Chicago USDA Loan Rates, Closing Costs & Stats

Chicago-Naperville-Elgin, IL-IN-WI

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 57 lenders originated 253 USDA loans during 2021. The total origination value was $46,555,000, with an average USDA loan value of $184,012.

Chicago USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Chicago averaged 6.11% for the week of 2023-01-27, compared to the national average (all USDA variants) of 6.195% for the same period.

Chicago's average USDA mortgage closing costs are $4,963.

The average rate for the prior week (2023-01-20) was 6.1% and one month ago for the week of 2022-12-23, the average rate was 6.13%.

The average rate one year ago was 3.98%.

For refis of the same type during the week of 2023-01-27, the average rate was 5.84%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
AMERICAN FINANCIAL NETWORK, INC. 58 3.21% $6,140
GUARANTEED RATE, INC. 17 2.93% $6,393
First Midwest Bank 11 2.90% $4,959
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 10 3.16% $4,843
FIRST CENTENNIAL MORTGAGE CORPORATION 10 2.81% $5,495
Grundy Bank 8 2.94% $5,801
Flagstar Bank, FSB 7 2.69% $4,600
FIRST STATE MORTGAGE SERVICES, LLC 7 2.77% $5,889
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 3.18% $4,752
GVC MORTGAGE, INC. 6 3.63% $4,452
FINANCE OF AMERICA MORTGAGE LLC 6 3.13% $5,824
Wells Fargo Bank 5 3.43% $2,670
Flanagan State Bank 5 3.03% $6,101
Community Mortgage Banc Corporation 4 3.06% $3,448
Hometown Lenders, Inc. 3 3.29% $7,307
HOME POINT FINANCIAL CORPORATION 3 2.71% $4,529
First National Bank of Omaha 3 2.79% $5,266
Colten Mortgage, LLC 3 2.67% $4,445
PLAZA HOME MORTGAGE, INC. 3 2.67% $4,958
CALIBER HOME LOANS, INC. 3 2.91% $5,318
PENNYMAC LOAN SERVICES, LLC 3 3.08% $4,287
MICHIGAN MUTUAL, INC. 3 2.67% $6,391
LOANDEPOT.COM, LLC 3 3.50% $7,169
LEADERONE FINANCIAL CORPORATION 3 2.79% $4,638
CMG MORTGAGE, INC. 2 3.25% $6,024
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 2 3.00% $8,172
Bank of England 2 3.06% $6,786
Carrington Mortgage Services, LLC 2 2.75% $6,057
CROSSCOUNTRY MORTGAGE, LLC 2 3.06% $6,627
First Merchants Bank 2 2.63% $3,575
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 2.63% $5,584
Hometown Equity Mortgage, LLC 2 3.56% $6,049
RUOFF MORTGAGE COMPANY, INC. 2 3.06% $3,724
TOP FLITE FINANCIAL, INC. 2 2.81% $4,614
UNION HOME MORTGAGE CORP. 2 3.00% $6,005
First Financial Bank 1 2.25% $4,195
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 1 2.63% $8,274
FBC MORTGAGE, LLC 1 2.99% $5,725
FAIR WAY LENDING LLC 1 3.13% $3,259
DRAPER AND KRAMER MORTGAGE CORP. 1 2.63% $5,873
MID AMERICA MORTGAGE, INC. 1 2.25% $3,769
NATIONS DIRECT MORTGAGE, LLC 1 3.25% $9,691
Neighborhood Loans, Inc. 1 3.00% $9,213
Ottawa Savings Bank 1 3.00% $6,137
Paramount Residential Mortgage Group, Inc. 1 3.50% $9,841
DIRECT MORTGAGE LOANS, LLC 1 3.63% $5,972
PLANET HOME LENDING, LLC 1 2.75% $2,111
1ST SIGNATURE LENDING, LLC 1 2.88% $4,570
UNITED WHOLESALE MORTGAGE, LLC 1 3.00% $4,549
Summit Mortgage Corporation 1 2.63% $5,241
The Central Trust Bank 1 2.75% $4,570
U.S. Bank 1 2.75% $5,556
Citizens Bank 1 2.63% $4,634
FREEDOM MORTGAGE CORPORATION 1 2.75% $6,855
HOMESIDE FINANCIAL, LLC 1 3.25% $4,011
Home State Bank 1 2.50% $6,668
UNITED HOME LOANS, INC. 1 3.25% $6,668

The top Chicago USDA lender as defined by loan originations is AMERICAN FINANCIAL NETWORK, INC., with 58 USDA loans originated. Their average total fees are $6,140, which is $253 lower than the next largest lender, GUARANTEED RATE, INC..

The lowest fee Chicago USDA lenders (with over 10 loans originated) are DIAMOND RESIDENTIAL MORTGAGE CORPORATION ($4,843), First Midwest Bank ($4,959), FIRST CENTENNIAL MORTGAGE CORPORATION ($5,495), AMERICAN FINANCIAL NETWORK, INC. ($6,140) and GUARANTEED RATE, INC. ($6,393).

