Grand Rapids USDA Loan Rates, Closing Costs & Stats

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 24 lenders originated 64 USDA loans during 2023. The total origination value was $12,880,000, with an average USDA loan value of $201,250.

Grand Rapids USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Grand Rapids averaged 6.95% for the week of 2024-05-17, compared to the national average (all USDA variants) of 6.75% for the same period.

Grand Rapids's average USDA mortgage closing costs are $4,684.

The average rate for the prior week (2024-05-10) was 6.88% and one month ago for the week of 2024-04-12, the average rate was 6.61%.

The average rate one year ago was 6.59%.

For refis of the same type during the week of 2024-05-17, the average rate was 7.24%.

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/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Grand Rapids level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
FIRST COMMUNITY MORTGAGE, INC. 8 6.53% $6,911
Neighborhood Loans, Inc. 6 6.39% $6,832
GUILD MORTGAGE COMPANY 6 6.88% $8,075
UNION HOME MORTGAGE CORP. 5 6.50% $9,438
LAKE MICHIGAN CREDIT UNION 5 6.65% $4,663
UNITED WHOLESALE MORTGAGE, LLC 4 6.77% $6,257
VAN DYK MORTGAGE CORPORATION 3 6.67% $3,392
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 6.63% $9,723
CARDINAL FINANCIAL 2 7.19% $4,148
MORTGAGE 1 INCORPORATED 2 6.69% $7,419
TOP FLITE FINANCIAL, INC. 2 7.06% $7,752
AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.25% $4,311
AMERICAN FINANCIAL RESOURCES, INC. 2 6.63% $11,173
NEWREZ LLC 2 6.75% $4,650
PLAZA HOME MORTGAGE, INC. 1 6.75% $1,598
T2 FINANCIAL LLC 1 6.50% $8,166
AMERICAN FINANCING CORPORATION 1 6.13% $9,636
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $6,724
Carrington Mortgage Services, LLC 1 6.75% $5,221
Flagstar Bank, FSB 1 7.00% $8,932
BM Real Estate Services, Inc. 1 5.99% $5,925
BAY EQUITY LLC 1 6.88% $6,918
MMS MORTGAGE SERVICES, LTD. 1 6.75% $1,598
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $8,526

The top Grand Rapids USDA lender as defined by loan originations is FIRST COMMUNITY MORTGAGE, INC., with 8 USDA loans originated. Their average total fees are $6,911, which is $79 higher than the next largest lender, Neighborhood Loans, Inc..

The lowest fee Grand Rapids USDA lenders (with over 10 loans originated) are .

The lowest rate Grand Rapids USDA lenders (with over 10 loans originated) are .


