Detroit USDA Loans
DETROIT-DEARBORN-LIVONIA, MI
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.
Detroit's 7 lenders originated 11 USDA loans during 2021. The total origination value was $2,235,000, with an average USDA loan value of $203,182.
Detroit USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Detroit
averaged
4.47%
for the week of 2022-03-25, compared to the national average (all USDA variants) of
4.554% for the same period.
The average rate for the prior week (2022-03-18) was
4.3% and
one month ago for the week of 2022-02-18, the
average rate was 4.4%.
The average rate one year ago was 3.4%.
For refis of the same type during the week of 2022-03-25, the average rate
was 4.35%.
Detroit 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 Detroit level.
| Name | # of Loans | 2021 Avg. 30yFix Rate | 2021 Avg. Total Fees |
|---|---|---|---|
| MORTGAGE 1 INCORPORATED | 2 | 2.94% | $6,818 |
| CALIBER HOME LOANS, INC. | 2 | 3.19% | $5,256 |
| ACADEMY MORTGAGE CORPORATION | 2 | 3.06% | $6,997 |
| UNIVERSITY LENDING GROUP, LLC | 1 | 3.13% | $5,120 |
| GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION | 1 | 3.25% | $3,233 |
| BLG HOLDINGS, INC. | 1 | 2.50% | $9,077 |
| Platinum Home Mortgage Corporation | 1 | 2.99% | $6,100 |
The top Detroit USDA lender as defined by loan originations is MORTGAGE 1 INCORPORATED, with
2 USDA loans originated. Their average total fees are
$6,818, which is $1,562
higher than the next largest lender,
CALIBER HOME LOANS, INC..
The lowest fee Detroit USDA lenders (with over 10 loans originated) are
.
The lowest rate Detroit USDA lenders (with over 10 loans originated) are
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Detroit (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 | $199,450 (7.2%) | $307,748 (4.8%) | 0.73 | 10,243 |
| 2018-02-01 | $202,400 (5.3%) | $316,034 (4.9%) | 0.73 | 9,588 |
| 2018-03-01 | $223,000 (5.0%) | $337,028 (7.2%) | 0.77 | 9,395 |
| 2018-04-01 | $242,450 (7.8%) | $342,600 (4.1%) | 0.81 | 9,811 |
| 2018-05-01 | $249,900 (6.4%) | $348,144 (2.6%) | 0.83 | 10,802 |
| 2018-06-01 | $252,000 (5.7%) | $353,204 (3.4%) | 0.84 | 12,035 |
| 2018-07-01 | $249,950 (6.4%) | $347,899 (3.9%) | 0.83 | 13,283 |
| 2018-08-01 | $244,900 (8.8%) | $335,598 (2.8%) | 0.82 | 14,600 |
| 2018-09-01 | $239,900 (6.7%) | $334,488 (2.9%) | 0.80 | 15,246 |
| 2018-10-01 | $231,700 (5.4%) | $325,656 (1.7%) | 0.77 | 15,179 |
| 2018-11-01 | $225,000 (4.7%) | $318,611 (0.7%) | 0.75 | 14,782 |
| 2018-12-01 | $219,900 (7.3%) | $313,544 (0.2%) | 0.75 | 13,506 |
| 2019-01-01 | $219,700 (10.2%) | $312,979 (1.7%) | 0.76 | 12,424 |
| 2019-02-01 | $219,952 (8.7%) | $316,633 (0.2%) | 0.74 | 11,742 |
| 2019-03-01 | $234,971 (5.4%) | $329,887 (-2.1%) | 0.77 | 11,477 |
| 2019-04-01 | $252,450 (4.1%) | $345,866 (1.0%) | 0.79 | 11,469 |
| 2019-05-01 | $259,900 (4.0%) | $353,689 (1.6%) | 0.80 | 12,508 |
| 2019-06-01 | $264,900 (5.1%) | $352,225 (-0.3%) | 0.82 | 13,857 |
| 2019-07-01 | $259,950 (4.0%) | $347,048 (-0.2%) | 0.81 | 15,141 |
| 2019-08-01 | $251,329 (2.6%) | $336,777 (0.4%) | 0.79 | 15,754 |
| 2019-09-01 | $239,900 (0.0%) | $324,126 (-3.1%) | 0.76 | 16,121 |
| 2019-10-01 | $239,150 (3.2%) | $323,824 (-0.6%) | 0.76 | 15,975 |
| 2019-11-01 | $232,900 (3.5%) | $319,873 (0.4%) | 0.75 | 14,923 |
| 2019-12-01 | $225,000 (2.3%) | $314,459 (0.3%) | 0.75 | 13,067 |
| 2020-01-01 | $224,400 (2.1%) | $314,583 (0.5%) | 0.75 | 11,700 |
| 2020-02-01 | $224,999 (2.3%) | $319,395 (0.9%) | 0.73 | 10,745 |
| 2020-03-01 | $239,900 (2.1%) | $334,475 (1.4%) | 0.75 | 10,285 |
| 2020-04-01 | $244,950 (-3.0%) | $334,393 (-3.3%) | 0.76 | 9,984 |
| 2020-05-01 | $254,700 (-2.0%) | $345,247 (-2.4%) | 0.77 | 10,708 |
| 2020-06-01 | $274,900 (3.8%) | $368,856 (4.7%) | 0.80 | 10,239 |
