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%).