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 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 6.42% for the week of 2025-02-14, compared to the national average (all USDA variants) of 6.526% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.48% and one month ago for the week of 2025-01-10, the average rate was 6.83%.

    The average rate one year ago was 6.52%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.5%.

    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%) $309,612 (5.3%) 0.74 9,943
    2018-02-01 $205,995 (7.1%) $318,931 (6.5%) 0.75 9,273
    2018-03-01 $224,900 (5.9%) $338,115 (8.3%) 0.79 9,085
    2018-04-01 $242,450 (7.8%) $343,602 (5.1%) 0.82 9,494
    2018-05-01 $249,900 (6.6%) $348,798 (3.2%) 0.83 10,499
    2018-06-01 $252,900 (7.4%) $353,472 (3.9%) 0.84 11,784
    2018-07-01 $249,900 (6.3%) $346,109 (2.7%) 0.83 12,982
    2018-08-01 $244,950 (8.1%) $336,207 (2.9%) 0.82 14,306
    2018-09-01 $239,900 (6.6%) $334,438 (2.9%) 0.81 14,961
    2018-10-01 $231,200 (4.4%) $326,445 (1.2%) 0.78 14,884
    2018-11-01 $225,000 (4.1%) $318,682 (0.1%) 0.76 14,432
    2018-12-01 $219,900 (4.8%) $314,529 (-0.2%) 0.76 13,257
    2019-01-01 $218,750 (9.4%) $313,352 (1.2%) 0.76 12,164
    2019-02-01 $219,950 (6.8%) $317,074 (-0.6%) 0.74 11,497
    2019-03-01 $232,814 (3.5%) $329,700 (-2.5%) 0.76 11,352
    2019-04-01 $250,400 (3.3%) $345,434 (0.5%) 0.79 11,489
    2019-05-01 $259,900 (4.0%) $351,994 (0.9%) 0.81 12,361
    2019-06-01 $262,000 (3.6%) $350,214 (-0.9%) 0.82 13,709
    2019-07-01 $259,900 (4.0%) $344,100 (-0.6%) 0.81 14,991
    2019-08-01 $253,355 (3.4%) $337,148 (0.3%) 0.80 15,527
    2019-09-01 $243,536 (1.5%) $328,224 (-1.9%) 0.78 15,830
    2019-10-01 $236,991 (2.5%) $321,800 (-1.4%) 0.76 15,906
    2019-11-01 $229,900 (2.2%) $317,760 (-0.3%) 0.75 14,872
    2019-12-01 $224,900 (2.3%) $311,265 (-1.0%) 0.75 13,036
    2020-01-01 $219,950 (0.6%) $310,516 (-0.9%) 0.74 11,629
    2020-02-01 $222,500 (1.2%) $315,616 (-0.5%) 0.73 10,735
    2020-03-01 $237,950 (2.2%) $329,604 (0.0%) 0.75 10,379
    2020-04-01 $244,018 (-2.6%) $333,336 (-3.5%) 0.76 9,897
    2020-05-01 $249,900 (-3.9%) $338,741 (-3.8%) 0.76 10,721
    2020-06-01 $272,725 (4.1%) $365,221 (4.3%) 0.80 10,264
    2020-07-01 $278,500 (7.2%) $374,380 (8.8%) 0.81 9,833
    2020-08-01 $274,900 (8.5%) $373,983 (10.9%) 0.79 9,310
    2020-09-01 $269,950 (10.9%) $373,511 (13.8%) 0.77 8,991
    2020-10-01 $265,000 (11.8%) $373,840 (16.2%) 0.76 8,483
    2020-11-01 $254,950 (10.9%) $373,438 (17.5%) 0.75 7,676
    2020-12-01 $249,950 (11.1%) $370,831 (19.1%) 0.74 6,753
    2021-01-01 $249,900 (13.6%) $372,979 (20.1%) 0.75 5,689
    2021-02-01 $250,000 (12.4%) $388,722 (23.2%) 0.73 4,730
    2021-03-01 $266,294 (11.9%) $398,162 (20.8%) 0.76 4,596
    2021-04-01 $269,950 (10.6%) $405,925 (21.8%) 0.73 4,725
    2021-05-01 $279,900 (12.0%) $409,975 (21.0%) 0.74 5,267
    2021-06-01 $276,575 (1.4%) $396,675 (8.6%) 0.73 6,498
    2021-07-01 $275,000 (-1.3%) $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%) $345,719 (-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%) $354,232 (-8.9%) 0.56 4,625
    2022-03-01 $227,450 (-14.6%) $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%) $384,646 (-6.2%) 0.63 6,342
    2022-06-01 $279,950 (1.2%) $388,407 (-2.1%) 0.62 7,666
    2022-07-01 $279,900 (1.8%) $381,907 (-2.5%) 0.63 9,284
    2022-08-01 $272,350 (1.9%) $370,524 (-3.4%) 0.63 9,869
    2022-09-01 $263,908 (5.6%) $366,211 (-1.2%) 0.62 9,756
    2022-10-01 $250,000 (2.9%) $355,627 (-1.3%) 0.59 9,856
    2022-11-01 $247,000 (8.6%) $347,736 (-0.2%) 0.59 9,743
    2022-12-01 $230,000 (6.0%) $341,684 (-1.2%) 0.57 8,673
    2023-01-01 $227,250 (10.9%) $343,293 (0.6%) 0.56 7,432
    2023-02-01 $229,450 (6.2%) $347,618 (-1.9%) 0.55 6,513
    2023-03-01 $236,950 (4.2%) $362,607 (0.6%) 0.56 5,939
    2023-04-01 $250,000 (0.0%) $384,503 (2.0%) 0.58 5,885
    2023-05-01 $267,450 (-2.4%) $399,456 (3.9%) 0.61 6,035
    2023-06-01 $270,000 (-3.6%) $402,227 (3.6%) 0.61 6,449
    2023-07-01 $269,000 (-3.9%) $393,640 (3.1%) 0.61 6,991
    2023-08-01 $272,400 (0.0%) $389,943 (5.2%) 0.63 7,451
    2023-09-01 $262,500 (-0.5%) $386,071 (5.4%) 0.61 7,663
    2023-10-01 $252,450 (1.0%) $382,614 (7.6%) 0.59 7,910
    2023-11-01 $247,250 (0.1%) $373,072 (7.3%) 0.59 8,119
    2023-12-01 $235,900 (2.6%) $366,002 (7.1%) 0.57 7,359
    2024-01-01 $229,575 (1.0%) $363,506 (5.9%) 0.56 6,427
    2024-02-01 $229,450 (0.0%) $368,098 (5.9%) 0.55 6,204
    2024-03-01 $239,900 (1.2%) $380,002 (4.8%) 0.56 6,153
    2024-04-01 $250,000 (0.0%) $387,719 (0.8%) 0.58 6,146
    2024-05-01 $261,950 (-2.1%) $407,746 (2.1%) 0.59 6,542
    2024-06-01 $274,900 (1.8%) $420,987 (4.7%) 0.62 7,088
    2024-07-01 $279,900 (4.1%) $430,572 (9.4%) 0.64 7,736
    2024-08-01 $279,900 (2.8%) $417,041 (7.0%) 0.65 8,525
    2024-09-01 $277,000 (5.5%) $407,313 (5.5%) 0.65 8,921
    2024-10-01 $271,200 (7.4%) $399,253 (4.4%) 0.64 8,920
    2024-11-01 $260,000 (5.2%) $388,539 (4.2%) 0.62 8,789
    2024-12-01 $249,900 (5.9%) $382,461 (4.5%) 0.62 7,942
    2025-01-01 $239,950 (4.5%) $376,317 (3.5%) 0.00 7,125
    Detroit's median listing price for 2025-01-01 was $239,950, a difference of $10,375 (4.5%) versus the prior year and $-9,950 versus the prior month.

