Minnesota USDA Loan Rates, Closing Costs & Stats

Minnesota

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.

Minnesota USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Minnesota averaged 6.6% for the week of 2024-03-01, compared to the national average (all USDA variants) of 6.729% for the same period.

Minnesota's average USDA mortgage closing costs are $5,368.

The average rate for the prior week (2024-02-23) was 6.16% and one month ago for the week of 2024-01-26, the average rate was 6.31%.

The average rate one year ago was 6.18%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.33%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Minnesota 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 Minnesota level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
HOME POINT FINANCIAL CORPORATION 58 4.07% $6,296
Flagstar Bank, FSB 50 4.13% $6,205
UNITED WHOLESALE MORTGAGE, LLC 49 4.74% $6,959
CROSSCOUNTRY MORTGAGE, LLC 49 4.84% $6,834
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 44 4.98% $6,378
BROKER SOLUTIONS, INC. 40 5.18% $7,469
Bell Bank 39 4.54% $6,966
EVERETT FINANCIAL, INC. 33 4.74% $3,723
Lend Smart Mortgage, LLC 32 4.92% $5,766
BAY EQUITY LLC 24 4.62% $9,056
Summit Mortgage Corporation 21 4.46% $6,589
PLAZA HOME MORTGAGE, INC. 20 4.44% $6,408
PRIMELENDING, A PLAINSCAPITAL COMPANY 20 4.46% $7,309
First Western Bank & Trust 19 4.55% $5,540
Servion, Inc. 18 4.56% $6,606
CARDINAL FINANCIAL 18 4.74% $12,496
GUARANTEED RATE, INC. 17 4.59% $6,470
Plains Commerce Bank 16 4.92% $5,961
Bank Midwest 16 5.10% $5,145
PREMIER MORTGAGE RESOURCES, L.L.C. 15 4.71% $7,454
LOANDEPOT.COM, LLC 13 4.68% $7,823
Bremer Bank 13 4.82% $5,810
Prosperity Home Mortgage, LLC 12 3.93% $6,326
Frandsen Bank & Trust 10 4.31% $6,838
Paramount Residential Mortgage Group, Inc. 10 4.70% $6,506
CALIBER HOME LOANS, INC. 9 4.84% $7,033
PENNYMAC LOAN SERVICES, LLC 9 3.13% $5,682
Barrington Bank & Trust Company, N.A. 9 4.26% $7,078
Wells Fargo Bank 9 4.94% $3,428
Goldwater Bank, N.A. 9 4.58% $8,382
Bank of England 9 4.54% $7,076
American Mortgage & Equity Consultants, Inc. 9 4.36% $6,410
IOWA BANKERS MORTGAGE CORPORATION 8 4.22% $5,501
ARK-LA-TEX FINANCIAL SERVICES, LLC. 8 4.66% $4,237
TOWNE MORTGAGE COMPANY 8 4.48% $4,736
RESULTS MORTGAGE, LLC 8 4.52% $7,561
PRIMARY RESIDENTIAL MORTGAGE, INC. 8 6.67% $6,801
Minnwest Bank 8 5.48% $4,687
Flanagan State Bank 7 4.34% $6,518
First Bank & Trust 7 4.37% $5,174
Heritage Bank 6 4.25% $6,534
Merchants Bank 6 4.46% $4,985
VALLEY MORTGAGE, INC. 6 4.50% $3,756
MOVEMENT MORTGAGE, LLC 6 5.27% $8,156
AMERICAN PORTFOLIO MORTGAGE CORPORATION 6 5.35% $6,403
AMERICAN PACIFIC MORTGAGE CORPORATION 5 5.03% $7,527
Gate City Bank 5 4.10% $6,752
Home Federal Savings Bank 5 5.35% $5,380
CMG MORTGAGE, INC. 5 4.50% $7,496
Hometown Lenders, Inc. 4 4.63% $10,248
U.S. Bank 4 5.25% $5,990
