California USDA Loan Rates, Closing Costs & Stats

California

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.

California USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in California averaged -0.52% for the week of 2023-11-24, compared to the national average (all USDA variants) of 0% for the same period.

California's average USDA mortgage closing costs are $7,400.

The average rate for the prior week (2023-11-17) was 6.37% and one month ago for the week of 2023-10-20, the average rate was 6.89%.

The average rate one year ago was 6.13%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.68%.

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

California 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 California level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
HOME POINT FINANCIAL CORPORATION 71 3.90% $8,802
UNITED WHOLESALE MORTGAGE, LLC 52 4.58% $10,256
AMERICAN PACIFIC MORTGAGE CORPORATION 37 4.47% $8,351
KINGS MORTGAGE SERVICES, INC. 26 4.31% $12,109
Commerce Home Mortgage, Inc. 24 3.90% $10,977
FIRST NATIONS HOME FINANCE CORPORATION 23 4.45% $7,581
PRIMELENDING, A PLAINSCAPITAL COMPANY 22 4.73% $14,304
CALIBER HOME LOANS, INC. 18 3.96% $10,053
Sierra Pacific Mortgage Company, Inc. 18 4.05% $9,093
SUMMIT FUNDING, INC. 15 4.58% $9,662
GUILD MORTGAGE COMPANY 14 4.08% $12,731
CARDINAL FINANCIAL 14 4.20% $12,746
Century Mortgage Company DBA Century Lending Company 13 4.93% $9,751
PRIMARY RESIDENTIAL MORTGAGE, INC. 12 4.28% $9,768
AXIA FINANCIAL, LLC 11 5.36% $9,235
COUNTRY CLUB MORTGAGE, INC. 11 4.17% $9,199
Paramount Residential Mortgage Group, Inc. 10 4.73% $9,983
FINANCE OF AMERICA MORTGAGE LLC 10 3.87% $10,346
HOMEBRIDGE FINANCIAL SERVICES, INC. 10 4.01% $9,909
MOVEMENT MORTGAGE, LLC 9 4.44% $9,010
LOANDEPOT.COM, LLC 8 3.91% $11,635
NEWREZ LLC 7 5.32% $10,543
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 4.23% $9,194
CROSSCOUNTRY MORTGAGE, LLC 7 4.33% $8,344
Loan Simple, Inc. 6 3.25% $8,659
MOUNTAIN WEST FINANCIAL, INC. 6 4.65% $11,853
Flagstar Bank, FSB 6 3.47% $10,368
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 5 5.00% $10,647
PLAZA HOME MORTGAGE, INC. 4 5.65% $9,617
Wallick & Volk, Inc. 4 4.50% $13,914
Neighborhood Loans, Inc. 4 3.00% $13,352
Nations Lending Corporation 4 5.06% $8,576
VERITAS FUNDING, LLC 4 4.37% $9,440
SCENIC OAKS FUNDING, INC. 4 3.22% $9,931
CMG MORTGAGE, INC. 4 4.28% $11,713
PENNYMAC LOAN SERVICES, LLC 3 3.06% $7,203
ACADEMY MORTGAGE CORPORATION 3 4.92% $12,734
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 4.29% $8,202
BROKER SOLUTIONS, INC. 3 4.87% $8,097
Hometown Equity Mortgage, LLC 3 4.42% $9,816
GUARANTEED RATE, INC. 3 4.46% $11,773
INSPIRE HOME LOANS INC. 3 3.33% $11,336
PLANET HOME LENDING, LLC 2 3.38% $14,347
ALAMEDA MORTGAGE CORPORATION 2 4.25% $7,232
AMCAP MORTGAGE, LTD. 2 5.13% $15,639
