Michigan City USDA Loans

MICHIGAN CITY-LA PORTE, IN

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.

Michigan City's 9 lenders originated 9 USDA loans during 2021. The total origination value was $1,315,000, with an average USDA loan value of $146,111.

Michigan City USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Michigan City averaged 5.63% 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 5.57% and one month ago for the week of 2022-04-08, the average rate was 4.93%.

The average rate one year ago was 3.44%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.38%.

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

Michigan City 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 Michigan City level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
AMERICAN FINANCIAL NETWORK, INC. 1 3.13% $6,293
CELEBRITY HOME LOANS, LLC 1 3.75% $5,155
CROSSCOUNTRY MORTGAGE, LLC 1 3.50% $4,693
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 3.75% $4,274
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.13% $4,421
GUARANTEED RATE, INC. 1 2.88% $4,383
GVC MORTGAGE, INC. 1 3.25% $5,629
Horizon Bank 1 3.25% $2,800
UNION HOME MORTGAGE CORP. 1 3.63% $4,927

The top Michigan City USDA lender as defined by loan originations is AMERICAN FINANCIAL NETWORK, INC., with 1 USDA loans originated. Their average total fees are $6,293, which is $1,138 higher than the next largest lender, CELEBRITY HOME LOANS, LLC.

The lowest fee Michigan City USDA lenders (with over 10 loans originated) are .

The lowest rate Michigan City USDA lenders (with over 10 loans originated) are .