Minneapolis USDA Loans

MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI

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.

Minneapolis's 78 lenders originated 560 USDA loans during 2021. The total origination value was $139,700,000, with an average USDA loan value of $249,464.

Minneapolis USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Minneapolis averaged 5.37% 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 5.15% and one month ago for the week of 2022-04-15, the average rate was 5.15%.

The average rate one year ago was 3.19%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.34%.

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

Minneapolis 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 Minneapolis level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
CROSSCOUNTRY MORTGAGE, LLC 57 2.93% $6,914
BAY EQUITY LLC 42 2.85% $6,977
Flagstar Bank, FSB 27 2.61% $5,515
Bell Bank 22 2.64% $6,095
GUARANTEED RATE, INC. 20 2.71% $6,802
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 20 3.07% $7,045
Summit Mortgage Corporation 19 2.74% $6,456
BROKER SOLUTIONS, INC. 19 3.17% $6,796
CALIBER HOME LOANS, INC. 17 2.88% $6,596
Ixonia Bank 14 2.87% $5,275
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 2.95% $6,284
Prosperity Home Mortgage, LLC 13 2.84% $5,809
RESULTS MORTGAGE, LLC 12 2.89% $6,084
HOME POINT FINANCIAL CORPORATION 12 2.77% $5,671
Mortgages Unlimited Inc. 11 2.97% $7,864
PLAZA HOME MORTGAGE, INC. 11 2.62% $5,941
Lend Smart Mortgage, LLC 11 2.82% $4,632
LOANDEPOT.COM, LLC 10 3.14% $7,229
PENNYMAC LOAN SERVICES, LLC 10 2.69% $6,631
American Mortgage & Equity Consultants, Inc. 9 3.07% $7,178
CMG MORTGAGE, INC. 9 2.93% $7,924
Barrington Bank & Trust Company, N.A. 8 2.92% $7,325
AXIA FINANCIAL, LLC 8 2.72% $6,133
UNITED WHOLESALE MORTGAGE, LLC 7 2.89% $6,064
MOVEMENT MORTGAGE, LLC 7 2.70% $6,740
First Guaranty Mortgage Corporation 7 2.64% $4,947
Alerus Financial 6 2.65% $5,017
Bank of England 6 2.98% $7,073
Paramount Residential Mortgage Group, Inc. 6 3.27% $8,404
ST. CLOUD FINANCIAL 6 2.56% $5,816
Waterstone Mortgage Corporation 6 2.96% $6,929
AMERICAN PORTFOLIO MORTGAGE CORPORATION 5 2.68% $7,015
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 3.40% $6,792
EVERETT FINANCIAL, INC. 5 2.93% $5,320
UNION HOME MORTGAGE CORP. 5 2.65% $7,302
Lake Area Bank 5 2.78% $5,961
Heritage Bank 4 3.06% $7,849
Old National Bank 4 2.63% $5,812
Goldwater Bank, N.A. 4 2.97% $8,055
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 3.29% $7,374
MEGASTAR FINANCIAL CORP. 3 2.75% $6,139
GUARANTEED RATE AFFINITY, LLC 3 3.17% $6,842
Frandsen Bank & Trust 3 2.71% $6,545
HOMEOWNERS FINANCIAL GROUP USA, LLC 3 2.96% $5,153
GSF Mortgage Corporation 3 2.96% $9,561
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 3 2.25% $5,662
FREEDOM MORTGAGE CORPORATION 2 2.75% $7,420
LEADERONE FINANCIAL CORPORATION 2 2.69% $3,780
DATA MORTGAGE, INC. 2 3.25% $5,928
Merchants Bank 2 2.46% $5,615
CORTRUST MORTGAGE, INC. 2 2.38% $5,310
PARKSIDE LENDING, LLC 2 2.88% $3,725
Plains Commerce Bank 2 2.56% $7,965
PLANET HOME LENDING, LLC 2 2.81% $4,687
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.25% $7,172
Wells Fargo Bank 2 3.13% $1,656
STEARNS LENDING, LLC 2 3.25% $5,495
AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.19% $7,981
U.S. Bank 2 3.13% $5,567
Carrington Mortgage Services, LLC 1 4.75% $4,675
First Bank & Trust 1 3.00% $6,803
Liberty Bank Minnesota 1 2.50% $4,699
Bremer Bank 1 3.00% $8,037
Equity Prime Mortgage LLC 1 3.50% $10,249
Servion, Inc. 1 2.75% $6,733
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 3.75% $8,351
Florida Capital Bank 1 2.50% $9,689
Stifel Bank and Trust 1 2.38% $6,453
MANN FINANCIAL INC. 1 2.75% $7,044
First International Bank & Trust 1 2.75% $6,477
CRESCENT MORTGAGE COMPANY 1 2.75% $10,315
TCF National Bank 1 2.75% $7,482
Loan Simple, Inc. 1 2.25% $12,902
WESTconsin Credit Union 1 3.38% $4,224
TJC Mortgage, Inc. 1 2.25% $5,722
CELEBRITY HOME LOANS, LLC 1 3.25% $8,794
LAKEVIEW LOAN SERVICING, LLC 1 2.75% $3,088
KELLER MORTGAGE, LLC 1 2.75% $3,922

The top Minneapolis USDA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 57 USDA loans originated. Their average total fees are $6,914, which is $63 lower than the next largest lender, BAY EQUITY LLC.

The lowest fee Minneapolis USDA lenders (with over 10 loans originated) are Lend Smart Mortgage, LLC ($4,632), Ixonia Bank ($5,275), Flagstar Bank, FSB ($5,515), HOME POINT FINANCIAL CORPORATION ($5,671) and Prosperity Home Mortgage, LLC ($5,809).

The lowest rate Minneapolis USDA lenders (with over 10 loans originated) are Flagstar Bank, FSB (2.61%), PLAZA HOME MORTGAGE, INC. (2.62%), Bell Bank (2.64%), PENNYMAC LOAN SERVICES, LLC (2.69%) and GUARANTEED RATE, INC. (2.71%).