Brainerd USDA Loans

Brainerd, MN

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.

Brainerd's 25 lenders originated 101 USDA loans during 2021. The total origination value was $17,895,000, with an average USDA loan value of $177,178.

Brainerd USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Brainerd averaged 5.22% for the week of 2022-08-05, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-07-29) was 5.55% and one month ago for the week of 2022-07-01, the average rate was 5.68%.

The average rate one year ago was 3.07%.

For refis of the same type during the week of 2022-08-05, the average rate was 4.88%.

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

Brainerd USDA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Brainerd level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
First Western Bank & Trust 18 2.51% $4,991
Lend Smart Mortgage, LLC 14 3.09% $4,710
Flagstar Bank, FSB 11 2.42% $7,139
PLAZA HOME MORTGAGE, INC. 10 2.63% $7,063
Servion, Inc. 7 2.82% $5,746
Prosperity Home Mortgage, LLC 4 2.94% $5,799
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 2.94% $5,643
Frandsen Bank & Trust 3 2.63% $5,573
LOANDEPOT.COM, LLC 3 3.04% $6,376
HOME POINT FINANCIAL CORPORATION 2 2.62% $4,793
CRESCENT MORTGAGE COMPANY 2 3.13% $5,463
CROSSCOUNTRY MORTGAGE, LLC 2 2.69% $6,726
Merchants Bank 2 2.84% $2,784
Mortgages Unlimited Inc. 2 3.00% $7,830
NATIONS RELIABLE LENDING, LLC 2 3.31% $4,208
PENNYMAC LOAN SERVICES, LLC 2 2.69% $4,433
BAY EQUITY LLC 1 2.99% $5,293
RESULTS MORTGAGE, LLC 1 3.13% $7,509
Paramount Residential Mortgage Group, Inc. 1 2.88% $5,961
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.50% $5,681
Bremer Bank 1 3.75% $5,643
AMERICAN FINANCIAL RESOURCES, INC. 1 3.63% $5,170
First Guaranty Mortgage Corporation 1 2.25% $4,457
CALIBER HOME LOANS, INC. 1 3.75% $4,912
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.00% $4,950

The top Brainerd USDA lender as defined by loan originations is First Western Bank & Trust, with 18 USDA loans originated. Their average total fees are $4,991, which is $281 higher than the next largest lender, Lend Smart Mortgage, LLC.

The lowest fee Brainerd USDA lenders (with over 10 loans originated) are Lend Smart Mortgage, LLC ($4,710), First Western Bank & Trust ($4,991), PLAZA HOME MORTGAGE, INC. ($7,063), Flagstar Bank, FSB ($7,139) and .

The lowest rate Brainerd USDA lenders (with over 10 loans originated) are Flagstar Bank, FSB (2.42%), First Western Bank & Trust (2.51%), PLAZA HOME MORTGAGE, INC. (2.63%), Lend Smart Mortgage, LLC (3.09%) and .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Brainerd (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 $259,950 (11.2%) $388,921 (14.6%) 0.00 643
2018-02-01 $271,450 (9.7%) $409,104 (11.4%) 0.00 662
2018-03-01 $284,000 (6.2%) $405,627 (4.1%) 0.00 773
2018-04-01 $299,166 (4.6%) $417,417 (6.7%) 0.00 796
2018-05-01 $299,000 (4.4%) $422,250 (8.1%) 0.00 890
2018-06-01 $289,900 (0.0%) $408,707 (4.3%) 0.00 1,004
2018-07-01 $291,500 (2.3%) $416,277 (5.8%) 0.00 1,056
2018-08-01 $289,950 (3.6%) $408,126 (4.1%) 0.00 1,037
2018-09-01 $289,000 (3.4%) $417,890 (6.3%) 0.00 1,003
2018-10-01 $281,200 (0.7%) $422,585 (3.0%) 0.00 935
2018-11-01 $275,000 (1.9%) $416,434 (2.0%) 0.00 797
2018-12-01 $265,800 (2.2%) $419,389 (9.8%) 0.00 643
2019-01-01 $255,000 (-1.9%) $399,421 (2.7%) 0.00 562
2019-02-01 $272,450 (0.4%) $416,027 (1.7%) 0.00 572
2019-03-01 $293,671 (3.4%) $436,538 (7.6%) 0.00 652
2019-04-01 $299,900 (0.3%) $448,270 (7.4%) 0.00 762
2019-05-01 $304,450 (1.8%) $445,730 (5.6%) 0.00 872
2019-06-01 $299,900 (3.5%) $429,258 (5.0%) 0.00 967
2019-07-01 $299,900 (2.9%) $429,241 (3.1%) 0.00 1,009
2019-08-01 $299,900 (3.4%) $422,545 (3.5%) 0.00 1,002
2019-09-01 $297,450 (2.9%) $407,251 (-2.6%) 0.00 968
2019-10-01 $295,000 (4.9%) $398,608 (-5.7%) 0.00 914
2019-11-01 $289,500 (5.3%) $397,341 (-4.6%) 0.00 763
2019-12-01 $279,700 (5.2%) $385,396 (-8.1%) 0.00 600
2020-01-01 $274,950 (7.8%) $384,793 (-3.7%) 0.00 486
2020-02-01 $295,000 (8.3%) $403,841 (-2.9%) 0.00 523
2020-03-01 $299,950 (2.1%) $418,480 (-4.1%) 0.00 564
2020-04-01 $308,000 (2.7%) $424,737 (-5.3%) 0.00 620
2020-05-01 $299,900 (-1.5%) $415,943 (-6.7%) 0.00 668
2020-06-01 $299,450 (-0.2%) $414,531 (-3.4%) 0.00 639
2020-07-01 $298,500 (-0.5%) $407,226 (-5.1%) 0.00 562
2020-08-01 $300,000 (0.0%) $431,408 (2.1%) 0.00 514
2020-09-01 $309,950 (4.2%) $449,687 (10.4%) 0.00 453
2020-10-01 $289,900 (-1.7%) $437,940 (9.9%) 0.00 386
2020-11-01 $299,900 (3.6%) $451,269 (13.6%) 0.00 319
2020-12-01 $299,900 (7.2%) $430,650 (11.7%) 0.00 256
2021-01-01 $289,900 (5.4%) $416,745 (8.3%) 0.00 202
2021-02-01 $301,950 (2.4%) $465,680 (15.3%) 0.00 187
2021-03-01 $315,500 (5.2%) $490,454 (17.2%) 0.00 196
2021-04-01 $327,000 (6.2%) $528,023 (24.3%) 0.00 200
2021-05-01 $349,900 (16.7%) $525,053 (26.2%) 0.00 213
2021-06-01 $349,900 (16.9%) $504,320 (21.7%) 0.00 248
2021-07-01 $354,004 (18.6%) $514,017 (26.2%) 0.00 274
2021-08-01 $341,950 (14.0%) $516,055 (19.6%) 0.00 321
2021-09-01 $359,450 (16.0%) $529,740 (17.8%) 0.00 351
2021-10-01 $349,900 (20.7%) $547,346 (25.0%) 0.00 311
2021-11-01 $348,250 (16.1%) $529,808 (17.4%) 0.00 233
2021-12-01 $346,950 (15.7%) $496,678 (15.3%) 0.00 183
2022-01-01 $350,000 (20.7%) $495,321 (18.9%) 0.00 141
2022-02-01 $377,450 (25.0%) $514,337 (10.5%) 0.00 231
2022-03-01 $405,450 (28.5%) $557,787 (13.7%) 0.00 250
2022-04-01 $419,900 (28.4%) $579,450 (9.7%) 0.00 266
2022-05-01 $416,200 (19.0%) $595,572 (13.4%) 0.00 234
2022-06-01 $422,400 (20.7%) $596,276 (18.2%) 0.00 276
Brainerd's median listing price for 2022-06-01 was $422,400, a difference of $72,500 (20.7%) versus the prior year and $6,200 versus the prior month.

