Who makes Section 538 loans, and where
USDA's public Section 538 file lists 1,557 guaranteed loans totaling $2,718,260,273. Five lenders account for 1,295 of them, about 83%. Since fiscal 2024, 8 lenders have closed 146 loans.
| Lender | Loans | Total loan amount | Latest fiscal year |
|---|---|---|---|
| BONNEVILLE MORTGAGE COMPANY, LLC | 553 | $934,356,998 | 2026 |
| CHURCHILL MORTGAGE INVESTMENT LLC | 302 | $618,944,391 | 2026 |
| BELLWETHER ENTERPRISE REAL ESTATE | 183 | $378,922,771 | 2026 |
| LUMENT REAL ESTATE CAPITAL, LLC | 137 | $205,532,032 | 2026 |
| GREYSTONE SERVICING COMPANY LLC | 120 | $173,900,000 | 2026 |
| PNC BANK, N.A. | 77 | $78,498,136 | 2008 |
| MERCHANTS CAPITAL CORP. | 58 | $93,606,363 | 2025 |
| WEST VIRGINIA HOUSING DEVELOPMENT FUND | 58 | $106,861,433 | 2024 |
| BANK OF OKLAHOMA, N.A. | 9 | $6,127,377 | 2010 |
| USDA RURAL DEVELOPMENT | 9 | $44,895,434 | 2006 |
| CENTENNIAL MORTGAGE INC | 7 | $13,457,884 | 2017 |
| KEYBANK NA | 6 | $7,415,662 | 2006 |
| JPMORGAN CHASE BANK | 5 | $2,265,000 | 2010 |
| ROSE COMMUNITY CAPITAL LLC | 5 | $12,684,603 | 2026 |
| ALLIED HOME MORTGAGE CAPITAL CORPORATION | 5 | $5,398,667 | 2002 |
| SYNOVUS BANK | 4 | $4,191,000 | 2006 |
| FIRST SECURITY BANK | 3 | $2,052,000 | 2012 |
| NETWORK FOR OREGON AFFORDABLE HOUSING | 2 | $5,704,000 | 2020 |
| PENNSYLVANIA HOUSING FINANCE AGENCY | 2 | $3,790,000 | 2009 |
| CENTENIAL MORTGAGE | 2 | $2,700,000 | 2023 |
| TRUIST BANK | 1 | $760,000 | 2007 |
| MAIN STREET BANK | 1 | $3,000,000 | 2010 |
| NORTHFIELD SAVINGS BANK | 1 | $1,335,000 | 2008 |
| MASCOMA BANK | 1 | $1,200,000 | 2008 |
| NEW MEXICO MORTGAGE FINANCE AUTHORITY | 1 | $1,300,000 | 2002 |
| ALERUS FINANCIAL, N.A. | 1 | $409,000 | 2008 |
| LYONS FEDERAL BANK | 1 | $1,096,000 | 2008 |
| MISSOURI HOUSING | 1 | $521,361 | 1996 |
| PEOPLES NATIONAL BANK, N.A. | 1 | $6,210,000 | 2009 |
| FIRST NATIONAL BANK OF RIVER FALLS | 1 | $1,125,160 | 2006 |
By state
- California250 loans
- North Carolina141 loans
- Texas124 loans
- Georgia113 loans
- Ohio94 loans
- Tennessee88 loans
- West Virginia69 loans
- Oklahoma61 loans
- South Carolina56 loans
- Kentucky47 loans
- Michigan44 loans
- Arizona39 loans
- Florida36 loans
- Indiana35 loans
- Mississippi33 loans
- Idaho26 loans
- Washington25 loans
- Pennsylvania24 loans
- Kansas23 loans
- Louisiana20 loans
- New Mexico20 loans
- Maryland15 loans
- North Dakota14 loans
- Alabama14 loans
- Colorado14 loans
- Illinois13 loans
- Alaska12 loans
- Nevada12 loans
- Virginia11 loans
- Arkansas11 loans
- Oregon10 loans
- New York8 loans
- Iowa7 loans
- Utah6 loans
- New Jersey4 loans
- Minnesota4 loans
- Wyoming4 loans
- Delaware4 loans
- Wisconsin4 loans
- Vermont3 loans
- Connecticut3 loans
- South Dakota3 loans
- Montana3 loans
- Massachusetts2 loans
- Maine2 loans
- U.S. Virgin Islands2 loans
- Nebraska2 loans
- Hawaii1 loans
- Missouri1 loans