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 averaged 5.41% 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%.

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

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.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
RESIDENTIAL MORTGAGE SERVICES, INC. 26 2.75% $6,084
CMG MORTGAGE, INC. 19 2.97% $6,702
Bangor Savings Bank 15 2.86% $6,403
Mortgage Network, Inc. 11 2.93% $6,291
The Camden National Bank 11 2.84% $5,618
UNITED WHOLESALE MORTGAGE, LLC 10 2.92% $7,396
HOMEBRIDGE FINANCIAL SERVICES, INC. 9 3.33% $9,547
NORTHPOINT MORTGAGE, INC. 7 3.05% $7,143
DAS Acquisition Company, LLC 6 3.44% $6,393
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 3.00% $6,040
HARBORONE MORTGAGE, LLC 5 2.73% $7,162
TOTAL MORTGAGE SERVICES, LLC 5 3.08% $6,171
Citizens Bank 5 2.93% $8,673
LOANDEPOT.COM, LLC 4 3.06% $6,578
NORWICH COMMERCIAL GROUP, INC. 4 2.84% $5,999
ACADEMY MORTGAGE CORPORATION 3 2.88% $5,088
Bath Savings Institution 3 2.92% $5,942
GUILD MORTGAGE COMPANY 3 3.04% $6,220
MEGASTAR FINANCIAL CORP. 3 2.58% $6,003
Carrington Mortgage Services, LLC 2 2.63% $5,268
EVERETT FINANCIAL, INC. 2 3.19% $5,226
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 2.88% $6,821
CALIBER HOME LOANS, INC. 2 2.75% $5,910
Waterstone Mortgage Corporation 2 3.81% $6,298
HOME POINT FINANCIAL CORPORATION 2 2.93% $5,761
EMBRACE HOME LOANS, INC. 2 2.75% $5,352
LEADERONE FINANCIAL CORPORATION 2 2.94% $6,661
University Credit Union 2 2.88% $5,946
CUSO MORTGAGE CORPORATION 2 2.81% $8,627
GUARANTEED RATE, INC. 1 2.50% $5,630
Ixonia Bank 1 3.13% $5,949
MID AMERICA MORTGAGE, INC. 1 2.50% $933
NEWREZ LLC 1 3.00% $5,635
OCEANSIDE MORTGAGE COMPANY 1 3.00% $2,236
Servion, Inc. 1 2.75% $5,633
Bank of England 1 2.63% $6,975
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.13% $6,989
AMERICAN FINANCIAL RESOURCES, INC. 1 2.75% $4,462
Flagstar Bank, FSB 1 2.63% $6,374

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%).