Elkhart USDA Loans

ELKHART-GOSHEN, IN

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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.

    Elkhart's 21 lenders originated 80 USDA loans during 2021. The total origination value was $15,070,000, with an average USDA loan value of $188,375.

    Elkhart USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Elkhart averaged 5.29% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

    The average rate for the prior week (2022-05-06) was 5.42% and one month ago for the week of 2022-04-08, the average rate was 5.18%.

    The average rate one year ago was 3.19%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.43%.

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

    Elkhart 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 Elkhart level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 29 3.33% $5,612
    RUOFF MORTGAGE COMPANY, INC. 10 3.19% $3,148
    GUARANTEED RATE, INC. 8 3.05% $5,178
    V.I.P. MORTGAGE, INC. 7 3.20% $5,775
    ACADEMY MORTGAGE CORPORATION 3 2.92% $4,024
    CELEBRITY HOME LOANS, LLC 3 3.08% $5,285
    Colten Mortgage, LLC 3 2.63% $4,665
    UNION HOME MORTGAGE CORP. 2 2.50% $3,921
    HALLMARK HOME MORTGAGE, LLC 2 3.19% $4,877
    AMERICAN FINANCIAL NETWORK, INC. 2 3.81% $6,990
    Flagstar Bank, FSB 1 2.88% $5,290
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.63% $3,759
    OCEANSIDE MORTGAGE COMPANY 1 3.25% $919
    Paramount Residential Mortgage Group, Inc. 1 2.63% $5,067
    PENNYMAC LOAN SERVICES, LLC 1 3.00% $6,453
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.88% $5,347
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.25% $5,811
    CALIBER HOME LOANS, INC. 1 2.75% $5,144
    UNITED WHOLESALE MORTGAGE, LLC 1 3.00% $3,776
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 2.99% $4,071
    First Guaranty Mortgage Corporation 1 3.63% $2,985

    The top Elkhart USDA lender as defined by loan originations is CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP, with 29 USDA loans originated. Their average total fees are $5,612, which is $2,464 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

    The lowest fee Elkhart USDA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($3,148), CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP ($5,612), .

    The lowest rate Elkhart USDA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. (3.19%), CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP (3.33%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Elkhart (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 $154,450 (-0.3%) $214,695 (0.6%) 0.57 365
    2018-02-01 $156,900 (1.2%) $221,794 (3.2%) 0.57 316
    2018-03-01 $169,900 (9.8%) $227,156 (2.8%) 0.59 287
    2018-04-01 $174,950 (-3.9%) $230,227 (-4.1%) 0.59 271
    2018-05-01 $184,900 (-1.4%) $243,524 (-1.2%) 0.62 297
    2018-06-01 $199,500 (9.7%) $259,994 (8.7%) 0.67 350
    2018-07-01 $199,000 (13.7%) $261,888 (11.0%) 0.66 394
    2018-08-01 $197,450 (14.5%) $257,018 (12.8%) 0.66 417
    2018-09-01 $189,900 (8.8%) $249,982 (7.3%) 0.64 433
    2018-10-01 $184,900 (8.9%) $244,970 (5.3%) 0.62 428
    2018-11-01 $186,950 (11.0%) $247,592 (8.7%) 0.63 432
    2018-12-01 $187,900 (17.8%) $242,195 (10.2%) 0.64 401
    2019-01-01 $186,250 (20.6%) $238,904 (11.3%) 0.64 360
    2019-02-01 $192,900 (22.9%) $245,407 (10.7%) 0.65 338
    2019-03-01 $207,571 (22.2%) $265,430 (16.9%) 0.68 297
    2019-04-01 $217,571 (24.4%) $282,919 (22.9%) 0.69 251
    2019-05-01 $214,900 (16.2%) $277,984 (14.2%) 0.66 250
    2019-06-01 $210,000 (5.3%) $273,878 (5.3%) 0.65 279
    2019-07-01 $209,950 (5.5%) $271,804 (3.8%) 0.65 292
    2019-08-01 $197,757 (0.2%) $251,866 (-2.0%) 0.62 363
    2019-09-01 $192,450 (1.3%) $241,012 (-3.6%) 0.61 389
    2019-10-01 $192,450 (4.1%) $244,769 (-0.1%) 0.61 376
    2019-11-01 $184,900 (-1.1%) $237,038 (-4.3%) 0.60 365
    2019-12-01 $176,250 (-6.2%) $227,786 (-6.0%) 0.59 331
    2020-01-01 $185,350 (-0.5%) $235,494 (-1.4%) 0.62 299
    2020-02-01 $189,900 (-1.6%) $239,347 (-2.5%) 0.61 265
    2020-03-01 $214,900 (3.5%) $269,630 (1.6%) 0.67 232
    2020-04-01 $213,450 (-1.9%) $271,845 (-3.9%) 0.66 233
    2020-05-01 $248,900 (15.8%) $301,202 (8.4%) 0.75 222
    2020-06-01 $267,650 (27.5%) $311,659 (13.8%) 0.78 207
    2020-07-01 $259,900 (23.8%) $318,365 (17.1%) 0.74 194
    2020-08-01 $244,900 (23.8%) $320,897 (27.4%) 0.70 198
    2020-09-01 $224,900 (16.9%) $312,413 (29.6%) 0.64 187
    2020-10-01 $219,900 (14.3%) $315,158 (28.8%) 0.63 201
    2020-11-01 $201,950 (9.2%) $295,299 (24.6%) 0.58 182
    2020-12-01 $198,900 (12.9%) $299,404 (31.4%) 0.58 151
    2021-01-01 $179,900 (-2.9%) $301,223 (27.9%) 0.53 122
    2021-02-01 $174,900 (-7.9%) $313,345 (30.9%) 0.50 85
    2021-03-01 $169,900 (-20.9%) $298,439 (10.7%) 0.48 91
    2021-04-01 $149,900 (-29.8%) $267,300 (-1.7%) 0.40 98
    2021-05-01 $139,900 (-43.8%) $257,270 (-14.6%) 0.37 103
    2021-06-01 $238,450 (-10.9%) $299,384 (-3.9%) 0.62 114
    2021-07-01 $253,900 (-2.3%) $324,205 (1.8%) 0.66 116
    2021-08-01 $222,450 (-9.2%) $311,374 (-3.0%) 0.58 126
    2021-09-01 $232,250 (3.3%) $332,324 (6.4%) 0.61 124
    2021-10-01 $219,900 (0.0%) $301,904 (-4.2%) 0.58 122
    2021-11-01 $226,750 (12.3%) $299,960 (1.6%) 0.60 113
    2021-12-01 $212,250 (6.7%) $284,979 (-4.8%) 0.57 110
    2022-01-01 $199,900 (11.1%) $288,255 (-4.3%) 0.53 84
    2022-02-01 $202,400 (15.7%) $290,631 (-7.3%) 0.52 64
    2022-03-01 $213,900 (25.9%) $292,403 (-2.0%) 0.53 65
    2022-04-01 $249,900 (66.7%) $333,034 (24.6%) 0.59 83
    Elkhart's median listing price for 2022-04-01 was $249,900, a difference of $100,000 (66.7%) versus the prior year and $36,000 versus the prior month.

