Alma USDA Loan Rates, Closing Costs & Stats

Alma, MI

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.

Alma's 10 lenders originated 21 USDA loans during 2023. The total origination value was $3,065,000, with an average USDA loan value of $145,952.

Alma USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Alma averaged 6.68% for the week of 2024-05-17, compared to the national average (all USDA variants) of 6.75% for the same period.

Alma's average USDA mortgage closing costs are $4,149.

The average rate for the prior week (2024-05-10) was 7.12% and one month ago for the week of 2024-04-12, the average rate was 7.05%.

The average rate one year ago was 6.53%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.75%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Alma 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 Alma level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Preston Home Loans Inc 6 7.27% $6,330
CROSSCOUNTRY MORTGAGE, LLC 6 6.82% $5,367
SUCCESS MORTGAGE PARTNERS, INC. 2 6.63% $7,374
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.99% $1,863
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.38% $4,620
Neighborhood Loans, Inc. 1 6.13% $6,522
ACADEMY MORTGAGE CORPORATION 1 7.75% $6,326
TOP FLITE FINANCIAL, INC. 1 6.75% $10,269
BLG HOLDINGS, INC. 1 7.75% $7,923
BM Real Estate Services, Inc. 1 7.25% $4,917

The top Alma USDA lender as defined by loan originations is Preston Home Loans Inc, with 6 USDA loans originated. Their average total fees are $6,330, which is $963 higher than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

The lowest fee Alma USDA lenders (with over 10 loans originated) are .

