Chicago USDA Loans

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 5.51% for the week of 2022-08-05, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-07-29) was 5.43% and one month ago for the week of 2022-07-01, the average rate was 5.77%.

The average rate one year ago was 2.95%.

For refis of the same type during the week of 2022-08-05, the average rate was 4.94%.

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 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. Total Fees
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 $288,950 (6.8%) $452,003 (5.0%) 1.06 27,410
2018-02-01 $304,500 (6.5%) $470,283 (4.1%) 1.10 27,874
2018-03-01 $325,000 (8.5%) $489,585 (5.5%) 1.12 29,483
2018-04-01 $335,000 (8.1%) $494,077 (4.4%) 1.12 31,497
2018-05-01 $336,250 (5.2%) $491,926 (3.4%) 1.12 33,604
2018-06-01 $334,900 (4.7%) $483,070 (2.0%) 1.12 36,277
2018-07-01 $327,250 (3.9%) $472,829 (1.4%) 1.09 38,396
2018-08-01 $319,950 (4.9%) $460,744 (1.1%) 1.07 39,499
2018-09-01 $317,900 (6.0%) $454,842 (0.4%) 1.06 40,189
2018-10-01 $312,000 (4.0%) $449,152 (-0.7%) 1.04 39,937
2018-11-01 $302,000 (1.7%) $446,276 (-0.6%) 1.01 37,571
2018-12-01 $297,000 (2.8%) $437,462 (-1.2%) 1.02 32,888
2019-01-01 $297,788 (3.1%) $442,555 (-2.1%) 1.03 30,040
2019-02-01 $312,400 (2.6%) $462,775 (-1.6%) 1.05 30,361
2019-03-01 $327,957 (0.9%) $476,932 (-2.6%) 1.07 32,150
2019-04-01 $339,900 (1.5%) $485,549 (-1.7%) 1.07 34,125
2019-05-01 $339,900 (1.1%) $482,555 (-1.9%) 1.05 36,370
2019-06-01 $339,000 (1.2%) $477,893 (-1.1%) 1.04 38,444
2019-07-01 $332,450 (1.6%) $470,215 (-0.6%) 1.03 39,922
2019-08-01 $326,315 (2.0%) $460,792 (0.0%) 1.03 40,311
2019-09-01 $320,718 (0.9%) $453,105 (-0.4%) 1.02 40,478
2019-10-01 $319,000 (2.2%) $454,656 (1.2%) 1.02 40,147
2019-11-01 $309,900 (2.6%) $448,844 (0.6%) 1.00 36,884
2019-12-01 $299,900 (1.0%) $444,177 (1.5%) 1.00 31,631
2020-01-01 $299,900 (0.7%) $445,683 (0.7%) 1.00 28,727
2020-02-01 $319,900 (2.4%) $466,900 (0.9%) 1.03 29,189
2020-03-01 $328,950 (0.3%) $475,504 (-0.3%) 1.03 29,677
2020-04-01 $324,950 (-4.4%) $464,610 (-4.3%) 1.01 28,345
2020-05-01 $329,900 (-2.9%) $477,698 (-1.0%) 1.00 28,171
2020-06-01 $339,900 (0.3%) $490,505 (2.6%) 0.99 28,064
2020-07-01 $348,450 (4.8%) $499,130 (6.2%) 1.00 27,100
2020-08-01 $349,000 (7.0%) $501,220 (8.8%) 1.00 26,680
2020-09-01 $349,450 (9.0%) $504,956 (11.4%) 1.00 26,967
2020-10-01 $344,900 (8.1%) $500,068 (10.0%) 0.99 27,016
2020-11-01 $335,400 (8.2%) $496,618 (10.6%) 0.96 24,642
2020-12-01 $326,340 (8.8%) $493,986 (11.2%) 0.96 20,938
2021-01-01 $329,500 (9.9%) $505,908 (13.5%) 0.97 17,962
2021-02-01 $342,995 (7.2%) $545,150 (16.8%) 0.99 15,887
2021-03-01 $349,900 (6.4%) $552,641 (16.2%) 0.98 15,400
2021-04-01 $350,000 (7.7%) $553,431 (19.1%) 0.94 16,064
2021-05-01 $355,000 (7.6%) $551,761 (15.5%) 0.93 16,868
2021-06-01 $355,000 (4.4%) $538,278 (9.7%) 0.92 19,112
2021-07-01 $349,900 (0.4%) $521,444 (4.5%) 0.91 21,041
2021-08-01 $341,214 (-2.2%) $499,769 (-0.3%) 0.90 22,155
2021-09-01 $332,450 (-4.9%) $490,671 (-2.8%) 0.87 22,176
2021-10-01 $329,900 (-4.4%) $487,370 (-2.5%) 0.87 21,533
2021-11-01 $322,445 (-3.9%) $484,174 (-2.5%) 0.85 18,752
2021-12-01 $312,500 (-4.2%) $478,375 (-3.2%) 0.83 15,437
2022-01-01 $314,900 (-4.4%) $494,700 (-2.2%) 0.84 12,585
2022-02-01 $326,950 (-4.7%) $517,905 (-5.0%) 0.83 11,448
2022-03-01 $337,000 (-3.7%) $528,104 (-4.4%) 0.83 11,706
2022-04-01 $350,000 (0.0%) $533,333 (-3.6%) 0.82 11,943
2022-05-01 $359,950 (1.4%) $537,549 (-2.6%) 0.81 14,374
2022-06-01 $365,000 (2.8%) $533,964 (-0.8%) 0.81 16,628
Chicago's median listing price for 2022-06-01 was $365,000, a difference of $10,000 (2.8%) versus the prior year and $5,050 versus the prior month.