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

    Elkhart's average listing price for 2022-04-01 was $333,034, a difference of $65,734 (24.6%) versus the prior year and $40,631 versus the prior month.

    For the 2022-04-01 period, Elkhart had 83 MLS listings, a difference of 18 listings (28%) versus the prior month and -15 listings (-15%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Elkhart (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 85 days 1,757 sqft
    2018-02-01 96 days 1,737 sqft
    2018-03-01 67 days 1,840 sqft
    2018-04-01 46 days 1,875 sqft
    2018-05-01 37 days 1,947 sqft
    2018-06-01 36 days 2,066 sqft
    2018-07-01 43 days 2,055 sqft
    2018-08-01 43 days 2,025 sqft
    2018-09-01 44 days 2,036 sqft
    2018-10-01 54 days 1,992 sqft
    2018-11-01 56 days 2,039 sqft
    2018-12-01 64 days 2,056 sqft
    2019-01-01 77 days 2,033 sqft
    2019-02-01 73 days 2,069 sqft
    2019-03-01 72 days 2,180 sqft
    2019-04-01 56 days 2,310 sqft
    2019-05-01 41 days 2,225 sqft
    2019-06-01 37 days 2,306 sqft
    2019-07-01 42 days 2,301 sqft
    2019-08-01 39 days 2,169 sqft
    2019-09-01 46 days 2,019 sqft
    2019-10-01 50 days 1,998 sqft
    2019-11-01 52 days 1,938 sqft
    2019-12-01 65 days 1,820 sqft
    2020-01-01 78 days 1,828 sqft
    2020-02-01 70 days 1,872 sqft
    2020-03-01 53 days 2,028 sqft
    2020-04-01 55 days 1,987 sqft
    2020-05-01 63 days 2,204 sqft
    2020-06-01 43 days 2,281 sqft
    2020-07-01 45 days 2,245 sqft
    2020-08-01 36 days 2,210 sqft
    2020-09-01 40 days 2,102 sqft
    2020-10-01 35 days 2,064 sqft
    2020-11-01 39 days 1,740 sqft
    2020-12-01 52 days 1,762 sqft
    2021-01-01 64 days 1,720 sqft
    2021-02-01 58 days 1,799 sqft
    2021-03-01 29 days 1,746 sqft
    2021-04-01 16 days 1,600 sqft
    2021-05-01 18 days 1,612 sqft
    2021-06-01 17 days 2,177 sqft
    2021-07-01 20 days 2,217 sqft
    2021-08-01 26 days 1,874 sqft
    2021-09-01 25 days 1,898 sqft
    2021-10-01 29 days 1,718 sqft
    2021-11-01 32 days 1,777 sqft
    2021-12-01 44 days 1,657 sqft
    2022-01-01 56 days 1,626 sqft
    2022-02-01 44 days 1,606 sqft
    2022-03-01 36 days 1,680 sqft
    2022-04-01 11 days 1,943 sqft
    Elkhart's median listing age (time on market) for 2022-04-01 was 11 days. This is -31% shorter than the same period one year ago.

    Elkhart's median square footage for active listings during the 2022-04-01 period was 1,943 sqft. One year prior, the average listing was 1,600 sqft.