Champaign USDA Loans

CHAMPAIGN-URBANA, IL

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.

Champaign's 26 lenders originated 79 USDA loans during 2021. The total origination value was $11,445,000, with an average USDA loan value of $144,873.

Champaign USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Champaign averaged 5.37% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-05-06) was 5.11% and one month ago for the week of 2022-04-08, the average rate was 4.77%.

The average rate one year ago was 3.28%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.22%.

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

Champaign 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 Champaign level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
FLAT BRANCH MORTGAGE, INC. 26 3.21% $4,060
GUARANTEED RATE, INC. 6 3.00% $4,770
INB 6 2.94% $3,978
Midland States Bank 5 3.00% $3,994
UNION HOME MORTGAGE CORP. 4 2.38% $3,945
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 2.97% $4,348
Regions Bank 4 3.28% $3,392
HOME POINT FINANCIAL CORPORATION 3 2.63% $3,906
CITIZENS EQUITY FIRST 2 3.25% $2,348
First State Bank 2 2.44% $3,318
First Mid Bank & Trust 2 2.63% $3,179
Petefish, Skiles & Co. 1 3.25% $2,811
PNC Bank 1 2.63% $4,963
RUOFF MORTGAGE COMPANY, INC. 1 3.25% $3,826
Town & Country Banc Mortgage Services, Inc. 1 2.63% $2,485
Heartland Bank and Trust Company 1 3.50% $2,990
Carrington Mortgage Services, LLC 1 5.13% $6,451
DRAPER AND KRAMER MORTGAGE CORP. 1 2.63% $3,869
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.25% $4,765
First Financial Bank 1 2.88% $4,651
FIRST STATE MORTGAGE SERVICES, LLC 1 2.63% $3,296
Flagstar Bank, FSB 1 3.00% $4,851
GERSHMAN INVESTMENT CORP. 1 3.38% $3,702
Bank of England 1 2.88% $7,833
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.25% $3,630
PENNYMAC LOAN SERVICES, LLC 1 3.38% $3,297

The top Champaign USDA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 26 USDA loans originated. Their average total fees are $4,060, which is $710 lower than the next largest lender, GUARANTEED RATE, INC..

The lowest fee Champaign USDA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. ($4,060), .

The lowest rate Champaign USDA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. (3.21%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Champaign (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 $152,950 (7.8%) $206,242 (7.7%) 0.56 990
2018-02-01 $157,950 (12.9%) $208,977 (7.4%) 0.57 949
2018-03-01 $160,000 (8.5%) $215,772 (8.2%) 0.55 938
2018-04-01 $170,700 (10.2%) $220,423 (5.4%) 0.57 961
2018-05-01 $174,950 (12.9%) $219,769 (4.2%) 0.58 976
2018-06-01 $169,900 (6.9%) $215,560 (0.4%) 0.57 1,045
2018-07-01 $167,200 (4.5%) $213,429 (-2.1%) 0.56 1,079
2018-08-01 $168,450 (5.4%) $212,874 (-1.5%) 0.56 1,100
2018-09-01 $169,900 (6.2%) $212,660 (-2.9%) 0.57 1,081
2018-10-01 $169,900 (6.3%) $212,752 (-1.0%) 0.57 1,054
2018-11-01 $169,900 (7.9%) $210,528 (0.9%) 0.57 1,037
2018-12-01 $164,900 (6.5%) $204,339 (-0.1%) 0.56 1,003
2019-01-01 $165,000 (7.9%) $206,717 (0.2%) 0.57 929
2019-02-01 $165,000 (4.5%) $212,754 (1.8%) 0.55 946
2019-03-01 $171,386 (7.1%) $222,054 (2.9%) 0.56 912
2019-04-01 $182,400 (6.9%) $230,494 (4.6%) 0.57 874
2019-05-01 $187,250 (7.0%) $231,285 (5.2%) 0.58 906
2019-06-01 $185,000 (8.9%) $229,626 (6.5%) 0.57 952
2019-07-01 $182,450 (9.1%) $225,205 (5.5%) 0.57 1,001
2019-08-01 $172,757 (2.6%) $218,764 (2.8%) 0.54 1,028
2019-09-01 $167,450 (-1.4%) $212,828 (0.1%) 0.53 1,048
2019-10-01 $165,250 (-2.7%) $211,500 (-0.6%) 0.53 1,030
2019-11-01 $165,000 (-2.9%) $211,854 (0.6%) 0.53 1,011
2019-12-01 $158,200 (-4.1%) $210,280 (2.9%) 0.53 925
2020-01-01 $158,900 (-3.7%) $210,141 (1.7%) 0.53 861
2020-02-01 $175,000 (6.1%) $223,638 (5.1%) 0.56 790
2020-03-01 $182,950 (6.8%) $231,192 (4.1%) 0.57 781
2020-04-01 $184,950 (1.4%) $232,807 (1.0%) 0.58 746
2020-05-01 $190,000 (1.5%) $238,095 (2.9%) 0.58 651
2020-06-01 $193,900 (4.8%) $243,106 (5.9%) 0.57 604
2020-07-01 $199,900 (9.6%) $252,916 (12.3%) 0.57 583
2020-08-01 $195,000 (12.9%) $248,722 (13.7%) 0.56 533
2020-09-01 $193,200 (15.4%) $247,603 (16.3%) 0.55 526
2020-10-01 $179,900 (8.9%) $240,291 (13.6%) 0.51 492
2020-11-01 $171,200 (3.8%) $233,534 (10.2%) 0.49 475
2020-12-01 $180,950 (14.4%) $232,917 (10.8%) 0.53 414
2021-01-01 $169,900 (6.9%) $228,180 (8.6%) 0.50 359
2021-02-01 $164,950 (-5.7%) $225,941 (1.0%) 0.47 303
2021-03-01 $162,450 (-11.2%) $236,863 (2.5%) 0.46 276
2021-04-01 $173,700 (-6.1%) $253,762 (9.0%) 0.47 248
2021-05-01 $174,900 (-8.0%) $258,854 (8.7%) 0.46 253
2021-06-01 $187,400 (-3.4%) $264,184 (8.7%) 0.49 282
2021-07-01 $179,450 (-10.2%) $257,168 (1.7%) 0.47 340
2021-08-01 $171,200 (-12.2%) $244,434 (-1.7%) 0.45 362
2021-09-01 $164,950 (-14.6%) $246,735 (-0.4%) 0.43 345
2021-10-01 $159,900 (-11.1%) $243,325 (1.3%) 0.42 364
2021-11-01 $152,400 (-11.0%) $251,433 (7.7%) 0.40 329
2021-12-01 $149,900 (-17.2%) $247,837 (6.4%) 0.40 282
2022-01-01 $139,900 (-17.7%) $249,046 (9.1%) 0.37 240
2022-02-01 $147,000 (-10.9%) $259,455 (14.8%) 0.37 213
2022-03-01 $164,900 (1.5%) $254,325 (7.4%) 0.41 189
2022-04-01 $165,000 (-5.0%) $250,968 (-1.1%) 0.39 198
Champaign's median listing price for 2022-04-01 was $165,000, a difference of $-8,700 (-5.0%) versus the prior year and $100 versus the prior month.

