Grand Rapids USDA Loan Rates, Closing Costs & Stats

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 6.39% for the week of 2023-01-27, compared to the national average (all USDA variants) of 6.195% for the same period.

    Grand Rapids's average USDA mortgage closing costs are $4,465.

    The average rate for the prior week (2023-01-20) was 6.28% and one month ago for the week of 2022-12-23, the average rate was 6.51%.

    The average rate one year ago was 3.96%.

    For refis of the same type during the week of 2023-01-27, the average rate was 6.21%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    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 $252,400 (-1.5%) $313,936 (-14.9%) 0.94 1,849
    2018-02-01 $261,150 (-3.8%) $327,838 (-13.1%) 0.95 1,689
    2018-03-01 $269,900 (-4.5%) $339,520 (-13.0%) 0.95 1,671
    2018-04-01 $279,125 (-0.3%) $352,579 (-4.4%) 0.95 1,729
    2018-05-01 $279,900 (5.8%) $353,481 (4.3%) 0.93 1,909
    2018-06-01 $279,900 (10.9%) $352,517 (8.7%) 0.93 2,226
    2018-07-01 $277,250 (11.4%) $346,190 (9.4%) 0.93 2,387
    2018-08-01 $269,900 (11.3%) $340,680 (10.4%) 0.90 2,708
    2018-09-01 $269,900 (12.5%) $336,858 (9.7%) 0.91 2,767
    2018-10-01 $272,425 (11.2%) $340,388 (10.2%) 0.92 2,741
    2018-11-01 $269,900 (12.5%) $335,424 (9.3%) 0.91 2,653
    2018-12-01 $274,900 (14.5%) $332,643 (8.8%) 0.95 2,404
    2019-01-01 $274,950 (8.9%) $330,185 (5.2%) 0.95 2,135
    2019-02-01 $279,950 (7.2%) $337,224 (2.9%) 0.95 1,960
    2019-03-01 $286,429 (6.1%) $351,369 (3.5%) 0.94 1,954
    2019-04-01 $296,538 (6.2%) $370,039 (5.0%) 0.94 2,034
    2019-05-01 $294,625 (5.3%) $371,339 (5.1%) 0.92 2,158
    2019-06-01 $291,689 (4.2%) $369,427 (4.8%) 0.91 2,381
    2019-07-01 $290,794 (4.9%) $365,586 (5.6%) 0.91 2,592
    2019-08-01 $284,445 (5.4%) $358,622 (5.3%) 0.90 2,682
    2019-09-01 $276,264 (2.4%) $349,779 (3.8%) 0.88 2,793
    2019-10-01 $269,900 (-0.9%) $343,588 (0.9%) 0.87 2,849
    2019-11-01 $273,950 (1.5%) $344,800 (2.8%) 0.90 2,603
    2019-12-01 $274,850 (0.0%) $343,434 (3.2%) 0.92 2,273
    2020-01-01 $282,400 (2.7%) $345,717 (4.7%) 0.94 1,958
    2020-02-01 $299,900 (7.1%) $370,598 (9.9%) 0.98 1,807
    2020-03-01 $299,900 (4.7%) $374,034 (6.5%) 0.94 1,749
    2020-04-01 $308,575 (4.1%) $380,424 (2.8%) 0.97 1,755
    2020-05-01 $315,000 (6.9%) $397,639 (7.1%) 0.96 1,950
    2020-06-01 $314,900 (8.0%) $409,603 (10.9%) 0.93 1,795
    2020-07-01 $309,625 (6.5%) $406,180 (11.1%) 0.90 1,685
    2020-08-01 $309,000 (8.6%) $399,269 (11.3%) 0.89 1,612
    2020-09-01 $304,425 (10.2%) $401,576 (14.8%) 0.87 1,469
    2020-10-01 $290,000 (7.5%) $387,657 (12.8%) 0.83 1,462
    2020-11-01 $298,949 (9.1%) $394,390 (14.4%) 0.87 1,326
    2020-12-01 $299,925 (9.1%) $396,320 (15.4%) 0.89 1,106
    2021-01-01 $304,900 (8.0%) $396,828 (14.8%) 0.91 906
    2021-02-01 $314,463 (4.9%) $416,299 (12.3%) 0.91 772
    2021-03-01 $310,000 (3.4%) $414,859 (10.9%) 0.88 764
    2021-04-01 $309,850 (0.4%) $423,714 (11.4%) 0.84 711
    2021-05-01 $310,000 (-1.6%) $434,395 (9.2%) 0.82 745
    2021-06-01 $313,950 (-0.3%) $434,595 (6.1%) 0.83 906
    2021-07-01 $303,200 (-2.1%) $437,434 (7.7%) 0.80 1,037
    2021-08-01 $304,950 (-1.3%) $435,800 (9.2%) 0.81 1,112
    2021-09-01 $306,175 (0.6%) $424,057 (5.6%) 0.82 1,142
    2021-10-01 $305,000 (5.2%) $414,944 (7.0%) 0.81 1,121
    2021-11-01 $314,950 (5.4%) $425,282 (7.8%) 0.84 981
    2021-12-01 $310,000 (3.4%) $423,037 (6.7%) 0.84 785
    2022-01-01 $330,700 (8.5%) $448,017 (12.9%) 0.89 612
    2022-02-01 $342,950 (9.1%) $450,482 (8.2%) 0.89 545
    2022-03-01 $339,950 (9.7%) $448,783 (8.2%) 0.85 602
    2022-04-01 $349,900 (12.9%) $449,902 (6.2%) 0.84 658
    2022-05-01 $359,950 (16.1%) $461,696 (6.3%) 0.82 904
    2022-06-01 $375,000 (19.5%) $462,671 (6.5%) 0.84 1,174
    2022-07-01 $375,000 (23.7%) $462,609 (5.8%) 0.85 1,402
    2022-08-01 $377,400 (23.8%) $464,876 (6.7%) 0.87 1,442
    2022-09-01 $364,800 (19.2%) $452,973 (6.8%) 0.85 1,436
    2022-10-01 $355,000 (16.4%) $445,600 (7.4%) 0.84 1,441
    2022-11-01 $358,310 (13.8%) $437,919 (3.0%) 0.86 1,410
    2022-12-01 $359,900 (16.1%) $431,478 (2.0%) 0.90 1,188
    Grand Rapids's median listing price for 2022-12-01 was $359,900, a difference of $49,900 (16.1%) versus the prior year and $1,590 versus the prior month.

