Springfield USDA Loan Rates, Closing Costs & Stats

SPRINGFIELD, MO

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    • 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 38 lenders originated 160 USDA loans during 2023. The total origination value was $30,950,000, with an average USDA loan value of $193,438.

    Springfield USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Springfield averaged 6.63% for the week of 2024-07-19, compared to the national average (all USDA variants) of 6.628% for the same period.

    Springfield's average USDA mortgage closing costs are $4,190.

    The average rate for the prior week (2024-07-12) was 6.76% and one month ago for the week of 2024-06-14, the average rate was 6.89%.

    The average rate one year ago was 6.54%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.53%.

    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/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Springfield level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FLAT BRANCH MORTGAGE, INC. 24 6.77% $5,419
    DAS Acquisition Company, LLC 20 7.13% $6,522
    GERSHMAN INVESTMENT CORP. 17 6.95% $5,596
    Mortgage Research Center, LLC 8 6.55% $4,124
    The Central Trust Bank 8 6.45% $5,405
    Springfield First Community Bank 7 6.55% $6,475
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 7.02% $6,671
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.54% $8,181
    Paramount Residential Mortgage Group, Inc. 4 6.44% $7,295
    UNITED WHOLESALE MORTGAGE, LLC 4 5.88% $12,238
    GUILD MORTGAGE COMPANY 4 6.50% $5,169
    BROKER SOLUTIONS, INC. 3 6.92% $6,092
    ASSEMBLIES OF GOD Credit Union 3 6.21% $4,221
    Great Southern Bank 3 6.04% $5,151
    Hawthorn Bank 3 6.16% $4,445
    Equity Prime Mortgage LLC 3 6.33% $6,866
    CARDINAL FINANCIAL 2 6.44% $8,079
    Prosperity Home Mortgage, LLC 2 6.63% $4,988
    Oakstar Bank 2 6.19% $4,466
    UNION HOME MORTGAGE CORP. 2 7.25% $9,718
    Arvest Bank 2 7.00% $5,610
    Ameris Bank 2 6.19% $4,032
    U.S. Bank 1 6.63% $4,654
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $5,130
    BancorpSouth 1 5.75% $6,060
    BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 5.99% $5,226
    Commerce Bank 1 6.13% $3,735
    COMMUNITY MORTGAGE, LLC 1 6.75% $3,676
    Flagstar Bank, FSB 1 6.43% $5,821
    HOMESIDE FINANCIAL, LLC 1 7.25% $4,339
    LOANDEPOT.COM, LLC 1 6.63% $5,102
    MORTGAGE FINANCIAL SERVICES, LLC 1 6.49% $6,255
    MOVEMENT MORTGAGE, LLC 1 6.63% $5,474
    Nations Lending Corporation 1 7.50% $3,033
    Servion, Inc. 1 6.25% $4,598
    Simmons Bank 1 6.38% $4,276
    Southern Bank 1 6.50% $4,193
    SUN WEST MORTGAGE COMPANY, INC. 1 5.75% $11,731

    The top Springfield USDA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 24 USDA loans originated. Their average total fees are $5,419, which is $1,103 lower than the next largest lender, DAS Acquisition Company, LLC.

    The lowest fee Springfield USDA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. ($5,419), GERSHMAN INVESTMENT CORP. ($5,596), DAS Acquisition Company, LLC ($6,522), .

    The lowest rate Springfield USDA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. (6.77%), GERSHMAN INVESTMENT CORP. (6.95%), DAS Acquisition Company, LLC (7.13%), .