Merced USDA Loans

MERCED, CA

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.

Merced's 24 lenders originated 63 USDA loans during 2021. The total origination value was $19,265,000, with an average USDA loan value of $305,794.

Merced USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Merced averaged 5.21% 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 5.49% and one month ago for the week of 2022-04-15, the average rate was 5.09%.

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 5.06%.

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

Merced 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 Merced level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
AMERICAN FINANCIAL NETWORK, INC. 14 2.79% $9,014
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 7 3.29% $8,689
SCENIC OAKS FUNDING, INC. 5 2.70% $8,020
AMERICAN PACIFIC MORTGAGE CORPORATION 3 2.54% $6,734
PENNYMAC LOAN SERVICES, LLC 3 2.75% $5,949
CROSSCOUNTRY MORTGAGE, LLC 3 2.87% $7,953
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 3.00% $13,739
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 2.92% $12,595
Paramount Residential Mortgage Group, Inc. 2 2.63% $4,959
ENVOY MORTGAGE, LTD 2 3.06% $9,598
RESIDENTIAL BANCORP. 2 2.75% $12,944
CALIBER HOME LOANS, INC. 2 2.94% $9,573
STEARNS LENDING, LLC 1 3.13% $5,917
Carrington Mortgage Services, LLC 1 3.13% $3,443
Colten Mortgage, LLC 1 2.63% $3,960
Commerce Home Mortgage, Inc. 1 2.25% $15,796
DHI MORTGAGE COMPANY, LTD. 1 2.50% $6,984
FREEDOM MORTGAGE CORPORATION 1 2.25% $11,156
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.50% $16,366
HOME POINT FINANCIAL CORPORATION 1 2.25% $9,146
LAND HOME FINANCIAL SERVICES, INC. 1 2.50% $5,896
MICHIGAN MUTUAL, INC. 1 3.25% $12,535
NATIONS DIRECT MORTGAGE, LLC 1 2.50% $13,578
Plains Commerce Bank 1 2.75% $6,936

The top Merced USDA lender as defined by loan originations is AMERICAN FINANCIAL NETWORK, INC., with 14 USDA loans originated. Their average total fees are $9,014, which is $325 higher than the next largest lender, CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP.

The lowest fee Merced USDA lenders (with over 10 loans originated) are AMERICAN FINANCIAL NETWORK, INC. ($9,014), .

The lowest rate Merced USDA lenders (with over 10 loans originated) are AMERICAN FINANCIAL NETWORK, INC. (2.79%), .