The lowest rate Alma USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Alma (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $87,400 (-12.5%) $112,982 (-10.1%) 0.00 135
2018-02-01 $84,675 (-15.2%) $114,882 (-6.0%) 0.00 132
2018-03-01 $82,450 (-17.4%) $115,176 (-9.6%) 0.00 141
2018-04-01 $84,450 (-16.8%) $115,644 (-10.4%) 0.00 141
2018-05-01 $89,075 (-10.8%) $126,365 (-1.7%) 0.00 146
2018-06-01 $94,900 (-3.7%) $135,945 (5.6%) 0.00 153
2018-07-01 $97,175 (-1.8%) $134,250 (4.3%) 0.00 163
2018-08-01 $105,000 (5.1%) $145,598 (12.3%) 0.00 161
2018-09-01 $105,000 (3.5%) $143,891 (10.7%) 0.00 154
2018-10-01 $102,450 (2.6%) $145,120 (14.1%) 0.00 156
2018-11-01 $97,125 (6.2%) $133,685 (9.5%) 0.00 154
2018-12-01 $88,900 (-1.1%) $126,798 (10.5%) 0.00 146
2019-01-01 $88,800 (1.6%) $127,448 (12.8%) 0.00 136
2019-02-01 $87,450 (3.3%) $127,097 (10.6%) 0.00 130
2019-03-01 $89,386 (8.4%) $122,859 (6.7%) 0.00 128
2019-04-01 $96,900 (14.7%) $128,434 (11.1%) 0.00 133
2019-05-01 $98,100 (10.1%) $131,239 (3.9%) 0.00 129
2019-06-01 $99,900 (5.3%) $136,844 (0.7%) 0.00 135
2019-07-01 $99,900 (2.8%) $130,959 (-2.5%) 0.00 132
2019-08-01 $108,518 (3.4%) $131,768 (-9.5%) 0.00 129
2019-09-01 $109,295 (4.1%) $128,884 (-10.4%) 0.00 130
2019-10-01 $112,663 (10.0%) $129,346 (-10.9%) 0.00 118
2019-11-01 $107,400 (10.6%) $130,701 (-2.2%) 0.00 91
2019-12-01 $134,975 (51.8%) $143,449 (13.1%) 0.00 81
2020-01-01 $119,900 (35.0%) $134,833 (5.8%) 0.00 79
2020-02-01 $119,900 (37.1%) $133,035 (4.7%) 0.00 81
2020-03-01 $110,700 (23.9%) $134,974 (9.9%) 0.00 72
2020-04-01 $119,900 (23.7%) $141,375 (10.1%) 0.00 66
2020-05-01 $114,900 (17.1%) $141,888 (8.1%) 0.00 66
2020-06-01 $146,175 (46.3%) $158,947 (16.2%) 0.00 57
2020-07-01 $136,850 (37.0%) $165,997 (26.8%) 0.00 58
2020-08-01 $119,900 (10.5%) $153,905 (16.8%) 0.00 63
2020-09-01 $129,900 (18.9%) $181,538 (40.9%) 0.00 55
2020-10-01 $129,900 (15.3%) $178,078 (37.7%) 0.00 60
2020-11-01 $127,600 (18.8%) $170,360 (30.3%) 0.00 66
2020-12-01 $124,900 (-7.5%) $171,917 (19.9%) 0.00 61
2021-01-01 $124,900 (4.2%) $163,026 (20.9%) 0.00 54
2021-02-01 $124,900 (4.2%) $174,144 (30.9%) 0.00 35
2021-03-01 $131,200 (18.5%) $191,583 (41.9%) 0.00 35
2021-04-01 $133,950 (11.7%) $189,522 (34.1%) 0.00 30
2021-05-01 $149,900 (30.5%) $195,946 (38.1%) 0.00 35
2021-06-01 $176,400 (20.7%) $198,816 (25.1%) 0.00 43
2021-07-01 $162,400 (18.7%) $200,908 (21.0%) 0.00 52
2021-08-01 $161,250 (34.5%) $200,269 (30.1%) 0.00 65
2021-09-01 $141,800 (9.2%) $190,094 (4.7%) 0.00 74
2021-10-01 $134,950 (3.9%) $186,481 (4.7%) 0.00 72
2021-11-01 $129,575 (1.6%) $177,121 (4.0%) 0.00 62
2021-12-01 $135,175 (8.2%) $192,178 (11.8%) 0.00 48
2022-01-01 $169,000 (35.3%) $219,647 (34.7%) 0.00 43
2022-02-01 $147,500 (18.1%) $204,086 (17.2%) 0.00 35
2022-03-01 $165,925 (26.5%) $218,142 (13.9%) 0.00 33
2022-04-01 $149,900 (11.9%) $193,808 (2.3%) 0.00 45
2022-05-01 $159,875 (6.7%) $207,162 (5.7%) 0.00 51
2022-06-01 $164,925 (-6.5%) $227,682 (14.5%) 0.00 53
2022-07-01 $179,900 (10.8%) $246,127 (22.5%) 0.00 60
2022-08-01 $182,450 (13.2%) $245,149 (22.4%) 0.00 71
2022-09-01 $167,200 (17.9%) $227,328 (19.6%) 0.00 76
2022-10-01 $167,000 (23.8%) $224,329 (20.3%) 0.00 78
2022-11-01 $169,925 (31.1%) $222,608 (25.7%) 0.00 87
2022-12-01 $155,500 (15.0%) $206,296 (7.4%) 0.00 73
2023-01-01 $149,675 (-11.4%) $214,139 (-2.5%) 0.00 62
2023-02-01 $160,000 (8.5%) $218,497 (7.1%) 0.00 46
2023-03-01 $170,675 (2.9%) $226,207 (3.7%) 0.00 42
2023-04-01 $169,850 (13.3%) $215,092 (11.0%) 0.00 33
2023-05-01 $219,475 (37.3%) $256,208 (23.7%) 0.00 35
2023-06-01 $210,975 (27.9%) $264,729 (16.3%) 0.00 35
2023-07-01 $199,000 (10.6%) $259,304 (5.4%) 0.00 41
2023-08-01 $185,950 (1.9%) $242,994 (-0.9%) 0.00 49
2023-09-01 $182,000 (8.9%) $228,094 (0.3%) 0.00 48
2023-10-01 $184,000 (10.2%) $219,045 (-2.4%) 0.00 58
2023-11-01 $183,000 (7.7%) $226,233 (1.6%) 0.00 68
2023-12-01 $179,000 (15.1%) $220,125 (6.7%) 0.00 53
2024-01-01 $177,800 (18.8%) $222,336 (3.8%) 0.00 45
2024-02-01 $169,500 (5.9%) $215,988 (-1.2%) 0.00 46
2024-03-01 $180,000 (5.5%) $230,466 (1.9%) 0.00 48
2024-04-01 $179,950 (6.0%) $220,791 (2.7%) 0.00 53
Alma's median listing price for 2024-04-01 was $179,950, a difference of $10,100 (6.0%) versus the prior year and $-50 versus the prior month.

