Scottsburg USDA Loan Rates, Closing Costs & Stats
Scottsburg, IN
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.
Scottsburg's 16 lenders originated 33 USDA loans during 2023. The total origination value was $5,465,000, with an average USDA loan value of $165,606.
Scottsburg USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Scottsburg
averaged
6.65%
for the week of 2024-11-08, compared to the national average (all USDA variants) of
6.477% for the same period.
Scottsburg's average USDA mortgage closing costs are $4,375.
The average rate for the prior week (2024-11-01) was
6.32% and
one month ago for the week of 2024-10-04, the
average rate was 6.14%.
The average rate one year ago was 7.68%.
For refis of the same type during the week of 2024-11-08, the average rate
was 6.68%.
Scottsburg 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 Scottsburg level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| DIRECT MORTGAGE LOANS, LLC | 10 | 6.70% | $8,614 |
| SUCCESS MORTGAGE PARTNERS, INC. | 4 | 6.63% | $6,394 |
| UNITED WHOLESALE MORTGAGE, LLC | 3 | 6.54% | $6,497 |
| First Savings Bank | 2 | 6.19% | $5,515 |
| Magnolia Bank | 1 | 6.63% | $4,026 |
| MUTUAL OF OMAHA MORTGAGE, INC. | 1 | 5.75% | $4,804 |
| PLAZA HOME MORTGAGE, INC. | 1 | 7.50% | $4,380 |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | 1 | 7.25% | $6,131 |
| RUOFF MORTGAGE COMPANY, INC. | 1 | 7.25% | $2,556 |
| Sierra Pacific Mortgage Company, Inc. | 1 | 6.63% | $3,700 |
| THE MORTGAGE WAREHOUSE,LLC | 1 | 6.13% | $4,458 |
| Century Mortgage Company DBA Century Lending Company | 1 | 6.63% | $3,901 |
| WesBanco | 1 | 7.38% | $5,617 |
| Flagstar Bank, FSB | 1 | 7.25% | $6,646 |
| INSPIRE HOME LOANS INC. | 1 | 6.75% | $8,683 |
| INTERLINC MORTGAGE SERVICES, LLC | 1 | 6.49% | $2,969 |
The top Scottsburg USDA lender as defined by loan originations is DIRECT MORTGAGE LOANS, LLC, with
10 USDA loans originated. Their average total fees are
$8,614, which is $2,220
higher than the next largest lender,
SUCCESS MORTGAGE PARTNERS, INC..
The lowest fee Scottsburg USDA lenders (with over 10 loans originated) are
DIRECT MORTGAGE LOANS, LLC ($8,614), .
The lowest rate Scottsburg USDA lenders (with over 10 loans originated) are
DIRECT MORTGAGE LOANS, LLC (6.70%), .