The lowest rate Chicago USDA lenders (with over 10 loans originated) are FIRST CENTENNIAL MORTGAGE CORPORATION (2.81%), First Midwest Bank (2.90%), GUARANTEED RATE, INC. (2.93%), DIAMOND RESIDENTIAL MORTGAGE CORPORATION (3.16%) and AMERICAN FINANCIAL NETWORK, INC. (3.21%).


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 $287,450 (6.1%) $451,216 (4.6%) 1.07 27,341
2018-02-01 $303,778 (6.6%) $470,439 (4.4%) 1.10 27,803
2018-03-01 $325,000 (8.5%) $490,089 (5.5%) 1.14 29,569
2018-04-01 $334,450 (7.9%) $494,055 (4.3%) 1.13 31,397
2018-05-01 $335,000 (4.9%) $491,722 (3.3%) 1.12 33,480
2018-06-01 $332,000 (4.1%) $483,600 (2.2%) 1.11 36,158
2018-07-01 $326,450 (3.6%) $472,753 (1.1%) 1.09 38,247
2018-08-01 $319,900 (4.9%) $461,643 (1.3%) 1.07 39,310
2018-09-01 $315,000 (5.0%) $454,870 (0.8%) 1.06 40,023
2018-10-01 $310,445 (3.5%) $449,809 (-0.7%) 1.05 39,731
2018-11-01 $300,000 (1.3%) $446,369 (-0.6%) 1.02 37,416
2018-12-01 $295,490 (2.3%) $438,265 (-1.1%) 1.02 32,753
2019-01-01 $296,450 (3.1%) $441,426 (-2.2%) 1.02 29,848
2019-02-01 $309,570 (1.9%) $463,024 (-1.6%) 1.05 30,183
2019-03-01 $326,429 (0.4%) $476,721 (-2.7%) 1.07 32,136
2019-04-01 $339,000 (1.4%) $485,084 (-1.8%) 1.08 34,190
2019-05-01 $339,900 (1.5%) $481,892 (-2.0%) 1.06 36,593
2019-06-01 $337,000 (1.5%) $476,679 (-1.4%) 1.05 38,707
2019-07-01 $330,280 (1.2%) $469,287 (-0.7%) 1.03 40,169
2019-08-01 $325,155 (1.6%) $460,369 (-0.3%) 1.03 40,608
2019-09-01 $319,386 (1.4%) $453,724 (-0.3%) 1.02 40,530
2019-10-01 $314,900 (1.4%) $448,999 (-0.2%) 1.02 40,263
2019-11-01 $305,000 (1.7%) $443,109 (-0.7%) 1.00 36,764
2019-12-01 $299,000 (1.2%) $439,507 (0.3%) 1.00 31,590
2020-01-01 $299,450 (1.0%) $442,723 (0.3%) 1.00 28,764
2020-02-01 $317,555 (2.6%) $465,590 (0.6%) 1.04 29,279
2020-03-01 $326,250 (-0.1%) $474,850 (-0.4%) 1.02 29,829
2020-04-01 $324,775 (-4.2%) $464,781 (-4.2%) 1.02 28,394
2020-05-01 $329,711 (-3.0%) $476,691 (-1.1%) 1.00 28,421
2020-06-01 $339,000 (0.6%) $488,663 (2.5%) 1.00 28,321
2020-07-01 $342,950 (3.8%) $496,947 (5.9%) 0.99 27,320
2020-08-01 $345,000 (6.1%) $501,870 (9.0%) 0.99 26,954
2020-09-01 $346,237 (8.4%) $504,425 (11.2%) 0.99 27,152
2020-10-01 $339,900 (7.9%) $499,892 (11.3%) 0.97 27,214
2020-11-01 $332,500 (9.0%) $496,971 (12.2%) 0.97 24,710
2020-12-01 $325,000 (8.7%) $494,310 (12.5%) 0.97 20,942
2021-01-01 $325,000 (8.5%) $504,887 (14.0%) 0.97 18,030
2021-02-01 $339,949 (7.1%) $543,649 (16.8%) 0.99 16,022
2021-03-01 $349,900 (7.3%) $551,664 (16.2%) 0.99 15,726
2021-04-01 $349,948 (7.8%) $552,117 (18.8%) 0.95 16,354
2021-05-01 $350,000 (6.2%) $548,889 (15.2%) 0.93 17,237
2021-06-01 $350,000 (3.2%) $536,882 (9.9%) 0.92 19,438
2021-07-01 $349,900 (2.0%) $521,193 (4.9%) 0.92 21,538
2021-08-01 $339,450 (-1.6%) $499,584 (-0.5%) 0.91 22,483
2021-09-01 $329,950 (-4.7%) $490,228 (-2.8%) 0.88 22,423
2021-10-01 $329,000 (-3.2%) $486,830 (-2.6%) 0.88 21,766
2021-11-01 $321,950 (-3.2%) $484,354 (-2.5%) 0.86 18,985
2021-12-01 $312,500 (-3.9%) $479,025 (-3.1%) 0.85 15,585
2022-01-01 $314,000 (-3.4%) $491,909 (-2.6%) 0.85 12,739
2022-02-01 $324,487 (-4.6%) $517,368 (-4.8%) 0.84 11,603
2022-03-01 $333,995 (-4.6%) $527,017 (-4.5%) 0.84 11,998
2022-04-01 $349,900 (0.0%) $534,851 (-3.1%) 0.84 12,227
2022-05-01 $356,425 (1.8%) $538,143 (-2.0%) 0.81 14,673
2022-06-01 $359,950 (2.8%) $532,801 (-0.8%) 0.80 16,891
2022-07-01 $350,000 (0.0%) $515,514 (-1.1%) 0.79 19,573
2022-08-01 $349,900 (3.1%) $509,682 (2.0%) 0.81 19,770
2022-09-01 $340,000 (3.1%) $504,062 (2.8%) 0.80 19,661
2022-10-01 $339,900 (3.3%) $499,482 (2.6%) 0.80 19,685
2022-11-01 $330,975 (2.8%) $492,099 (1.6%) 0.80 18,939
2022-12-01 $320,000 (2.4%) $480,215 (0.3%) 0.80 16,401
Chicago's median listing price for 2022-12-01 was $320,000, a difference of $7,500 (2.4%) versus the prior year and $-10,975 versus the prior month.

