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 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 6.72% for the week of 2025-02-14, compared to the national average (all USDA variants) of 6.526% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.48% and one month ago for the week of 2025-01-10, the average rate was 6.53%.

    The average rate one year ago was 6.52%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.82%.

    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 $249,450 (-0.1%) $312,008 (-12.8%) 0.94 2,015
    2018-02-01 $255,703 (-1.6%) $325,117 (-10.9%) 0.95 1,843
    2018-03-01 $269,000 (-3.2%) $335,985 (-11.5%) 0.95 1,823
    2018-04-01 $274,900 (0.0%) $349,463 (-2.8%) 0.95 1,893
    2018-05-01 $274,950 (5.8%) $348,787 (4.8%) 0.93 2,102
    2018-06-01 $275,450 (10.2%) $347,336 (8.3%) 0.93 2,440
    2018-07-01 $274,500 (12.1%) $341,002 (8.8%) 0.93 2,630
    2018-08-01 $269,450 (12.3%) $336,274 (9.9%) 0.90 2,969
    2018-09-01 $265,000 (10.5%) $331,637 (8.9%) 0.91 3,032
    2018-10-01 $268,900 (12.1%) $334,725 (9.3%) 0.92 3,012
    2018-11-01 $266,475 (11.1%) $331,275 (8.5%) 0.91 2,896
    2018-12-01 $269,900 (12.5%) $328,816 (8.3%) 0.95 2,612
    2019-01-01 $269,900 (8.2%) $325,933 (4.5%) 0.95 2,325
    2019-02-01 $276,567 (8.2%) $332,369 (2.2%) 0.95 2,144
    2019-03-01 $282,929 (5.2%) $346,650 (3.2%) 0.94 2,137
    2019-04-01 $289,900 (5.5%) $365,255 (4.5%) 0.94 2,210
    2019-05-01 $289,900 (5.4%) $366,137 (5.0%) 0.92 2,364
    2019-06-01 $285,000 (3.5%) $364,305 (4.9%) 0.91 2,603
    2019-07-01 $284,950 (3.8%) $360,727 (5.8%) 0.91 2,826
    2019-08-01 $280,564 (4.1%) $354,061 (5.3%) 0.90 2,913
    2019-09-01 $274,059 (3.4%) $345,757 (4.3%) 0.88 3,017
    2019-10-01 $269,700 (0.3%) $340,061 (1.6%) 0.87 3,066
    2019-11-01 $269,900 (1.3%) $341,909 (3.2%) 0.90 2,793
    2019-12-01 $269,900 (0.0%) $339,447 (3.2%) 0.92 2,442
    2020-01-01 $275,900 (2.2%) $340,896 (4.6%) 0.94 2,100
    2020-02-01 $299,000 (8.1%) $363,920 (9.5%) 0.98 1,930
    2020-03-01 $299,900 (6.0%) $368,057 (6.2%) 0.94 1,873
    2020-04-01 $299,950 (3.5%) $374,854 (2.6%) 0.97 1,882
    2020-05-01 $310,000 (6.9%) $390,759 (6.7%) 0.96 2,078
    2020-06-01 $309,900 (8.7%) $402,018 (10.4%) 0.93 1,920
    2020-07-01 $307,400 (7.9%) $400,371 (11.0%) 0.90 1,792
    2020-08-01 $300,000 (6.9%) $393,541 (11.2%) 0.89 1,710
    2020-09-01 $299,450 (9.3%) $396,470 (14.7%) 0.87 1,551
    2020-10-01 $289,900 (7.5%) $384,339 (13.0%) 0.84 1,542
    2020-11-01 $295,949 (9.7%) $390,679 (14.3%) 0.88 1,403
    2020-12-01 $299,900 (11.1%) $393,396 (15.9%) 0.89 1,169
    2021-01-01 $299,950 (8.7%) $393,433 (15.4%) 0.91 970
    2021-02-01 $312,450 (4.5%) $416,314 (14.4%) 0.92 811
    2021-03-01 $309,500 (3.2%) $414,162 (12.5%) 0.89 797
    2021-04-01 $309,950 (3.3%) $424,725 (13.3%) 0.84 741
