Cincinnati USDA Loan Rates, Closing Costs & Stats
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.
Cincinnati's 71 lenders originated 391 USDA loans during 2022. The total origination value was $75,455,000, with an average USDA loan value of $192,980.
Cincinnati USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Cincinnati
for the week of 2023-12-01, compared to the national average (all USDA variants) of
6.997% for the same period.
Cincinnati's average USDA mortgage closing costs are $5,092.
The average rate for the prior week (2023-11-24) was 6.92% and one month ago for the week of 2023-10-27, the average rate was 7.07%.
The average rate one year ago was 6.29%.
For refis of the same type during the week of 2023-12-01, the average rate was 5.62%.
Cincinnati 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 Cincinnati level.
The top Cincinnati USDA lender as defined by loan originations is AMERICAN PACIFIC MORTGAGE CORPORATION, with
35 USDA loans originated. Their average total fees are
$6,559, which is $208
lower than the next largest lender,
FAIRWAY INDEPENDENT MORTGAGE CORPORATION.
The lowest fee Cincinnati USDA lenders (with over 10 loans originated) are AMERICAN MORTGAGE SERVICE COMPANY ($5,287), CALIBER HOME LOANS, INC. ($5,415), UNION HOME MORTGAGE CORP. ($6,094), DAS Acquisition Company, LLC ($6,476) and NATIONS RELIABLE LENDING, LLC ($6,533).
The lowest rate Cincinnati USDA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. (4.41%), POLARIS HOME FUNDING CORP. (4.69%), UNION HOME MORTGAGE CORP. (4.74%), DAS Acquisition Company, LLC (4.76%) and AMERICAN MORTGAGE SERVICE COMPANY (4.85%).