California USDA Loan Rates, Closing Costs & Stats

California

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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.

    California USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in California averaged -0.82% for the week of 2023-06-02, 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 (2023-05-26) was 6.02% and one month ago for the week of 2023-04-28, the average rate was 6%.

    The average rate one year ago was 4.36%.

    For refis of the same type during the week of 2023-06-02, the average rate was -1.88%.

    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%).