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

Brainerd's average listing price for 2022-06-01 was $596,276, a difference of $91,956 (18.2%) versus the prior year and $704 versus the prior month.

For the 2022-06-01 period, Brainerd had 276 MLS listings, a difference of 42 listings (18%) versus the prior month and 28 listings (11%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Brainerd (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,889 sqft
2018-02-01 0 days 1,943 sqft
2018-03-01 0 days 2,032 sqft
2018-04-01 0 days 2,064 sqft
2018-05-01 0 days 2,015 sqft
2018-06-01 0 days 1,981 sqft
2018-07-01 0 days 1,925 sqft
2018-08-01 0 days 1,849 sqft
2018-09-01 0 days 1,840 sqft
2018-10-01 0 days 1,846 sqft
2018-11-01 0 days 1,800 sqft
2018-12-01 0 days 1,751 sqft
2019-01-01 0 days 1,780 sqft
2019-02-01 0 days 1,849 sqft
2019-03-01 0 days 1,874 sqft
2019-04-01 0 days 1,898 sqft
2019-05-01 0 days 1,904 sqft
2019-06-01 0 days 1,920 sqft
2019-07-01 0 days 1,901 sqft
2019-08-01 0 days 1,879 sqft
2019-09-01 0 days 1,862 sqft
2019-10-01 0 days 1,880 sqft
2019-11-01 0 days 1,848 sqft
2019-12-01 0 days 1,819 sqft
2020-01-01 0 days 1,800 sqft
2020-02-01 0 days 1,858 sqft
2020-03-01 0 days 1,910 sqft
2020-04-01 0 days 1,922 sqft
2020-05-01 0 days 1,911 sqft
2020-06-01 0 days 1,920 sqft
2020-07-01 0 days 1,926 sqft
2020-08-01 0 days 1,920 sqft
2020-09-01 0 days 1,925 sqft
2020-10-01 0 days 1,914 sqft
2020-11-01 0 days 1,874 sqft
2020-12-01 0 days 1,758 sqft
2021-01-01 0 days 1,738 sqft
2021-02-01 0 days 1,754 sqft
2021-03-01 0 days 1,733 sqft
2021-04-01 0 days 1,728 sqft
2021-05-01 0 days 1,780 sqft
2021-06-01 0 days 1,806 sqft
2021-07-01 0 days 1,784 sqft
2021-08-01 0 days 1,784 sqft
2021-09-01 0 days 1,837 sqft
2021-10-01 0 days 1,866 sqft
2021-11-01 0 days 1,782 sqft
2021-12-01 0 days 1,779 sqft
2022-01-01 0 days 1,776 sqft
2022-02-01 0 days 1,848 sqft
2022-03-01 0 days 2,008 sqft
2022-04-01 0 days 2,104 sqft
2022-05-01 0 days 1,912 sqft
2022-06-01 0 days 1,978 sqft
Brainerd's median listing age (time on market) for 2022-06-01 was 0 days.

Brainerd's median square footage for active listings during the 2022-06-01 period was 1,978 sqft. One year prior, the average listing was 1,806 sqft.