Maine 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.
Maine USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Maine
for the week of 2023-09-22, compared to the national average (all USDA variants) of
7.021% for the same period.
Maine's average USDA mortgage closing costs are $4,924.
The average rate for the prior week (2023-09-15) was 6.86% and one month ago for the week of 2023-08-18, the average rate was 6.45%.
The average rate one year ago was 5.48%.
For refis of the same type during the week of 2023-09-22, the average rate was 5.96%.
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.
The top Maine USDA lender as defined by loan originations is Bangor Savings Bank, with
78 USDA loans originated. Their average total fees are
$5,187, which is $581
lower than the next largest lender,
GUILD MORTGAGE COMPANY.
The lowest fee Maine USDA lenders (with over 10 loans originated) are Machias Savings Bank ($3,775), First National Bank ($4,953), CUSO MORTGAGE CORPORATION ($4,985), Bangor Savings Bank ($5,187) and The Camden National Bank ($5,446).
The lowest rate Maine USDA lenders (with over 10 loans originated) are First National Bank (3.76%), Machias Savings Bank (3.89%), DAS Acquisition Company, LLC (4.02%), CUSO MORTGAGE CORPORATION (4.02%) and Bangor Savings Bank (4.06%).