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%.
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.
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%).
