Detroit USDA Loan Rates, Closing Costs & Stats

Detroit-Warren-Dearborn, 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 61 lenders originated 451 USDA loans during 2021. The total origination value was $92,605,000, with an average USDA loan value of $205,333.

Detroit USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Detroit averaged 6.3% for the week of 2022-12-02, compared to the national average (all USDA variants) of 6.437% for the same period.

Detroit's average USDA mortgage closing costs are $5,647.

The average rate for the prior week (2022-11-25) was 6.54% and one month ago for the week of 2022-10-28, the average rate was 6.81%.

The average rate one year ago was 3.5%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.2%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Detroit 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 Detroit level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
MORTGAGE 1 INCORPORATED 53 3.04% $6,813
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 46 2.89% $6,268
J. VIRGIL, INC. 40 3.07% $7,261
AMERIFIRST FINANCIAL CORPORATION 37 3.13% $5,939
UNION HOME MORTGAGE CORP. 27 2.78% $5,250
Flagstar Bank, FSB 18 2.78% $5,705
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 17 3.02% $5,952
MICHIGAN MUTUAL, INC. 15 3.13% $5,524
PLAZA HOME MORTGAGE, INC. 10 3.07% $5,537
UNITED WHOLESALE MORTGAGE, LLC 10 2.95% $5,971
STAUNTON FINANCIAL, INC. 10 2.85% $5,563
HOME POINT FINANCIAL CORPORATION 9 2.90% $6,068
CROSSCOUNTRY MORTGAGE, LLC 9 3.05% $5,473
CALIBER HOME LOANS, INC. 8 3.11% $4,960
Platinum Home Mortgage Corporation 8 2.84% $5,811
Preston Home Loans Inc 8 3.08% $5,739
SUCCESS MORTGAGE PARTNERS, INC. 7 3.39% $7,386
ACADEMY MORTGAGE CORPORATION 6 3.21% $6,323
UNIVERSITY LENDING GROUP, LLC 6 2.85% $6,049
SECURITY CREDIT UNION 6 3.21% $4,398
PENNYMAC LOAN SERVICES, LLC 5 2.85% $4,856
LAKE MICHIGAN CREDIT UNION 5 2.90% $5,223
HOMESITE MORTGAGE, LLC 5 3.12% $5,755
ROSS MORTGAGE CORPORATION 4 3.41% $6,555
Independent Bank 4 3.13% $5,925
BLG HOLDINGS, INC. 4 2.94% $6,791
MID AMERICA MORTGAGE, INC. 4 3.31% $3,619
First State Bank 4 3.47% $4,770
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 3 3.38% $5,285
RUOFF MORTGAGE COMPANY, INC. 2 3.00% $5,863
FREEDOM MORTGAGE CORPORATION 2 2.88% $4,036
Sierra Pacific Mortgage Company, Inc. 2 2.63% $6,575
MOVEMENT MORTGAGE, LLC 2 2.94% $4,989
Bank of Ann Arbor 2 2.88% $5,340
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.31% $7,119
KELLER MORTGAGE, LLC 2 2.56% $4,998
GUARANTEED RATE, INC. 2 3.31% $5,030
POLARIS HOME FUNDING CORP. 2 2.88% $4,956
Paramount Residential Mortgage Group, Inc. 2 3.25% $6,147
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.25% $6,828
BROKER SOLUTIONS, INC. 2 3.81% $3,015
Bank of England 1 3.00% $5,511
SUMMIT FUNDING, INC. 1 2.88% $5,175
The Huntington National Bank 1 2.63% $3,949
TOWNE MORTGAGE COMPANY 1 2.75% $7,384
Austin Capital Bank SSB 1 3.50% $6,146
AMERICAN FINANCIAL NETWORK, INC. 1 3.00% $8,592
ADVISORS CAPITAL, INC. 1 2.63% $5,310
INSPIRE HOME LOANS INC. 1 3.63% $5,394
Wells Fargo Bank 1 2.25% $3,946
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $8,916
LAKEVIEW LOAN SERVICING, LLC 1 2.75% $3,071
GVC MORTGAGE, INC. 1 3.88% $6,114
GUARANTY HOME MORTGAGE CORPORATION 1 3.13% $7,716
Old National Bank 1 2.25% $7,237
OPEN MORTGAGE, LLC 1 2.63% $3,773
PLANET HOME LENDING, LLC 1 2.38% $3,983
Citizens Bank 1 3.25% $3,751
PNC Bank 1 2.63% $3,544
Century Mortgage Company DBA Century Lending Company 1 4.50% $4,854
BAYSHORE MORTGAGE FUNDING, LLC 1 3.63% $5,646

The top Detroit USDA lender as defined by loan originations is MORTGAGE 1 INCORPORATED, with 53 USDA loans originated. Their average total fees are $6,813, which is $545 higher than the next largest lender, HIGHLANDS RESIDENTIAL MORTGAGE, LTD..