Chicago's median listing price comes in at 80% of the national average.

Chicago's average listing price for 2022-12-01 was $480,215, a difference of $1,190 (0.3%) versus the prior year and $-11,884 versus the prior month.

For the 2022-12-01 period, Chicago had 16,401 MLS listings, a difference of -2,538 listings (-13%) versus the prior month and 816 listings (5%) 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 77 days 1,895 sqft
2018-02-01 59 days 1,955 sqft
2018-03-01 44 days 2,000 sqft
2018-04-01 43 days 2,023 sqft
2018-05-01 43 days 2,029 sqft
2018-06-01 44 days 2,020 sqft
2018-07-01 46 days 2,000 sqft
2018-08-01 49 days 1,989 sqft
2018-09-01 51 days 1,973 sqft
2018-10-01 52 days 1,940 sqft
2018-11-01 58 days 1,906 sqft
2018-12-01 68 days 1,872 sqft
2019-01-01 75 days 1,867 sqft
2019-02-01 61 days 1,908 sqft
2019-03-01 44 days 1,965 sqft
2019-04-01 40 days 2,000 sqft
2019-05-01 42 days 2,000 sqft
2019-06-01 44 days 2,000 sqft
2019-07-01 46 days 2,000 sqft
2019-08-01 49 days 1,977 sqft
2019-09-01 52 days 1,945 sqft
2019-10-01 56 days 1,922 sqft
2019-11-01 64 days 1,900 sqft
2019-12-01 76 days 1,873 sqft
2020-01-01 78 days 1,864 sqft
2020-02-01 46 days 1,920 sqft
2020-03-01 44 days 1,966 sqft
2020-04-01 53 days 1,940 sqft
2020-05-01 61 days 1,964 sqft
2020-06-01 47 days 1,948 sqft
2020-07-01 43 days 1,916 sqft
2020-08-01 43 days 1,877 sqft
2020-09-01 43 days 1,811 sqft
2020-10-01 44 days 1,800 sqft
2020-11-01 51 days 1,737 sqft
2020-12-01 60 days 1,700 sqft
2021-01-01 66 days 1,682 sqft
2021-02-01 48 days 1,680 sqft
2021-03-01 43 days 1,679 sqft
2021-04-01 37 days 1,695 sqft
2021-05-01 37 days 1,707 sqft
2021-06-01 34 days 1,729 sqft
2021-07-01 35 days 1,730 sqft
2021-08-01 37 days 1,705 sqft
2021-09-01 39 days 1,694 sqft
2021-10-01 42 days 1,672 sqft
2021-11-01 46 days 1,642 sqft
2021-12-01 55 days 1,606 sqft
2022-01-01 61 days 1,600 sqft
2022-02-01 41 days 1,600 sqft
2022-03-01 36 days 1,621 sqft
2022-04-01 32 days 1,654 sqft
2022-05-01 30 days 1,700 sqft
2022-06-01 31 days 1,722 sqft
2022-07-01 32 days 1,732 sqft
2022-08-01 37 days 1,724 sqft
2022-09-01 41 days 1,708 sqft
2022-10-01 40 days 1,714 sqft
2022-11-01 45 days 1,706 sqft
2022-12-01 57 days 1,696 sqft
Chicago's median listing age (time on market) for 2022-12-01 was 57 days. This is 5% longer than the same period one year ago.

Chicago's median square footage for active listings during the 2022-12-01 period was 1,696 sqft. One year prior, the average listing was 1,606 sqft.