London USDA Loan Rates, Closing Costs & Stats
London, 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.
London's 20 lenders originated 88 USDA loans during 2023. The total origination value was $14,490,000, with an average USDA loan value of $164,659.
London USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in London
averaged
6.43%
for the week of 2024-11-08, compared to the national average (all USDA variants) of
6.477% for the same period.
London's average USDA mortgage closing costs are $4,781.
The average rate for the prior week (2024-11-01) was
6.6% and
one month ago for the week of 2024-10-04, the
average rate was 6.03%.
The average rate one year ago was 7.66%.
For refis of the same type during the week of 2024-11-08, the average rate
was 6.58%.
London 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 London level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| POLARIS HOME FUNDING CORP. | 17 | 6.57% | $7,294 |
| UNITED WHOLESALE MORTGAGE, LLC | 17 | 6.44% | $6,103 |
| Paramount Residential Mortgage Group, Inc. | 13 | 6.87% | $4,509 |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | 8 | 6.84% | $4,874 |
| TOP FLITE FINANCIAL, INC. | 4 | 6.03% | $7,559 |
| STOCKTON MORTGAGE CORPORATION | 4 | 6.69% | $6,018 |
| NEWREZ LLC | 3 | 6.50% | $7,839 |
| PLAZA HOME MORTGAGE, INC. | 2 | 6.50% | $4,673 |
| GoPrime Mortgage, Inc. | 2 | 6.44% | $2,848 |
| Mortgage Research Center, LLC | 2 | 6.75% | $2,173 |
| Republic State Mortgage Co. | 2 | 6.13% | $7,490 |
| Truist | 2 | 5.69% | $6,647 |
| RAPID MORTGAGE COMPANY | 1 | 6.13% | $3,998 |
| Renasant Bank | 1 | 7.13% | $6,064 |
| CARDINAL FINANCIAL | 1 | 5.75% | $11,807 |
| Sierra Pacific Mortgage Company, Inc. | 1 | 6.13% | $3,179 |
| EVERETT FINANCIAL, INC. | 1 | 7.13% | $3,595 |
| Carrington Mortgage Services, LLC | 1 | 6.63% | $7,040 |
| AMERICAN FINANCIAL RESOURCES, INC. | 1 | 6.63% | $3,940 |
| GENEVA FINANCIAL, LLC | 1 | 6.63% | $6,607 |
The top London USDA lender as defined by loan originations is POLARIS HOME FUNDING CORP., with
17 USDA loans originated. Their average total fees are
$7,294, which is $1,191
higher than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee London USDA lenders (with over 10 loans originated) are
Paramount Residential Mortgage Group, Inc. ($4,509), UNITED WHOLESALE MORTGAGE, LLC ($6,103), POLARIS HOME FUNDING CORP. ($7,294), .
The lowest rate London USDA lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC (6.44%), POLARIS HOME FUNDING CORP. (6.57%), Paramount Residential Mortgage Group, Inc. (6.87%), .