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 6.55% for the week of 2024-06-07, compared to the national average (all USDA variants) of 6.699% for the same period.

Ottawa's average USDA mortgage closing costs are $4,047.

The average rate for the prior week (2024-05-31) was 6.73% and one month ago for the week of 2024-05-03, the average rate was 7.02%.

The average rate one year ago was 6.72%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.7%.

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

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%), .