New York USDA Loan Rates, Closing Costs & Stats
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
for the week of 2023-05-26, compared to the national average (all USDA variants) of
6.63% for the same period.
New York's average USDA mortgage closing costs are $4,395.
The average rate for the prior week (2023-05-19) was 5.68% and one month ago for the week of 2023-04-21, the average rate was 5.89%.
The average rate one year ago was 4.71%.
For refis of the same type during the week of 2023-05-26, the average rate was 5.06%.
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.
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%).