South Bend USDA Loan Rates, Closing Costs & Stats

SOUTH BEND-MISHAWAKA, IN-MI

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.

South Bend's 10 lenders originated 17 USDA loans during 2024. The total origination value was $3,255,000, with an average USDA loan value of $191,471.

South Bend USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in South Bend averaged 0.57% for the week of 2025-06-20, compared to the national average (all USDA variants) of 0% for the same period.

South Bend's average USDA mortgage closing costs are $4,389.

The average rate for the prior week (2025-06-13) was 6.87% and one month ago for the week of 2025-05-16, the average rate was 6.93%.

The average rate one year ago was 7.05%.

For refis of the same type during the week of 2025-06-20, the average rate was 0.52%.

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

South Bend 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 South Bend level.

Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
CARDINAL FINANCIAL 3 7.25% $5,475
UNION HOME MORTGAGE CORP. 3 6.71% $7,532
HALLMARK HOME MORTGAGE, LLC 2 6.44% $7,373
RUOFF MORTGAGE COMPANY, INC. 2 6.06% $7,608
Honor Credit Union 1 6.88% $4,471
MICHIGAN MUTUAL, INC. 1 7.13% $6,703
GVC MORTGAGE, INC. 1 6.25% $5,876
SUCCESS MORTGAGE PARTNERS, INC. 1 6.00% $5,305
TOWNE MORTGAGE COMPANY 1 6.63% $7,485
HOMESITE MORTGAGE, LLC 1 6.88% $10,557

The top South Bend USDA lender as defined by loan originations is CARDINAL FINANCIAL, with 3 USDA loans originated. Their average total fees are $5,475, which is $2,057 lower than the next largest lender, UNION HOME MORTGAGE CORP..

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

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