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 32 lenders originated 137 USDA loans during 2023. The total origination value was $25,585,000, with an average USDA loan value of $186,752.

Detroit USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Detroit averaged 7% for the week of 2024-06-14, compared to the national average (all USDA variants) of 6.709% for the same period.

Detroit's average USDA mortgage closing costs are $5,824.

The average rate for the prior week (2024-06-07) was 6.8% and one month ago for the week of 2024-05-10, the average rate was 6.78%.

The average rate one year ago was 6.74%.

For refis of the same type during the week of 2024-06-14, the average rate was 6.58%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 15 6.78% $7,060
J. VIRGIL, INC. 15 6.68% $6,755
DAS Acquisition Company, LLC 10 6.79% $8,024
UNION HOME MORTGAGE CORP. 10 6.84% $7,477
MORTGAGE 1 INCORPORATED 8 6.34% $7,661
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 6 6.69% $7,912
Flagstar Bank, FSB 5 7.00% $7,165
SECURITY CREDIT UNION 4 7.41% $6,016
First State Bank 4 6.44% $4,796
TOWNE MORTGAGE COMPANY 3 6.50% $7,691
LAKE MICHIGAN CREDIT UNION 3 6.17% $6,301
NEWREZ LLC 2 6.44% $7,140
MICHIGAN MUTUAL, INC. 2 7.13% $11,788
Preston Home Loans Inc 2 6.63% $9,960
RUOFF MORTGAGE COMPANY, INC. 1 6.88% $6,418
STAUNTON FINANCIAL, INC. 1 6.38% $4,664
SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $11,776
The Dart Bank 1 6.75% $8,618
LEGEND LENDING CORPORATION 1 6.63% $6,441
BLG HOLDINGS, INC. 1 7.25% $8,289
Carrington Mortgage Services, LLC 1 7.13% $4,778
Cornerstone First Mortgage, Inc 1 6.88% $8,081
DRAPER AND KRAMER MORTGAGE CORP. 1 6.88% $8,158
EMM LOANS LLC 1 6.13% $9,102
Encompass Lending Group, LP 1 7.50% $6,131
Equity Prime Mortgage LLC 1 7.13% $8,631
First Merchants Bank 1 6.13% $6,145
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.88% $10,784
Bank of England 1 7.25% $10,692
Platinum Home Mortgage Corporation 1 5.25% $12,467
PLAZA HOME MORTGAGE, INC. 1 5.75% $13,997
Prosperity Home Mortgage, LLC 1 6.88% $7,630

The top Detroit USDA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 15 USDA loans originated. Their average total fees are $7,060, which is $306 higher than the next largest lender, J. VIRGIL, INC..

The lowest fee Detroit USDA lenders (with over 10 loans originated) are J. VIRGIL, INC. ($6,755), UNITED WHOLESALE MORTGAGE, LLC ($7,060), UNION HOME MORTGAGE CORP. ($7,477), DAS Acquisition Company, LLC ($8,024) and .

The lowest rate Detroit USDA lenders (with over 10 loans originated) are J. VIRGIL, INC. (6.68%), UNITED WHOLESALE MORTGAGE, LLC (6.78%), DAS Acquisition Company, LLC (6.79%), UNION HOME MORTGAGE CORP. (6.84%) and .


