Des Moines USDA Loans

DES MOINES-WEST DES MOINES, IA

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    • 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%).