Detroit USDA Loan Rates, Closing Costs & Stats

Detroit-Warren-Dearborn, MI

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.

Detroit's 29 lenders originated 79 USDA loans during 2024. The total origination value was $17,945,000, with an average USDA loan value of $227,152.

Detroit USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Detroit averaged 0.29% for the week of 2025-06-20, compared to the national average (all USDA variants) of 0% for the same period.

Detroit's average USDA mortgage closing costs are $5,878.

The average rate for the prior week (2025-06-13) was 6.89% and one month ago for the week of 2025-05-16, the average rate was 6.96%.

The average rate one year ago was 6.88%.

For refis of the same type during the week of 2025-06-20, the average rate was 0.17%.

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

Detroit 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 Detroit level.

Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 10 6.44% $8,297
UNION HOME MORTGAGE CORP. 9 6.85% $8,998
MORTGAGE 1 INCORPORATED 8 6.39% $7,657
J. VIRGIL, INC. 7 6.50% $6,657
ROSS MORTGAGE CORPORATION 4 6.66% $5,640
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.79% $4,559
MICHIGAN MUTUAL, INC. 3 6.92% $7,625
DAS Acquisition Company, LLC 3 6.96% $6,603
BLG HOLDINGS, INC. 3 6.83% $8,484
STOCKTON MORTGAGE CORPORATION 3 5.79% $6,485
Flagstar Bank, FSB 3 6.34% $9,173
FIRST COMMUNITY MORTGAGE, INC. 2 6.25% $8,779
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.25% $7,694
CROSSCOUNTRY MORTGAGE, LLC 2 6.53% $12,628
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 6.87% $6,414
Preston Home Loans Inc 2 7.12% $9,196
University Bank 1 6.13% $10,346
AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $5,668
Century Mortgage Company DBA Century Lending Company 1 6.75% $8,369
ELGA CREDIT UNION 1 7.13% $6,024
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.50% $5,779
JMAC LENDING, INC. 1 6.25% $5,709
PLAZA HOME MORTGAGE, INC. 1 6.50% $7,099
SECURITY CREDIT UNION 1 7.50% $5,216
STAUNTON FINANCIAL, INC. 1 6.63% $7,822
Summit Mortgage Corporation 1 6.63% $6,136
The Dart Bank 1 6.63% $5,024
The Huntington National Bank 1 5.88% $7,420
ABSOLUTE HOME MORTGAGE CORPORATION 1 6.25% $8,463

The top Detroit USDA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 10 USDA loans originated. Their average total fees are $8,297, which is $702 lower than the next largest lender, UNION HOME MORTGAGE CORP..

The lowest fee Detroit USDA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($8,297), .

The lowest rate Detroit USDA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.44%), .