Ponce USDA Loan Rates, Closing Costs & Stats

PONCE, PR

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets

    • 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.

    Ponce's 10 lenders originated 34 USDA loans during 2023. The total origination value was $3,990,000, with an average USDA loan value of $117,353.

    Ponce USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Ponce averaged 6.53% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

    Ponce's average USDA mortgage closing costs are $5,583.

    The average rate for the prior week (2024-04-05) was 6.26% and one month ago for the week of 2024-03-08, the average rate was 6.42%.

    The average rate one year ago was 6.12%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.51%.

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

    Ponce 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 Ponce level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    RM ACTUAL MORTGAGE, INC. 8 7.13% $8,231
    FIRST EQUITY MORTGAGE BANKERS, INC. 6 6.33% $6,901
    SUN WEST MORTGAGE COMPANY, INC. 6 6.38% $8,431
    METRO ISLAND MORTGAGE, INC. 2 6.38% $7,131
    THE MONEY HOUSE INC. 2 6.88% $5,469
    Oriental Bank 2 6.00% $5,614
    Banco Popular de Puerto Rico 2 4.75% $7,803
    HOME MORTGAGE BANKERS CORP. 2 6.63% $9,497
    TRUST MORTGAGE, CORP 1 6.25% $4,775
    PREFERRED MORTGAGE CORPORATION 1 6.25% $6,001

    The top Ponce USDA lender as defined by loan originations is RM ACTUAL MORTGAGE, INC., with 8 USDA loans originated. Their average total fees are $8,231, which is $1,330 higher than the next largest lender, FIRST EQUITY MORTGAGE BANKERS, INC..

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

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