New York USDA Loan Rates, Closing Costs & Stats

New York

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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.

    New York USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in New York averaged 6.69% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    New York's average USDA mortgage closing costs are $4,466.

    The average rate for the prior week (2024-04-12) was 6.54% and one month ago for the week of 2024-03-15, the average rate was 6.62%.

    The average rate one year ago was 6.36%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.83%.

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

    New York 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 New York level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Premium Mortgage Corporation 34 6.86% $3,885
    HOMESTEAD FUNDING CORP. 33 6.71% $2,807
    PLAZA HOME MORTGAGE, INC. 32 6.48% $7,306
    PARAGON HOME LOANS INC. 27 6.69% $5,505
    UNITED WHOLESALE MORTGAGE, LLC 20 6.55% $7,583
    CROSSCOUNTRY MORTGAGE, LLC 17 6.75% $6,557
    MOVEMENT MORTGAGE, LLC 14 6.92% $6,651
    PRIMELENDING, A PLAINSCAPITAL COMPANY 13 6.82% $6,973
    Bank of England 11 6.77% $8,094
    NEWREZ LLC 8 6.86% $7,257
    Community Bank 6 6.98% $3,696
    1ST PRIORITY MORTGAGE, INC. 5 6.25% $5,724
    ABSOLUTE HOME MORTGAGE CORPORATION 5 7.07% $9,912
    GUARANTEED RATE, INC. 5 6.64% $7,284
    NORTHERN CREDIT UNION 4 6.59% $5,318
    HUNT MORTGAGE CORPORATION 4 6.97% $7,976
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.84% $6,376
    Flagstar Bank, FSB 3 6.29% $6,862
    Evolve Bank & Trust 3 6.29% $5,711
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.63% $4,775
    Genesee Regional Bank 2 6.56% $5,500
    AMERICAN FINANCIAL NETWORK, INC. 2 6.88% $7,155
    Wells Fargo Bank 2 6.00% $2,042
    Northwest Bank 2 5.81% $5,912
    Five Star Bank 2 6.13% $6,613
    Valley National Bank 1 5.63% $6,724
    CMG MORTGAGE, INC. 1 7.25% $7,675
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $6,743
    HOME TOWN FUNDING, INC. 1 6.13% $2,523
    EVERETT FINANCIAL, INC. 1 7.13% $1,993
    M&T Bank 1 6.75% $6,611
    First Federal Bank 1 6.63% $4,508
    CARDINAL FINANCIAL 1 5.63% $6,017
    BOKF 1 6.63% $8,913
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.25% $7,133
    RELIANCE FIRST CAPITAL, LLC 1 7.25% $2,578
    U.S. Bank 1 6.25% $5,680

    The top New York USDA lender as defined by loan originations is Premium Mortgage Corporation, with 34 USDA loans originated. Their average total fees are $3,885, which is $1,079 higher than the next largest lender, HOMESTEAD FUNDING CORP..

    The lowest fee New York USDA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($2,807), Premium Mortgage Corporation ($3,885), PARAGON HOME LOANS INC. ($5,505), CROSSCOUNTRY MORTGAGE, LLC ($6,557) and MOVEMENT MORTGAGE, LLC ($6,651).

    The lowest rate New York USDA lenders (with over 10 loans originated) are PLAZA HOME MORTGAGE, INC. (6.48%), UNITED WHOLESALE MORTGAGE, LLC (6.55%), PARAGON HOME LOANS INC. (6.69%), HOMESTEAD FUNDING CORP. (6.71%) and CROSSCOUNTRY MORTGAGE, LLC (6.75%).