Lake Charles USDA Loans

LAKE CHARLES, LA

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.

Lake Charles's 39 lenders originated 218 USDA loans during 2021. The total origination value was $39,040,000, with an average USDA loan value of $179,083.

Lake Charles USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Lake Charles averaged 5.39% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-05-06) was 5.22% and one month ago for the week of 2022-04-08, the average rate was 4.79%.

The average rate one year ago was 3.3%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.21%.

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

Lake Charles 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 Lake Charles level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
GMFS LLC 30 3.13% $3,140
NTFN, INC. 23 2.82% $5,292
DSLD MORTGAGE, LLC 17 2.79% $2,697
FIDELITY BANK 15 2.67% $5,402
DHI MORTGAGE COMPANY, LTD. 14 2.65% $5,095
MORTGAGE FINANCIAL SERVICES, LLC 12 2.83% $5,564
CALIBER HOME LOANS, INC. 10 3.25% $5,488
THE MORTGAGE FIRM, INC. 10 3.20% $5,442
HOME POINT FINANCIAL CORPORATION 10 2.77% $5,058
GUILD MORTGAGE COMPANY 9 2.82% $6,173
First Horizon Bank 7 2.86% $4,906
Nations Lending Corporation 5 3.50% $2,921
Flagstar Bank, FSB 5 2.85% $5,623
Citizens Bank 4 2.66% $5,238
NATIONS RELIABLE LENDING, LLC 4 2.97% $5,898
UNITED WHOLESALE MORTGAGE, LLC 3 2.91% $8,638
LOANDEPOT.COM, LLC 3 3.33% $5,615
MID AMERICA MORTGAGE, INC. 3 2.91% $3,672
Red River Bank 2 2.44% $4,744
EUSTIS AND AMERICAN MORTGAGE COMPANY 2 2.81% $5,679
Carrington Mortgage Services, LLC 2 4.00% $4,931
CRESCENT MORTGAGE COMPANY 2 2.81% $5,397
Chickasaw Community Bank 2 3.06% $5,891
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.06% $4,682
Gateway First Bank 1 2.88% $7,107
OCEANSIDE MORTGAGE COMPANY 1 3.00% $1,866
PENNYMAC LOAN SERVICES, LLC 1 2.88% $5,988
Plains Commerce Bank 1 2.63% $4,586
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.00% $4,392
SOUTHWEST FUNDING, LP 1 3.13% $6,301
STANDARD MORTGAGE CORPORATION 1 2.38% $6,436
SUN WEST MORTGAGE COMPANY, INC. 1 3.00% $1,432
First Guaranty Mortgage Corporation 1 3.25% $8,173
Assurance Financial Group, L.L.C. 1 2.88% $5,759
DAS Acquisition Company, LLC 1 2.63% $5,328
AMERICAN FINANCING CORPORATION 1 2.75% $3,852
AMCAP MORTGAGE, LTD. 1 2.75% $6,372
MOVEMENT MORTGAGE, LLC 1 3.25% $0
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.13% $7,451

The top Lake Charles USDA lender as defined by loan originations is GMFS LLC, with 30 USDA loans originated. Their average total fees are $3,140, which is $2,152 lower than the next largest lender, NTFN, INC..

The lowest fee Lake Charles USDA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC ($2,697), GMFS LLC ($3,140), HOME POINT FINANCIAL CORPORATION ($5,058), DHI MORTGAGE COMPANY, LTD. ($5,095) and NTFN, INC. ($5,292).

The lowest rate Lake Charles USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (2.65%), FIDELITY BANK (2.67%), HOME POINT FINANCIAL CORPORATION (2.77%), DSLD MORTGAGE, LLC (2.79%) and NTFN, INC. (2.82%).