Grand Rapids USDA Loans

GRAND RAPIDS-KENTWOOD, 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.

Grand Rapids's 53 lenders originated 262 USDA loans during 2021. The total origination value was $47,200,000, with an average USDA loan value of $180,153.

Grand Rapids USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Grand Rapids averaged 5.61% for the week of 2022-05-20, compared to the national average (all USDA variants) of 5.315% for the same period.

The average rate for the prior week (2022-05-13) was 5.29% and one month ago for the week of 2022-04-15, the average rate was 4.99%.

The average rate one year ago was 3.03%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.43%.

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

Grand Rapids 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 Grand Rapids level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
MORTGAGE 1 INCORPORATED 20 3.57% $5,979
UNION HOME MORTGAGE CORP. 19 3.18% $5,538
TOP FLITE FINANCIAL, INC. 17 3.16% $6,624
VAN DYK MORTGAGE CORPORATION 17 3.05% $3,148
Neighborhood Loans, Inc. 15 3.04% $4,576
PLAZA HOME MORTGAGE, INC. 10 3.49% $2,590
AMERIFIRST FINANCIAL CORPORATION 10 3.44% $5,361
BLG HOLDINGS, INC. 10 3.18% $4,940
MMS MORTGAGE SERVICES, LTD. 10 3.64% $2,204
PRIMELENDING, A PLAINSCAPITAL COMPANY 8 3.03% $5,171
ARK-LA-TEX FINANCIAL SERVICES, LLC. 7 3.14% $5,585
FINANCE OF AMERICA MORTGAGE LLC 7 3.09% $5,017
NORTHERN MORTGAGE SERVICES, LLC 6 2.92% $4,541
CALIBER HOME LOANS, INC. 6 3.18% $4,863
SUCCESS MORTGAGE PARTNERS, INC. 6 3.15% $5,741
Independent Bank 6 3.08% $4,939
UNITED WHOLESALE MORTGAGE, LLC 6 2.94% $6,787
INLANTA MORTGAGE, INC. 6 3.52% $5,750
LAKE MICHIGAN CREDIT UNION 4 2.72% $5,093
HOME POINT FINANCIAL CORPORATION 4 2.87% $4,873
PFCU 4 3.22% $4,623
CHURCHILL MORTGAGE CORPORATION 4 3.31% $5,158
Flagstar Bank, FSB 3 2.72% $5,293
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 3.00% $8,029
Northpointe Bank 3 2.58% $5,834
Mercantile Bank of Michigan 2 2.94% $4,613
GVC MORTGAGE, INC. 2 3.38% $6,575
Paramount Residential Mortgage Group, Inc. 2 2.69% $4,943
PENNYMAC LOAN SERVICES, LLC 2 3.00% $5,455
POLARIS HOME FUNDING CORP. 2 2.81% $4,579
TEAM ONE CREDIT UNION 2 3.06% $1,804
FREEDOM MORTGAGE CORPORATION 1 2.75% $2,206
ACADEMY MORTGAGE CORPORATION 1 3.25% $6,062
Frankenmuth Credit Union 1 3.25% $5,148
FIRST STATE MORTGAGE SERVICES, LLC 1 3.00% $4,120
First Guaranty Mortgage Corporation 1 2.25% $8,909
Fifth Third Bank 1 3.25% $4,767
EVERETT FINANCIAL, INC. 1 4.13% $3,250
Carrington Mortgage Services, LLC 1 2.50% $3,570
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.13% $3,469
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 3.38% $4,185
ENVOY MORTGAGE, LTD 1 3.13% $4,237
BROKER SOLUTIONS, INC. 1 3.75% $6,210
PREFERRED CREDIT UNION 1 2.50% $4,252
CROSSCOUNTRY MORTGAGE, LLC 1 3.13% $6,252
STOCKTON MORTGAGE CORPORATION 1 3.00% $7,124
Colten Mortgage, LLC 1 3.50% $3,446
AMERICAN FINANCIAL RESOURCES, INC. 1 3.75% $5,016
The Huntington National Bank 1 3.13% $4,174
Hometown Lenders, Inc. 1 2.75% $9,864
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.25% $5,032
GUARANTEED RATE, INC. 1 3.13% $4,462
Ixonia Bank 1 3.25% $5,290

The top Grand Rapids USDA lender as defined by loan originations is MORTGAGE 1 INCORPORATED, with 20 USDA loans originated. Their average total fees are $5,979, which is $441 higher than the next largest lender, UNION HOME MORTGAGE CORP..

