Des Moines USDA Loans
DES MOINES-WEST DES MOINES, 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.
Des Moines's 52 lenders originated 286 USDA loans during 2021. The total origination value was $48,190,000, with an average USDA loan value of $168,497.
Des Moines USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Des Moines
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 5.29% and one month ago for the week of 2022-04-15, the average rate was 4.78%.
The average rate one year ago was 3.23%.
For refis of the same type during the week of 2022-05-20, the average rate was 5.29%.
Des Moines 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 Des Moines level.
The top Des Moines USDA lender as defined by loan originations is COMPASS MORTGAGE, INC., with
29 USDA loans originated. Their average total fees are
$4,694, which is $22
lower than the next largest lender,
HOMESERVICES LENDING, LLC.
The lowest fee Des Moines USDA lenders (with over 10 loans originated) are RESIDENTIAL MORTGAGE NETWORK, INC. ($3,340), Bank Iowa ($3,355), Fidelity Bank ($3,668), IOWA BANKERS MORTGAGE CORPORATION ($4,374) and GERSHMAN INVESTMENT CORP. ($4,453).
The lowest rate Des Moines USDA lenders (with over 10 loans originated) are Bank Iowa (2.39%), Fidelity Bank (2.55%), GERSHMAN INVESTMENT CORP. (2.62%), Lincoln Savings Bank (2.68%) and HOMESERVICES LENDING, LLC (2.83%).