Monroe USDA Loan Rates, Closing Costs & Stats

MONROE, MI

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.

Monroe's 9 lenders originated 16 USDA loans during 2024. The total origination value was $3,710,000, with an average USDA loan value of $231,875.

Monroe USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Monroe averaged 0.18% for the week of 2025-06-20, compared to the national average (all USDA variants) of 0% for the same period.

Monroe's average USDA mortgage closing costs are $5,553.

The average rate for the prior week (2025-06-13) was 6.58% and one month ago for the week of 2025-05-16, the average rate was 6.84%.

The average rate one year ago was 7.16%.

For refis of the same type during the week of 2025-06-20, the average rate was 0.27%.

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

Monroe USDA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Monroe level.

Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
AMERICAN FINANCIAL NETWORK, INC. 3 6.42% $7,692
MORTGAGE 1 INCORPORATED 3 6.25% $9,794
UNION HOME MORTGAGE CORP. 2 7.13% $7,140
BLG HOLDINGS, INC. 2 6.63% $8,885
First Merchants Bank 1 6.38% $8,050
GUARANTEED RATE, INC. 1 5.18% $9,753
Equity Prime Mortgage LLC 1 5.63% $6,953
PLAZA HOME MORTGAGE, INC. 1 7.13% $5,772
Barrington Bank & Trust Company, N.A. 1 6.25% $8,603

The top Monroe USDA lender as defined by loan originations is AMERICAN FINANCIAL NETWORK, INC., with 3 USDA loans originated. Their average total fees are $7,692, which is $2,102 lower than the next largest lender, MORTGAGE 1 INCORPORATED.

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

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