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 6.72% for the week of 2025-05-23, compared to the national average (all USDA variants) of 6.433% for the same period.

    Michigan's average USDA mortgage closing costs are $4,960.

    The average rate for the prior week (2025-05-16) was 6.85% and one month ago for the week of 2025-04-18, the average rate was 6.84%.

    The average rate one year ago was 6.8%.

    For refis of the same type during the week of 2025-05-23, the average rate was 6.66%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNION HOME MORTGAGE CORP. 97 6.90% $7,624
    J. VIRGIL, INC. 57 6.71% $6,682
    UNITED WHOLESALE MORTGAGE, LLC 46 6.23% $7,497
    MORTGAGE 1 INCORPORATED 42 6.39% $8,209
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 28 6.57% $6,366
    Preston Home Loans Inc 28 6.94% $6,910
    BLG HOLDINGS, INC. 28 6.74% $7,202
    GVC MORTGAGE, INC. 27 6.65% $6,961
    Flagstar Bank, FSB 22 6.77% $5,639
    DAS Acquisition Company, LLC 22 6.70% $6,743
    CROSSCOUNTRY MORTGAGE, LLC 19 6.61% $8,040
    GUILD MORTGAGE COMPANY 15 6.45% $6,432
    TOWNE MORTGAGE COMPANY 14 6.15% $5,742
    Frankenmuth Credit Union 12 6.64% $4,621
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 11 6.78% $4,189
    NEWREZ LLC 11 6.75% $4,949
    AMERICAN PACIFIC MORTGAGE CORPORATION 11 6.69% $7,944
    IncredibleBank 11 6.45% $4,505
    Fifth Third Bank 10 6.55% $5,520
    FIRST COMMUNITY MORTGAGE, INC. 10 6.46% $7,920
    The Huntington National Bank 9 6.64% $5,865
    FIRST COLONY MORTGAGE CORPORATION 9 6.69% $6,059
    VAN DYK MORTGAGE CORPORATION 8 6.70% $4,335
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 6.81% $8,501
    The Dart Bank 8 6.48% $5,697
    SUCCESS MORTGAGE PARTNERS, INC. 7 6.54% $7,128
    RUOFF MORTGAGE COMPANY, INC. 7 6.57% $2,265
    STAUNTON FINANCIAL, INC. 7 6.50% $6,495
    TOP FLITE FINANCIAL, INC. 6 6.81% $7,303
    PLAZA HOME MORTGAGE, INC. 6 6.60% $4,790
    Honor Credit Union 5 6.85% $6,014
    GUARANTEED RATE, INC. 5 6.38% $6,215
    AMERICAN FINANCIAL NETWORK, INC. 5 6.43% $7,002
    ROSS MORTGAGE CORPORATION 5 6.58% $5,934
    STOCKTON MORTGAGE CORPORATION 5 6.28% $7,064
    Equity Prime Mortgage LLC 5 6.38% $7,835
    MICHIGAN MUTUAL, INC. 5 6.80% $8,744
    NORTHERN MORTGAGE SERVICES, LLC 4 6.69% $2,659
    AMERICAN FINANCIAL RESOURCES, INC. 4 7.13% $6,064
    PFCU 4 6.94% $4,874
    Century Mortgage Company DBA Century Lending Company 4 6.41% $5,348
    Mercantile Bank of Michigan 3 6.21% $4,857
    OMNI Community Credit Union 3 6.67% $5,991
    MID AMERICA MORTGAGE, INC. 3 6.63% $5,236
    MMS MORTGAGE SERVICES, LTD. 3 6.96% $3,285
    Mortgage Research Center, LLC 3 6.79% $4,145
    HEALTH ADVANTAGE FEDERAL CREDIT UNION 3 7.13% $4,007
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 6.38% $6,966
    University Bank 3 5.79% $7,820
    Prosperity Home Mortgage, LLC 3 6.50% $5,549
    Independent Bank 3 6.50% $3,825
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 3 6.92% $6,566
    BROKER SOLUTIONS, INC. 3 6.75% $9,907
    LAKE MICHIGAN CREDIT UNION 3 6.13% $6,630
    Paramount Residential Mortgage Group, Inc. 3 6.75% $7,439
    Barrington Bank & Trust Company, N.A. 2 6.50% $7,392
    First Merchants Bank 2 6.50% $7,183
    CARDINAL FINANCIAL 2 7.25% $6,386
    HALLMARK HOME MORTGAGE, LLC 2 6.44% $7,373
    Isabella Bank 2 6.31% $3,894
    JMAC LENDING, INC. 2 6.38% $4,925
    BM Real Estate Services, Inc. 2 6.69% $6,494
    BAYSHORE MORTGAGE FUNDING, LLC 2 7.38% $6,462
    PLANET HOME LENDING, LLC 2 6.69% $4,916
    SECURITY CREDIT UNION 2 7.25% $4,820
    Old National Bank 1 6.25% $5,632
    MEMBER FIRST MORTGAGE, LLC 1 6.25% $5,995
    Magnolia Bank 1 6.87% $7,208
    LOANDEPOT.COM, LLC 1 8.25% $9,024
    EQUITY RESOURCES, INC. 1 6.38% $6,727
    INSPIRE HOME LOANS INC. 1 5.88% $6,159
    PNC Bank 1 7.13% $4,745
    POLARIS HOME FUNDING CORP. 1 7.25% $6,244
    PREFERRED CREDIT UNION 1 6.88% $6,369
    BAY EQUITY LLC 1 5.99% $6,677
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $6,571
    CALCON MUTUAL MORTGAGE LLC 1 6.50% $3,394
    HOMESTEAD FUNDING CORP. 1 6.38% $6,105
    HOMESITE MORTGAGE, LLC 1 6.88% $10,557
    ELGA CREDIT UNION 1 7.13% $6,024
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.00% $4,869
    HOMESIDE FINANCIAL, LLC 1 6.75% $11,106
    CANOPY MORTGAGE, LLC 1 6.63% $5,863
    ABSOLUTE HOME MORTGAGE CORPORATION 1 6.25% $8,463
    Summit Mortgage Corporation 1 6.63% $6,136
    T2 FINANCIAL LLC 1 7.25% $5,103
    Texana Bank 1 6.75% $5,126
    EMM LOANS LLC 1 6.13% $7,983
    Atlantic Coast Mortgage, LLC 1 6.63% $7,303
    Dort Financial Credit Union 1 7.00% $3,855
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.00% $9,261
    American Mortgage & Equity Consultants, Inc. 1 6.99% $7,015
    UNITED 1 6.75% $5,437
    First Federal Bank of the Midwest 1 6.25% $6,225
    MICHIGAN FIRST CREDIT UNION 1 5.63% $6,517
    Northpointe Bank 1 5.25% $9,184

    The top Michigan USDA lender as defined by loan originations is UNION HOME MORTGAGE CORP., with 97 USDA loans originated. Their average total fees are $7,624, which is $943 higher than the next largest lender, J. VIRGIL, INC..

    The lowest fee Michigan USDA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. ($4,189), IncredibleBank ($4,505), Frankenmuth Credit Union ($4,621), NEWREZ LLC ($4,949) and Fifth Third Bank ($5,520).

    The lowest rate Michigan USDA lenders (with over 10 loans originated) are TOWNE MORTGAGE COMPANY (6.15%), UNITED WHOLESALE MORTGAGE, LLC (6.23%), MORTGAGE 1 INCORPORATED (6.39%), GUILD MORTGAGE COMPANY (6.45%) and IncredibleBank (6.45%).