| 2020-07-01 | $279,950 (7.7%) | $380,207 (9.6%) | 0.80 | 9,825 |
| 2020-08-01 | $279,900 (11.4%) | $381,969 (13.4%) | 0.80 | 9,338 |
| 2020-09-01 | $274,950 (14.6%) | $381,087 (17.6%) | 0.79 | 9,033 |
| 2020-10-01 | $269,900 (12.9%) | $381,166 (17.7%) | 0.77 | 8,406 |
| 2020-11-01 | $259,900 (11.6%) | $380,076 (18.8%) | 0.74 | 7,714 |
| 2020-12-01 | $253,500 (12.7%) | $378,211 (20.3%) | 0.74 | 6,749 |
| 2021-01-01 | $250,000 (11.4%) | $379,714 (20.7%) | 0.74 | 5,642 |
| 2021-02-01 | $259,900 (15.5%) | $395,378 (23.8%) | 0.75 | 4,705 |
| 2021-03-01 | $271,200 (13.1%) | $404,090 (20.8%) | 0.76 | 4,548 |
| 2021-04-01 | $274,950 (12.3%) | $411,182 (23.0%) | 0.74 | 4,651 |
| 2021-05-01 | $279,900 (9.9%) | $414,150 (20.0%) | 0.74 | 5,253 |
| 2021-06-01 | $279,200 (1.6%) | $401,220 (8.8%) | 0.73 | 6,498 |
| 2021-07-01 | $277,450 (-0.9%) | $399,822 (5.2%) | 0.72 | 7,033 |
| 2021-08-01 | $267,500 (-4.4%) | $387,080 (1.3%) | 0.70 | 7,884 |
| 2021-09-01 | $252,500 (-8.2%) | $374,582 (-1.7%) | 0.66 | 8,067 |
| 2021-10-01 | $245,000 (-9.2%) | $363,449 (-4.7%) | 0.64 | 7,805 |
| 2021-11-01 | $230,900 (-11.2%) | $351,438 (-7.5%) | 0.61 | 7,238 |
| 2021-12-01 | $217,450 (-14.2%) | $348,174 (-7.9%) | 0.58 | 6,279 |
| 2022-01-01 | $210,000 (-16.0%) | $344,377 (-9.3%) | 0.56 | 5,163 |
Detroit's median listing price comes in at 56% of the national average.
Detroit's average listing price for 2022-01-01 was $344,377, a difference of $-35,337 (-9.3%) versus the prior year and $-3,797 versus the prior month.
For the 2022-01-01 period, Detroit had 5,163 MLS listings, a difference of -1,116 listings (-18%) versus the prior month and -479 listings (-8%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Detroit (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 67 days | 1,571 sqft |
| 2018-02-01 | 64 days | 1,575 sqft |
| 2018-03-01 | 50 days | 1,635 sqft |
| 2018-04-01 | 39 days | 1,686 sqft |
| 2018-05-01 | 36 days | 1,713 sqft |
| 2018-06-01 | 36 days | 1,740 sqft |
| 2018-07-01 | 37 days | 1,728 sqft |
| 2018-08-01 | 37 days | 1,700 sqft |
| 2018-09-01 | 40 days | 1,686 sqft |
| 2018-10-01 | 45 days | 1,648 sqft |
| 2018-11-01 | 47 days | 1,616 sqft |
| 2018-12-01 | 58 days | 1,585 sqft |
| 2019-01-01 | 65 days | 1,585 sqft |
| 2019-02-01 | 63 days | 1,596 sqft |
| 2019-03-01 | 51 days | 1,634 sqft |
| 2019-04-01 | 38 days | 1,685 sqft |
| 2019-05-01 | 36 days | 1,721 sqft |
| 2019-06-01 | 36 days | 1,732 sqft |
| 2019-07-01 | 37 days | 1,730 sqft |
| 2019-08-01 | 39 days | 1,705 sqft |
| 2019-09-01 | 46 days | 1,668 sqft |
| 2019-10-01 | 46 days | 1,658 sqft |
| 2019-11-01 | 50 days | 1,635 sqft |
| 2019-12-01 | 62 days | 1,600 sqft |
| 2020-01-01 | 68 days | 1,592 sqft |
| 2020-02-01 | 59 days | 1,592 sqft |
| 2020-03-01 | 48 days | 1,615 sqft |
| 2020-04-01 | 60 days | 1,624 sqft |
| 2020-05-01 | 67 days | 1,650 sqft |
| 2020-06-01 | 39 days | 1,730 sqft |
| 2020-07-01 | 38 days | 1,753 sqft |
| 2020-08-01 | 36 days | 1,722 sqft |
| 2020-09-01 | 37 days | 1,684 sqft |
| 2020-10-01 | 37 days | 1,655 sqft |
| 2020-11-01 | 42 days | 1,606 sqft |
| 2020-12-01 | 51 days | 1,587 sqft |
| 2021-01-01 | 56 days | 1,570 sqft |
| 2021-02-01 | 45 days | 1,580 sqft |
| 2021-03-01 | 34 days | 1,594 sqft |
| 2021-04-01 | 25 days | 1,598 sqft |
| 2021-05-01 | 22 days | 1,609 sqft |
| 2021-06-01 | 21 days | 1,601 sqft |
| 2021-07-01 | 23 days | 1,598 sqft |
| 2021-08-01 | 25 days | 1,564 sqft |
| 2021-09-01 | 30 days | 1,520 sqft |
| 2021-10-01 | 32 days | 1,499 sqft |
| 2021-11-01 | 36 days | 1,456 sqft |
| 2021-12-01 | 44 days | 1,426 sqft |
| 2022-01-01 | 55 days | 1,413 sqft |
Detroit's median square footage for active listings during the 2022-01-01 period was 1,413 sqft. One year prior, the average listing was 1,570 sqft.
