Maine USDA Loan Rates, Closing Costs & Stats

Maine

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.

Maine USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Maine averaged 6.58% for the week of 2024-07-05, compared to the national average (all USDA variants) of 6.738% for the same period.

Maine's average USDA mortgage closing costs are $4,978.

The average rate for the prior week (2024-06-28) was 6.86% and one month ago for the week of 2024-05-31, the average rate was 6.82%.

The average rate one year ago was 6.9%.

For refis of the same type during the week of 2024-07-05, the average rate was 7.12%.

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

Maine 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 Maine level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Bangor Savings Bank 60 5.55% $5,568
Machias Savings Bank 54 5.52% $4,265
GUILD MORTGAGE COMPANY 32 5.60% $6,155
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 27 5.67% $6,349
The Camden National Bank 19 5.64% $4,988
DAS Acquisition Company, LLC 17 5.68% $6,757
CUSO MORTGAGE CORPORATION 15 5.60% $5,386
LEADERONE FINANCIAL CORPORATION 7 6.57% $7,133
First National Bank 6 5.76% $5,350
NORTHPOINT MORTGAGE, INC. 6 5.32% $7,320
TOTAL MORTGAGE SERVICES, LLC 6 5.58% $6,986
University Credit Union 5 5.39% $5,147
NEWREZ LLC 5 6.40% $6,632
CMG MORTGAGE, INC. 5 6.80% $7,932
EMBRACE HOME LOANS, INC. 4 5.81% $5,956
NORWICH COMMERCIAL GROUP, INC. 3 5.55% $7,877
MEGASTAR FINANCIAL CORP. 3 5.48% $8,338
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.38% $7,930
Bar Harbor Bank & Trust 2 4.75% $6,403
BROKER SOLUTIONS, INC. 2 6.38% $9,221
Century Mortgage Company DBA Century Lending Company 2 6.25% $5,267
Citizens Bank 2 6.38% $7,664
Equity Prime Mortgage LLC 2 7.06% $11,109
Norway Savings Bank 2 5.73% $5,027
MOVEMENT MORTGAGE, LLC 1 6.75% $6,503
LOANDEPOT.COM, LLC 1 7.25% $7,881
NORTHERN MORTGAGE SERVICES, LLC 1 6.49% $7,213
ACADEMY MORTGAGE CORPORATION 1 7.25% $8,734
American Mortgage & Equity Consultants, Inc. 1 6.75% $12,706
ENVOY MORTGAGE, LTD 1 7.50% $13,763
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $6,816
SIS BANCORP, MHC 1 5.50% $5,859
CROSSCOUNTRY MORTGAGE, LLC 1 5.50% $5,906
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.50% $6,346
UNITED WHOLESALE MORTGAGE, LLC 1 6.12% $9,318
Mortgage Research Center, LLC 1 5.50% $9,490

The top Maine USDA lender as defined by loan originations is Bangor Savings Bank, with 60 USDA loans originated. Their average total fees are $5,568, which is $1,304 higher than the next largest lender, Machias Savings Bank.

The lowest fee Maine USDA lenders (with over 10 loans originated) are Machias Savings Bank ($4,265), The Camden National Bank ($4,988), CUSO MORTGAGE CORPORATION ($5,386), Bangor Savings Bank ($5,568) and GUILD MORTGAGE COMPANY ($6,155).

The lowest rate Maine USDA lenders (with over 10 loans originated) are Machias Savings Bank (5.52%), Bangor Savings Bank (5.55%), GUILD MORTGAGE COMPANY (5.60%), CUSO MORTGAGE CORPORATION (5.60%) and The Camden National Bank (5.64%).