The lowest fee Grand Rapids USDA lenders (with over 10 loans originated) are MMS MORTGAGE SERVICES, LTD. ($2,204), PLAZA HOME MORTGAGE, INC. ($2,590), VAN DYK MORTGAGE CORPORATION ($3,148), Neighborhood Loans, Inc. ($4,576) and BLG HOLDINGS, INC. ($4,940).

The lowest rate Grand Rapids USDA lenders (with over 10 loans originated) are Neighborhood Loans, Inc. (3.04%), VAN DYK MORTGAGE CORPORATION (3.05%), TOP FLITE FINANCIAL, INC. (3.16%), BLG HOLDINGS, INC. (3.18%) and UNION HOME MORTGAGE CORP. (3.18%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Grand Rapids (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 $259,950 (-1.9%) $333,396 (-15.9%) 0.96 1,857
2018-02-01 $265,740 (-4.9%) $341,897 (-18.1%) 0.96 1,708
2018-03-01 $275,000 (-5.1%) $354,985 (-16.6%) 0.95 1,691
2018-04-01 $282,900 (1.0%) $368,237 (-7.0%) 0.95 1,748
2018-05-01 $282,450 (4.7%) $364,694 (1.9%) 0.94 1,941
2018-06-01 $285,000 (10.5%) $361,162 (6.3%) 0.95 2,264
2018-07-01 $282,400 (13.0%) $355,273 (7.4%) 0.94 2,462
2018-08-01 $274,950 (10.2%) $349,600 (7.8%) 0.92 2,784
2018-09-01 $274,900 (10.0%) $345,127 (7.0%) 0.92 2,864
2018-10-01 $275,000 (10.0%) $349,418 (8.7%) 0.92 2,849
2018-11-01 $274,950 (10.2%) $345,697 (7.5%) 0.92 2,755
2018-12-01 $279,900 (12.0%) $344,323 (7.0%) 0.96 2,482
2019-01-01 $279,260 (7.4%) $340,358 (2.1%) 0.96 2,194
2019-02-01 $284,950 (7.2%) $348,887 (2.0%) 0.95 2,015
2019-03-01 $289,614 (5.3%) $361,031 (1.7%) 0.94 2,037
2019-04-01 $296,900 (5.0%) $376,864 (2.3%) 0.93 2,103
2019-05-01 $296,513 (5.0%) $378,953 (3.9%) 0.91 2,269
2019-06-01 $294,900 (3.5%) $378,387 (4.8%) 0.91 2,497
2019-07-01 $294,950 (4.4%) $374,958 (5.5%) 0.92 2,695
2019-08-01 $288,471 (4.9%) $368,146 (5.3%) 0.91 2,776
2019-09-01 $279,900 (1.8%) $358,764 (4.0%) 0.89 2,879
2019-10-01 $275,000 (0.0%) $352,586 (0.9%) 0.88 2,972
2019-11-01 $279,900 (1.8%) $355,905 (3.0%) 0.90 2,670
2019-12-01 $284,650 (1.7%) $357,107 (3.7%) 0.95 2,333
2020-01-01 $289,450 (3.7%) $360,965 (6.1%) 0.97 2,009
2020-02-01 $304,900 (7.0%) $384,287 (10.2%) 0.98 1,880
2020-03-01 $307,900 (6.3%) $385,800 (6.9%) 0.96 1,822
2020-04-01 $314,900 (6.1%) $389,018 (3.2%) 0.98 1,825
2020-05-01 $319,500 (7.8%) $398,895 (5.3%) 0.97 2,010
2020-06-01 $319,900 (8.5%) $413,999 (9.4%) 0.93 1,871
2020-07-01 $315,000 (6.8%) $413,502 (10.3%) 0.90 1,759
2020-08-01 $311,000 (7.8%) $410,889 (11.6%) 0.89 1,671
2020-09-01 $307,495 (9.9%) $414,526 (15.5%) 0.88 1,535
2020-10-01 $299,900 (9.1%) $401,149 (13.8%) 0.86 1,530
2020-11-01 $300,000 (7.2%) $404,838 (13.8%) 0.86 1,385
2020-12-01 $312,275 (9.7%) $409,125 (14.6%) 0.92 1,169
2021-01-01 $314,900 (8.8%) $402,162 (11.4%) 0.93 962
2021-02-01 $319,900 (4.9%) $423,699 (10.3%) 0.92 814
2021-03-01 $316,400 (2.8%) $420,254 (8.9%) 0.89 795
2021-04-01 $319,900 (1.6%) $431,635 (11.0%) 0.86 728
2021-05-01 $315,000 (-1.4%) $434,773 (9.0%) 0.83 774
2021-06-01 $316,450 (-1.1%) $447,447 (8.1%) 0.82 933
2021-07-01 $312,450 (-0.8%) $457,261 (10.6%) 0.81 1,054
2021-08-01 $314,950 (1.3%) $449,695 (9.4%) 0.83 1,141
2021-09-01 $317,450 (3.2%) $435,101 (5.0%) 0.84 1,173
2021-10-01 $319,000 (6.4%) $430,301 (7.3%) 0.84 1,156
2021-11-01 $322,900 (7.6%) $435,884 (7.7%) 0.85 1,023
2021-12-01 $317,400 (1.6%) $435,719 (6.5%) 0.85 814
2022-01-01 $339,000 (7.7%) $460,062 (14.4%) 0.90 608
2022-02-01 $349,900 (9.4%) $462,009 (9.0%) 0.89 525
2022-03-01 $346,350 (9.5%) $458,495 (9.1%) 0.86 582
2022-04-01 $350,000 (9.4%) $462,573 (7.2%) 0.82 670
Grand Rapids's median listing price for 2022-04-01 was $350,000, a difference of $30,100 (9.4%) versus the prior year and $3,650 versus the prior month.