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%) $309,468 (5.2%) 0.74 9,939
2018-02-01 $205,500 (6.8%) $318,782 (6.5%) 0.75 9,269
2018-03-01 $224,900 (5.9%) $337,975 (8.2%) 0.79 9,082
2018-04-01 $242,450 (7.8%) $343,455 (5.1%) 0.82 9,491
2018-05-01 $249,900 (6.6%) $348,685 (3.2%) 0.83 10,496
2018-06-01 $253,200 (7.5%) $353,380 (3.9%) 0.84 11,781
2018-07-01 $249,900 (6.3%) $346,045 (2.7%) 0.83 12,978
2018-08-01 $244,950 (8.0%) $336,152 (2.9%) 0.82 14,301
2018-09-01 $239,900 (6.6%) $334,379 (2.9%) 0.81 14,957
2018-10-01 $230,950 (4.3%) $326,364 (1.2%) 0.78 14,879
2018-11-01 $225,000 (4.2%) $318,603 (0.1%) 0.76 14,428
2018-12-01 $219,900 (4.8%) $314,446 (-0.2%) 0.76 13,252
2019-01-01 $218,550 (9.3%) $313,254 (1.2%) 0.76 12,159
2019-02-01 $219,950 (7.0%) $316,952 (-0.6%) 0.74 11,495
2019-03-01 $232,814 (3.5%) $329,647 (-2.5%) 0.76 11,352
2019-04-01 $249,950 (3.1%) $345,374 (0.6%) 0.79 11,488
2019-05-01 $259,900 (4.0%) $351,992 (1.0%) 0.81 12,362
2019-06-01 $262,000 (3.5%) $350,214 (-0.9%) 0.82 13,710
2019-07-01 $259,900 (4.0%) $344,094 (-0.6%) 0.81 14,992
2019-08-01 $253,355 (3.4%) $337,144 (0.3%) 0.80 15,526
2019-09-01 $243,536 (1.5%) $328,210 (-1.8%) 0.78 15,829
2019-10-01 $236,991 (2.6%) $321,784 (-1.4%) 0.76 15,906
2019-11-01 $229,900 (2.2%) $317,751 (-0.3%) 0.75 14,871
2019-12-01 $224,900 (2.3%) $311,231 (-1.0%) 0.75 13,035
2020-01-01 $219,950 (0.6%) $310,474 (-0.9%) 0.74 11,629
2020-02-01 $222,250 (1.1%) $315,582 (-0.4%) 0.73 10,735
2020-03-01 $237,850 (2.2%) $329,570 (0.0%) 0.75 10,380
2020-04-01 $243,950 (-2.4%) $333,299 (-3.5%) 0.76 9,897
2020-05-01 $249,900 (-3.9%) $338,713 (-3.8%) 0.76 10,722
2020-06-01 $272,725 (4.1%) $365,212 (4.3%) 0.80 10,264
2020-07-01 $278,375 (7.1%) $374,372 (8.8%) 0.81 9,832
2020-08-01 $274,900 (8.5%) $373,949 (10.9%) 0.79 9,311
2020-09-01 $269,950 (10.9%) $373,481 (13.8%) 0.77 8,992
2020-10-01 $264,975 (11.8%) $373,814 (16.2%) 0.76 8,484
2020-11-01 $254,950 (10.9%) $373,410 (17.5%) 0.75 7,677
2020-12-01 $249,950 (11.1%) $370,800 (19.1%) 0.74 6,754
2021-01-01 $249,900 (13.6%) $372,940 (20.1%) 0.75 5,690
2021-02-01 $250,000 (12.5%) $388,674 (23.2%) 0.73 4,731
2021-03-01 $266,138 (11.9%) $398,112 (20.8%) 0.76 4,597
2021-04-01 $269,950 (10.7%) $405,925 (21.8%) 0.73 4,725
2021-05-01 $279,900 (12.0%) $409,975 (21.0%) 0.74 5,266
2021-06-01 $276,575 (1.4%) $396,675 (8.6%) 0.73 6,498
2021-07-01 $275,000 (-1.2%) $391,506 (4.6%) 0.73 7,192
2021-08-01 $267,400 (-2.7%) $383,727 (2.6%) 0.71 7,991
2021-09-01 $249,950 (-7.4%) $370,605 (-0.8%) 0.67 8,195
2021-10-01 $242,990 (-8.3%) $360,143 (-3.7%) 0.65 7,880
2021-11-01 $227,450 (-10.8%) $348,427 (-6.7%) 0.61 7,274
2021-12-01 $216,950 (-13.2%) $345,696 (-6.8%) 0.59 6,293
2022-01-01 $205,000 (-18.0%) $341,364 (-8.5%) 0.55 5,189
2022-02-01 $216,100 (-13.6%) $354,193 (-8.9%) 0.56 4,626
2022-03-01 $227,450 (-14.5%) $360,375 (-9.5%) 0.57 4,771
2022-04-01 $249,900 (-7.4%) $376,980 (-7.1%) 0.60 5,012
2022-05-01 $274,000 (-2.1%) $384,656 (-6.2%) 0.63 6,341
2022-06-01 $279,950 (1.2%) $388,401 (-2.1%) 0.62 7,666
2022-07-01 $279,900 (1.8%) $381,932 (-2.5%) 0.63 9,283
2022-08-01 $272,400 (1.9%) $370,532 (-3.4%) 0.63 9,869
2022-09-01 $263,950 (5.6%) $366,213 (-1.2%) 0.62 9,757
2022-10-01 $250,000 (2.9%) $355,627 (-1.3%) 0.59 9,855
2022-11-01 $247,000 (8.6%) $347,733 (-0.2%) 0.59 9,742
2022-12-01 $230,000 (6.0%) $341,678 (-1.2%) 0.57 8,672
2023-01-01 $227,125 (10.8%) $343,290 (0.6%) 0.56 7,431
2023-02-01 $229,450 (6.2%) $347,618 (-1.9%) 0.55 6,513
2023-03-01 $236,950 (4.2%) $362,617 (0.6%) 0.56 5,940
2023-04-01 $250,000 (0.0%) $384,503 (2.0%) 0.58 5,885
2023-05-01 $267,450 (-2.4%) $399,457 (3.9%) 0.61 6,033
2023-06-01 $270,000 (-3.6%) $402,235 (3.6%) 0.61 6,448
2023-07-01 $269,000 (-3.9%) $393,621 (3.1%) 0.61 6,988
2023-08-01 $272,400 (0.0%) $389,930 (5.2%) 0.63 7,448
2023-09-01 $262,000 (-0.7%) $386,050 (5.4%) 0.61 7,660
2023-10-01 $252,250 (0.9%) $382,592 (7.6%) 0.59 7,907
2023-11-01 $247,000 (0.0%) $373,047 (7.3%) 0.59 8,116
2023-12-01 $235,250 (2.3%) $365,972 (7.1%) 0.57 7,356
2024-01-01 $229,450 (1.0%) $363,472 (5.9%) 0.56 6,424
2024-02-01 $229,450 (0.0%) $368,064 (5.9%) 0.55 6,201
2024-03-01 $239,900 (1.2%) $380,019 (4.8%) 0.56 6,151
2024-04-01 $250,000 (0.0%) $387,737 (0.8%) 0.58 6,144
2024-05-01 $259,500 (-3.0%) $409,085 (2.4%) 0.59 6,544
Detroit's median listing price for 2024-05-01 was $259,500, a difference of $-7,950 (-3.0%) versus the prior year and $9,500 versus the prior month.

