Grand Rapids USDA Loans

GRAND RAPIDS-KENTWOOD, 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.

    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.