Worcester USDA Loans

WORCESTER, MA-CT

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.

Worcester's 55 lenders originated 257 USDA loans during 2021. The total origination value was $63,895,000, with an average USDA loan value of $248,619.

Worcester USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Worcester averaged 5.5% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-05-06) was 5.23% and one month ago for the week of 2022-04-08, the average rate was 4.79%.

The average rate one year ago was 3.01%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.93%.

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

Worcester 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 Worcester level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
FREEDOM MORTGAGE CORPORATION 40 3.04% $4,300
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 39 3.09% $6,464
Paramount Residential Mortgage Group, Inc. 23 2.90% $6,524
HOME POINT FINANCIAL CORPORATION 13 2.85% $5,631
RESIDENTIAL MORTGAGE SERVICES, INC. 13 3.15% $6,312
NORWICH COMMERCIAL GROUP, INC. 10 3.06% $6,655
PRIMARY RESIDENTIAL MORTGAGE, INC. 9 3.06% $7,308
TOTAL MORTGAGE SERVICES, LLC 9 3.32% $8,211
NEWREZ LLC 7 2.84% $7,419
NORTHPOINT MORTGAGE, INC. 4 3.06% $6,771
Evolve Bank & Trust 4 2.72% $4,656
GUARANTEED RATE, INC. 4 2.88% $6,885
LOANDEPOT.COM, LLC 4 2.94% $6,164
MOVEMENT MORTGAGE, LLC 3 2.79% $10,987
INLAND BANK & TRUST 3 3.00% $6,933
Shamrock Home Loans, Inc. 3 3.04% $6,505
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.96% $6,526
ACADEMY MORTGAGE CORPORATION 3 3.63% $6,747
Carrington Mortgage Services, LLC 3 3.17% $9,596
Charter Oak Federal Credit Union 3 2.63% $4,760
Prosperity Home Mortgage, LLC 3 2.75% $6,736
PLAZA HOME MORTGAGE, INC. 3 2.87% $6,284
UNITED WHOLESALE MORTGAGE, LLC 3 2.86% $6,794
PENNYMAC LOAN SERVICES, LLC 3 2.92% $4,869
Bank of England 3 3.08% $10,419
CALIBER HOME LOANS, INC. 2 2.94% $5,498
ALLIED MORTGAGE GROUP, INC. 2 3.19% $6,381
ENVOY MORTGAGE, LTD 2 3.06% $8,226
FIRST HOME MORTGAGE CORPORATION 2 3.19% $5,916
Flagstar Bank, FSB 2 2.69% $6,374
HARBORONE MORTGAGE, LLC 2 2.75% $5,614
LAKEVIEW LOAN SERVICING, LLC 2 3.00% $3,649
MORTGAGE EQUITY PARTNERS LLC 2 2.50% $6,421
PROVINCE MORTGAGE ASSOCIATES, INC. 2 2.94% $6,609
Sierra Pacific Mortgage Company, Inc. 2 3.06% $7,409
GUARANTEED RATE AFFINITY, LLC 1 2.88% $5,743
BAY EQUITY LLC 1 2.75% $6,595
GENEVA FINANCIAL, LLC 1 2.75% $7,819
Nations Lending Corporation 1 2.50% $6,701
First Guaranty Mortgage Corporation 1 3.50% $8,236
FIRST COMMUNITY MORTGAGE, INC. 1 2.88% $4,127
FINANCE OF AMERICA MORTGAGE LLC 1 2.88% $3,694
EVERETT FINANCIAL, INC. 1 2.88% $4,715
Equity Prime Mortgage LLC 1 2.75% $9,480
EMM LOANS LLC 1 2.88% $6,482
CROSSCOUNTRY MORTGAGE, LLC 1 2.99% $7,049
Country Bank for Savings 1 3.00% $6,754
AMERICAN FINANCIAL NETWORK, INC. 1 2.88% $6,698
RADIUS FINANCIAL GROUP INC. 1 2.25% $6,581
Century Mortgage Company DBA Century Lending Company 1 2.88% $5,733
BROKER SOLUTIONS, INC. 1 2.88% $5,696
Homestar Mortgage, Inc. 1 2.88% $7,345
HUNT MORTGAGE CORPORATION 1 2.63% $6,144
GUILD MORTGAGE COMPANY 1 2.75% $5,810
Wells Fargo Bank 1 3.38% $7,920

The top Worcester USDA lender as defined by loan originations is FREEDOM MORTGAGE CORPORATION, with 40 USDA loans originated. Their average total fees are $4,300, which is $2,164 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Worcester USDA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($4,300), HOME POINT FINANCIAL CORPORATION ($5,631), RESIDENTIAL MORTGAGE SERVICES, INC. ($6,312), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,464) and Paramount Residential Mortgage Group, Inc. ($6,524).

The lowest rate Worcester USDA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (2.85%), Paramount Residential Mortgage Group, Inc. (2.90%), FREEDOM MORTGAGE CORPORATION (3.04%), NORWICH COMMERCIAL GROUP, INC. (3.06%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (3.09%).