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 6.39% for the week of 2023-03-17, compared to the national average (all USDA variants) of 6.497% for the same period.

    Michigan's average USDA mortgage closing costs are $4,696.

    The average rate for the prior week (2023-03-10) was 6.51% and one month ago for the week of 2023-02-10, the average rate was 6.37%.

    The average rate one year ago was 4.26%.

    For refis of the same type during the week of 2023-03-17, the average rate was 6.18%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    AMERIFIRST FINANCIAL CORPORATION 439 3.32% $5,575
    MORTGAGE 1 INCORPORATED 246 3.24% $6,072
    J. VIRGIL, INC. 238 3.11% $6,596
    UNION HOME MORTGAGE CORP. 200 3.00% $5,042
    Flagstar Bank, FSB 119 2.84% $4,396
    GVC MORTGAGE, INC. 82 3.43% $4,521
    HOME POINT FINANCIAL CORPORATION 76 2.91% $4,328
    SUCCESS MORTGAGE PARTNERS, INC. 75 3.21% $6,542
    Neighborhood Loans, Inc. 72 3.06% $4,659
    RUOFF MORTGAGE COMPANY, INC. 69 3.09% $2,333
    MID AMERICA MORTGAGE, INC. 68 3.32% $3,938
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 65 2.93% $6,019
    CALIBER HOME LOANS, INC. 64 3.00% $4,691
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 62 3.02% $5,933
    ACADEMY MORTGAGE CORPORATION 56 3.49% $5,206
    TOP FLITE FINANCIAL, INC. 53 3.32% $6,196
    PLAZA HOME MORTGAGE, INC. 53 3.19% $4,509
    Frankenmuth Credit Union 52 2.96% $3,919
    UNITED WHOLESALE MORTGAGE, LLC 49 2.87% $5,852
    Preston Home Loans Inc 48 3.07% $5,193
    LAKE MICHIGAN CREDIT UNION 43 2.81% $5,125
    BLG HOLDINGS, INC. 43 3.06% $5,593
    VAN DYK MORTGAGE CORPORATION 40 3.13% $3,058
    OAK MORTGAGE, LLC 39 2.88% $4,146
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 34 3.09% $5,235
    CROSSCOUNTRY MORTGAGE, LLC 33 3.07% $4,873
    MICHIGAN MUTUAL, INC. 30 3.20% $5,442
    PRIMELENDING, A PLAINSCAPITAL COMPANY 30 3.30% $5,412
    PENNYMAC LOAN SERVICES, LLC 28 2.98% $4,698
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 27 3.27% $4,765
    FINANCE OF AMERICA MORTGAGE LLC 27 3.16% $4,673
    Independent Bank 26 3.13% $4,348
    mBank 25 2.93% $3,283
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 24 3.28% $6,034
    ENVOY MORTGAGE, LTD 22 3.55% $5,004
    STAUNTON FINANCIAL, INC. 22 2.77% $5,195
    Fifth Third Bank 22 3.04% $4,842
    NORTHERN MORTGAGE SERVICES, LLC 21 2.83% $3,405
    IncredibleBank 19 2.74% $3,463
    UNIVERSITY LENDING GROUP, LLC 18 2.89% $5,399
    GUARANTEED RATE, INC. 17 3.31% $5,149
    MMS MORTGAGE SERVICES, LTD. 17 3.72% $2,084
    The Huntington National Bank 17 2.94% $4,004
    TEAM ONE CREDIT UNION 16 3.05% $1,162
    INLANTA MORTGAGE, INC. 16 3.59% $4,794
    ROSS MORTGAGE CORPORATION 16 3.36% $5,732
    Isabella Bank 14 3.34% $3,922
    COMMUNITY FINANCIAL CREDIT UNION 13 3.17% $3,734
    TOWNE MORTGAGE COMPANY 12 3.38% $4,649
    Mercantile Bank of Michigan 12 2.86% $3,949
    Platinum Home Mortgage Corporation 11 2.93% $5,929
    TCF National Bank 11 2.60% $4,168
    The Dart Bank 11 3.13% $4,306
    PARKSIDE LENDING, LLC 11 3.06% $3,841
    CHERRY CREEK MORTGAGE, LLC 11 3.01% $1,974
    SECURITY CREDIT UNION 10 3.30% $4,368
    Carrington Mortgage Services, LLC 9 3.21% $4,451
    Paramount Residential Mortgage Group, Inc. 9 2.99% $5,895
    LOANDEPOT.COM, LLC 9 3.15% $6,366
    Bank of England 9 3.13% $4,944
    Colten Mortgage, LLC 8 2.92% $5,184
    CHURCHILL MORTGAGE CORPORATION 8 3.16% $5,028
    Northpointe Bank 7 2.82% $5,130
    FREEDOM MORTGAGE CORPORATION 7 2.88% $5,711
    Old National Bank 7 2.71% $5,157
    BROKER SOLUTIONS, INC. 7 3.48% $4,565
    Sierra Pacific Mortgage Company, Inc. 7 2.73% $7,194
    AMERICAN FINANCIAL NETWORK, INC. 7 3.04% $7,967
    MEMBERS FIRST Credit Union 6 2.83% $2,406
    EVERETT FINANCIAL, INC. 6 3.58% $3,319
    PFCU 6 3.17% $4,330
    POLARIS HOME FUNDING CORP. 6 2.81% $4,356
    Wells Fargo Bank 6 3.06% $2,428
    First Guaranty Mortgage Corporation 6 2.69% $5,404
    T2 FINANCIAL LLC 6 3.15% $7,424
    Citizens Bank 6 3.15% $4,071
    MEMBER FIRST MORTGAGE, LLC 6 3.19% $4,150