Chicago's median listing price comes in at 81% of the national average.

Chicago's average listing price for 2022-06-01 was $533,964, a difference of $-4,314 (-0.8%) versus the prior year and $-3,585 versus the prior month.

For the 2022-06-01 period, Chicago had 16,628 MLS listings, a difference of 2,254 listings (16%) versus the prior month and -2,484 listings (-13%) 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 1,918 sqft
2018-02-01 56 days 1,980 sqft
2018-03-01 43 days 2,008 sqft
2018-04-01 41 days 2,044 sqft
2018-05-01 41 days 2,048 sqft
2018-06-01 42 days 2,039 sqft
2018-07-01 44 days 2,007 sqft
2018-08-01 47 days 2,000 sqft
2018-09-01 49 days 1,988 sqft
2018-10-01 51 days 1,948 sqft
2018-11-01 56 days 1,922 sqft
2018-12-01 68 days 1,880 sqft
2019-01-01 73 days 1,880 sqft
2019-02-01 56 days 1,921 sqft
2019-03-01 43 days 1,974 sqft
2019-04-01 39 days 2,003 sqft
2019-05-01 41 days 2,022 sqft
2019-06-01 43 days 2,015 sqft
2019-07-01 44 days 2,001 sqft
2019-08-01 47 days 1,981 sqft
2019-09-01 49 days 1,949 sqft
2019-10-01 49 days 1,952 sqft
2019-11-01 56 days 1,922 sqft
2019-12-01 68 days 1,900 sqft
2020-01-01 73 days 1,887 sqft
2020-02-01 45 days 1,938 sqft
2020-03-01 43 days 1,981 sqft
2020-04-01 52 days 1,952 sqft
2020-05-01 60 days 1,985 sqft
2020-06-01 46 days 1,971 sqft
2020-07-01 42 days 1,936 sqft
2020-08-01 42 days 1,900 sqft
2020-09-01 42 days 1,833 sqft
2020-10-01 43 days 1,800 sqft
2020-11-01 50 days 1,753 sqft
2020-12-01 59 days 1,718 sqft
2021-01-01 64 days 1,700 sqft
2021-02-01 47 days 1,698 sqft
2021-03-01 43 days 1,694 sqft
2021-04-01 36 days 1,700 sqft
2021-05-01 36 days 1,726 sqft
2021-06-01 33 days 1,748 sqft
2021-07-01 36 days 1,745 sqft
2021-08-01 36 days 1,717 sqft
2021-09-01 38 days 1,700 sqft
2021-10-01 41 days 1,680 sqft
2021-11-01 45 days 1,649 sqft
2021-12-01 54 days 1,615 sqft
2022-01-01 60 days 1,600 sqft
2022-02-01 41 days 1,600 sqft
2022-03-01 35 days 1,635 sqft
2022-04-01 32 days 1,664 sqft
2022-05-01 30 days 1,704 sqft
2022-06-01 30 days 1,746 sqft
Chicago's median listing age (time on market) for 2022-06-01 was 30 days. This is -11% shorter than the same period one year ago.

Chicago's median square footage for active listings during the 2022-06-01 period was 1,746 sqft. One year prior, the average listing was 1,748 sqft.