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 averaged 5.3% 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%.

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

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.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
COMPASS MORTGAGE, INC. 29 3.22% $4,694
HOMESERVICES LENDING, LLC 23 2.83% $4,717
Chickasaw Community Bank 20 3.12% $4,768
Lincoln Savings Bank 20 2.68% $4,783
RESIDENTIAL MORTGAGE NETWORK, INC. 15 2.83% $3,340
IOWA BANKERS MORTGAGE CORPORATION 15 2.84% $4,374
GERSHMAN INVESTMENT CORP. 13 2.62% $4,453
Bank Iowa 12 2.39% $3,355
Flagstar Bank, FSB 11 2.83% $4,706
Fidelity Bank 10 2.55% $3,668
Great Southern Bank 7 2.88% $4,095
INLANTA MORTGAGE, INC. 7 2.88% $4,087
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 2.94% $7,252
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 3.12% $4,415
LAND HOME FINANCIAL SERVICES, INC. 5 2.90% $4,921
Ixonia Bank 5 2.85% $5,106
Fortress Bank 4 2.81% $3,997
CMG MORTGAGE, INC. 4 2.75% $4,201
Great Western Bank 4 2.59% $3,874
Barrington Bank & Trust Company, N.A. 4 3.06% $5,100
Plains Commerce Bank 3 2.75% $5,465
The Central Trust Bank 3 2.63% $4,763
PLAZA HOME MORTGAGE, INC. 3 2.54% $3,273
GUILD MORTGAGE COMPANY 3 3.21% $4,523
TOP FLITE FINANCIAL, INC. 3 2.75% $5,349
Carrington Mortgage Services, LLC 2 3.69% $3,499
BROKER SOLUTIONS, INC. 2 3.30% $4,225
CALIBER HOME LOANS, INC. 2 2.62% $5,089
DAS Acquisition Company, LLC 2 3.31% $5,822
FRONTIER FINANCIAL, INC. 2 3.38% $4,683
GREENSTATE CREDIT UNION 2 2.13% $3,596
GUARANTEED RATE, INC. 2 2.88% $6,968
HOME POINT FINANCIAL CORPORATION 2 2.62% $3,500
HOMESIDE FINANCIAL, LLC 2 2.94% $4,907
UNION HOME MORTGAGE CORP. 2 2.94% $5,602
U.S. Bank 2 2.94% $4,120
FREEDOM MORTGAGE CORPORATION 1 3.25% $4,677
MID AMERICA MORTGAGE, INC. 1 3.00% $4,024
OPEN MORTGAGE, LLC 1 3.63% $6,119
First International Bank & Trust 1 3.00% $2,677
FINANCE OF AMERICA MORTGAGE LLC 1 3.75% $4,943
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.88% $3,597
Regions Bank 1 3.00% $1,312
DHI MORTGAGE COMPANY, LTD. 1 2.99% $4,328
STEARNS LENDING, LLC 1 2.75% $4,928
SUMMIT FUNDING, INC. 1 3.25% $6,908
CROSSCOUNTRY MORTGAGE, LLC 1 3.13% $3,710
Bank of England 1 3.25% $4,514
Wells Fargo Bank 1 2.25% $2,500
United Bank of Iowa 1 3.75% $7,703
LEADERONE FINANCIAL CORPORATION 1 2.38% $4,715
Lend Smart Mortgage, LLC 1 3.13% $4,505

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%).