The lowest fee Detroit USDA lenders (with over 10 loans originated) are UNION HOME MORTGAGE CORP. ($5,250), MICHIGAN MUTUAL, INC. ($5,524), PLAZA HOME MORTGAGE, INC. ($5,537), STAUNTON FINANCIAL, INC. ($5,563) and Flagstar Bank, FSB ($5,705).

The lowest rate Detroit USDA lenders (with over 10 loans originated) are UNION HOME MORTGAGE CORP. (2.78%), Flagstar Bank, FSB (2.78%), STAUNTON FINANCIAL, INC. (2.85%), HIGHLANDS RESIDENTIAL MORTGAGE, LTD. (2.89%) and UNITED WHOLESALE MORTGAGE, LLC (2.95%).


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 $199,900 (7.3%) $309,546 (5.2%) 0.74 9,945
2018-02-01 $206,000 (7.1%) $318,858 (6.5%) 0.75 9,275
2018-03-01 $224,900 (5.9%) $338,000 (8.2%) 0.79 9,086
2018-04-01 $242,450 (7.8%) $343,562 (5.1%) 0.82 9,495
2018-05-01 $249,900 (6.6%) $348,825 (3.2%) 0.83 10,502
2018-06-01 $253,800 (7.8%) $353,506 (3.9%) 0.85 11,787
2018-07-01 $249,900 (6.3%) $346,145 (2.7%) 0.83 12,985
2018-08-01 $244,950 (8.1%) $336,233 (2.9%) 0.82 14,308
2018-09-01 $239,900 (6.6%) $334,465 (2.9%) 0.81 14,964
2018-10-01 $231,315 (4.5%) $326,479 (1.2%) 0.78 14,888
2018-11-01 $225,000 (4.1%) $318,728 (0.1%) 0.76 14,435
2018-12-01 $219,900 (4.8%) $314,568 (-0.2%) 0.76 13,259
2019-01-01 $218,750 (9.4%) $313,394 (1.2%) 0.76 12,166
2019-02-01 $219,950 (6.8%) $317,113 (-0.6%) 0.74 11,498
2019-03-01 $232,814 (3.5%) $329,694 (-2.5%) 0.76 11,363
2019-04-01 $250,300 (3.2%) $345,530 (0.6%) 0.79 11,512
2019-05-01 $259,450 (3.8%) $351,620 (0.8%) 0.81 12,394
2019-06-01 $260,725 (2.7%) $349,825 (-1.0%) 0.81 13,750
2019-07-01 $259,900 (4.0%) $343,775 (-0.7%) 0.81 15,035
2019-08-01 $253,355 (3.4%) $336,907 (0.2%) 0.80 15,573
2019-09-01 $243,536 (1.5%) $328,031 (-1.9%) 0.78 15,877
2019-10-01 $236,950 (2.4%) $321,641 (-1.5%) 0.76 15,956
2019-11-01 $229,900 (2.2%) $317,609 (-0.4%) 0.75 14,923
2019-12-01 $224,900 (2.3%) $311,077 (-1.1%) 0.75 13,087
2020-01-01 $219,950 (0.6%) $310,313 (-1.0%) 0.74 11,681
2020-02-01 $221,995 (0.9%) $315,385 (-0.5%) 0.73 10,786
2020-03-01 $237,750 (2.1%) $329,443 (-0.1%) 0.74 10,432
2020-04-01 $243,950 (-2.5%) $333,121 (-3.6%) 0.76 9,947
2020-05-01 $249,900 (-3.7%) $338,437 (-3.8%) 0.76 10,771
2020-06-01 $272,450 (4.5%) $364,879 (4.3%) 0.80 10,310
2020-07-01 $277,426 (6.7%) $373,965 (8.8%) 0.80 9,880
2020-08-01 $274,900 (8.5%) $373,515 (10.9%) 0.79 9,358
2020-09-01 $269,900 (10.8%) $372,952 (13.7%) 0.77 9,039
2020-10-01 $264,900 (11.8%) $373,261 (16.1%) 0.76 8,532
2020-11-01 $254,950 (10.9%) $372,813 (17.4%) 0.74 7,726
2020-12-01 $249,900 (11.1%) $370,139 (19.0%) 0.74 6,803
2021-01-01 $249,900 (13.6%) $372,177 (19.9%) 0.75 5,738
2021-02-01 $250,000 (12.6%) $387,543 (22.9%) 0.73 4,778
2021-03-01 $264,500 (11.3%) $396,925 (20.5%) 0.75 4,647
2021-04-01 $269,900 (10.6%) $404,575 (21.5%) 0.73 4,774
2021-05-01 $279,000 (11.6%) $408,725 (20.8%) 0.74 5,315
2021-06-01 $275,728 (1.2%) $395,819 (8.5%) 0.73 6,546
2021-07-01 $275,000 (-0.9%) $390,797 (4.5%) 0.72 7,239
2021-08-01 $267,400 (-2.7%) $383,160 (2.6%) 0.71 8,032
2021-09-01 $249,950 (-7.4%) $370,096 (-0.8%) 0.67 8,238
2021-10-01 $242,900 (-8.3%) $359,677 (-3.6%) 0.65 7,929
2021-11-01 $227,450 (-10.8%) $347,985 (-6.7%) 0.61 7,328
2021-12-01 $216,950 (-13.2%) $345,254 (-6.7%) 0.59 6,347
2022-01-01 $205,000 (-18.0%) $340,949 (-8.4%) 0.55 5,245
2022-02-01 $214,950 (-14.0%) $353,530 (-8.8%) 0.56 4,682
2022-03-01 $227,450 (-14.0%) $359,665 (-9.4%) 0.57 4,828
2022-04-01 $249,900 (-7.4%) $376,204 (-7.0%) 0.60 5,069
2022-05-01 $273,000 (-2.2%) $383,779 (-6.1%) 0.62 6,397
2022-06-01 $279,900 (1.5%) $387,602 (-2.1%) 0.62 7,723
2022-07-01 $279,900 (1.8%) $381,380 (-2.4%) 0.63 9,340
2022-08-01 $271,950 (1.7%) $370,068 (-3.4%) 0.63 9,927
2022-09-01 $263,800 (5.5%) $365,673 (-1.2%) 0.62 9,814
2022-10-01 $250,000 (2.9%) $355,244 (-1.2%) 0.59 9,913
2022-11-01 $247,000 (8.6%) $347,405 (-0.2%) 0.59 9,800
Detroit's median listing price for 2022-11-01 was $247,000, a difference of $19,550 (8.6%) versus the prior year and $-3,000 versus the prior month.

