTGAGE, INC. 1 6.75% $3,307

The top Cedar Rapids USDA lender as defined by loan originations is OPEN MORTGAGE, LLC, with 13 USDA loans originated. Their average total fees are $7,524, which is $3,543 higher than the next largest lender, RESIDENTIAL MORTGAGE NETWORK, INC..

The lowest fee Cedar Rapids USDA lenders (with over 10 loans originated) are OPEN MORTGAGE, LLC ($7,524), .

The lowest rate Cedar Rapids USDA lenders (with over 10 loans originated) are OPEN MORTGAGE, LLC (7.04%), .