Michigan USDA Loan Rates, Closing Costs & Stats

Michigan

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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.

    Michigan USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Michigan averaged -0.27% for the week of 2023-11-24, compared to the national average (all USDA variants) of 0% for the same period.

    Michigan's average USDA mortgage closing costs are $4,807.

    The average rate for the prior week (2023-11-17) was 7.22% and one month ago for the week of 2023-10-20, the average rate was 7.24%.

    The average rate one year ago was 6.58%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.31%.

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

    Michigan 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 Michigan level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    AMERIFIRST FINANCIAL CORPORATION 180 5.24% $6,564
    J. VIRGIL, INC. 122 5.09% $7,346
    MORTGAGE 1 INCORPORATED 100 5.05% $7,099
    Flagstar Bank, FSB 70 4.65% $4,967
    UNION HOME MORTGAGE CORP. 62 5.21% $5,951
    Preston Home Loans Inc 50 5.47% $6,314
    UNITED WHOLESALE MORTGAGE, LLC 50 4.57% $6,284
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 47 5.02% $6,781
    GVC MORTGAGE, INC. 42 5.36% $5,523
    SUCCESS MORTGAGE PARTNERS, INC. 40 5.05% $7,871
    CALIBER HOME LOANS, INC. 35 4.82% $6,056
    RUOFF MORTGAGE COMPANY, INC. 35 4.88% $2,685
    PLAZA HOME MORTGAGE, INC. 33 5.02% $4,961
    LEGEND LENDING CORPORATION 31 6.30% $4,339
    Frankenmuth Credit Union 31 5.69% $4,051
    HOME POINT FINANCIAL CORPORATION 31 4.72% $5,397
    CARDINAL FINANCIAL 30 5.43% $6,466
    Neighborhood Loans, Inc. 30 5.01% $6,316
    CROSSCOUNTRY MORTGAGE, LLC 29 4.99% $5,711
    TOP FLITE FINANCIAL, INC. 28 5.32% $8,116
    OAK MORTGAGE, LLC 28 4.96% $3,998
    LAKE MICHIGAN CREDIT UNION 27 4.24% $5,685
    VAN DYK MORTGAGE CORPORATION 24 4.90% $4,089
    FINANCE OF AMERICA MORTGAGE LLC 22 4.61% $4,533
    PENNYMAC LOAN SERVICES, LLC 21 3.10% $5,614
    EVERETT FINANCIAL, INC. 18 5.80% $3,515
    GUARANTEED RATE, INC. 17 5.01% $5,745
    ENVOY MORTGAGE, LTD 17 5.22% $6,796
    DAS Acquisition Company, LLC 16 5.82% $6,821
    MID AMERICA MORTGAGE, INC. 16 5.97% $4,014
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 5.19% $5,462
    The Dart Bank 15 4.48% $5,257
    BLG HOLDINGS, INC. 15 5.19% $7,464
    Fifth Third Bank 15 4.89% $5,471
    IncredibleBank 15 4.58% $4,071
    MMS MORTGAGE SERVICES, LTD. 14 5.66% $4,743
    ACADEMY MORTGAGE CORPORATION 14 4.64% $5,989
    Independent Bank 14 4.66% $5,138
    The Huntington National Bank 13 5.42% $4,703
    MICHIGAN MUTUAL, INC. 12 5.24% $7,489
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 10 4.76% $4,272
    COMMUNITY FINANCIAL CREDIT UNION 9 5.60% $4,512
    UNIVERSITY LENDING GROUP, LLC 9 5.21% $7,116
    Isabella Bank 8 5.66% $3,753
    PRIMELENDING, A PLAINSCAPITAL COMPANY 8 4.98% $7,161
    PFCU 8 4.83% $4,718
    STAUNTON FINANCIAL, INC. 8 5.22% $6,252
    Mercantile Bank of Michigan 7 4.18% $4,600
    CHERRY CREEK MORTGAGE, LLC 7 5.02% $1,762
    INLANTA MORTGAGE, INC. 7 4.77% $6,021
    ROSS MORTGAGE CORPORATION 6 5.50% $3,138
    NORTHERN MORTGAGE SERVICES, LLC 6 5.00% $2,185
    Carrington Mortgage Services, LLC 6 4.40% $5,882
    GENEVA FINANCIAL, LLC 6 4.85% $5,806
    T2 FINANCIAL LLC 5 5.45% $9,156
    TOWNE MORTGAGE COMPANY 5 5.23% $6,097
    Century Mortgage Company DBA Century Lending Company 5 4.10% $5,616
    MEMBERS FIRST Credit Union 5 5.18% $2,517
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 5 4.08% $5,753
    First State Bank 5 5.45% $5,954
