Chicago USDA Loan Rates, Closing Costs & Stats

Chicago-Naperville-Elgin, IL-IN-WI

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.