Grand Rapids's median listing price comes in at 82% of the national average.

Grand Rapids's average listing price for 2022-04-01 was $462,573, a difference of $30,938 (7.2%) versus the prior year and $4,078 versus the prior month.

For the 2022-04-01 period, Grand Rapids had 670 MLS listings, a difference of 88 listings (15%) versus the prior month and -58 listings (-8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Grand Rapids (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 76 days 2,048 sqft
2018-02-01 66 days 2,055 sqft
2018-03-01 42 days 2,075 sqft
2018-04-01 38 days 2,094 sqft
2018-05-01 30 days 2,114 sqft
2018-06-01 30 days 2,120 sqft
2018-07-01 37 days 2,141 sqft
2018-08-01 36 days 2,092 sqft
2018-09-01 42 days 2,058 sqft
2018-10-01 48 days 2,058 sqft
2018-11-01 52 days 2,040 sqft
2018-12-01 65 days 2,027 sqft
2019-01-01 74 days 2,005 sqft
2019-02-01 76 days 2,025 sqft
2019-03-01 50 days 2,046 sqft
2019-04-01 38 days 2,074 sqft
2019-05-01 30 days 2,086 sqft
2019-06-01 35 days 2,118 sqft
2019-07-01 36 days 2,133 sqft
2019-08-01 44 days 2,107 sqft
2019-09-01 44 days 2,070 sqft
2019-10-01 43 days 2,040 sqft
2019-11-01 51 days 2,022 sqft
2019-12-01 67 days 1,991 sqft
2020-01-01 73 days 1,984 sqft
2020-02-01 67 days 2,021 sqft
2020-03-01 49 days 2,044 sqft
2020-04-01 55 days 2,075 sqft
2020-05-01 59 days 2,080 sqft
2020-06-01 43 days 2,072 sqft
2020-07-01 47 days 2,067 sqft
2020-08-01 45 days 2,064 sqft
2020-09-01 45 days 2,053 sqft
2020-10-01 43 days 1,967 sqft
2020-11-01 45 days 1,928 sqft
2020-12-01 59 days 1,906 sqft
2021-01-01 64 days 1,876 sqft
2021-02-01 47 days 1,897 sqft
2021-03-01 39 days 1,910 sqft
2021-04-01 36 days 1,955 sqft
2021-05-01 34 days 1,940 sqft
2021-06-01 31 days 1,962 sqft
2021-07-01 34 days 1,980 sqft
2021-08-01 34 days 1,966 sqft
2021-09-01 37 days 1,940 sqft
2021-10-01 37 days 1,898 sqft
2021-11-01 42 days 1,888 sqft
2021-12-01 49 days 1,871 sqft
2022-01-01 58 days 1,870 sqft
2022-02-01 44 days 1,901 sqft
2022-03-01 33 days 1,890 sqft
2022-04-01 27 days 1,948 sqft
Grand Rapids's median listing age (time on market) for 2022-04-01 was 27 days. This is -25% shorter than the same period one year ago.

Grand Rapids's median square footage for active listings during the 2022-04-01 period was 1,948 sqft. One year prior, the average listing was 1,955 sqft.