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 6.62% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.25% and one month ago for the week of 2024-11-08, the average rate was 6.57%.

    The average rate one year ago was 7.14%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.74%.

    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%).