Updated January 2018
USDA Loan Lenders: All Sizes
There really isn’t such a thing as a “normal” USDA loan lender – they come in all shapes and sizes and vary in their offers even for the same loan product.
When it comes to finding the right USDA lender, you’ll come across many options ranging from small independent mortgage companies to the biggest banks in the world. Accordingly, this lender must possess a good track record of being able to fund USDA loans and know all the ins-and-outs of the USDA loan program and process.
USDA Lenders: Does Bigger Mean Better?
In today’s market, many of the biggest banks offer the USDA loan program so the largest lenders are some of the lenders that you hear on the news every day. Bank of America. Wells Fargo. US Bank. Just to name a few.
Going back to the question, the answer is not necessarily. When it comes to USDA loan lenders, bigger isn’t better. You only care that you get your loan done and when it comes to size, USDA loan lenders are usually going to be smaller lenders anyway. USDA lenders may each have slightly different underwriting guidelines and overlays that they subscribe to – which means that it is possible that although you may not be able to qualify for a USDA loan with one lender, a different lender may tell you that you qualify and be able to help you get a loan.
Getting the right USDA loan means shopping lenders. The number of USDA lenders is expected to grow in the coming years and that means, it gets easier and easier to shop around for the best USDA loan deal. When it comes to USDA loans, not shopping for multiple lenders is like leaving thousands of dollars on the table. Getting a free written rate quote is easy and free and by comparing multiple written quotes, you can be assured that you are getting the best deal for your situation.