Chicago USDA Loans

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 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.