Tucson USDA Loan Rates, Closing Costs & Stats
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.
Tucson's 15 lenders originated 55 USDA loans during 2022. The total origination value was $15,585,000, with an average USDA loan value of $283,364.
Tucson USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Tucson
for the week of 2023-12-01, compared to the national average (all USDA variants) of
6.997% for the same period.
Tucson's average USDA mortgage closing costs are $5,300.
The average rate for the prior week (2023-11-24) was 6.65% and one month ago for the week of 2023-10-27, the average rate was 7%.
The average rate one year ago was 6.02%.
For refis of the same type during the week of 2023-12-01, the average rate was 5.33%.
Tucson 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 Tucson level.
|Name||# of Loans||2022 Avg. 30yFix Rate||2022 Avg. Closing Costs|
|NOVA FINANCIAL & INVESTMENT CORPORATION||20||4.95%||$5,605|
|ALTITUDE FINANCIAL CORPORATION||6||4.88%||$6,429|
|DHI MORTGAGE COMPANY, LTD.||4||4.19%||$8,227|
|GUILD MORTGAGE COMPANY||3||4.67%||$11,064|
|FAIRWAY INDEPENDENT MORTGAGE CORPORATION||3||4.62%||$8,125|
|KBHS HOME LOANS, LLC||2||3.56%||$11,215|
|CROSSCOUNTRY MORTGAGE, LLC||2||5.25%||$8,913|
|MOVEMENT MORTGAGE, LLC||2||4.38%||$9,745|
|Prosperity Home Mortgage, LLC||2||3.81%||$7,124|
|SUNSTREET MORTGAGE, LLC||2||5.06%||$8,111|
|UNITED WHOLESALE MORTGAGE, LLC||2||4.58%||$10,361|
|GUARANTEED RATE, INC.||1||3.63%||$8,716|
|V.I.P. MORTGAGE, INC.||1||4.63%||$8,053|
|Nations Lending Corporation||1||3.00%||$3,835|
|CALCON MUTUAL MORTGAGE LLC||1||4.25%||$7,476|
The top Tucson USDA lender as defined by loan originations is NOVA FINANCIAL & INVESTMENT CORPORATION, with
20 USDA loans originated. Their average total fees are
$5,605, which is $824
lower than the next largest lender,
ALTITUDE FINANCIAL CORPORATION.
The lowest fee Tucson USDA lenders (with over 10 loans originated) are NOVA FINANCIAL & INVESTMENT CORPORATION ($5,605), .
The lowest rate Tucson USDA lenders (with over 10 loans originated) are NOVA FINANCIAL & INVESTMENT CORPORATION (4.95%), .