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 $252,400 (-1.5%) $313,883 (-15.0%) 0.94 1,851
2018-02-01 $261,150 (-3.8%) $327,854 (-13.2%) 0.95 1,689
2018-03-01 $269,900 (-4.5%) $339,467 (-13.0%) 0.95 1,674
2018-04-01 $279,125 (-0.3%) $352,556 (-4.6%) 0.95 1,730
2018-05-01 $279,900 (5.8%) $353,645 (4.2%) 0.93 1,911
2018-06-01 $279,900 (10.9%) $352,457 (8.6%) 0.93 2,226
2018-07-01 $277,225 (11.4%) $346,003 (9.3%) 0.93 2,388
2018-08-01 $269,900 (11.3%) $340,488 (10.3%) 0.90 2,709
2018-09-01 $269,900 (12.5%) $336,615 (9.6%) 0.91 2,771
2018-10-01 $272,400 (11.2%) $340,327 (10.2%) 0.92 2,747
2018-11-01 $269,900 (12.5%) $335,381 (9.3%) 0.91 2,658
2018-12-01 $274,900 (14.5%) $332,657 (8.8%) 0.95 2,406
2019-01-01 $274,950 (8.9%) $330,189 (5.2%) 0.95 2,137
2019-02-01 $279,950 (7.2%) $337,216 (2.9%) 0.95 1,962
2019-03-01 $286,429 (6.1%) $351,273 (3.5%) 0.94 1,956
2019-04-01 $296,538 (6.2%) $369,896 (4.9%) 0.94 2,031
2019-05-01 $294,850 (5.3%) $371,465 (5.0%) 0.92 2,154
2019-06-01 $291,900 (4.3%) $369,610 (4.9%) 0.91 2,377
2019-07-01 $291,325 (5.1%) $365,757 (5.7%) 0.91 2,588
2019-08-01 $284,459 (5.4%) $358,828 (5.4%) 0.90 2,678
2019-09-01 $276,298 (2.4%) $350,040 (4.0%) 0.88 2,790
2019-10-01 $269,925 (-0.9%) $343,915 (1.1%) 0.87 2,846
2019-11-01 $274,000 (1.5%) $345,181 (2.9%) 0.90 2,598
2019-12-01 $274,900 (0.0%) $343,858 (3.4%) 0.92 2,268
2020-01-01 $282,400 (2.7%) $346,209 (4.9%) 0.94 1,953
2020-02-01 $299,900 (7.1%) $371,266 (10.1%) 0.98 1,802
2020-03-01 $299,900 (4.7%) $374,572 (6.6%) 0.94 1,744
2020-04-01 $309,000 (4.2%) $381,101 (3.0%) 0.97 1,750
2020-05-01 $315,000 (6.8%) $396,837 (6.8%) 0.96 1,943
2020-06-01 $314,900 (7.9%) $408,646 (10.6%) 0.93 1,786
2020-07-01 $310,100 (6.4%) $405,192 (10.8%) 0.90 1,677
2020-08-01 $309,000 (8.6%) $398,176 (11.0%) 0.89 1,604
2020-09-01 $304,450 (10.2%) $400,458 (14.4%) 0.87 1,461
2020-10-01 $292,068 (8.2%) $386,971 (12.5%) 0.84 1,457
2020-11-01 $299,400 (9.3%) $393,605 (14.0%) 0.88 1,320
2020-12-01 $299,950 (9.1%) $395,258 (15.0%) 0.89 1,100
2021-01-01 $306,500 (8.5%) $395,560 (14.3%) 0.91 904
2021-02-01 $314,950 (5.0%) $415,283 (11.9%) 0.92 769
2021-03-01 $315,425 (5.2%) $414,350 (10.6%) 0.89 762
2021-04-01 $309,950 (0.3%) $424,437 (11.4%) 0.84 708
2021-05-01 $310,000 (-1.6%) $435,413 (9.7%) 0.82 742
2021-06-01 $317,225 (0.7%) $435,628 (6.6%) 0.84 901
2021-07-01 $307,500 (-0.8%) $438,244 (8.2%) 0.81 1,034
2021-08-01 $307,400 (-0.5%) $436,790 (9.7%) 0.82 1,110
2021-09-01 $307,975 (1.2%) $424,954 (6.1%) 0.82 1,140
2021-10-01 $309,900 (6.1%) $416,010 (7.5%) 0.83 1,117
2021-11-01 $315,000 (5.2%) $425,675 (8.2%) 0.84 978
2021-12-01 $310,850 (3.6%) $424,196 (7.3%) 0.84 781
2022-01-01 $332,000 (8.3%) $449,643 (13.7%) 0.90 608
2022-02-01 $347,175 (10.2%) $452,737 (9.0%) 0.90 540
2022-03-01 $342,450 (8.6%) $450,795 (8.8%) 0.86 597
2022-04-01 $350,000 (12.9%) $451,517 (6.4%) 0.83 653
2022-05-01 $362,450 (16.9%) $462,923 (6.3%) 0.83 899
2022-06-01 $375,000 (18.2%) $463,534 (6.4%) 0.84 1,168
2022-07-01 $375,000 (22.0%) $463,277 (5.7%) 0.84 1,396
2022-08-01 $377,450 (22.8%) $465,647 (6.6%) 0.87 1,435
2022-09-01 $364,900 (18.5%) $453,735 (6.8%) 0.85 1,429
2022-10-01 $355,000 (14.6%) $446,272 (7.3%) 0.84 1,435
2022-11-01 $359,900 (14.3%) $438,737 (3.1%) 0.87 1,404
2022-12-01 $364,400 (17.2%) $435,654 (2.7%) 0.90 1,168
2023-01-01 $373,600 (12.5%) $454,880 (1.2%) 0.93 1,000
2023-02-01 $399,175 (15.0%) $485,024 (7.1%) 0.96 868
2023-03-01 $399,875 (16.8%) $503,127 (11.6%) 0.94 825
2023-04-01 $410,320 (17.2%) $516,568 (14.4%) 0.95 857
2023-05-01 $412,400 (13.8%) $521,916 (12.7%) 0.94 915
2023-06-01 $419,900 (12.0%) $533,855 (15.2%) 0.94 993
2023-07-01 $414,088 (10.4%) $535,608 (15.6%) 0.94 1,066
2023-08-01 $399,900 (6.0%) $522,685 (12.3%) 0.92 1,212
2023-09-01 $399,000 (9.4%) $506,038 (11.5%) 0.93 1,298
2023-10-01 $389,975 (9.9%) $506,991 (13.6%) 0.92 1,405
2023-11-01 $389,950 (8.4%) $506,427 (15.4%) 0.93 1,269
2023-12-01 $394,950 (8.4%) $509,980 (17.1%) 0.96 1,077
2024-01-01 $403,500 (8.0%) $531,715 (16.9%) 0.99 924
2024-02-01 $415,000 (4.0%) $546,920 (12.8%) 1.00 855
2024-03-01 $419,880 (5.0%) $549,484 (9.2%) 0.99 878
2024-04-01 $412,450 (0.5%) $548,425 (6.2%) 0.96 995
Grand Rapids's median listing price for 2024-04-01 was $412,450, a difference of $2,130 (0.5%) versus the prior year and $-7,430 versus the prior month.

