Jackson USDA Loans

JACKSON, MS

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.

Jackson's 50 lenders originated 677 USDA loans during 2021. The total origination value was $132,695,000, with an average USDA loan value of $196,004.

Jackson USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Jackson averaged 5.1% 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 5.39% and one month ago for the week of 2022-04-15, the average rate was 4.98%.

The average rate one year ago was 3.03%.

For refis of the same type during the week of 2022-05-20, the average rate was 4.92%.

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

Jackson 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 Jackson level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
OPEN MORTGAGE, LLC 142 3.05% $5,734
BancorpSouth Bank 66 2.76% $5,236
Community Bank of Mississippi 43 2.73% $4,070
Trustmark National Bank 43 2.99% $5,562
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 41 3.05% $5,005
PLANET HOME LENDING, LLC 38 3.10% $6,447
Renasant Bank 38 2.93% $4,904
First Horizon Bank 31 2.69% $4,975
CALIBER HOME LOANS, INC. 16 2.77% $7,023
MORTGAGE INVESTORS GROUP, INC. 12 2.81% $5,266
ANGEL OAK HOME LOANS LLC 12 2.96% $5,086
BankPlus 11 2.99% $3,418
INTERLINC MORTGAGE SERVICES, LLC 11 3.16% $3,618
COMMUNITY MORTGAGE CORPORATION 10 2.74% $5,057
Magnolia Bank 10 3.09% $4,266
EVANSVILLE TEACHERS 10 2.53% $5,568
Regions Bank 9 3.28% $4,303
GUARANTY HOME MORTGAGE CORPORATION 7 3.18% $4,541
SUCCESS MORTGAGE PARTNERS, INC. 6 3.13% $5,260
Flagstar Bank, FSB 6 2.65% $5,080
PENNYMAC LOAN SERVICES, LLC 5 2.80% $6,488
Carrington Mortgage Services, LLC 5 3.83% $8,103
Blue Ridge Bank 5 3.00% $5,565
FIDELITY BANK 5 3.00% $5,046
ACADEMY MORTGAGE CORPORATION 5 3.23% $6,335
Origin Bank 5 2.80% $5,372
LOANDEPOT.COM, LLC 3 2.83% $5,894
Citizens Bank 3 2.63% $5,952
HOME POINT FINANCIAL CORPORATION 3 2.88% $5,458
MUTUAL OF OMAHA MORTGAGE, INC. 2 3.38% $9,531
Paramount Residential Mortgage Group, Inc. 2 2.75% $3,776
GMFS LLC 2 2.75% $4,535
MICHIGAN MUTUAL, INC. 1 3.00% $6,159
MID AMERICA MORTGAGE, INC. 1 2.25% $1,449
First Option Mortgage, LLC 1 2.75% $6,198
First Guaranty Mortgage Corporation 1 2.75% $3,943
FIRST COMMUNITY MORTGAGE, INC. 1 2.38% $5,319
EVERETT FINANCIAL, INC. 1 3.13% $3,552
Peoples Bank 1 2.50% $4,138
DAS Acquisition Company, LLC 1 3.25% $3,859
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.88% $7,868
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.25% $10,709
Capital City Home Loans, LLC 1 2.25% $5,191
Austin Capital Bank SSB 1 3.50% $5,004
AMERICAN HOME LENDING USA, LLC 1 3.49% $5,904
UNITED WHOLESALE MORTGAGE, LLC 1 2.65% $6,961
Hometown Lenders, Inc. 1 3.25% $6,207
VAN DYK MORTGAGE CORPORATION 1 3.63% $5,453
KEESLER 1 3.00% $4,385
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.25% $4,892

The top Jackson USDA lender as defined by loan originations is OPEN MORTGAGE, LLC, with 142 USDA loans originated. Their average total fees are $5,734, which is $499 higher than the next largest lender, BancorpSouth Bank.

The lowest fee Jackson USDA lenders (with over 10 loans originated) are BankPlus ($3,418), INTERLINC MORTGAGE SERVICES, LLC ($3,618), Community Bank of Mississippi ($4,070), Magnolia Bank ($4,266) and Renasant Bank ($4,904).

The lowest rate Jackson USDA lenders (with over 10 loans originated) are EVANSVILLE TEACHERS (2.53%), First Horizon Bank (2.69%), Community Bank of Mississippi (2.73%), COMMUNITY MORTGAGE CORPORATION (2.74%) and BancorpSouth Bank (2.76%).