    Grand Rapids's median listing price comes in at 90% of the national average.

    Grand Rapids's average listing price for 2022-12-01 was $431,478, a difference of $8,441 (2.0%) versus the prior year and $-6,441 versus the prior month.

    For the 2022-12-01 period, Grand Rapids had 1,188 MLS listings, a difference of -222 listings (-16%) versus the prior month and 403 listings (51%) 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 74 days 2,036 sqft
    2018-02-01 62 days 2,040 sqft
    2018-03-01 39 days 2,060 sqft
    2018-04-01 36 days 2,084 sqft
    2018-05-01 28 days 2,113 sqft
    2018-06-01 29 days 2,106 sqft
    2018-07-01 36 days 2,131 sqft
    2018-08-01 34 days 2,077 sqft
    2018-09-01 42 days 2,050 sqft
    2018-10-01 47 days 2,051 sqft
    2018-11-01 52 days 2,040 sqft
    2018-12-01 65 days 2,021 sqft
    2019-01-01 73 days 1,990 sqft
    2019-02-01 73 days 2,010 sqft
    2019-03-01 53 days 2,032 sqft
    2019-04-01 37 days 2,066 sqft
    2019-05-01 30 days 2,082 sqft
    2019-06-01 32 days 2,102 sqft
    2019-07-01 36 days 2,113 sqft
    2019-08-01 38 days 2,090 sqft
    2019-09-01 40 days 2,055 sqft
    2019-10-01 43 days 2,030 sqft
    2019-11-01 52 days 2,002 sqft
    2019-12-01 67 days 1,957 sqft
    2020-01-01 73 days 1,946 sqft
    2020-02-01 66 days 2,005 sqft
    2020-03-01 46 days 2,023 sqft
    2020-04-01 55 days 2,046 sqft
    2020-05-01 58 days 2,072 sqft
    2020-06-01 41 days 2,063 sqft
    2020-07-01 45 days 2,057 sqft
    2020-08-01 43 days 2,056 sqft
    2020-09-01 42 days 2,034 sqft
    2020-10-01 41 days 1,956 sqft
    2020-11-01 44 days 1,918 sqft
    2020-12-01 57 days 1,888 sqft
    2021-01-01 61 days 1,870 sqft
    2021-02-01 42 days 1,897 sqft
    2021-03-01 36 days 1,912 sqft
    2021-04-01 34 days 1,922 sqft
    2021-05-01 32 days 1,940 sqft
    2021-06-01 28 days 1,963 sqft
    2021-07-01 33 days 1,964 sqft
    2021-08-01 32 days 1,941 sqft
    2021-09-01 36 days 1,921 sqft
    2021-10-01 36 days 1,857 sqft
    2021-11-01 40 days 1,872 sqft
    2021-12-01 48 days 1,845 sqft
    2022-01-01 53 days 1,870 sqft
    2022-02-01 37 days 1,880 sqft
    2022-03-01 31 days 1,864 sqft
    2022-04-01 26 days 1,944 sqft
    2022-05-01 21 days 1,995 sqft
    2022-06-01 24 days 2,028 sqft
    2022-07-01 30 days 2,056 sqft
    2022-08-01 35 days 2,055 sqft
    2022-09-01 38 days 2,010 sqft
    2022-10-01 39 days 2,007 sqft
    2022-11-01 43 days 1,968 sqft
    2022-12-01 58 days 1,952 sqft
    Grand Rapids's median listing age (time on market) for 2022-12-01 was 58 days. This is 22% longer than the same period one year ago.

    Grand Rapids's median square footage for active listings during the 2022-12-01 period was 1,952 sqft. One year prior, the average listing was 1,845 sqft.