Detroit's median listing price comes in at 59% of the national average.

Detroit's average listing price for 2022-11-01 was $347,405, a difference of $-580 (-0.2%) versus the prior year and $-7,839 versus the prior month.

For the 2022-11-01 period, Detroit had 9,800 MLS listings, a difference of -113 listings (-1%) versus the prior month and 2,472 listings (34%) 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 1,578 sqft
2018-02-01 64 days 1,582 sqft
2018-03-01 49 days 1,644 sqft
2018-04-01 39 days 1,686 sqft
2018-05-01 36 days 1,713 sqft
2018-06-01 36 days 1,734 sqft
2018-07-01 37 days 1,723 sqft
2018-08-01 37 days 1,700 sqft
2018-09-01 43 days 1,692 sqft
2018-10-01 45 days 1,642 sqft
2018-11-01 47 days 1,613 sqft
2018-12-01 58 days 1,585 sqft
2019-01-01 65 days 1,582 sqft
2019-02-01 64 days 1,595 sqft
2019-03-01 49 days 1,631 sqft
2019-04-01 38 days 1,684 sqft
2019-05-01 36 days 1,715 sqft
2019-06-01 37 days 1,727 sqft
2019-07-01 38 days 1,722 sqft
2019-08-01 41 days 1,704 sqft
2019-09-01 44 days 1,674 sqft
2019-10-01 47 days 1,650 sqft
2019-11-01 53 days 1,623 sqft
2019-12-01 65 days 1,598 sqft
2020-01-01 72 days 1,583 sqft
2020-02-01 63 days 1,585 sqft
2020-03-01 51 days 1,602 sqft
2020-04-01 63 days 1,618 sqft
2020-05-01 68 days 1,638 sqft
2020-06-01 41 days 1,723 sqft
2020-07-01 40 days 1,737 sqft
2020-08-01 37 days 1,710 sqft
2020-09-01 39 days 1,666 sqft
2020-10-01 38 days 1,640 sqft
2020-11-01 44 days 1,600 sqft
2020-12-01 53 days 1,574 sqft
2021-01-01 57 days 1,555 sqft
2021-02-01 46 days 1,560 sqft
2021-03-01 33 days 1,576 sqft
2021-04-01 25 days 1,590 sqft
2021-05-01 20 days 1,600 sqft
2021-06-01 20 days 1,598 sqft
2021-07-01 23 days 1,587 sqft
2021-08-01 25 days 1,558 sqft
2021-09-01 30 days 1,513 sqft
2021-10-01 33 days 1,493 sqft
2021-11-01 37 days 1,451 sqft
2021-12-01 45 days 1,420 sqft
2022-01-01 55 days 1,406 sqft
2022-02-01 38 days 1,416 sqft
2022-03-01 28 days 1,441 sqft
2022-04-01 24 days 1,485 sqft
2022-05-01 23 days 1,536 sqft
2022-06-01 24 days 1,557 sqft
2022-07-01 29 days 1,550 sqft
2022-08-01 34 days 1,531 sqft
2022-09-01 40 days 1,521 sqft
2022-10-01 41 days 1,500 sqft
2022-11-01 44 days 1,483 sqft
Detroit's median listing age (time on market) for 2022-11-01 was 44 days. This is 21% longer than the same period one year ago.

Detroit's median square footage for active listings during the 2022-11-01 period was 1,483 sqft. One year prior, the average listing was 1,451 sqft.