Mobile USDA Loans

MOBILE, AL

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.

Mobile's 51 lenders originated 344 USDA loans during 2021. The total origination value was $62,110,000, with an average USDA loan value of $180,552.

Mobile USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Mobile averaged 5.43% 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 5.22% and one month ago for the week of 2022-04-15, the average rate was 5.11%.

The average rate one year ago was 3.36%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.32%.

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

Mobile 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 Mobile level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
EMBRACE HOME LOANS, INC. 42 3.02% $4,642
Trustmark National Bank 32 2.55% $4,542
GMFS LLC 26 2.92% $2,777
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 26 3.05% $4,465
SWBC MORTGAGE CORPORATION 25 2.97% $2,985
FIRST COMMUNITY MORTGAGE, INC. 17 2.98% $4,031
DHI MORTGAGE COMPANY, LTD. 16 2.69% $4,504
DIRECT MORTGAGE LOANS, LLC 13 2.90% $6,793
CALIBER HOME LOANS, INC. 12 3.08% $5,186
Flagstar Bank, FSB 11 3.09% $5,109
Renasant Bank 10 2.96% $4,856
HOMETRUST MORTGAGE COMPANY 9 2.92% $4,519
CMG MORTGAGE, INC. 8 2.94% $5,519
A Mortgage Boutique, LLC 8 2.95% $5,142
Hometown Lenders, Inc. 6 3.19% $5,786
Bank of England 5 3.25% $6,593
HOME POINT FINANCIAL CORPORATION 5 2.80% $5,642
MOVEMENT MORTGAGE, LLC 5 2.78% $5,007
BancorpSouth Bank 5 2.85% $4,760
PACIFIC RESIDENTIAL MORTGAGE, LLC 4 3.47% $4,672
FirstBank 4 2.91% $4,518
AMERICAN HOME LENDING USA, LLC 4 3.12% $5,487
HOMESIDE FINANCIAL, LLC 3 3.29% $4,799
Community Bank of Mississippi 3 2.83% $1,884
THE MORTGAGE FIRM, INC. 3 3.17% $4,418
Prosperity Home Mortgage, LLC 3 3.08% $3,969
HOMESTAR FINANCIAL CORPORATION 3 3.33% $3,182
LOANDEPOT.COM, LLC 2 3.25% $5,950
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.44% $4,827
First Federal Bank, A FSB 2 3.00% $3,582
First Horizon Bank 2 3.13% $4,467
NEWREZ LLC 2 2.31% $4,913
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.31% $3,982
Regions Bank 2 2.63% $1,928
MORTGAGE FINANCIAL SERVICES, LLC 1 3.50% $1,641
Hancock Whitney Bank 1 2.25% $4,413
NATIONS DIRECT MORTGAGE, LLC 1 3.00% $7,594
Consumer First Mortgage, Inc. 1 2.50% $5,575
OPEN MORTGAGE, LLC 1 3.63% $4,901
GUARANTY HOME MORTGAGE CORPORATION 1 2.75% $4,881
PENNYMAC LOAN SERVICES, LLC 1 2.50% $6,469
Colten Mortgage, LLC 1 2.75% $6,023
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.88% $4,913
GoPrime Mortgage, Inc. 1 3.25% $3,919
UNITED WHOLESALE MORTGAGE, LLC 1 2.63% $6,478
ENVOY MORTGAGE, LTD 1 2.50% $10,776
DAS Acquisition Company, LLC 1 3.25% $4,001
Synovus Bank 1 2.63% $4,751
KEESLER 1 3.00% $4,001
Magnolia Bank 1 3.13% $4,133
MICHIGAN MUTUAL, INC. 1 3.00% $5,111

The top Mobile USDA lender as defined by loan originations is EMBRACE HOME LOANS, INC., with 42 USDA loans originated. Their average total fees are $4,642, which is $100 higher than the next largest lender, Trustmark National Bank.

The lowest fee Mobile USDA lenders (with over 10 loans originated) are GMFS LLC ($2,777), SWBC MORTGAGE CORPORATION ($2,985), FIRST COMMUNITY MORTGAGE, INC. ($4,031), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($4,465) and DHI MORTGAGE COMPANY, LTD. ($4,504).

The lowest rate Mobile USDA lenders (with over 10 loans originated) are Trustmark National Bank (2.55%), DHI MORTGAGE COMPANY, LTD. (2.69%), DIRECT MORTGAGE LOANS, LLC (2.90%), GMFS LLC (2.92%) and Renasant Bank (2.96%).