Michigan USDA Loan Rates, Closing Costs & Stats
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
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%.
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.
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%).