Michigan USDA Loan Rates, Closing Costs & Stats

Michigan

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 7.02% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

Michigan's average USDA mortgage closing costs are $4,890.

The average rate for the prior week (2024-04-05) was 6.54% and one month ago for the week of 2024-03-08, the average rate was 6.6%.

The average rate one year ago was 6.41%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.94%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNION HOME MORTGAGE CORP. 123 6.93% $7,461
J. VIRGIL, INC. 55 6.75% $6,455
UNITED WHOLESALE MORTGAGE, LLC 47 6.53% $7,128
MORTGAGE 1 INCORPORATED 46 6.38% $7,447
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 39 6.59% $7,173
GVC MORTGAGE, INC. 35 6.98% $6,064
Preston Home Loans Inc 31 6.93% $6,594
Frankenmuth Credit Union 23 6.71% $4,055
Flagstar Bank, FSB 22 6.78% $6,379
Neighborhood Loans, Inc. 21 6.51% $6,835
LAKE MICHIGAN CREDIT UNION 20 6.33% $5,785
CROSSCOUNTRY MORTGAGE, LLC 19 6.81% $7,296
FIRST COMMUNITY MORTGAGE, INC. 16 6.47% $7,160
BLG HOLDINGS, INC. 16 7.16% $7,773
RUOFF MORTGAGE COMPANY, INC. 16 6.51% $2,424
DAS Acquisition Company, LLC 15 6.67% $7,533
NEWREZ LLC 13 6.82% $5,381
TOP FLITE FINANCIAL, INC. 12 6.61% $9,870
CARDINAL FINANCIAL 12 6.73% $6,462
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 7.02% $6,148
Fifth Third Bank 11 6.23% $5,751
PLAZA HOME MORTGAGE, INC. 10 6.19% $7,818
IncredibleBank 10 6.76% $4,154
TOWNE MORTGAGE COMPANY 10 6.45% $7,293
GUILD MORTGAGE COMPANY 9 6.96% $7,435
SUCCESS MORTGAGE PARTNERS, INC. 9 6.44% $8,998
MICHIGAN MUTUAL, INC. 9 6.85% $7,509
ACADEMY MORTGAGE CORPORATION 8 6.50% $6,951
MID AMERICA MORTGAGE, INC. 7 6.84% $5,088
VAN DYK MORTGAGE CORPORATION 7 6.64% $4,023
OAK MORTGAGE, LLC 7 6.46% $4,292
LEGEND LENDING CORPORATION 7 6.91% $7,083
Paramount Residential Mortgage Group, Inc. 7 6.95% $4,901
STAUNTON FINANCIAL, INC. 6 6.38% $4,424
The Huntington National Bank 6 6.67% $5,461
ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 6.96% $4,327
Independent Bank 6 6.65% $4,948
EMM LOANS LLC 5 6.18% $8,199
Honor Credit Union 4 7.28% $4,285
AMERICAN FINANCIAL NETWORK, INC. 4 6.75% $5,830
CALIBER HOME LOANS, INC. 4 6.50% $6,450
ENVOY MORTGAGE, LTD 4 7.03% $6,274
Equity Prime Mortgage LLC 4 6.28% $8,702
First State Bank 4 6.44% $4,796
Isabella Bank 4 7.44% $4,510
Mercantile Bank of Michigan 4 6.50% $5,472
Mortgage Research Center, LLC 4 7.22% $2,690
Platinum Home Mortgage Corporation 4 5.87% $9,121
SECURITY CREDIT UNION 4 7.41% $6,016
The Dart Bank 3 6.75% $6,491
HOMESIDE FINANCIAL, LLC 3 7.17% $7,579
Horizon Bank 3 6.29% $5,534
Bank of England 3 6.75% $7,707
AMERICAN PACIFIC MORTGAGE CORPORATION 3 7.25% $4,581
Dort Financial Credit Union 3 6.63% $3,923
GUARANTEED RATE, INC. 3 6.92% $7,144
