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 6.62% for the week of 2024-03-15, compared to the national average (all USDA variants) of 6.587% for the same period.

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

The average rate for the prior week (2024-03-08) was 6.32% and one month ago for the week of 2024-02-09, the average rate was 6.26%.

The average rate one year ago was 6.45%.

For refis of the same type during the week of 2024-03-15, the average rate was 5.58%.

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%).