Grand Rapids USDA Loan Rates, Closing Costs & Stats

GRAND RAPIDS-KENTWOOD, MI

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6.5% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.23% and one month ago for the week of 2024-11-08, the average rate was 6.75%.

    The average rate one year ago was 6.92%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.8%.

    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
    2024-05-01 $434,950 (5.5%) $603,419 (15.6%) 0.98 1,088
    2024-06-01 $425,000 (1.2%) $576,777 (8.0%) 0.96 1,256
    2024-07-01 $402,450 (-2.8%) $533,503 (-0.4%) 0.92 1,460
    2024-08-01 $399,900 (0.0%) $532,502 (1.9%) 0.93 1,580
    2024-09-01 $389,950 (-2.3%) $520,386 (2.8%) 0.92 1,719
    2024-10-01 $379,950 (-2.6%) $503,619 (-0.7%) 0.89 1,802
    2024-11-01 $376,250 (-3.5%) $490,170 (-3.2%) 0.90 1,714
    Grand Rapids's median listing price for 2024-11-01 was $376,250, a difference of $-13,700 (-3.5%) versus the prior year and $-3,700 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 2024-11-01 was $490,170, a difference of $-16,257 (-3.2%) versus the prior year and $-13,449 versus the prior month.

    For the 2024-11-01 period, Grand Rapids had 1,714 MLS listings, a difference of -88 listings (-5%) versus the prior month and 445 listings (35%) 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
    2024-05-01 23 days 2,057 sqft
    2024-06-01 25 days 2,026 sqft
    2024-07-01 33 days 2,014 sqft
    2024-08-01 35 days 2,005 sqft
    2024-09-01 37 days 1,985 sqft
    2024-10-01 39 days 1,949 sqft
    2024-11-01 46 days 1,926 sqft
    Grand Rapids's median listing age (time on market) for 2024-11-01 was 46 days. This is 6% longer than the same period one year ago.

    Grand Rapids's median square footage for active listings during the 2024-11-01 period was 1,926 sqft. One year prior, the average listing was 1,966 sqft.