    Detroit's median listing price comes in at 0% of the national average.

    Detroit's average listing price for 2025-01-01 was $376,317, a difference of $12,811 (3.5%) versus the prior year and $-6,144 versus the prior month.

    For the 2025-01-01 period, Detroit had 7,125 MLS listings, a difference of -817 listings (-10%) versus the prior month and 698 listings (11%) 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 1,582 sqft
    2019-02-01 60 days 1,596 sqft
    2019-03-01 45 days 1,632 sqft
    2019-04-01 36 days 1,684 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 1,605 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 1,421 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 1,531 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 1,443 sqft
    2023-02-01 55 days 1,455 sqft
    2023-03-01 46 days 1,473 sqft
    2023-04-01 37 days 1,508 sqft
    2023-05-01 30 days 1,530 sqft
    2023-06-01 31 days 1,536 sqft
    2023-07-01 32 days 1,531 sqft
    2023-08-01 36 days 1,522 sqft
    2023-09-01 40 days 1,508 sqft
    2023-10-01 40 days 1,480 sqft
    2023-11-01 41 days 1,461 sqft
    2023-12-01 50 days 1,445 sqft
    2024-01-01 50 days 1,457 sqft
    2024-02-01 46 days 1,447 sqft
    2024-03-01 42 days 1,462 sqft
    2024-04-01 39 days 1,479 sqft
    2024-05-01 32 days 1,497 sqft
    2024-06-01 31 days 1,511 sqft
    2024-07-01 37 days 1,521 sqft
    2024-08-01 36 days 1,519 sqft
    2024-09-01 39 days 1,510 sqft
    2024-10-01 40 days 1,504 sqft
    2024-11-01 44 days 1,514 sqft
    2024-12-01 50 days 1,487 sqft
    2025-01-01 0 days 1,447 sqft
    Detroit's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Detroit's median square footage for active listings during the 2025-01-01 period was 1,447 sqft. One year prior, the average listing was 1,457 sqft.