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 10 lenders originated 13 USDA loans during 2023. The total origination value was $2,585,000, with an average USDA loan value of $198,846.

Monroe USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Monroe averaged 6.3% for the week of 2024-10-11, compared to the national average (all USDA variants) of 6.08% for the same period.

Monroe's average USDA mortgage closing costs are $5,370.

The average rate for the prior week (2024-10-04) was 6.19% and one month ago for the week of 2024-09-06, the average rate was 6.08%.

The average rate one year ago was 7.57%.

For refis of the same type during the week of 2024-10-11, the average rate was 6.29%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
GVC MORTGAGE, INC. 2 7.38% $3,378
BLG HOLDINGS, INC. 2 6.44% $7,141
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.88% $7,356
LIBERTY HOME MORTGAGE CORPORATION 1 6.75% $8,254
PLAZA HOME MORTGAGE, INC. 1 6.63% $8,330
UNION HOME MORTGAGE CORP. 1 6.63% $6,152
UNITED WHOLESALE MORTGAGE, LLC 1 7.25% $8,419
AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $7,417
University Bank 1 6.25% $8,527
First Merchants Bank 1 6.13% $6,185

The top Monroe USDA lender as defined by loan originations is GVC MORTGAGE, INC., with 2 USDA loans originated. Their average total fees are $3,378, which is $3,763 lower than the next largest lender, BLG HOLDINGS, INC..

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

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