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

Detroit's average listing price for 2024-05-01 was $409,085, a difference of $9,628 (2.4%) versus the prior year and $21,348 versus the prior month.

For the 2024-05-01 period, Detroit had 6,544 MLS listings, a difference of 400 listings (7%) versus the prior month and 511 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 63 days 1,578 sqft
2018-02-01 58 days 1,581 sqft
2018-03-01 45 days 1,644 sqft
2018-04-01 36 days 1,686 sqft
2018-05-01 33 days 1,713 sqft
2018-06-01 33 days 1,734 sqft
2018-07-01 36 days 1,723 sqft
2018-08-01 35 days 1,700 sqft
2018-09-01 40 days 1,692 sqft
2018-10-01 43 days 1,642 sqft
2018-11-01 46 days 1,613 sqft
2018-12-01 56 days 1,585 sqft
2019-01-01 61 days 1,581 sqft
2019-02-01 60 days 1,595 sqft
2019-03-01 45 days 1,631 sqft
2019-04-01 36 days 1,683 sqft
2019-05-01 34 days 1,717 sqft
2019-06-01 36 days 1,728 sqft
2019-07-01 37 days 1,724 sqft
2019-08-01 40 days 1,706 sqft
2019-09-01 43 days 1,675 sqft
2019-10-01 45 days 1,651 sqft
2019-11-01 51 days 1,624 sqft
2019-12-01 62 days 1,598 sqft
2020-01-01 69 days 1,584 sqft
2020-02-01 58 days 1,586 sqft
2020-03-01 47 days 1,604 sqft
2020-04-01 59 days 1,620 sqft
2020-05-01 65 days 1,640 sqft
2020-06-01 38 days 1,725 sqft
2020-07-01 37 days 1,740 sqft
2020-08-01 33 days 1,710 sqft
2020-09-01 35 days 1,669 sqft
2020-10-01 36 days 1,641 sqft
2020-11-01 40 days 1,600 sqft
2020-12-01 48 days 1,576 sqft
2021-01-01 51 days 1,557 sqft
2021-02-01 39 days 1,562 sqft
2021-03-01 28 days 1,577 sqft
2021-04-01 22 days 1,595 sqft
2021-05-01 18 days 1,604 sqft
2021-06-01 19 days 1,600 sqft
2021-07-01 22 days 1,590 sqft
2021-08-01 24 days 1,558 sqft
2021-09-01 30 days 1,514 sqft
2021-10-01 31 days 1,493 sqft
2021-11-01 36 days 1,451 sqft
2021-12-01 43 days 1,420 sqft
2022-01-01 52 days 1,406 sqft
2022-02-01 34 days 1,416 sqft
2022-03-01 25 days 1,441 sqft
2022-04-01 22 days 1,486 sqft
2022-05-01 20 days 1,537 sqft
2022-06-01 23 days 1,559 sqft
2022-07-01 28 days 1,551 sqft
2022-08-01 32 days 1,532 sqft
2022-09-01 39 days 1,522 sqft
2022-10-01 39 days 1,500 sqft
2022-11-01 43 days 1,484 sqft
2022-12-01 52 days 1,453 sqft
2023-01-01 62 days 1,444 sqft
2023-02-01 55 days 1,456 sqft
2023-03-01 46 days 1,473 sqft
2023-04-01 37 days 1,508 sqft
2023-05-01 30 days 1,531 sqft
2023-06-01 31 days 1,536 sqft
2023-07-01 32 days 1,532 sqft
2023-08-01 36 days 1,523 sqft
2023-09-01 40 days 1,508 sqft
2023-10-01 40 days 1,480 sqft
2023-11-01 41 days 1,460 sqft
2023-12-01 50 days 1,445 sqft
2024-01-01 50 days 1,458 sqft
2024-02-01 46 days 1,447 sqft
2024-03-01 42 days 1,463 sqft
2024-04-01 39 days 1,479 sqft
2024-05-01 32 days 1,498 sqft
Detroit's median listing age (time on market) for 2024-05-01 was 32 days. This is 8% longer than the same period one year ago.

Detroit's median square footage for active listings during the 2024-05-01 period was 1,498 sqft. One year prior, the average listing was 1,531 sqft.