BROKER SOLUTIONS, INC. 3 6.71% $6,576
Carrington Mortgage Services, LLC 3 7.00% $5,585
AMERICAN FINANCIAL RESOURCES, INC. 3 6.83% $10,052
HOWARD HANNA FINANCIAL SERVICES, INC. 2 6.38% $5,192
FIRST CENTENNIAL MORTGAGE CORPORATION 2 6.06% $5,204
First Savings Bank 2 6.75% $5,924
First Merchants Bank 2 6.13% $6,165
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.88% $9,483
Century Mortgage Company DBA Century Lending Company 2 6.93% $8,480
ELGA CREDIT UNION 2 6.94% $5,876
University Bank 2 6.50% $7,416
BM Real Estate Services, Inc. 2 6.62% $5,421
Northpointe Bank 2 6.69% $5,649
EVERETT FINANCIAL, INC. 2 6.88% $4,104
CHURCHILL MORTGAGE CORPORATION 2 6.63% $5,317
TEAM ONE CREDIT UNION 2 7.06% $4,728
Plains Commerce Bank 2 6.75% $5,955
Servion, Inc. 1 5.63% $7,705
SUMMIT HOME MORTGAGE, LLC 1 7.25% $3,240
Summit Mortgage Corporation 1 7.63% $5,671
Sunflower Bank 1 6.63% $7,048
T2 FINANCIAL LLC 1 6.50% $8,166
BAY EQUITY LLC 1 6.88% $6,918
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.99% $7,652
GENEVA FINANCIAL, LLC 1 7.25% $8,553
Barrington Bank & Trust Company, N.A. 1 6.63% $5,434
HOMESITE MORTGAGE, LLC 1 7.13% $5,685
FIRST COLONY MORTGAGE CORPORATION 1 7.25% $4,709
FBC MORTGAGE, LLC 1 5.50% $6,582
AMERICAN FINANCING CORPORATION 1 6.13% $9,636
Encompass Lending Group, LP 1 7.50% $6,131
LEADERONE FINANCIAL CORPORATION 1 6.49% $5,366
LIBERTY HOME MORTGAGE CORPORATION 1 6.75% $8,254
MICHIGAN FIRST CREDIT UNION 1 6.25% $6,304
DRAPER AND KRAMER MORTGAGE CORP. 1 6.88% $8,158
MMS MORTGAGE SERVICES, LTD. 1 6.75% $1,598
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 5.63% $9,523
MOVEMENT MORTGAGE, LLC 1 6.63% $5,349
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.63% $8,542
Cornerstone First Mortgage, Inc 1 6.88% $8,081
COMMUNITY FINANCIAL CREDIT UNION 1 5.88% $5,387
Citizens Bank 1 7.75% $3,504
Old National Bank 1 6.75% $4,961
Victorian Finance, LLC 1 5.75% $4,064
ChoiceOne Bank 1 6.25% $3,735
PNC Bank 1 7.50% $3,338
Prosperity Home Mortgage, LLC 1 6.88% $7,630
ROYAL UNITED MORTGAGE LLC 1 7.50% $11,917
Waterstone Mortgage Corporation 1 6.13% $8,280

The top Michigan USDA lender as defined by loan originations is UNION HOME MORTGAGE CORP., with 123 USDA loans originated. Their average total fees are $7,461, which is $1,006 higher than the next largest lender, J. VIRGIL, INC..

The lowest fee Michigan USDA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($2,424), Frankenmuth Credit Union ($4,055), IncredibleBank ($4,154), NEWREZ LLC ($5,381) and Fifth Third Bank ($5,751).

The lowest rate Michigan USDA lenders (with over 10 loans originated) are PLAZA HOME MORTGAGE, INC. (6.19%), Fifth Third Bank (6.23%), LAKE MICHIGAN CREDIT UNION (6.33%), MORTGAGE 1 INCORPORATED (6.38%) and TOWNE MORTGAGE COMPANY (6.45%).