Daphne USDA Loans

DAPHNE-FAIRHOPE-FOLEY, AL

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.

Daphne's 62 lenders originated 283 USDA loans during 2021. The total origination value was $60,515,000, with an average USDA loan value of $213,834.

Daphne USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Daphne averaged 5.33% for the week of 2022-05-20, compared to the national average (all USDA variants) of 5.315% for the same period.

The average rate for the prior week (2022-05-13) was 5.32% and one month ago for the week of 2022-04-15, the average rate was 4.81%.

The average rate one year ago was 3.26%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.08%.

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

Daphne 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 Daphne level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
DHI MORTGAGE COMPANY, LTD. 53 2.68% $4,276
HOME POINT FINANCIAL CORPORATION 21 2.86% $5,326
FirstBank 16 2.90% $5,604
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 3.12% $4,417
MOVEMENT MORTGAGE, LLC 11 2.90% $4,351
DSLD MORTGAGE, LLC 11 2.72% $2,880
Magnolia Bank 9 2.81% $3,498
Regions Bank 9 2.86% $4,626
Citizens Bank 7 2.91% $5,271
GMFS LLC 6 2.83% $3,764
Hamilton Mortgage Corporation 6 2.48% $4,543
Trustmark National Bank 6 2.65% $4,444
First Federal Bank, A FSB 6 2.60% $3,415
The Home Loan Expert LLC 5 2.69% $5,329
Truist Bank 5 2.68% $4,804
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 3.34% $5,223
SWBC MORTGAGE CORPORATION 4 2.75% $4,049
Flagstar Bank, FSB 4 2.81% $4,662
CMG MORTGAGE, INC. 4 3.00% $6,604
PENNYMAC LOAN SERVICES, LLC 3 2.87% $4,568
EMBRACE HOME LOANS, INC. 3 3.17% $3,209
CALIBER HOME LOANS, INC. 3 2.71% $6,338
HOMESTAR FINANCIAL CORPORATION 3 3.21% $3,391
FIRST COMMUNITY MORTGAGE, INC. 3 2.88% $4,734
HOMESIDE FINANCIAL, LLC 3 3.08% $5,167
First Guaranty Mortgage Corporation 3 2.58% $3,053
SOUTHEAST MORTGAGE OF GEORGIA, INC. 3 3.25% $4,246
Bank of England 3 2.88% $5,759
AMERICAN HOME LENDING USA, LLC 3 3.29% $5,636
Wells Fargo Bank 2 2.50% $3,576
Community Bank of Mississippi 2 2.63% $4,294
DIRECT MORTGAGE LOANS, LLC 2 3.06% $6,413
Hometown Equity Mortgage, LLC 2 2.94% $9,222
Nations Lending Corporation 2 2.88% $2,729
PLANET HOME LENDING, LLC 2 2.75% $5,014
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 2.50% $3,846
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.13% $6,484
Prosperity Home Mortgage, LLC 2 2.75% $4,438
South State Bank 2 2.31% $4,479
Synovus Bank 2 2.75% $4,842
THE MORTGAGE FIRM, INC. 2 2.88% $5,040
BancorpSouth Bank 1 2.88% $4,903
NEWREZ LLC 1 2.63% $4,093
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 3.25% $5,516
Centennial Bank 1 2.25% $4,056
UNITED WHOLESALE MORTGAGE, LLC 1 2.94% $9,022
AVADIAN 1 2.75% $4,171
AMERICAN FINANCIAL NETWORK, INC. 1 2.75% $8,129
Assurance Financial Group, L.L.C. 1 2.75% $4,848
BROKER SOLUTIONS, INC. 1 2.74% $6,397
Renasant Bank 1 3.50% $4,609
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.13% $5,435
Blue Ridge Bank 1 2.50% $7,702
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.88% $7,613
Hancock Whitney Bank 1 2.38% $4,917
Gulf Winds Credit Union 1 2.75% $4,326
Gateway First Bank 1 3.63% $1,042
AMERICAN FINANCIAL RESOURCES, INC. 1 2.75% $7,377
Hometown Lenders, Inc. 1 2.75% $4,956
DAS Acquisition Company, LLC 1 2.75% $5,811
MASON MCDUFFIE MORTGAGE CORPORATION 1 2.75% $4,882
Consumer First Mortgage, Inc. 1 2.25% $4,976

The top Daphne USDA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 53 USDA loans originated. Their average total fees are $4,276, which is $1,050 lower than the next largest lender, HOME POINT FINANCIAL CORPORATION.

The lowest fee Daphne USDA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC ($2,880), DHI MORTGAGE COMPANY, LTD. ($4,276), MOVEMENT MORTGAGE, LLC ($4,351), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($4,417) and HOME POINT FINANCIAL CORPORATION ($5,326).

The lowest rate Daphne USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (2.68%), DSLD MORTGAGE, LLC (2.72%), HOME POINT FINANCIAL CORPORATION (2.86%), MOVEMENT MORTGAGE, LLC (2.90%) and FirstBank (2.90%).