DIGNIFIED HOME LOANS, LLC 2 5.88% $11,132
EVERETT FINANCIAL, INC. 2 4.38% $6,824
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 4.56% $3,371
KD CAPITAL MORTGAGE CORPORATION 2 3.87% $6,492
MASON MCDUFFIE MORTGAGE CORPORATION 2 5.94% $9,583
MEGASTAR FINANCIAL CORP. 2 5.38% $8,728
MICHIGAN MUTUAL, INC. 2 5.13% $12,360
NATIONS RELIABLE LENDING, LLC 2 4.38% $12,651
OCMBC, INC. 2 5.88% $8,507
PREMIER MORTGAGE RESOURCES, L.L.C. 2 3.99% $8,273
ROUNDPOINT MORTGAGE SERVICING CORPORATION 2 4.75% $8,173
SUN WEST MORTGAGE COMPANY, INC. 2 5.94% $9,949
Umpqua Bank 2 6.00% $10,675
Wells Fargo Bank 2 5.00% $5,652
AMERICAN FINANCIAL RESOURCES, INC. 1 6.00% $14,641
FBC MORTGAGE, LLC 1 5.00% $13,123
Equity Prime Mortgage LLC 1 3.38% $8,997
Northpointe Bank 1 4.75% $7,855
NOVA FINANCIAL & INVESTMENT CORPORATION 1 4.75% $9,017
Waterstone Mortgage Corporation 1 4.38% $6,640
DRAPER AND KRAMER MORTGAGE CORP. 1 3.00% $18,533
CORNERSTONE HOME LENDING, INC. 1 5.13% $9,091
Cornerstone First Mortgage, Inc 1 3.00% $13,085
Platinum Home Mortgage Corporation 1 6.75% $7,257
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 2.88% $23,373
AMERISAVE MORTGAGE CORPORATION 1 3.50% $7,850
CENTRAL COAST LENDING, INC. 1 4.50% $20,034
Carrington Mortgage Services, LLC 1 6.63% $15,691
RESIDENTIAL BANCORP 1 5.75% $8,302
RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 3.38% $12,665
Amerifirst Financial, Inc. 1 5.00% $3,975
S1L, Inc. 1 5.00% $9,395
CANOPY MORTGAGE, LLC 1 5.63% $8,958
SECURITYNATIONAL MORTGAGE COMPANY 1 3.50% $9,497
CALCON MUTUAL MORTGAGE LLC 1 4.50% $19,884
LAND HOME FINANCIAL SERVICES, INC. 1 3.25% $5,920
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 1 4.13% $21,917
SOVEREIGN LENDING GROUP INCORPORATED 1 3.38% $7,349
Bank of England 1 5.00% $5,509
Summit Mortgage Corporation 1 2.75% $7,514
MORIA DEVELOPMENT, INC. 1 3.63% $6,088
GENEVA FINANCIAL, LLC 1 5.75% $8,596
Florida Capital Bank 1 4.75% $6,814
NATIONS DIRECT MORTGAGE, LLC 1 3.50% $10,994
First Guaranty Mortgage Corporation 1 4.00% $9,934

The top California USDA lender as defined by loan originations is HOME POINT FINANCIAL CORPORATION, with 71 USDA loans originated. Their average total fees are $8,802, which is $1,453 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee California USDA lenders (with over 10 loans originated) are FIRST NATIONS HOME FINANCE CORPORATION ($7,581), AMERICAN PACIFIC MORTGAGE CORPORATION ($8,351), HOME POINT FINANCIAL CORPORATION ($8,802), Sierra Pacific Mortgage Company, Inc. ($9,093) and COUNTRY CLUB MORTGAGE, INC. ($9,199).

The lowest rate California USDA lenders (with over 10 loans originated) are FINANCE OF AMERICA MORTGAGE LLC (3.87%), Commerce Home Mortgage, Inc. (3.90%), HOME POINT FINANCIAL CORPORATION (3.90%), CALIBER HOME LOANS, INC. (3.96%) and HOMEBRIDGE FINANCIAL SERVICES, INC. (4.01%).