New York USDA Loan Rates, Closing Costs & Stats

New York

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 -0.69% for the week of 2024-02-23, compared to the national average (all USDA variants) of 0% for the same period.

New York's average USDA mortgage closing costs are $4,395.

The average rate for the prior week (2024-02-16) was 5.89% and one month ago for the week of 2024-01-19, the average rate was 5.97%.

The average rate one year ago was 5.68%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.67%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
HOMESTEAD FUNDING CORP. 90 4.71% $3,129
Premium Mortgage Corporation 57 4.86% $3,316
PARAGON HOME LOANS INC. 41 4.66% $5,467
PLAZA HOME MORTGAGE, INC. 35 4.93% $6,849
MOVEMENT MORTGAGE, LLC 25 4.68% $6,115
UNITED WHOLESALE MORTGAGE, LLC 23 4.82% $7,625
Bank of England 23 5.14% $8,605
PRIMELENDING, A PLAINSCAPITAL COMPANY 23 4.70% $6,298
HOME POINT FINANCIAL CORPORATION 20 4.75% $8,021
GUARANTEED RATE, INC. 15 4.60% $7,894
1ST PRIORITY MORTGAGE, INC. 13 4.41% $5,489
CROSSCOUNTRY MORTGAGE, LLC 12 5.51% $6,779
CALIBER HOME LOANS, INC. 12 4.47% $6,792
Genesee Regional Bank 11 4.59% $6,433
Community Bank 10 5.09% $3,800
EVERETT FINANCIAL, INC. 9 5.63% $2,284
HUNT MORTGAGE CORPORATION 8 4.88% $5,888
Flagstar Bank, FSB 6 4.48% $6,228
AMERICAN FINANCIAL RESOURCES, INC. 4 5.00% $5,396
M&T Bank 4 3.84% $5,287
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 4.29% $7,232
FINANCE OF AMERICA MORTGAGE LLC 2 4.00% $7,582
NBT Bank 2 4.81% $4,571
Barrington Bank & Trust Company, N.A. 2 4.50% $4,961
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 3.69% $5,366
SEFCU SERVICES, LLC 2 4.75% $5,096
The Federal Savings Bank 2 5.19% $7,203
NEWREZ LLC 1 7.13% $8,798
NORTHERN CREDIT UNION 1 5.00% $5,888
Farm Credit East, ACA 1 5.80% $7,010
Tompkins Trust Company 1 3.13% $4,962
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.25% $7,817
FREEDOM MORTGAGE CORPORATION 1 3.75% $6,945
Ulster Savings Bank 1 3.25% $5,593
Shamrock Home Loans, Inc. 1 3.50% $4,084
INLAND BANK & TRUST 1 5.63% $6,995
Meridian Bank Corporation 1 3.63% $4,130
CARDINAL FINANCIAL 1 5.75% $7,533
Evolve Bank & Trust 1 5.13% $5,379
SUN WEST MORTGAGE COMPANY, INC. 1 3.13% $9,045

The top New York USDA lender as defined by loan originations is HOMESTEAD FUNDING CORP., with 90 USDA loans originated. Their average total fees are $3,129, which is $187 lower than the next largest lender, Premium Mortgage Corporation.

The lowest fee New York USDA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($3,129), Premium Mortgage Corporation ($3,316), Community Bank ($3,800), PARAGON HOME LOANS INC. ($5,467) and 1ST PRIORITY MORTGAGE, INC. ($5,489).

The lowest rate New York USDA lenders (with over 10 loans originated) are 1ST PRIORITY MORTGAGE, INC. (4.41%), CALIBER HOME LOANS, INC. (4.47%), Genesee Regional Bank (4.59%), GUARANTEED RATE, INC. (4.60%) and PARAGON HOME LOANS INC. (4.66%).