Alma's median listing price comes in at 0% of the national average.

Alma's average listing price for 2024-04-01 was $220,791, a difference of $5,699 (2.7%) versus the prior year and $-9,675 versus the prior month.

For the 2024-04-01 period, Alma had 53 MLS listings, a difference of 5 listings (10%) versus the prior month and 20 listings (61%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Alma (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,523 sqft
2018-02-01 0 days 1,512 sqft
2018-03-01 0 days 1,460 sqft
2018-04-01 0 days 1,454 sqft
2018-05-01 0 days 1,479 sqft
2018-06-01 0 days 1,506 sqft
2018-07-01 0 days 1,546 sqft
2018-08-01 0 days 1,562 sqft
2018-09-01 0 days 1,557 sqft
2018-10-01 0 days 1,579 sqft
2018-11-01 0 days 1,500 sqft
2018-12-01 0 days 1,450 sqft
2019-01-01 0 days 1,450 sqft
2019-02-01 0 days 1,473 sqft
2019-03-01 0 days 1,471 sqft
2019-04-01 0 days 1,499 sqft
2019-05-01 0 days 1,507 sqft
2019-06-01 0 days 1,612 sqft
2019-07-01 0 days 1,600 sqft
2019-08-01 0 days 1,568 sqft
2019-09-01 0 days 1,558 sqft
2019-10-01 0 days 1,579 sqft
2019-11-01 0 days 1,600 sqft
2019-12-01 0 days 1,760 sqft
2020-01-01 0 days 1,736 sqft
2020-02-01 0 days 1,702 sqft
2020-03-01 0 days 1,576 sqft
2020-04-01 0 days 1,653 sqft
2020-05-01 0 days 1,569 sqft
2020-06-01 0 days 1,775 sqft
2020-07-01 0 days 1,703 sqft
2020-08-01 0 days 1,680 sqft
2020-09-01 0 days 1,708 sqft
2020-10-01 0 days 1,660 sqft
2020-11-01 0 days 1,653 sqft
2020-12-01 0 days 1,600 sqft
2021-01-01 0 days 1,570 sqft
2021-02-01 0 days 1,511 sqft
2021-03-01 0 days 1,509 sqft
2021-04-01 0 days 1,593 sqft
2021-05-01 0 days 1,726 sqft
2021-06-01 0 days 1,728 sqft
2021-07-01 0 days 1,749 sqft
2021-08-01 0 days 1,590 sqft
2021-09-01 0 days 1,536 sqft
2021-10-01 0 days 1,552 sqft
2021-11-01 0 days 1,458 sqft
2021-12-01 0 days 1,458 sqft
2022-01-01 0 days 1,633 sqft
2022-02-01 0 days 1,566 sqft
2022-03-01 0 days 1,601 sqft
2022-04-01 0 days 1,604 sqft
2022-05-01 0 days 1,642 sqft
2022-06-01 0 days 1,657 sqft
2022-07-01 0 days 1,681 sqft
2022-08-01 0 days 1,708 sqft
2022-09-01 0 days 1,654 sqft
2022-10-01 0 days 1,669 sqft
2022-11-01 0 days 1,716 sqft
2022-12-01 0 days 1,653 sqft
2023-01-01 0 days 1,612 sqft
2023-02-01 0 days 1,614 sqft
2023-03-01 0 days 1,477 sqft
2023-04-01 0 days 1,573 sqft
2023-05-01 0 days 1,805 sqft
2023-06-01 0 days 1,853 sqft
2023-07-01 0 days 1,878 sqft
2023-08-01 0 days 1,771 sqft
2023-09-01 0 days 1,690 sqft
2023-10-01 0 days 1,758 sqft
2023-11-01 0 days 1,844 sqft
2023-12-01 0 days 1,860 sqft
2024-01-01 0 days 1,791 sqft
2024-02-01 0 days 1,752 sqft
2024-03-01 0 days 1,755 sqft
2024-04-01 0 days 1,622 sqft
Alma's median listing age (time on market) for 2024-04-01 was 0 days.

Alma's median square footage for active listings during the 2024-04-01 period was 1,622 sqft. One year prior, the average listing was 1,573 sqft.