Ottawa USDA Loan Rates, Closing Costs & Stats
Ottawa, IL
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.
Ottawa's 18 lenders originated 43 USDA loans during 2023. The total origination value was $5,165,000, with an average USDA loan value of $120,116.
Ottawa USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Ottawa
averaged
6.91%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Ottawa's average USDA mortgage closing costs are $4,047.
The average rate for the prior week (2024-04-12) was
6.66% and
one month ago for the week of 2024-03-15, the
average rate was 6.44%.
The average rate one year ago was 6.48%.
For refis of the same type during the week of 2024-04-19, the average rate
was 7.06%.
Ottawa 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 Ottawa level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| Community Mortgage Banc Corporation | 16 | 6.91% | $4,304 |
| FIRST STATE MORTGAGE SERVICES, LLC | 4 | 6.94% | $3,976 |
| LOANDEPOT.COM, LLC | 2 | 6.69% | $5,804 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 2 | 7.00% | $7,465 |
| CALIBER HOME LOANS, INC. | 2 | 6.37% | $7,354 |
| The First National Bank of Ottawa | 2 | 7.19% | $4,442 |
| GUILD MORTGAGE COMPANY | 2 | 7.38% | $8,483 |
| Mortgage Research Center, LLC | 1 | 6.75% | $5,296 |
| Plains Commerce Bank | 1 | 6.75% | $5,076 |
| The Federal Savings Bank | 1 | 6.25% | $6,517 |
| Bank of England | 1 | 5.63% | $4,926 |
| Wells Fargo Bank | 1 | 6.63% | $6,413 |
| CARDINAL FINANCIAL | 1 | 5.25% | $8,973 |
| Century Mortgage Company DBA Century Lending Company | 1 | 7.25% | $8,297 |
| CROSSCOUNTRY MORTGAGE, LLC | 1 | 7.25% | $6,851 |
| FIRST CENTENNIAL MORTGAGE CORPORATION | 1 | 6.75% | $4,820 |
| Flanagan State Bank | 1 | 6.63% | $4,496 |
| Ixonia Bank | 1 | 7.00% | $8,167 |
The top Ottawa USDA lender as defined by loan originations is Community Mortgage Banc Corporation, with
16 USDA loans originated. Their average total fees are
$4,304, which is $328
higher than the next largest lender,
FIRST STATE MORTGAGE SERVICES, LLC.
The lowest fee Ottawa USDA lenders (with over 10 loans originated) are
Community Mortgage Banc Corporation ($4,304), .
The lowest rate Ottawa USDA lenders (with over 10 loans originated) are
Community Mortgage Banc Corporation (6.91%), .