    HOMESITE MORTGAGE, LLC 5 5.20% $3,115
    Wells Fargo Bank 4 5.34% $4,372
    Bank of England 4 4.38% $7,552
    HEALTH ADVANTAGE FEDERAL CREDIT UNION 4 5.28% $3,856
    Equity Prime Mortgage LLC 3 6.00% $6,534
    Paramount Residential Mortgage Group, Inc. 3 4.50% $5,853
    FIRST COMMUNITY MORTGAGE, INC. 3 6.42% $6,662
    NEWREZ LLC 3 6.71% $7,494
    Citizens Bank 3 4.25% $4,288
    BROKER SOLUTIONS, INC. 3 5.24% $7,081
    Platinum Home Mortgage Corporation 3 3.66% $10,530
    TEAM ONE CREDIT UNION 3 4.96% $2,213
    AMERICAN FINANCIAL RESOURCES, INC. 2 5.69% $4,894
    Honor Credit Union 2 4.81% $3,859
    LOANDEPOT.COM, LLC 2 4.75% $7,486
    HOMESIDE FINANCIAL, LLC 2 5.31% $7,610
    Mortgage Research Center, LLC 2 6.62% $2,938
    FIRST HERITAGE FINANCIAL, LLC 2 3.81% $5,069
    Northpointe Bank 2 3.13% $3,971
    FIRST CENTENNIAL MORTGAGE CORPORATION 2 5.63% $3,937
    PLANET HOME LENDING, LLC 2 4.25% $4,340
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 4.00% $7,060
    PREFERRED CREDIT UNION 2 5.75% $4,723
    Prosperity Home Mortgage, LLC 2 4.75% $5,377
    CoVantage Credit Union 2 5.94% $2,474
    CORNERSTONE HOME LENDING, INC. 2 6.13% $6,450
    STOCKTON MORTGAGE CORPORATION 2 4.81% $6,111
    Sunflower Bank 2 5.19% $4,824
    CHURCHILL MORTGAGE CORPORATION 2 3.88% $6,479
    ChoiceOne Bank 2 4.63% $4,001
    Austin Capital Bank SSB 2 5.44% $6,661
    Waterstone Mortgage Corporation 2 3.88% $7,531
    Plains Commerce Bank 1 6.00% $13,704
    CIBM Bank 1 3.63% $4,382
    MEMBER FIRST MORTGAGE, LLC 1 5.50% $5,456
    US MORTGAGE CORPORATION 1 7.13% $8,051
    PNC Bank 1 3.88% $2,946
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 2.88% $3,915
    DELMAR FINANCIAL COMPANY 1 5.38% $5,969
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.75% $7,988
    CREDIT UNION ONE 1 3.63% $4,956
    LAFCU 1 6.00% $4,544
    UNITED 1 5.25% $6,653
    BAYSHORE MORTGAGE FUNDING, LLC 1 4.13% $6,069
    SECURITY CREDIT UNION 1 7.75% $6,945
    Servion, Inc. 1 3.50% $3,456
    Sierra Pacific Mortgage Company, Inc. 1 3.13% $6,222
    Commercial Bank 1 7.20% $3,749
    University Bank 1 5.50% $9,575
    CMG MORTGAGE, INC. 1 3.88% $5,684
    Ixonia Bank 1 5.13% $5,625
    FLAT BRANCH MORTGAGE, INC. 1 3.75% $10,395
    First Savings Bank 1 3.63% $7,146
    Hometown Lenders, Inc. 1 4.75% $8,808
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.75% $9,117
    MYCUMORTGAGE, LLC 1 2.63% $4,024
    NATIONS RELIABLE LENDING, LLC 1 7.00% $7,985
    LEADERONE FINANCIAL CORPORATION 1 4.00% $4,672
    FREEDOM MORTGAGE CORPORATION 1 2.63% $5,201
    GUARANTY HOME MORTGAGE CORPORATION 1 5.75% $2,998
    Circle Federal Credit Union 1 5.00% $4,086
    The Federal Savings Bank 1 5.25% $7,779
    Old National Bank 1 3.50% $3,593
    OMNI Community Credit Union 1 5.25% $4,338
    MICHIGAN FIRST CREDIT UNION 1 4.63% $6,032
    EQUITY RESOURCES, INC. 1 5.63% $5,627
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.49% $5,016

    The top Michigan USDA lender as defined by loan originations is AMERIFIRST FINANCIAL CORPORATION, with 180 USDA loans originated. Their average total fees are $6,564, which is $782 lower than the next largest lender, J. VIRGIL, INC..

    The lowest fee Michigan USDA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($2,685), EVERETT FINANCIAL, INC. ($3,515), OAK MORTGAGE, LLC ($3,998), MID AMERICA MORTGAGE, INC. ($4,014) and Frankenmuth Credit Union ($4,051).

    The lowest rate Michigan USDA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.10%), LAKE MICHIGAN CREDIT UNION (4.24%), The Dart Bank (4.48%), UNITED WHOLESALE MORTGAGE, LLC (4.57%) and IncredibleBank (4.58%).