Best National Bank USDA Lender: Flagstar Bank
Flagstar Bank is one of the nation’s largest mortgage loan originators and mortgage servicers. While branch locations can only be found in 29 states, USDA loans are available to borrowers online nationwide.
Available in All 50 States
Online application process available; in-person branches also are available at 87 retail locations in 29 states.
How To Apply
Flagstar Bank offers several ways for customers to get a mortgage. They can apply online or visit a lender in person.
Customer support hours, including for email, phone and online chat, are Monday–Friday, 7:30 a.m. to 8 p.m. ET and Saturday 7:30 a.m. to 4 p.m ET.
Speed
Preapproval time is less than three days, while its average closing time is 35 days, which is shorter than the industry average. In some cases, closing can occur in as few as 11 days.
Credit Requirements
Flagstar Bank has mortgage products with minimum credit score requirements of 680, however it doesn’t specify a minimum credit score for its USDA loans.
The lender considers alternative credit data, such as rent and utility payments, when reviewing mortgage applications.
Best for Fast Online Loan Preapproval: PNC
PNC Bank is one of the largest financial services institutions in the U.S. with approximately 2,300 branches across the country.
Available in All 50 States
PNC is available online in all 50 states, but it also has branches for borrowers more comfortable with a brick-and-mortar experience in the following states: Alabama, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia and Wisconsin.
How To Apply
Borrowers can apply online or in person at a bank location. Customer support by phone is available Monday through Thursday from 8 a.m. to 9 p.m. ET, Friday from 8 a.m. to 5 p.m. ET and Saturday from 9 a.m. to 2 p.m. ET.
Speed
Preapproval takes between 20 to 30 minutes. The average closing time is 45 days, which is about the industry average. In some cases, closing can be as short as 30 days.
Credit Requirements
Borrowers must have a minimum credit score of 620, but aim for a score of at least 640 if you’re seeking a USDA loan.
Best for Borrowers with Low Credit Scores: Guild Mortgage
Guild Mortgage is a nationally recognized independent mortgage lender that offers USDA loans with “better-than-average” interest rates and a low credit score requirement.
Available in Most States
Guild Mortgage has over 200 branch locations in 43 states.
How To Apply
Guild Mortgage offers both branch locations and online access to borrowers who want to apply for a mortgage. Their paperless application process allows borrowers to send paperwork electronically as well as apply and keep track of the application process online.
Phone support is very limited, operating only Monday–Friday from 6:00 a.m. to 5:00 p.m. PT; the lender is closed on weekends.
Speed
Preapproval times are not as fast as other lenders, with a one- to three-day turnaround on preapproval letters. However, Guild Mortgage offers a 17-day closing guarantee, which can be attractive for borrowers who need to close quickly.
Credit Requirements
Guild Mortgage requires a minimum credit score of 540 for USDA loans—one of the lowest requirements we found among lenders researched.
Best for Borrowers in East Coast and Southern States: Truist
Truist offers in-person and online mortgage services, including USDA loans, to some of the fastest-growing markets in the U.S.
Available in 47 States
Truist is available in 47 states plus Washington, D.C.; the exceptions being Alaska, Arizona and Hawaii. In addition, the bank has more than 2,000 branch locations, however most of them are located in the eastern and southern portions of the U.S.
You can find Truist branches in Washington, D.C. and the following 17 states: Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia.
How To Apply
Borrowers can apply online or in person if branch locations are available. Customer support is available by phone Monday–Friday, 8 a.m. to 8 p.m. ET and Saturday from 8 a.m. to 5 p.m. ET. The bank is closed on Sundays.
Speed
Borrowers can count on getting preapproved within 24 hours.
Credit Requirements
Truist’s minimum credit score requirement for USDA loans is 620.
