Spokane USDA Loans

SPOKANE-SPOKANE VALLEY, WA

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.

Spokane's 16 lenders originated 40 USDA loans during 2021. The total origination value was $12,600,000, with an average USDA loan value of $315,000.

Spokane USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Spokane averaged 5.26% for the week of 2022-05-20, compared to the national average (all USDA variants) of 5.315% for the same period.

The average rate for the prior week (2022-05-13) was 5.15% and one month ago for the week of 2022-04-15, the average rate was 4.94%.

The average rate one year ago was 3.09%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.2%.

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

Spokane 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 Spokane level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 3.00% $9,253
ACADEMY MORTGAGE CORPORATION 3 3.08% $4,646
CHERRY CREEK MORTGAGE, LLC 2 3.25% $1,672
AMERICAN PACIFIC MORTGAGE CORPORATION 2 2.88% $8,918
Northpointe Bank 2 3.13% $6,595
Flagstar Bank, FSB 2 2.81% $5,990
BROKER SOLUTIONS, INC. 2 3.38% $6,592
HOMESIDE FINANCIAL, LLC 1 2.75% $6,404
LEADERONE FINANCIAL CORPORATION 1 2.75% $8,358
SUMMIT FUNDING, INC. 1 3.75% $9,996
BAY EQUITY LLC 1 2.63% $6,143
Sunflower Bank 1 2.99% $9,401
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.88% $8,642
CROSSCOUNTRY MORTGAGE, LLC 1 2.25% $7,653
ENVOY MORTGAGE, LTD 1 2.88% $11,645
GENEVA FINANCIAL, LLC 1 2.75% $5,432

The top Spokane USDA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 4 USDA loans originated. Their average total fees are $9,253, which is $4,607 higher than the next largest lender, ACADEMY MORTGAGE CORPORATION.

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

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