Detroit USDA Loan Rates, Closing Costs & Stats

Detroit-Warren-Dearborn, MI

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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.

    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%), .