    STOCKTON MORTGAGE CORPORATION 6 3.42% $5,690
    GENEVA FINANCIAL, LLC 6 3.02% $5,612
    HOMESITE MORTGAGE, LLC 5 3.12% $5,755
    Circle Federal Credit Union 5 2.88% $3,845
    HEALTH ADVANTAGE FEDERAL CREDIT UNION 5 2.80% $3,955
    Hometown Lenders, Inc. 5 2.85% $6,482
    FIRST HERITAGE FINANCIAL, LLC 5 2.75% $4,876
    MOVEMENT MORTGAGE, LLC 4 3.00% $4,945
    Bank of Ann Arbor 4 2.94% $4,728
    SOUTHWEST FUNDING, LP 4 3.31% $6,629
    First State Bank 4 3.47% $4,770
    Honor Credit Union 4 2.91% $3,992
    CIBM Bank 4 2.97% $4,710
    Sunflower Bank 3 3.00% $4,844
    AMERICAN FINANCIAL RESOURCES, INC. 3 3.42% $5,612
    ELGA CREDIT UNION 3 2.96% $4,686
    U.S. Bank 3 3.50% $3,913
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 3 2.63% $3,975
    PNC Bank 3 2.83% $2,858
    INSPIRE HOME LOANS INC. 3 3.25% $5,609
    Dort Financial Credit Union 3 3.00% $3,208
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 3 3.38% $5,285
    PLANET HOME LENDING, LLC 2 2.75% $4,808
    FIRST STATE MORTGAGE SERVICES, LLC 2 2.69% $4,270
    EMBRACE HOME LOANS, INC. 2 3.31% $5,879
    GUARANTY HOME MORTGAGE CORPORATION 2 3.25% $5,442
    HOMESIDE FINANCIAL, LLC 2 3.13% $5,459
    Horizon Bank 2 3.25% $3,551
    CONTOUR MORTGAGE CORPORATION 2 3.56% $5,058
    KELLER MORTGAGE, LLC 2 2.56% $4,998
    LAKEVIEW LOAN SERVICING, LLC 2 3.00% $3,664
    MYCUMORTGAGE, LLC 2 2.69% $4,554
    Nations Lending Corporation 2 3.06% $4,224
    NATIONS RELIABLE LENDING, LLC 2 3.63% $6,839
    NFM, INC. 2 3.00% $1,465
    Century Mortgage Company DBA Century Lending Company 2 3.38% $5,736
    OMNI Community Credit Union 2 3.39% $3,610
    Pacor Mortgage Corp 2 3.13% $4,445
    BAYSHORE MORTGAGE FUNDING, LLC 2 3.88% $5,437
    PREFERRED CREDIT UNION 2 2.50% $4,515
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.19% $4,784
    SIGNATURE MORTGAGE CORPORATION 2 3.06% $5,442
    Austin Capital Bank SSB 2 3.13% $5,377
    SUMMIT FUNDING, INC. 2 3.00% $4,815
    UNITED 2 3.13% $5,175
    United Bank of Michigan 2 2.75% $3,802
    ADVISORS CAPITAL, INC. 2 2.94% $4,301
    FLAT BRANCH MORTGAGE, INC. 1 3.13% $5,096
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.63% $4,410
    EQUITY RESOURCES, INC. 1 2.88% $2,743
    ChoiceOne Bank 1 3.63% $3,217
    V.I.P. MORTGAGE, INC. 1 3.25% $6,012
    First Savings Bank 1 3.50% $5,284
    LAFCU 1 3.00% $4,372
    SUN WEST MORTGAGE COMPANY, INC. 1 2.75% $3,129
    Kellogg Community Credit Union 1 3.00% $4,107
    Ixonia Bank 1 3.25% $5,290
    County National Bank 1 3.50% $3,932
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $8,916
    DAS Acquisition Company, LLC 1 3.50% $5,419
    TJC Mortgage, Inc. 1 2.88% $4,980
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.75% $5,205
    GSF Mortgage Corporation 1 3.00% $4,041
    American Mortgage & Equity Consultants, Inc. 1 2.63% $9,265
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 3.38% $4,185
    First Option Mortgage, LLC 1 2.25% $5,218
    UNITED FINANCIAL Credit Union 1 2.63% $4,229
    Barrington Bank & Trust Company, N.A. 1 2.75% $6,384
    First Federal Bank of the Midwest 1 3.13% $4,064
    OPEN MORTGAGE, LLC 1 2.63% $3,773
    SECURITYNATIONAL MORTGAGE COMPANY 1 3.63% $6,637
    Servion, Inc. 1 2.75% $4,426
    OCEANSIDE MORTGAGE COMPANY 1 3.13% $1,198

    The top Michigan USDA lender as defined by loan originations is AMERIFIRST FINANCIAL CORPORATION, with 439 USDA loans originated. Their average total fees are $5,575, which is $498 lower than the next largest lender, MORTGAGE 1 INCORPORATED.

    The lowest fee Michigan USDA lenders (with over 10 loans originated) are TEAM ONE CREDIT UNION ($1,162), CHERRY CREEK MORTGAGE, LLC ($1,974), MMS MORTGAGE SERVICES, LTD. ($2,084), RUOFF MORTGAGE COMPANY, INC. ($2,333) and VAN DYK MORTGAGE CORPORATION ($3,058).

    The lowest rate Michigan USDA lenders (with over 10 loans originated) are TCF National Bank (2.60%), IncredibleBank (2.74%), STAUNTON FINANCIAL, INC. (2.77%), LAKE MICHIGAN CREDIT UNION (2.81%) and NORTHERN MORTGAGE SERVICES, LLC (2.83%).