    2021-05-01 $309,900 (0.0%) $432,564 (10.7%) 0.82 803
    2021-06-01 $312,450 (0.8%) $432,528 (7.6%) 0.84 964
    2021-07-01 $299,900 (-2.4%) $431,233 (7.7%) 0.81 1,126
    2021-08-01 $304,950 (1.7%) $430,116 (9.3%) 0.82 1,210
    2021-09-01 $300,000 (0.2%) $417,142 (5.2%) 0.82 1,242
    2021-10-01 $299,900 (3.5%) $406,021 (5.6%) 0.83 1,215
    2021-11-01 $309,950 (4.7%) $416,597 (6.6%) 0.84 1,062
    2021-12-01 $304,331 (1.5%) $415,013 (5.5%) 0.84 851
    2022-01-01 $325,000 (8.4%) $441,022 (12.1%) 0.90 660
    2022-02-01 $341,500 (9.3%) $445,726 (7.1%) 0.90 576
    2022-03-01 $336,950 (8.9%) $446,184 (7.7%) 0.86 635
    2022-04-01 $349,900 (12.9%) $448,139 (5.5%) 0.83 699
    2022-05-01 $359,950 (16.2%) $459,047 (6.1%) 0.83 975
    2022-06-01 $374,950 (20.0%) $461,006 (6.6%) 0.84 1,248
    2022-07-01 $375,000 (25.0%) $461,956 (7.1%) 0.84 1,493
    2022-08-01 $374,950 (23.0%) $462,280 (7.5%) 0.87 1,551
    2022-09-01 $362,450 (20.8%) $450,867 (8.1%) 0.85 1,534
    2022-10-01 $354,900 (18.3%) $444,510 (9.5%) 0.84 1,533
    2022-11-01 $352,450 (13.7%) $435,383 (4.5%) 0.87 1,504
    2022-12-01 $359,900 (18.3%) $432,590 (4.2%) 0.90 1,262
    2023-01-01 $366,218 (12.7%) $451,939 (2.5%) 0.93 1,079
    2023-02-01 $397,400 (16.4%) $482,074 (8.2%) 0.96 936
    2023-03-01 $399,425 (18.5%) $501,346 (12.4%) 0.94 885
    2023-04-01 $404,900 (15.7%) $516,285 (15.2%) 0.95 913
    2023-05-01 $410,221 (14.0%) $521,961 (13.7%) 0.94 971
    2023-06-01 $414,925 (10.7%) $533,586 (15.7%) 0.94 1,049
    2023-07-01 $402,450 (7.3%) $527,804 (14.3%) 0.94 1,155
    2023-08-01 $399,900 (6.7%) $520,599 (12.6%) 0.92 1,300
    2023-09-01 $396,200 (9.3%) $502,105 (11.4%) 0.93 1,393
    2023-10-01 $389,950 (9.9%) $502,421 (13.0%) 0.92 1,488
    2023-11-01 $389,325 (10.5%) $501,773 (15.3%) 0.93 1,354
    2023-12-01 $389,900 (8.3%) $505,455 (16.8%) 0.96 1,142
    2024-01-01 $399,900 (9.2%) $525,251 (16.2%) 0.99 990
    2024-02-01 $409,950 (3.2%) $540,227 (12.1%) 1.00 918
    2024-03-01 $415,000 (3.9%) $544,284 (8.6%) 0.99 940
    2024-04-01 $407,450 (0.6%) $542,917 (5.2%) 0.96 1,071
    2024-05-01 $412,500 (0.6%) $569,788 (9.2%) 0.98 1,175
    2024-06-01 $409,900 (-1.2%) $541,623 (1.5%) 0.96 1,357
    2024-07-01 $399,950 (-0.6%) $529,191 (0.3%) 0.92 1,575
    2024-08-01 $399,900 (0.0%) $527,844 (1.4%) 0.93 1,678
    2024-09-01 $389,675 (-1.7%) $514,018 (2.4%) 0.92 1,849
    2024-10-01 $377,000 (-3.3%) $498,731 (-0.7%) 0.89 1,926
    2024-11-01 $374,900 (-3.7%) $485,271 (-3.3%) 0.90 1,824
    2024-12-01 $375,000 (-3.8%) $491,161 (-2.8%) 0.94 1,502
    2025-01-01 $374,500 (-6.4%) $487,620 (-7.2%) 0.00 1,305
    Grand Rapids's median listing price for 2025-01-01 was $374,500, a difference of $-25,400 (-6.4%) versus the prior year and $-500 versus the prior month.

