Panama City USDA Loan Rates, Closing Costs & Stats
PANAMA CITY, FL
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.
Panama City's 12 lenders originated 15 USDA loans during 2023. The total origination value was $3,855,000, with an average USDA loan value of $257,000.
Panama City USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Panama City
averaged
6.3%
for the week of 2024-07-19, compared to the national average (all USDA variants) of
6.628% for the same period.
Panama City's average USDA mortgage closing costs are $5,933.
The average rate for the prior week (2024-07-12) was
6.62% and
one month ago for the week of 2024-06-14, the
average rate was 6.55%.
The average rate one year ago was 6.81%.
For refis of the same type during the week of 2024-07-19, the average rate
was 7.04%.
Panama City 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 Panama City level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| Trustmark National Bank | 3 | 6.25% | $7,679 |
| DHI MORTGAGE COMPANY, LTD. | 2 | 5.38% | $5,499 |
| CMG MORTGAGE, INC. | 1 | 6.50% | $8,683 |
| GUARANTEED RATE, INC. | 1 | 6.15% | $9,849 |
| METROPLEX MORTGAGE SERVICES, INC. | 1 | 6.50% | $9,208 |
| MORTGAGE INVESTORS GROUP, INC. | 1 | 6.25% | $8,536 |
| Northpointe Bank | 1 | 5.75% | $7,649 |
| PLAZA HOME MORTGAGE, INC. | 1 | 6.25% | $7,368 |
| SmartBank | 1 | 6.38% | $7,487 |
| BROKER SOLUTIONS, INC. | 1 | 6.10% | $9,617 |
| UNITED WHOLESALE MORTGAGE, LLC | 1 | 7.13% | $10,114 |
| CARDINAL FINANCIAL | 1 | 6.50% | $7,506 |
The top Panama City USDA lender as defined by loan originations is Trustmark National Bank, with
3 USDA loans originated. Their average total fees are
$7,679, which is $2,180
higher than the next largest lender,
DHI MORTGAGE COMPANY, LTD..
The lowest fee Panama City USDA lenders (with over 10 loans originated) are
.
The lowest rate Panama City USDA lenders (with over 10 loans originated) are
.