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 6.39% for the week of 2023-03-17, compared to the national average (all USDA variants) of 6.497% for the same period.

Michigan's average USDA mortgage closing costs are $4,696.

The average rate for the prior week (2023-03-10) was 6.51% and one month ago for the week of 2023-02-10, the average rate was 6.37%.

The average rate one year ago was 4.26%.

For refis of the same type during the week of 2023-03-17, the average rate was 6.18%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
AMERIFIRST FINANCIAL CORPORATION 439 3.32% $5,575
MORTGAGE 1 INCORPORATED 246 3.24% $6,072
J. VIRGIL, INC. 238 3.11% $6,596
UNION HOME MORTGAGE CORP. 200 3.00% $5,042
Flagstar Bank, FSB 119 2.84% $4,396
GVC MORTGAGE, INC. 82 3.43% $4,521
HOME POINT FINANCIAL CORPORATION 76 2.91% $4,328
SUCCESS MORTGAGE PARTNERS, INC. 75 3.21% $6,542
Neighborhood Loans, Inc. 72 3.06% $4,659
RUOFF MORTGAGE COMPANY, INC. 69 3.09% $2,333
MID AMERICA MORTGAGE, INC. 68 3.32% $3,938
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 65 2.93% $6,019
CALIBER HOME LOANS, INC. 64 3.00% $4,691
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 62 3.02% $5,933
ACADEMY MORTGAGE CORPORATION 56 3.49% $5,206
TOP FLITE FINANCIAL, INC. 53 3.32% $6,196
PLAZA HOME MORTGAGE, INC. 53 3.19% $4,509
Frankenmuth Credit Union 52 2.96% $3,919
UNITED WHOLESALE MORTGAGE, LLC 49 2.87% $5,852
Preston Home Loans Inc 48 3.07% $5,193
LAKE MICHIGAN CREDIT UNION 43 2.81% $5,125
BLG HOLDINGS, INC. 43 3.06% $5,593
VAN DYK MORTGAGE CORPORATION 40 3.13% $3,058
OAK MORTGAGE, LLC 39 2.88% $4,146
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 34 3.09% $5,235
CROSSCOUNTRY MORTGAGE, LLC 33 3.07% $4,873
MICHIGAN MUTUAL, INC. 30 3.20% $5,442
PRIMELENDING, A PLAINSCAPITAL COMPANY 30 3.30% $5,412
PENNYMAC LOAN SERVICES, LLC 28 2.98% $4,698
ARK-LA-TEX FINANCIAL SERVICES, LLC. 27 3.27% $4,765
FINANCE OF AMERICA MORTGAGE LLC 27 3.16% $4,673
Independent Bank 26 3.13% $4,348
mBank 25 2.93% $3,283
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 24 3.28% $6,034
ENVOY MORTGAGE, LTD 22 3.55% $5,004
STAUNTON FINANCIAL, INC. 22 2.77% $5,195
Fifth Third Bank 22 3.04% $4,842
NORTHERN MORTGAGE SERVICES, LLC 21 2.83% $3,405
IncredibleBank 19 2.74% $3,463
UNIVERSITY LENDING GROUP, LLC 18 2.89% $5,399
GUARANTEED RATE, INC. 17 3.31% $5,149
MMS MORTGAGE SERVICES, LTD. 17 3.72% $2,084
The Huntington National Bank 17 2.94% $4,004
TEAM ONE CREDIT UNION 16 3.05% $1,162
INLANTA MORTGAGE, INC. 16 3.59% $4,794
ROSS MORTGAGE CORPORATION 16 3.36% $5,732
Isabella Bank 14 3.34% $3,922
COMMUNITY FINANCIAL CREDIT UNION 13 3.17% $3,734
TOWNE MORTGAGE COMPANY 12 3.38% $4,649
Mercantile Bank of Michigan 12 2.86% $3,949
Platinum Home Mortgage Corporation 11 2.93% $5,929
TCF National Bank 11 2.60% $4,168
The Dart Bank 11 3.13% $4,306
PARKSIDE LENDING, LLC 11 3.06% $3,841
CHERRY CREEK MORTGAGE, LLC 11 3.01% $1,974
SECURITY CREDIT UNION 10 3.30% $4,368
Carrington Mortgage Services, LLC 9 3.21% $4,451
Paramount Residential Mortgage Group, Inc. 9 2.99% $5,895
LOANDEPOT.COM, LLC 9 3.15% $6,366
Bank of England 9 3.13% $4,944
Colten Mortgage, LLC 8 2.92% $5,184
CHURCHILL MORTGAGE CORPORATION 8 3.16% $5,028
Northpointe Bank 7 2.82% $5,130
FREEDOM MORTGAGE CORPORATION 7 2.88% $5,711
Old National Bank 7 2.71% $5,157
BROKER SOLUTIONS, INC. 7 3.48% $4,565
Sierra Pacific Mortgage Company, Inc. 7 2.73% $7,194
AMERICAN FINANCIAL NETWORK, INC. 7 3.04% $7,967
MEMBERS FIRST Credit Union 6 2.83% $2,406
EVERETT FINANCIAL, INC. 6 3.58% $3,319
PFCU 6 3.17% $4,330
POLARIS HOME FUNDING CORP. 6 2.81% $4,356
Wells Fargo Bank 6 3.06% $2,428
First Guaranty Mortgage Corporation 6 2.69% $5,404
T2 FINANCIAL LLC 6 3.15% $7,424
Citizens Bank 6 3.15% $4,071
MEMBER FIRST MORTGAGE, LLC 6 3.19% $4,150
