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 -0.53% for the week of 2024-02-23, compared to the national average (all USDA variants) of 0% for the same period.

Maine's average USDA mortgage closing costs are $4,924.

The average rate for the prior week (2024-02-16) was 6.55% and one month ago for the week of 2024-01-19, the average rate was 6.03%.

The average rate one year ago was 5.84%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.26%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Bangor Savings Bank 78 4.06% $5,187
GUILD MORTGAGE COMPANY 72 4.50% $5,768
Machias Savings Bank 62 3.89% $3,775
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 53 4.22% $6,003
CUSO MORTGAGE CORPORATION 30 4.02% $4,985
The Camden National Bank 29 4.34% $5,446
DAS Acquisition Company, LLC 19 4.02% $6,208
First National Bank 15 3.76% $4,953
CMG MORTGAGE, INC. 14 5.15% $6,858
Mortgage Network, Inc. 9 3.36% $5,515
NORTHPOINT MORTGAGE, INC. 9 4.19% $6,750
CALIBER HOME LOANS, INC. 8 4.73% $5,566
LEADERONE FINANCIAL CORPORATION 7 4.95% $5,729
HOMEBRIDGE FINANCIAL SERVICES, INC. 7 4.77% $8,928
UNITED WHOLESALE MORTGAGE, LLC 6 4.80% $7,230
Norway Savings Bank 6 3.50% $5,851
TOTAL MORTGAGE SERVICES, LLC 5 4.14% $6,340
EMM LOANS LLC 5 4.40% $8,085
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 5 4.68% $5,924
HOME POINT FINANCIAL CORPORATION 5 3.23% $6,462
Bath Savings Institution 4 4.50% $4,536
University Credit Union 3 3.08% $5,276
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 4.88% $6,840
Citizens Bank 3 4.92% $7,286
EMBRACE HOME LOANS, INC. 3 3.79% $5,966
EVERETT FINANCIAL, INC. 3 4.83% $3,911
NORTHERN MORTGAGE SERVICES, LLC 3 4.67% $4,067
T2 FINANCIAL LLC 3 4.50% $8,969
NORWICH COMMERCIAL GROUP, INC. 2 5.00% $7,340
OCEANSIDE MORTGAGE COMPANY 2 3.43% $1,228
LOANDEPOT.COM, LLC 2 3.56% $7,506
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.50% $10,504
MEGASTAR FINANCIAL CORP. 2 4.25% $8,924
NEWREZ LLC 2 5.69% $5,202
RESIDENTIAL MORTGAGE SERVICES, INC. 2 3.25% $5,822
ACADEMY MORTGAGE CORPORATION 2 4.75% $6,083
Androscoggin Savings Bank 2 2.88% $5,240
AMERICAN FINANCIAL RESOURCES, INC. 2 5.63% $6,752
Bar Harbor Bank & Trust 2 2.88% $6,218
CROSSCOUNTRY MORTGAGE, LLC 2 4.38% $8,104
First Guaranty Mortgage Corporation 1 3.75% $7,657
Maine Community Bank 1 4.99% $4,820
Meridian Bank Corporation 1 5.13% $6,998
MID AMERICA MORTGAGE, INC. 1 4.88% $4,660
CARDINAL FINANCIAL 1 4.13% $11,610
Bank of England 1 5.63% $8,066
PLAZA HOME MORTGAGE, INC. 1 6.50% $13,839
Prosperity Home Mortgage, LLC 1 6.63% $5,173
RELIANCE FIRST CAPITAL, LLC 1 5.63% $3,621
American Mortgage & Equity Consultants, Inc. 1 5.00% $10,244
Flagstar Bank, FSB 1 3.25% $11,617
Equity Prime Mortgage LLC 1 6.38% $8,095

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%).