Portland USDA Loans
PORTLAND-SOUTH PORTLAND, ME
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.
Portland's 39 lenders originated 229 USDA loans during 2021. The total origination value was $64,015,000, with an average USDA loan value of $279,541.
Portland USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Portland
for the week of 2022-05-13, compared to the national average (all USDA variants) of
5.294% for the same period.
The average rate for the prior week (2022-05-06) was 5.44% and one month ago for the week of 2022-04-08, the average rate was 4.7%.
The average rate one year ago was 3.32%.
For refis of the same type during the week of 2022-05-13, the average rate was 4.93%.
Portland USDA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Portland level.
The top Portland USDA lender as defined by loan originations is RESIDENTIAL MORTGAGE SERVICES, INC., with
26 USDA loans originated. Their average total fees are
$6,084, which is $619
lower than the next largest lender,
CMG MORTGAGE, INC..
The lowest fee Portland USDA lenders (with over 10 loans originated) are The Camden National Bank ($5,618), RESIDENTIAL MORTGAGE SERVICES, INC. ($6,084), Mortgage Network, Inc. ($6,291), Bangor Savings Bank ($6,403) and CMG MORTGAGE, INC. ($6,702).
The lowest rate Portland USDA lenders (with over 10 loans originated) are RESIDENTIAL MORTGAGE SERVICES, INC. (2.75%), The Camden National Bank (2.84%), Bangor Savings Bank (2.86%), UNITED WHOLESALE MORTGAGE, LLC (2.92%) and Mortgage Network, Inc. (2.93%).