Mobile USDA Loans
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
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%.
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.
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%).