Best USDA Lenders

New American Funding is a direct mortgage lender available in all states except Hawaii. Headquartered in California, it has 170 locations across the country and has serviced over 219,000 loans. It offers a wide range of home loans, including government-backed loans like FHA, VA and USDA loans. For conventional and VA loans, it also offers a cash buyer program.

Many lenders want to see USDA applicants have a minimum credit score of 640, but New American Funding will consider buyers with a score of 580 or more. You can get a loan estimate without hurting your credit score, but this automatic quote might not include USDA options. The preapproval and loan application can also be completed online.

Note that there are several eligibility requirements the buyer and the property have to meet for approval. New American Funding helps streamline that process by working with you to identify your eligibility and to answer any questions you may have. Getting approval for a USDA loan can take 30 to 60 days.

USDA loans do not require a down payment or private mortgage insurance (PMI), so you will save money on those. However, there are still fees, many of which need to be paid upfront. These include lender fees and guarantee fees, along with traditional closing costs.

• Flexible credit score requirements
• Online application
• Nationwide availability with in-person locations

• Lender and guarantee fees
• Approval process can be longer

Many praise New American Funding for its dedicated customer service representatives. Even though someone’s customer service experience can vary based on the representative, there are several reviews from ConsumerAffairs reviewers mentioning many different helpful loan officers. One Florida reviewer said, “Tania not only took the time to make our entire loan process easy to understand — she broke it all down line by line to make perfect sense financially.”

There were a few reviewers who did complain about the underwriting process, saying that this part delayed the closing of their home. Many felt that they promptly provided the underwriter with information, but they often had to provide it again.

Based in North Carolina, Cardinal Financial is a licensed lender in all 50 states, but it has no in-person locations available. It matches you to a loan originator in your area and offers conventional mortgages, FHA, VA and USDA loans, as well as refinance options.

For USDA loans, Cardinal Financial offers both Guaranteed loans and USDA refinancing. It will consider buyers with a minimum credit score of 580. Loan rates are not published on its site, but rates are locked in between 30 to 90 days, depending on the type of loan.

It uses a custom-built loan origination platform, Octane, to streamline the mortgage process. With Octane, you can see your mortgage documents on demand and get updates when your loan enters the next step. It is available for Cardinal Financial customers through an internet browser, but the mobile app is still in the works.

While Cardinal Financial does not offer a price-match guarantee, it does say that it will try to beat or match any competitor’s rates if you get a lower offer. It also works hard to get loans through underwriting within 24 hours, though it is common to need to submit additional information as a protective financial measurement for both parties.

• Will price match
• Loan origination technology

• No physical branches
• Rates not published

Many customers were happy with Cardinal Financial’s customer service and the loan officers’ care in making sure their loan process went smoothly. They chose the lender because the company worked fast, and most had no issues during the process. One Arizona reviewer said: “My appraisal was ordered within the first week and completed less than three days after that. The entire process took less than a month. There were no hidden fees/costs, which is why I chose this company over any other lender.”

There are a few negative reviews on ConsumerAffairs regarding Cardinal Financial involving people having issues with their loan officer taking too long and dragging the process out.

With over 20 years of experience, AmeriSave has helped over 628,000 borrowers buy a new home or refinance their current home. Based in Georgia, it can help homebuyers in every state except New York. It offers conventional loans, FHA loans, VA loans and USDA loans.

While AmeriSave’s USDA credit score requirement is not as low as New American Funding’s, it is lower than the national average. USDA applicants should have at least a credit score of 600 before applying.

AmeriSave allows you to check if you are eligible for a USDA loan and pre-qualify for a loan online, or you can scan the QR code from the site to initiate a chat with an AmeriSave loan officer. Once you are preapproved for a USDA loan, you can lock in that rate for 90 days, giving you plenty of time to find the right home in an eligible rural area.

AmeriSave works with homebuyers completely online; there are no branches.

• 90-day rate lock
• Online pre-qualification
• Lower minimum credit score requirement

• Not available in New York
• No in-person branches

Customers choose AmeriSave because of the thorough customer service and how competitive the rates are. While mortgage rates are up across the country, one reviewer from Virginia was happy with the rate they received. “The process was the easiest I've done. … Also, the rates are good. … It was less than what I thought it would be.”

Some reviewers had issues with the loan processor and felt that they gave conflicting information and slowed down the process. Another reviewer felt like it was not communicated clearly that in order to lock in the lowest rate, they had to put more money down.