STOCKTON MORTGAGE CORPORATION 6 3.42% $5,690
GENEVA FINANCIAL, LLC 6 3.02% $5,612
HOMESITE MORTGAGE, LLC 5 3.12% $5,755
Circle Federal Credit Union 5 2.88% $3,845
HEALTH ADVANTAGE FEDERAL CREDIT UNION 5 2.80% $3,955
Hometown Lenders, Inc. 5 2.85% $6,482
FIRST HERITAGE FINANCIAL, LLC 5 2.75% $4,876
MOVEMENT MORTGAGE, LLC 4 3.00% $4,945
Bank of Ann Arbor 4 2.94% $4,728
SOUTHWEST FUNDING, LP 4 3.31% $6,629
First State Bank 4 3.47% $4,770
Honor Credit Union 4 2.91% $3,992
CIBM Bank 4 2.97% $4,710
Sunflower Bank 3 3.00% $4,844
AMERICAN FINANCIAL RESOURCES, INC. 3 3.42% $5,612
ELGA CREDIT UNION 3 2.96% $4,686
U.S. Bank 3 3.50% $3,913
AMERICAN PORTFOLIO MORTGAGE CORPORATION 3 2.63% $3,975
PNC Bank 3 2.83% $2,858
INSPIRE HOME LOANS INC. 3 3.25% $5,609
Dort Financial Credit Union 3 3.00% $3,208
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 3 3.38% $5,285
PLANET HOME LENDING, LLC 2 2.75% $4,808
FIRST STATE MORTGAGE SERVICES, LLC 2 2.69% $4,270
EMBRACE HOME LOANS, INC. 2 3.31% $5,879
GUARANTY HOME MORTGAGE CORPORATION 2 3.25% $5,442
HOMESIDE FINANCIAL, LLC 2 3.13% $5,459
Horizon Bank 2 3.25% $3,551
CONTOUR MORTGAGE CORPORATION 2 3.56% $5,058
KELLER MORTGAGE, LLC 2 2.56% $4,998
LAKEVIEW LOAN SERVICING, LLC 2 3.00% $3,664
MYCUMORTGAGE, LLC 2 2.69% $4,554
Nations Lending Corporation 2 3.06% $4,224
NATIONS RELIABLE LENDING, LLC 2 3.63% $6,839
NFM, INC. 2 3.00% $1,465
Century Mortgage Company DBA Century Lending Company 2 3.38% $5,736
OMNI Community Credit Union 2 3.39% $3,610
Pacor Mortgage Corp 2 3.13% $4,445
BAYSHORE MORTGAGE FUNDING, LLC 2 3.88% $5,437
PREFERRED CREDIT UNION 2 2.50% $4,515
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.19% $4,784
SIGNATURE MORTGAGE CORPORATION 2 3.06% $5,442
Austin Capital Bank SSB 2 3.13% $5,377
SUMMIT FUNDING, INC. 2 3.00% $4,815
UNITED 2 3.13% $5,175
United Bank of Michigan 2 2.75% $3,802
ADVISORS CAPITAL, INC. 2 2.94% $4,301
FLAT BRANCH MORTGAGE, INC. 1 3.13% $5,096
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.63% $4,410
EQUITY RESOURCES, INC. 1 2.88% $2,743
ChoiceOne Bank 1 3.63% $3,217
V.I.P. MORTGAGE, INC. 1 3.25% $6,012
First Savings Bank 1 3.50% $5,284
LAFCU 1 3.00% $4,372
SUN WEST MORTGAGE COMPANY, INC. 1 2.75% $3,129
Kellogg Community Credit Union 1 3.00% $4,107
Ixonia Bank 1 3.25% $5,290
County National Bank 1 3.50% $3,932
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $8,916
DAS Acquisition Company, LLC 1 3.50% $5,419
TJC Mortgage, Inc. 1 2.88% $4,980
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.75% $5,205
GSF Mortgage Corporation 1 3.00% $4,041
American Mortgage & Equity Consultants, Inc. 1 2.63% $9,265
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 3.38% $4,185
First Option Mortgage, LLC 1 2.25% $5,218
UNITED FINANCIAL Credit Union 1 2.63% $4,229
Barrington Bank & Trust Company, N.A. 1 2.75% $6,384
First Federal Bank of the Midwest 1 3.13% $4,064
OPEN MORTGAGE, LLC 1 2.63% $3,773
SECURITYNATIONAL MORTGAGE COMPANY 1 3.63% $6,637
Servion, Inc. 1 2.75% $4,426
OCEANSIDE MORTGAGE COMPANY 1 3.13% $1,198

The top Michigan USDA lender as defined by loan originations is AMERIFIRST FINANCIAL CORPORATION, with 439 USDA loans originated. Their average total fees are $5,575, which is $498 lower than the next largest lender, MORTGAGE 1 INCORPORATED.

The lowest fee Michigan USDA lenders (with over 10 loans originated) are TEAM ONE CREDIT UNION ($1,162), CHERRY CREEK MORTGAGE, LLC ($1,974), MMS MORTGAGE SERVICES, LTD. ($2,084), RUOFF MORTGAGE COMPANY, INC. ($2,333) and VAN DYK MORTGAGE CORPORATION ($3,058).

The lowest rate Michigan USDA lenders (with over 10 loans originated) are TCF National Bank (2.60%), IncredibleBank (2.74%), STAUNTON FINANCIAL, INC. (2.77%), LAKE MICHIGAN CREDIT UNION (2.81%) and NORTHERN MORTGAGE SERVICES, LLC (2.83%).