Elkhart USDA Loans

ELKHART-GOSHEN, IN

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.