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
6.5%
for the week of 2024-10-25, compared to the national average (all USDA variants) of
6.29% for the same period.
Michigan's average USDA mortgage closing costs are $4,890.
The average rate for the prior week (2024-10-18) was
6.39% and
one month ago for the week of 2024-09-20, the
average rate was 5.81%.
The average rate one year ago was 7.52%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.32%.
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%).