FINANCE OF AMERICA MORTGAGE LLC 4 4.34% $7,169
First International Bank & Trust 4 4.66% $3,821
CRESCENT MORTGAGE COMPANY 4 4.66% $5,285
First Guaranty Mortgage Corporation 3 3.92% $3,999
BankVista 3 4.33% $5,807
Century Mortgage Company DBA Century Lending Company 3 6.00% $6,214
Alerus Financial 3 5.21% $4,675
FIRST STATE MORTGAGE SERVICES, LLC 3 3.17% $4,319
FREEDOM MORTGAGE CORPORATION 3 4.75% $5,982
Mortgages Unlimited Inc. 3 5.17% $7,955
NEWREZ LLC 3 5.58% $5,428
Reliabank Dakota 3 4.46% $5,283
TOWN AND COUNTRY Credit Union 3 4.00% $6,104
CENTRAL MINNESOTA Credit Union 2 3.75% $5,222
PLANET HOME LENDING, LLC 2 6.31% $5,933
DATA MORTGAGE, INC. 2 4.75% $8,184
Carrington Mortgage Services, LLC 2 4.25% $6,964
Old National Bank 2 4.31% $5,989
American Bank & Trust 2 4.81% $6,862
Liberty Bank Minnesota 2 3.44% $5,068
UNION HOME MORTGAGE CORP. 2 4.50% $8,079
Citizens Community Federal 2 4.63% $4,057
Loan Simple, Inc. 2 4.88% $6,971
GUARANTEED RATE AFFINITY, LLC 2 5.06% $7,932
LAKEVIEW LOAN SERVICING, LLC 2 3.56% $2,822
Mortgage Research Center, LLC 2 5.56% $3,098
Equity Prime Mortgage LLC 1 7.13% $11,408
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 5.25% $4,603
CORTRUST MORTGAGE, INC. 1 2.38% $6,212
Cornerstone State Bank 1 3.88% $8,673
CHURCHILL MORTGAGE CORPORATION 1 3.13% $4,939
V.I.P. MORTGAGE, INC. 1 5.50% $9,190
Central Bank 1 4.00% $5,859
ST. CLOUD FINANCIAL 1 6.13% $6,753
The Huntington National Bank 1 4.75% $6,425
Bank of the West 1 5.75% $5,991
Associated Bank 1 6.75% $4,941
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 5.13% $10,228
GENEVA FINANCIAL, LLC 1 6.13% $6,277
LAND HOME FINANCIAL SERVICES, INC. 1 5.25% $5,889
Florida Capital Bank 1 5.00% $6,813
MANN FINANCIAL INC. 1 6.00% $9,031
MEGASTAR FINANCIAL CORP. 1 3.00% $7,647
First Savings Bank 1 3.38% $4,082
First PREMIER Bank 1 6.75% $6,759
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.63% $6,580
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 4.25% $7,393
First Interstate Bank 1 3.88% $4,740
NATIONS RELIABLE LENDING, LLC 1 3.63% $8,857
AMERICAN FINANCIAL RESOURCES, INC. 1 6.13% $9,162
Northpointe Bank 1 4.75% $4,377
FIRST COMMUNITY CREDIT UNION 1 3.00% $6,507

The top Minnesota USDA lender as defined by loan originations is HOME POINT FINANCIAL CORPORATION, with 58 USDA loans originated. Their average total fees are $6,296, which is $91 higher than the next largest lender, Flagstar Bank, FSB.

The lowest fee Minnesota USDA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($3,723), Bank Midwest ($5,145), First Western Bank & Trust ($5,540), Lend Smart Mortgage, LLC ($5,766) and Bremer Bank ($5,810).

The lowest rate Minnesota USDA lenders (with over 10 loans originated) are Prosperity Home Mortgage, LLC (3.93%), HOME POINT FINANCIAL CORPORATION (4.07%), Flagstar Bank, FSB (4.13%), Frandsen Bank & Trust (4.31%) and PLAZA HOME MORTGAGE, INC. (4.44%).