Champaign's median listing price comes in at 39% of the national average.

Champaign's average listing price for 2022-04-01 was $250,968, a difference of $-2,794 (-1.1%) versus the prior year and $-3,357 versus the prior month.

For the 2022-04-01 period, Champaign had 198 MLS listings, a difference of 9 listings (5%) versus the prior month and -50 listings (-20%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Champaign (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 120 days 1,648 sqft
2018-02-01 118 days 1,649 sqft
2018-03-01 94 days 1,676 sqft
2018-04-01 66 days 1,719 sqft
2018-05-01 69 days 1,755 sqft
2018-06-01 68 days 1,750 sqft
2018-07-01 69 days 1,744 sqft
2018-08-01 74 days 1,754 sqft
2018-09-01 79 days 1,745 sqft
2018-10-01 85 days 1,745 sqft
2018-11-01 94 days 1,731 sqft
2018-12-01 107 days 1,714 sqft
2019-01-01 121 days 1,677 sqft
2019-02-01 116 days 1,680 sqft
2019-03-01 114 days 1,710 sqft
2019-04-01 78 days 1,772 sqft
2019-05-01 67 days 1,790 sqft
2019-06-01 72 days 1,782 sqft
2019-07-01 72 days 1,790 sqft
2019-08-01 72 days 1,742 sqft
2019-09-01 74 days 1,719 sqft
2019-10-01 79 days 1,722 sqft
2019-11-01 92 days 1,735 sqft
2019-12-01 103 days 1,716 sqft
2020-01-01 116 days 1,712 sqft
2020-02-01 117 days 1,746 sqft
2020-03-01 95 days 1,787 sqft
2020-04-01 84 days 1,796 sqft
2020-05-01 87 days 1,800 sqft
2020-06-01 86 days 1,825 sqft
2020-07-01 71 days 1,851 sqft
2020-08-01 64 days 1,819 sqft
2020-09-01 65 days 1,786 sqft
2020-10-01 71 days 1,736 sqft
2020-11-01 69 days 1,712 sqft
2020-12-01 80 days 1,741 sqft
2021-01-01 91 days 1,685 sqft
2021-02-01 83 days 1,567 sqft
2021-03-01 68 days 1,589 sqft
2021-04-01 59 days 1,630 sqft
2021-05-01 48 days 1,660 sqft
2021-06-01 44 days 1,689 sqft
2021-07-01 43 days 1,676 sqft
2021-08-01 45 days 1,597 sqft
2021-09-01 50 days 1,549 sqft
2021-10-01 50 days 1,523 sqft
2021-11-01 56 days 1,513 sqft
2021-12-01 62 days 1,484 sqft
2022-01-01 78 days 1,450 sqft
2022-02-01 71 days 1,500 sqft
2022-03-01 50 days 1,577 sqft
2022-04-01 41 days 1,544 sqft
Champaign's median listing age (time on market) for 2022-04-01 was 41 days. This is -31% shorter than the same period one year ago.

Champaign's median square footage for active listings during the 2022-04-01 period was 1,544 sqft. One year prior, the average listing was 1,630 sqft.