Detroit USDA Loan Rates, Closing Costs & Stats

Detroit-Warren-Dearborn, MI

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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.

    Detroit's 48 lenders originated 199 USDA loans during 2022. The total origination value was $41,975,000, with an average USDA loan value of $210,930.

    Detroit USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Detroit averaged 6.64% for the week of 2023-05-26, compared to the national average (all USDA variants) of 6.63% for the same period.

    Detroit's average USDA mortgage closing costs are $5,750.

    The average rate for the prior week (2023-05-19) was 6.18% and one month ago for the week of 2023-04-21, the average rate was 6.39%.

    The average rate one year ago was 5.01%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.11%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    J. VIRGIL, INC. 24 5.11% $8,454
    AMERIFIRST FINANCIAL CORPORATION 15 5.18% $7,927
    MORTGAGE 1 INCORPORATED 14 4.80% $7,125
    UNITED WHOLESALE MORTGAGE, LLC 14 4.83% $6,508
    UNION HOME MORTGAGE CORP. 10 4.35% $5,497
    DAS Acquisition Company, LLC 10 5.74% $6,989
    Preston Home Loans Inc 9 4.71% $6,563
    CROSSCOUNTRY MORTGAGE, LLC 7 4.36% $6,179
    LEGEND LENDING CORPORATION 5 6.15% $4,676
    Flagstar Bank, FSB 5 4.88% $5,328
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 5.31% $7,257
    PENNYMAC LOAN SERVICES, LLC 4 3.06% $7,395
    CALIBER HOME LOANS, INC. 4 4.34% $5,433
    HOME POINT FINANCIAL CORPORATION 4 4.13% $7,190
    Platinum Home Mortgage Corporation 3 3.66% $10,530
    LAKE MICHIGAN CREDIT UNION 3 4.71% $5,510
    First State Bank 3 5.50% $6,084
    UNIVERSITY LENDING GROUP, LLC 2 5.38% $6,787
    BROKER SOLUTIONS, INC. 2 4.49% $8,109
    CARDINAL FINANCIAL 2 4.50% $6,649
    Century Mortgage Company DBA Century Lending Company 2 4.25% $5,525
    CORNERSTONE HOME LENDING, INC. 2 6.13% $6,450
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 4.00% $7,060
    ENVOY MORTGAGE, LTD 2 5.06% $9,010
    Equity Prime Mortgage LLC 2 5.63% $7,992
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.50% $5,035
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 4.25% $6,559
    Independent Bank 2 5.81% $6,798
    PLAZA HOME MORTGAGE, INC. 2 4.56% $7,824
    ROSS MORTGAGE CORPORATION 2 4.94% $7,048
    TOP FLITE FINANCIAL, INC. 2 5.56% $9,840
    Plains Commerce Bank 1 6.00% $13,704
    PLANET HOME LENDING, LLC 1 2.88% $3,929
    First Savings Bank 1 3.63% $7,146
    Citizens Bank 1 4.00% $6,151
    FIRST COMMUNITY MORTGAGE, INC. 1 6.50% $7,213
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 4.75% $6,406
    Carrington Mortgage Services, LLC 1 5.63% $4,525
    SECURITY CREDIT UNION 1 7.75% $6,945
    STAUNTON FINANCIAL, INC. 1 5.38% $4,750
    SUCCESS MORTGAGE PARTNERS, INC. 1 4.00% $6,655
    Sunflower Bank 1 4.25% $4,857
    The Dart Bank 1 2.88% $7,512
    The Federal Savings Bank 1 5.25% $7,779
    BLG HOLDINGS, INC. 1 5.63% $8,127
    MICHIGAN MUTUAL, INC. 1 5.63% $6,599
    HOMESIDE FINANCIAL, LLC 1 4.99% $9,927
    GENEVA FINANCIAL, LLC 1 3.63% $6,271

    The top Detroit USDA lender as defined by loan originations is J. VIRGIL, INC., with 24 USDA loans originated. Their average total fees are $8,454, which is $527 higher than the next largest lender, AMERIFIRST FINANCIAL CORPORATION.

    The lowest fee Detroit USDA lenders (with over 10 loans originated) are UNION HOME MORTGAGE CORP. ($5,497), UNITED WHOLESALE MORTGAGE, LLC ($6,508), DAS Acquisition Company, LLC ($6,989), MORTGAGE 1 INCORPORATED ($7,125) and AMERIFIRST FINANCIAL CORPORATION ($7,927).

