Chicago USDA Loan Rates, Closing Costs & Stats

Chicago-Naperville-Elgin, IL-IN-WI

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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.

    Chicago's 39 lenders originated 81 USDA loans during 2022. The total origination value was $14,865,000, with an average USDA loan value of $183,519.

    Chicago USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Chicago averaged -0.31% for the week of 2023-11-24, compared to the national average (all USDA variants) of 0% for the same period.

    Chicago's average USDA mortgage closing costs are $5,084.

    The average rate for the prior week (2023-11-17) was 6.98% and one month ago for the week of 2023-10-20, the average rate was 7.4%.

    The average rate one year ago was 6.24%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.67%.

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

    Chicago 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 Chicago level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 8 4.97% $8,251
    HOME POINT FINANCIAL CORPORATION 8 4.50% $8,439
    Flanagan State Bank 4 4.88% $8,235
    FIRST CENTENNIAL MORTGAGE CORPORATION 4 5.69% $5,925
    GUARANTEED RATE, INC. 4 5.28% $6,948
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 5.08% $6,572
    GVC MORTGAGE, INC. 3 4.79% $5,968
    PLAZA HOME MORTGAGE, INC. 3 3.63% $6,837
    Hometown Lenders, Inc. 2 4.94% $6,900
    CARDINAL FINANCIAL 2 4.69% $11,036
    RUOFF MORTGAGE COMPANY, INC. 2 5.88% $3,847
    Grundy Bank 2 4.06% $6,530
    FIRST STATE MORTGAGE SERVICES, LLC 2 3.06% $4,636
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 4.69% $5,186
    Flagstar Bank, FSB 2 5.44% $6,165
    PENNYMAC LOAN SERVICES, LLC 2 3.31% $4,763
    Old National Bank 1 4.50% $5,009
    PLANET HOME LENDING, LLC 1 6.99% $5,508
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.75% $8,313
    UNITED WHOLESALE MORTGAGE, LLC 1 6.50% $5,391
    University Bank 1 5.63% $8,895
    Waterstone Mortgage Corporation 1 6.50% $11,443
    ACADEMY MORTGAGE CORPORATION 1 5.25% $6,159
    Wells Fargo Bank 1 3.38% $2,209
    AMERIFIRST FINANCIAL CORPORATION 1 5.75% $8,663
    Barrington Bank & Trust Company, N.A. 1 4.75% $7,298
    CALIBER HOME LOANS, INC. 1 4.25% $5,569
    Century Mortgage Company DBA Century Lending Company 1 3.75% $12,143
    Citizens Bank 1 4.75% $4,230
    Community Mortgage Banc Corporation 1 6.88% $4,188
    COMPASS MORTGAGE, INC. 1 5.50% $4,998
    EVERETT FINANCIAL, INC. 1 5.13% $3,492
    FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $3,322
    First Merchants Bank 1 2.75% $5,416
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 3.63% $5,429
    Ixonia Bank 1 5.25% $6,104
    LEADERONE FINANCIAL CORPORATION 1 5.63% $5,621
    Mortgage Assurance Inc. 1 3.88% $4,067
    Mortgage Research Center, LLC 1 7.25% $3,245

    The top Chicago USDA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 8 USDA loans originated. Their average total fees are $8,251, which is $188 lower than the next largest lender, HOME POINT FINANCIAL CORPORATION.