    Grand Rapids's median listing price comes in at 0% of the national average.

    Grand Rapids's average listing price for 2025-01-01 was $487,620, a difference of $-37,631 (-7.2%) versus the prior year and $-3,541 versus the prior month.

    For the 2025-01-01 period, Grand Rapids had 1,305 MLS listings, a difference of -197 listings (-13%) versus the prior month and 315 listings (32%) 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 2,027 sqft
    2018-02-01 59 days 2,032 sqft
    2018-03-01 37 days 2,047 sqft
    2018-04-01 33 days 2,070 sqft
    2018-05-01 26 days 2,092 sqft
    2018-06-01 29 days 2,091 sqft
    2018-07-01 33 days 2,101 sqft
    2018-08-01 33 days 2,069 sqft
    2018-09-01 40 days 2,040 sqft
    2018-10-01 45 days 2,039 sqft
    2018-11-01 51 days 2,032 sqft
    2018-12-01 64 days 2,001 sqft
    2019-01-01 72 days 1,969 sqft
    2019-02-01 70 days 1,982 sqft
    2019-03-01 49 days 2,013 sqft
    2019-04-01 36 days 2,059 sqft
    2019-05-01 29 days 2,074 sqft
    2019-06-01 31 days 2,085 sqft
    2019-07-01 35 days 2,100 sqft
    2019-08-01 38 days 2,078 sqft
    2019-09-01 38 days 2,045 sqft
    2019-10-01 41 days 2,020 sqft
    2019-11-01 51 days 2,000 sqft
    2019-12-01 64 days 1,953 sqft
    2020-01-01 70 days 1,940 sqft
    2020-02-01 62 days 2,000 sqft
    2020-03-01 44 days 2,027 sqft
    2020-04-01 52 days 2,046 sqft
    2020-05-01 57 days 2,070 sqft
    2020-06-01 39 days 2,060 sqft
    2020-07-01 44 days 2,059 sqft
    2020-08-01 42 days 2,052 sqft
    2020-09-01 41 days 2,029 sqft
    2020-10-01 40 days 1,956 sqft
    2020-11-01 43 days 1,910 sqft
    2020-12-01 54 days 1,887 sqft
    2021-01-01 58 days 1,861 sqft
    2021-02-01 38 days 1,897 sqft
    2021-03-01 35 days 1,911 sqft
    2021-04-01 32 days 1,935 sqft
    2021-05-01 31 days 1,932 sqft
    2021-06-01 27 days 1,946 sqft
    2021-07-01 32 days 1,944 sqft
    2021-08-01 31 days 1,932 sqft
    2021-09-01 35 days 1,912 sqft
    2021-10-01 36 days 1,857 sqft
    2021-11-01 39 days 1,870 sqft
    2021-12-01 46 days 1,842 sqft
    2022-01-01 52 days 1,874 sqft
    2022-02-01 35 days 1,882 sqft
    2022-03-01 30 days 1,874 sqft
    2022-04-01 25 days 1,944 sqft
    2022-05-01 20 days 1,994 sqft
    2022-06-01 23 days 2,025 sqft
    2022-07-01 30 days 2,058 sqft
    2022-08-01 34 days 2,048 sqft
    2022-09-01 38 days 2,008 sqft
    2022-10-01 38 days 2,007 sqft
    2022-11-01 42 days 1,963 sqft
    2022-12-01 57 days 1,961 sqft
    2023-01-01 63 days 1,959 sqft
    2023-02-01 50 days 2,003 sqft
    2023-03-01 43 days 2,018 sqft
    2023-04-01 38 days 2,070 sqft
    2023-05-01 33 days 2,074 sqft
    2023-06-01 32 days 2,100 sqft
    2023-07-01 33 days 2,061 sqft
    2023-08-01 34 days 2,052 sqft
    2023-09-01 37 days 2,010 sqft
    2023-10-01 40 days 1,973 sqft
    2023-11-01 44 days 1,963 sqft
    2023-12-01 53 days 1,952 sqft
    2024-01-01 60 days 1,996 sqft
    2024-02-01 51 days 1,966 sqft
    2024-03-01 36 days 2,006 sqft
    2024-04-01 31 days 2,007 sqft
    2024-05-01 23 days 2,020 sqft
    2024-06-01 25 days 1,994 sqft
    2024-07-01 33 days 2,003 sqft
    2024-08-01 35 days 2,000 sqft
    2024-09-01 37 days 1,975 sqft
    2024-10-01 39 days 1,938 sqft
    2024-11-01 46 days 1,912 sqft
    2024-12-01 56 days 1,905 sqft
    2025-01-01 0 days 1,879 sqft
    Grand Rapids's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Grand Rapids's median square footage for active listings during the 2025-01-01 period was 1,879 sqft. One year prior, the average listing was 1,996 sqft.