    The lowest rate Detroit USDA lenders (with over 10 loans originated) are UNION HOME MORTGAGE CORP. (4.35%), MORTGAGE 1 INCORPORATED (4.80%), UNITED WHOLESALE MORTGAGE, LLC (4.83%), J. VIRGIL, INC. (5.11%) and AMERIFIRST FINANCIAL CORPORATION (5.18%).

    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 10,501
    2018-06-01 $253,650 (7.7%) $353,504 (3.9%) 0.85 11,786
    2018-07-01 $249,900 (6.3%) $346,143 (2.7%) 0.83 12,984
    2018-08-01 $244,950 (8.1%) $336,232 (2.9%) 0.82 14,307
    2018-09-01 $239,900 (6.6%) $334,464 (2.9%) 0.81 14,962
    2018-10-01 $231,215 (4.4%) $326,470 (1.2%) 0.78 14,886
    2018-11-01 $225,000 (4.1%) $318,718 (0.1%) 0.76 14,433
    2018-12-01 $219,900 (4.8%) $314,557 (-0.2%) 0.76 13,258
    2019-01-01 $218,750 (9.4%) $313,385 (1.2%) 0.76 12,165
    2019-02-01 $219,950 (6.8%) $317,098 (-0.6%) 0.74 11,497
    2019-03-01 $234,995 (4.5%) $331,936 (-1.8%) 0.78 10,919
    2019-04-01 $250,900 (3.5%) $345,562 (0.6%) 0.80 11,349
    2019-05-01 $259,900 (4.0%) $351,986 (0.9%) 0.81 12,361
    2019-06-01 $262,000 (3.3%) $350,206 (-0.9%) 0.82 13,710
    2019-07-01 $259,900 (4.0%) $344,093 (-0.6%) 0.81 14,992
    2019-08-01 $249,900 (2.0%) $329,921 (-1.9%) 0.78 16,248
    2019-09-01 $244,950 (2.1%) $333,509 (-0.3%) 0.77 14,657
    2019-10-01 $237,200 (2.6%) $321,800 (-1.4%) 0.77 15,940
    2019-11-01 $229,900 (2.2%) $317,760 (-0.3%) 0.75 14,872
    2019-12-01 $224,900 (2.3%) $311,261 (-1.1%) 0.75 13,036
    2020-01-01 $219,950 (0.6%) $310,507 (-0.9%) 0.74 11,630
    2020-02-01 $222,500 (1.2%) $315,613 (-0.5%) 0.73 10,735
    2020-03-01 $237,950 (1.3%) $329,652 (-0.7%) 0.75 10,381
    2020-04-01 $244,018 (-2.7%) $333,355 (-3.5%) 0.76 9,897
    2020-05-01 $249,900 (-3.9%) $338,721 (-3.8%) 0.76 10,720
    2020-06-01 $272,450 (4.0%) $365,198 (4.3%) 0.80 10,261
    2020-07-01 $278,000 (7.0%) $374,371 (8.8%) 0.81 9,828
    2020-08-01 $274,900 (10.0%) $373,948 (13.3%) 0.79 9,307
    2020-09-01 $269,950 (10.2%) $373,482 (12.0%) 0.77 8,987
    2020-10-01 $264,900 (11.7%) $373,821 (16.2%) 0.76 8,479
    2020-11-01 $254,950 (10.9%) $373,400 (17.5%) 0.75 7,673
    2020-12-01 $249,900 (11.1%) $370,777 (19.1%) 0.74 6,750
    2021-01-01 $249,900 (13.6%) $372,921 (20.1%) 0.75 5,686
    2021-02-01 $250,000 (12.4%) $388,653 (23.1%) 0.73 4,727
    2021-03-01 $265,738 (11.7%) $398,112 (20.8%) 0.75 4,597
    2021-04-01 $269,950 (10.6%) $405,846 (21.8%) 0.73 4,725
    2021-05-01 $279,900 (12.0%) $409,925 (21.0%) 0.74 5,267
    2021-06-01 $276,575 (1.5%) $396,675 (8.6%) 0.73 6,498
    2021-07-01 $275,000 (-1.1%) $391,506 (4.6%) 0.73 7,192
    2021-08-01 $267,400 (-2.7%) $383,734 (2.6%) 0.71 7,991
    2021-09-01 $249,950 (-7.4%) $370,603 (-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%) $348,416 (-6.7%) 0.61 7,274
    2021-12-01 $216,950 (-13.2%) $345,719 (-6.8%) 0.59 6,293
    2022-01-01 $205,000 (-18.0%) $341,406 (-8.5%) 0.55 5,189
    2022-02-01 $215,525 (-13.8%) $354,224 (-8.9%) 0.56 4,626
    2022-03-01 $227,450 (-14.4%) $360,379 (-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%) $384,513 (-6.2%) 0.63 6,342
    2022-06-01 $279,950 (1.2%) $388,230 (-2.1%) 0.62 7,666
    2022-07-01 $279,900 (1.8%) $381,897 (-2.5%) 0.63 9,283
    2022-08-01 $272,275 (1.8%) $370,500 (-3.5%) 0.63 9,869
    2022-09-01 $263,904 (5.6%) $366,078 (-1.2%) 0.62 9,756
    2022-10-01 $250,000 (2.9%) $355,642 (-1.3%) 0.59 9,857
    2022-11-01 $247,000 (8.6%) $347,739 (-0.2%) 0.59 9,743
    2022-12-01 $230,000 (6.0%) $341,661 (-1.2%) 0.57 8,673
    2023-01-01 $227,125 (10.8%) $343,269 (0.6%) 0.56 7,432
    2023-02-01 $229,450 (6.5%) $347,495 (-1.9%) 0.55 6,513
    2023-03-01 $236,139 (3.8%) $362,561 (0.6%) 0.56 5,940
    2023-04-01 $250,000 (0.0%) $384,429 (2.0%) 0.58 5,887
    Detroit's median listing price for 2023-04-01 was $250,000, a difference of $100 (0.0%) versus the prior year and $13,861 versus the prior month.

