Champaign USDA Loans

CHAMPAIGN-URBANA, IL

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    • 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.