Evansville USDA Loan Rates, Closing Costs & Stats
EVANSVILLE, IN-KY
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.
Evansville's 20 lenders originated 80 USDA loans during 2024. The total origination value was $13,870,000, with an average USDA loan value of $173,375.
Evansville USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Evansville
averaged
6.74%
for the week of 2025-07-11, compared to the national average (all USDA variants) of
6.449% for the same period.
Evansville's average USDA mortgage closing costs are $4,266.
The average rate for the prior week (2025-07-04) was
6.84% and
one month ago for the week of 2025-06-06, the
average rate was 6.54%.
The average rate one year ago was 6.83%.
For refis of the same type during the week of 2025-07-11, the average rate
was 6.35%.
Evansville 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 Evansville level.
| Name | # of Loans | 2024 Avg. 30yFix Rate | 2024 Avg. Closing Costs |
|---|---|---|---|
| MORTGAGE MASTERS OF INDIANA, INC. | 40 | 6.62% | $5,011 |
| GVC MORTGAGE, INC. | 6 | 7.02% | $7,418 |
| EVANSVILLE TEACHERS | 4 | 6.06% | $4,065 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 3 | 6.58% | $1,630 |
| Bank of England | 3 | 6.54% | $7,956 |
| UNION HOME MORTGAGE CORP. | 2 | 5.88% | $10,092 |
| CALCON MUTUAL MORTGAGE LLC | 2 | 6.56% | $5,811 |
| FBC MORTGAGE, LLC | 2 | 3.99% | $6,337 |
| German American Bank | 2 | 6.19% | $5,035 |
| Paramount Residential Mortgage Group, Inc. | 2 | 6.38% | $3,704 |
| TOP FLITE FINANCIAL, INC. | 2 | 7.06% | $5,625 |
| American Mortgage & Equity Consultants, Inc. | 2 | 6.81% | $5,589 |
| FAIR WAY LENDING LLC | 1 | 6.49% | $5,273 |
| Equity Prime Mortgage LLC | 1 | 6.13% | $7,070 |
| THE MORTGAGE WAREHOUSE,LLC | 1 | 6.63% | $6,427 |
| ROYAL UNITED MORTGAGE LLC | 1 | 7.63% | $7,710 |
| Fifth Third Bank | 1 | 6.25% | $5,855 |
| FIRST COMMUNITY MORTGAGE, INC. | 1 | 6.99% | $8,705 |
| RUOFF MORTGAGE COMPANY, INC. | 1 | 6.75% | $3,101 |
| GERSHMAN INVESTMENT CORP. | 1 | 7.00% | $4,021 |
The top Evansville USDA lender as defined by loan originations is MORTGAGE MASTERS OF INDIANA, INC., with
40 USDA loans originated. Their average total fees are
$5,011, which is $2,407
lower than the next largest lender,
GVC MORTGAGE, INC..
The lowest fee Evansville USDA lenders (with over 10 loans originated) are
MORTGAGE MASTERS OF INDIANA, INC. ($5,011), .
The lowest rate Evansville USDA lenders (with over 10 loans originated) are
MORTGAGE MASTERS OF INDIANA, INC. (6.62%), .