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

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Chicago (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 $287,250 (6.0%) $450,243 (4.4%) 1.07 27,462
    2018-02-01 $302,450 (6.1%) $469,283 (4.1%) 1.10 27,948
    2018-03-01 $325,000 (8.5%) $488,512 (5.1%) 1.14 29,775
    2018-04-01 $330,125 (6.8%) $492,279 (4.2%) 1.12 31,629
    2018-05-01 $334,425 (5.3%) $489,964 (3.3%) 1.12 33,742
    2018-06-01 $329,999 (3.9%) $482,144 (2.3%) 1.10 36,367
    2018-07-01 $324,950 (3.2%) $471,234 (1.1%) 1.09 38,489
    2018-08-01 $319,700 (6.2%) $460,191 (1.2%) 1.07 39,562
    2018-09-01 $315,000 (5.0%) $453,688 (0.9%) 1.06 40,227
    2018-10-01 $309,950 (3.4%) $448,876 (-0.6%) 1.05 39,896
    2018-11-01 $299,950 (1.8%) $445,533 (-0.6%) 1.02 37,549
    2018-12-01 $295,000 (2.3%) $437,503 (-1.1%) 1.02 32,860
    2019-01-01 $295,950 (3.0%) $440,642 (-2.1%) 1.02 29,957
    2019-02-01 $309,500 (2.3%) $462,219 (-1.5%) 1.05 30,300
    2019-03-01 $324,429 (-0.2%) $476,348 (-2.5%) 1.06 32,303
    2019-04-01 $338,000 (2.4%) $485,310 (-1.4%) 1.07 34,401
    2019-05-01 $339,250 (1.4%) $480,573 (-1.9%) 1.06 36,833
    2019-06-01 $335,000 (1.5%) $475,608 (-1.4%) 1.05 38,919
    2019-07-01 $329,950 (1.5%) $468,106 (-0.7%) 1.03 40,389
    2019-08-01 $324,413 (1.5%) $459,230 (-0.2%) 1.03 40,814
    2019-09-01 $318,556 (1.1%) $452,746 (-0.2%) 1.02 40,712
    2019-10-01 $314,250 (1.4%) $448,132 (-0.2%) 1.01 40,420
    2019-11-01 $304,900 (1.7%) $442,260 (-0.7%) 1.00 36,900
    2019-12-01 $299,000 (1.4%) $438,806 (0.3%) 1.00 31,663
    2020-01-01 $299,450 (1.2%) $441,961 (0.3%) 1.00 28,838
    2020-02-01 $315,000 (1.8%) $464,351 (0.5%) 1.03 29,383
    2020-03-01 $325,000 (0.2%) $473,373 (-0.6%) 1.02 29,999
    2020-04-01 $323,400 (-4.3%) $463,289 (-4.5%) 1.01 28,557
    2020-05-01 $329,000 (-3.0%) $474,893 (-1.2%) 1.00 28,625
    2020-06-01 $336,220 (0.4%) $486,541 (2.3%) 0.99 28,544
    2020-07-01 $339,997 (3.1%) $494,367 (5.6%) 0.99 27,611
    2020-08-01 $344,900 (6.3%) $499,470 (8.8%) 0.99 27,206
    2020-09-01 $343,533 (7.8%) $502,320 (11.0%) 0.98 27,378
    2020-10-01 $339,900 (8.2%) $497,728 (11.1%) 0.97 27,446
    2020-11-01 $331,995 (8.9%) $494,908 (11.9%) 0.97 24,898
    2020-12-01 $325,000 (8.7%) $492,461 (12.2%) 0.97 21,084
    2021-01-01 $325,000 (8.5%) $502,912 (13.8%) 0.97 18,122
    2021-02-01 $339,450 (7.8%) $540,880 (16.5%) 0.99 16,163
    2021-03-01 $349,000 (7.4%) $548,964 (16.0%) 0.99 15,878
    2021-04-01 $349,900 (8.2%) $549,022 (18.5%) 0.95 16,544
    2021-05-01 $350,000 (6.4%) $545,431 (14.9%) 0.93 17,477
    2021-06-01 $350,000 (4.1%) $534,307 (9.8%) 0.92 19,694
    2021-07-01 $349,000 (2.7%) $518,714 (4.9%) 0.92 21,816
    2021-08-01 $337,450 (-2.2%) $497,393 (-0.4%) 0.90 22,741
    2021-09-01 $329,900 (-4.0%) $488,040 (-2.8%) 0.88 22,673
    2021-10-01 $325,900 (-4.1%) $484,824 (-2.6%) 0.87 21,991
    2021-11-01 $319,950 (-3.6%) $482,040 (-2.6%) 0.86 19,186
    2021-12-01 $312,200 (-3.9%) $476,994 (-3.1%) 0.85 15,719
    2022-01-01 $310,000 (-4.6%) $489,343 (-2.7%) 0.84 12,837
    2022-02-01 $322,500 (-5.0%) $513,933 (-5.0%) 0.84 11,725
    2022-03-01 $332,450 (-4.7%) $523,593 (-4.6%) 0.83 12,152
    2022-04-01 $349,900 (0.0%) $531,824 (-3.1%) 0.83 12,382
    2022-05-01 $354,900 (1.4%) $535,363 (-1.9%) 0.81 14,846
    2022-06-01 $359,900 (2.8%) $530,444 (-0.7%) 0.80 17,050
    2022-07-01 $350,000 (0.3%) $513,670 (-1.0%) 0.79 19,719
    2022-08-01 $349,450 (3.6%) $507,873 (2.1%) 0.81 19,915
    2022-09-01 $340,000 (3.1%) $502,182 (2.9%) 0.79 19,798
    2022-10-01 $339,700 (4.2%) $498,038 (2.7%) 0.80 19,805
    2022-11-01 $329,950 (3.1%) $490,600 (1.8%) 0.79 19,018
    2022-12-01 $322,425 (3.3%) $481,210 (0.9%) 0.80 16,289
    2023-01-01 $327,450 (5.6%) $492,894 (0.7%) 0.81 14,258
    2023-02-01 $337,495 (4.7%) $517,753 (0.7%) 0.82 12,900
    2023-03-01 $352,400 (6.0%) $544,425 (4.0%) 0.83 12,275
    2023-04-01 $369,000 (5.5%) $567,393 (6.7%) 0.86 11,824
    2023-05-01 $376,000 (6.0%) $591,727 (10.5%) 0.85 12,097
    2023-06-01 $382,500 (6.3%) $589,718 (11.2%) 0.86 13,059
    2023-07-01 $389,000 (11.1%) $586,937 (14.3%) 0.88 13,966
    2023-08-01 $384,500 (10.0%) $578,186 (13.8%) 0.88 14,426
    2023-09-01 $375,000 (10.3%) $565,520 (12.6%) 0.87 14,996
    2023-10-01 $369,950 (8.9%) $559,841 (12.4%) 0.87 15,411
    Chicago's median listing price for 2023-10-01 was $369,950, a difference of $30,250 (8.9%) versus the prior year and $-5,050 versus the prior month.