Grand Rapids's median listing price comes in at 96% of the national average.

Grand Rapids's average listing price for 2024-04-01 was $548,425, a difference of $31,857 (6.2%) versus the prior year and $-1,059 versus the prior month.

For the 2024-04-01 period, Grand Rapids had 995 MLS listings, a difference of 117 listings (13%) versus the prior month and 138 listings (16%) 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 72 days 2,036 sqft
2018-02-01 59 days 2,040 sqft
2018-03-01 37 days 2,061 sqft
2018-04-01 33 days 2,085 sqft
2018-05-01 26 days 2,114 sqft
2018-06-01 29 days 2,106 sqft
2018-07-01 33 days 2,131 sqft
2018-08-01 33 days 2,079 sqft
2018-09-01 40 days 2,050 sqft
2018-10-01 45 days 2,053 sqft
2018-11-01 51 days 2,040 sqft
2018-12-01 64 days 2,025 sqft
2019-01-01 72 days 1,992 sqft
2019-02-01 70 days 2,015 sqft
2019-03-01 49 days 2,036 sqft
2019-04-01 36 days 2,068 sqft
2019-05-01 29 days 2,083 sqft
2019-06-01 31 days 2,104 sqft
2019-07-01 35 days 2,114 sqft
2019-08-01 38 days 2,092 sqft
2019-09-01 38 days 2,056 sqft
2019-10-01 41 days 2,031 sqft
2019-11-01 51 days 2,005 sqft
2019-12-01 64 days 1,961 sqft
2020-01-01 70 days 1,951 sqft
2020-02-01 62 days 2,008 sqft
2020-03-01 44 days 2,027 sqft
2020-04-01 52 days 2,048 sqft
2020-05-01 57 days 2,073 sqft
2020-06-01 39 days 2,065 sqft
2020-07-01 44 days 2,059 sqft
2020-08-01 42 days 2,058 sqft
2020-09-01 41 days 2,036 sqft
2020-10-01 40 days 1,957 sqft
2020-11-01 43 days 1,919 sqft
2020-12-01 54 days 1,889 sqft
2021-01-01 58 days 1,870 sqft
2021-02-01 38 days 1,899 sqft
2021-03-01 35 days 1,914 sqft
2021-04-01 32 days 1,936 sqft
2021-05-01 31 days 1,944 sqft
2021-06-01 27 days 1,967 sqft
2021-07-01 32 days 1,966 sqft
2021-08-01 31 days 1,942 sqft
2021-09-01 35 days 1,923 sqft
2021-10-01 36 days 1,871 sqft
2021-11-01 39 days 1,874 sqft
2021-12-01 46 days 1,846 sqft
2022-01-01 52 days 1,874 sqft
2022-02-01 35 days 1,881 sqft
2022-03-01 30 days 1,874 sqft
2022-04-01 25 days 1,948 sqft
2022-05-01 20 days 1,998 sqft
2022-06-01 23 days 2,028 sqft
2022-07-01 30 days 2,060 sqft
2022-08-01 34 days 2,058 sqft
2022-09-01 38 days 2,012 sqft
2022-10-01 38 days 2,007 sqft
2022-11-01 42 days 1,974 sqft
2022-12-01 57 days 1,961 sqft
2023-01-01 63 days 1,974 sqft
2023-02-01 50 days 2,014 sqft
2023-03-01 43 days 2,032 sqft
2023-04-01 38 days 2,092 sqft
2023-05-01 33 days 2,080 sqft
2023-06-01 32 days 2,105 sqft
2023-07-01 33 days 2,092 sqft
2023-08-01 34 days 2,053 sqft
2023-09-01 37 days 2,028 sqft
2023-10-01 40 days 1,978 sqft
2023-11-01 44 days 1,966 sqft
2023-12-01 53 days 1,984 sqft
2024-01-01 60 days 2,000 sqft
2024-02-01 51 days 1,973 sqft
2024-03-01 36 days 2,011 sqft
2024-04-01 31 days 2,015 sqft
Grand Rapids's median listing age (time on market) for 2024-04-01 was 31 days. This is -18% shorter than the same period one year ago.

Grand Rapids's median square footage for active listings during the 2024-04-01 period was 2,015 sqft. One year prior, the average listing was 2,092 sqft.