Springfield USDA Loans

SPRINGFIELD, MO

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.

Springfield's 56 lenders originated 618 USDA loans during 2021. The total origination value was $103,940,000, with an average USDA loan value of $168,188.

Springfield USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Springfield averaged 5.11% 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 5.3% and one month ago for the week of 2022-04-15, the average rate was 4.99%.

The average rate one year ago was 3.14%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.15%.

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

Springfield 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 Springfield level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
FLAT BRANCH MORTGAGE, INC. 93 3.18% $4,054
DAS Acquisition Company, LLC 80 3.16% $4,437
GERSHMAN INVESTMENT CORP. 80 3.10% $4,343
First Guaranty Mortgage Corporation 50 2.86% $5,056
Guaranty Bank 46 2.72% $4,133
BROKER SOLUTIONS, INC. 31 3.21% $4,764
Arvest Bank 23 3.01% $4,279
ASSEMBLIES OF GOD Credit Union 20 2.86% $3,953
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 19 3.08% $4,865
The Central Trust Bank 17 2.90% $4,649
Servion, Inc. 17 2.81% $4,165
Great Southern Bank 17 2.48% $3,992
Oakstar Bank 16 2.73% $3,774
PRIMELENDING, A PLAINSCAPITAL COMPANY 12 3.27% $5,390
PENNYMAC LOAN SERVICES, LLC 10 2.92% $4,778
Springfield First Community Bank 10 2.78% $4,307
LOANDEPOT.COM, LLC 6 3.10% $4,533
U.S. Bank 5 3.30% $4,297
Southern Bank 4 2.91% $3,819
STEARNS LENDING, LLC 4 3.06% $3,114
Regions Bank 4 2.94% $3,562
BancorpSouth Bank 4 2.88% $4,086
ON Q FINANCIAL, INC. 3 3.29% $4,881
PREMIER MORTGAGE RESOURCES, L.L.C. 3 3.08% $4,434
MID AMERICA MORTGAGE, INC. 2 2.56% $1,779
BNC National Bank 2 2.75% $4,093
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 2.69% $3,508
CMG MORTGAGE, INC. 2 3.00% $3,705
EVERETT FINANCIAL, INC. 2 3.56% $3,248
Flagstar Bank, FSB 2 2.88% $6,042
GUARANTEED RATE, INC. 2 3.06% $5,184
GUILD MORTGAGE COMPANY 2 2.81% $4,827
Hometown Lenders, Inc. 2 2.94% $3,833
MOVEMENT MORTGAGE, LLC 2 2.50% $4,027
Hawthorn Bank 1 2.50% $4,459
ACADEMY MORTGAGE CORPORATION 1 3.13% $5,289
American Bank of Oklahoma 1 3.50% $4,818
GUARANTY HOME MORTGAGE CORPORATION 1 3.50% $4,006
Flanagan State Bank 1 3.75% $3,668
First State Community Bank 1 2.50% $4,027
PLAZA HOME MORTGAGE, INC. 1 2.75% $2,906
FIRST INTEGRITY MORTGAGE SERVICES, INC. 1 3.50% $1,407
CORNERSTONE HOME LENDING, INC. 1 2.50% $5,213
Prosperity Home Mortgage, LLC 1 3.25% $3,524
COMMUNITY MORTGAGE, LLC 1 2.75% $4,381
Community Mortgage Banc Corporation 1 2.75% $3,322
Simmons Bank 1 3.13% $4,471
Colten Mortgage, LLC 1 3.75% $3,319
Carrington Mortgage Services, LLC 1 2.25% $5,144
Barrington Bank & Trust Company, N.A. 1 3.13% $4,285
Amerifirst Financial, Inc. 1 2.75% $1,364
TOWNE MORTGAGE COMPANY 1 3.13% $7,737
UMB Bank 1 2.25% $4,601
UNION HOME MORTGAGE CORP. 1 2.75% $8,621
HOME POINT FINANCIAL CORPORATION 1 3.13% $3,518
UNITED WHOLESALE MORTGAGE, LLC 1 3.00% $4,134

The top Springfield USDA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 93 USDA loans originated. Their average total fees are $4,054, which is $382 lower than the next largest lender, DAS Acquisition Company, LLC.

The lowest fee Springfield USDA lenders (with over 10 loans originated) are Oakstar Bank ($3,774), ASSEMBLIES OF GOD Credit Union ($3,953), Great Southern Bank ($3,992), FLAT BRANCH MORTGAGE, INC. ($4,054) and Guaranty Bank ($4,133).

The lowest rate Springfield USDA lenders (with over 10 loans originated) are Great Southern Bank (2.48%), Guaranty Bank (2.72%), Oakstar Bank (2.73%), Springfield First Community Bank (2.78%) and Servion, Inc. (2.81%).