    Chicago's median listing price comes in at 87% of the national average.

    Chicago's average listing price for 2023-10-01 was $559,841, a difference of $61,803 (12.4%) versus the prior year and $-5,679 versus the prior month.

    For the 2023-10-01 period, Chicago had 15,411 MLS listings, a difference of 415 listings (3%) versus the prior month and -4,394 listings (-22%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Chicago (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 75 days 1,893 sqft
    2018-02-01 54 days 1,950 sqft
    2018-03-01 43 days 2,000 sqft
    2018-04-01 40 days 2,017 sqft
    2018-05-01 40 days 2,021 sqft
    2018-06-01 42 days 2,016 sqft
    2018-07-01 44 days 2,000 sqft
    2018-08-01 47 days 1,980 sqft
    2018-09-01 49 days 1,967 sqft
    2018-10-01 51 days 1,935 sqft
    2018-11-01 56 days 1,902 sqft
    2018-12-01 67 days 1,868 sqft
    2019-01-01 73 days 1,865 sqft
    2019-02-01 55 days 1,906 sqft
    2019-03-01 43 days 1,963 sqft
    2019-04-01 39 days 2,000 sqft
    2019-05-01 40 days 2,000 sqft
    2019-06-01 43 days 2,000 sqft
    2019-07-01 45 days 2,000 sqft
    2019-08-01 48 days 1,972 sqft
    2019-09-01 51 days 1,941 sqft
    2019-10-01 54 days 1,918 sqft
    2019-11-01 61 days 1,900 sqft
    2019-12-01 74 days 1,871 sqft
    2020-01-01 76 days 1,864 sqft
    2020-02-01 45 days 1,920 sqft
    2020-03-01 43 days 1,961 sqft
    2020-04-01 51 days 1,935 sqft
    2020-05-01 59 days 1,958 sqft
    2020-06-01 45 days 1,943 sqft
    2020-07-01 41 days 1,911 sqft
    2020-08-01 40 days 1,875 sqft
    2020-09-01 40 days 1,810 sqft
    2020-10-01 43 days 1,794 sqft
    2020-11-01 50 days 1,734 sqft
    2020-12-01 58 days 1,700 sqft
    2021-01-01 64 days 1,680 sqft
    2021-02-01 45 days 1,677 sqft
    2021-03-01 40 days 1,676 sqft
    2021-04-01 33 days 1,697 sqft
    2021-05-01 33 days 1,703 sqft
    2021-06-01 32 days 1,728 sqft
    2021-07-01 33 days 1,728 sqft
    2021-08-01 36 days 1,704 sqft
    2021-09-01 38 days 1,692 sqft
    2021-10-01 40 days 1,672 sqft
    2021-11-01 45 days 1,643 sqft
    2021-12-01 53 days 1,603 sqft
    2022-01-01 59 days 1,600 sqft
    2022-02-01 39 days 1,600 sqft
    2022-03-01 34 days 1,621 sqft
    2022-04-01 30 days 1,654 sqft
    2022-05-01 29 days 1,700 sqft
    2022-06-01 30 days 1,721 sqft
    2022-07-01 32 days 1,730 sqft
    2022-08-01 36 days 1,723 sqft
    2022-09-01 40 days 1,707 sqft
    2022-10-01 40 days 1,709 sqft
    2022-11-01 44 days 1,703 sqft
    2022-12-01 54 days 1,698 sqft
    2023-01-01 60 days 1,700 sqft
    2023-02-01 44 days 1,703 sqft
    2023-03-01 40 days 1,744 sqft
    2023-04-01 38 days 1,784 sqft
    2023-05-01 34 days 1,800 sqft
    2023-06-01 34 days 1,802 sqft
    2023-07-01 36 days 1,815 sqft
    2023-08-01 36 days 1,803 sqft
    2023-09-01 37 days 1,800 sqft
    2023-10-01 37 days 1,799 sqft
    Chicago's median listing age (time on market) for 2023-10-01 was 37 days. This is -9% shorter than the same period one year ago.

    Chicago's median square footage for active listings during the 2023-10-01 period was 1,799 sqft. One year prior, the average listing was 1,709 sqft.