    Detroit's median listing price comes in at 58% of the national average.

    Detroit's average listing price for 2023-04-01 was $384,429, a difference of $7,449 (2.0%) versus the prior year and $21,868 versus the prior month.

    For the 2023-04-01 period, Detroit had 5,887 MLS listings, a difference of -53 listings (-1%) versus the prior month and 875 listings (17%) 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 52 days 1,632 sqft
    2019-04-01 38 days 1,685 sqft
    2019-05-01 36 days 1,717 sqft
    2019-06-01 37 days 1,728 sqft
    2019-07-01 38 days 1,724 sqft
    2019-08-01 50 days 1,728 sqft
    2019-09-01 58 days 1,711 sqft
    2019-10-01 47 days 1,651 sqft
    2019-11-01 52 days 1,624 sqft
    2019-12-01 64 days 1,598 sqft
    2020-01-01 72 days 1,584 sqft
    2020-02-01 62 days 1,586 sqft
    2020-03-01 51 days 1,605 sqft
    2020-04-01 62 days 1,620 sqft
    2020-05-01 68 days 1,640 sqft
    2020-06-01 41 days 1,725 sqft
    2020-07-01 40 days 1,740 sqft
    2020-08-01 37 days 1,710 sqft
    2020-09-01 38 days 1,669 sqft
    2020-10-01 38 days 1,641 sqft
    2020-11-01 44 days 1,600 sqft
    2020-12-01 52 days 1,576 sqft
    2021-01-01 56 days 1,557 sqft
    2021-02-01 45 days 1,562 sqft
    2021-03-01 32 days 1,577 sqft
    2021-04-01 24 days 1,594 sqft
    2021-05-01 19 days 1,604 sqft
    2021-06-01 19 days 1,600 sqft
    2021-07-01 23 days 1,590 sqft
    2021-08-01 25 days 1,558 sqft
    2021-09-01 30 days 1,514 sqft
    2021-10-01 33 days 1,493 sqft
    2021-11-01 37 days 1,450 sqft
    2021-12-01 45 days 1,420 sqft
    2022-01-01 54 days 1,406 sqft
    2022-02-01 37 days 1,416 sqft
    2022-03-01 27 days 1,441 sqft
    2022-04-01 24 days 1,486 sqft
    2022-05-01 22 days 1,537 sqft
    2022-06-01 24 days 1,559 sqft
    2022-07-01 29 days 1,552 sqft
    2022-08-01 34 days 1,531 sqft
    2022-09-01 40 days 1,522 sqft
    2022-10-01 41 days 1,500 sqft
    2022-11-01 44 days 1,484 sqft
    2022-12-01 54 days 1,454 sqft
    2023-01-01 64 days 1,444 sqft
    2023-02-01 59 days 1,456 sqft
    2023-03-01 49 days 1,473 sqft
    2023-04-01 39 days 1,508 sqft
    Detroit's median listing age (time on market) for 2023-04-01 was 39 days. This is 63% longer than the same period one year ago.

    Detroit's median square footage for active listings during the 2023-04-01 period was 1,508 sqft. One year prior, the average listing was 1,486 sqft.