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 37 lenders originated 134 USDA loans during 2022. The total origination value was $25,360,000, with an average USDA loan value of $189,254.

    Grand Rapids USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Grand Rapids averaged 6.62% for the week of 2023-05-26, compared to the national average (all USDA variants) of 6.63% for the same period.

    Grand Rapids's average USDA mortgage closing costs are $4,592.

    The average rate for the prior week (2023-05-19) was 6.27% and one month ago for the week of 2023-04-21, the average rate was 6.17%.

    The average rate one year ago was 4.89%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.51%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    PLAZA HOME MORTGAGE, INC. 13 5.36% $3,476
    MORTGAGE 1 INCORPORATED 13 4.99% $7,488
    MMS MORTGAGE SERVICES, LTD. 11 5.62% $4,401
    VAN DYK MORTGAGE CORPORATION 10 4.69% $3,777
    Neighborhood Loans, Inc. 8 4.95% $7,580
    Flagstar Bank, FSB 7 4.52% $5,990
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 6 5.15% $8,529
    LAKE MICHIGAN CREDIT UNION 5 4.13% $4,801
    SUCCESS MORTGAGE PARTNERS, INC. 4 4.38% $10,285
    INLANTA MORTGAGE, INC. 4 4.06% $4,690
    AMERIFIRST FINANCIAL CORPORATION 3 4.58% $6,942
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 5.08% $7,250
    BLG HOLDINGS, INC. 3 4.33% $5,162
    CALIBER HOME LOANS, INC. 3 4.77% $6,478
    PFCU 3 5.21% $4,424
    TOP FLITE FINANCIAL, INC. 3 4.33% $8,194
    UNION HOME MORTGAGE CORP. 3 4.50% $6,802
    CARDINAL FINANCIAL 2 5.69% $5,893
    Preston Home Loans Inc 2 6.63% $5,259
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 4.63% $5,681
    MICHIGAN MUTUAL, INC. 1 5.00% $7,793
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 4.25% $10,462
    ENVOY MORTGAGE, LTD 1 4.13% $6,786
    CHURCHILL MORTGAGE CORPORATION 1 4.63% $7,660
    NORTHERN MORTGAGE SERVICES, LLC 1 6.63% $2,381
    PENNYMAC LOAN SERVICES, LLC 1 2.75% $7,800
    Austin Capital Bank SSB 1 5.25% $5,065
    CHERRY CREEK MORTGAGE, LLC 1 5.75% $3,081
    PREFERRED CREDIT UNION 1 5.00% $4,595
    The Huntington National Bank 1 7.00% $6,449
    UNITED WHOLESALE MORTGAGE, LLC 1 5.40% $8,432
    Hometown Lenders, Inc. 1 4.75% $8,808
    HOME POINT FINANCIAL CORPORATION 1 5.63% $6,172
    GVC MORTGAGE, INC. 1 4.00% $1,899
    Isabella Bank 1 4.50% $3,565
    Mercantile Bank of Michigan 1 5.25% $6,262
    MICHIGAN FIRST CREDIT UNION 1 4.63% $6,032

    The top Grand Rapids USDA lender as defined by loan originations is PLAZA HOME MORTGAGE, INC., with 13 USDA loans originated. Their average total fees are $3,476, which is $4,012 lower than the next largest lender, MORTGAGE 1 INCORPORATED.

    The lowest fee Grand Rapids USDA lenders (with over 10 loans originated) are PLAZA HOME MORTGAGE, INC. ($3,476), VAN DYK MORTGAGE CORPORATION ($3,777), MMS MORTGAGE SERVICES, LTD. ($4,401), MORTGAGE 1 INCORPORATED ($7,488) and .

    The lowest rate Grand Rapids USDA lenders (with over 10 loans originated) are VAN DYK MORTGAGE CORPORATION (4.69%), MORTGAGE 1 INCORPORATED (4.99%), PLAZA HOME MORTGAGE, INC. (5.36%), MMS MORTGAGE SERVICES, LTD. (5.62%) and .

    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%) $313,937 (-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 $289,900 (7.4%) $361,358 (6.4%) 0.97 1,874
    2019-04-01 $296,750 (6.3%) $370,306 (5.0%) 0.94 1,989
    2019-05-01 $294,900 (5.4%) $371,638 (5.1%) 0.92 2,153
    2019-06-01 $291,900 (4.3%) $369,724 (4.9%) 0.91 2,375
    2019-07-01 $290,925 (4.9%) $365,864 (5.7%) 0.91 2,586
    2019-08-01 $299,900 (11.1%) $381,207 (11.9%) 0.94 2,588
    2019-09-01 $299,450 (11.0%) $374,525 (11.2%) 0.94 2,523
    2019-10-01 $269,900 (-0.9%) $343,806 (1.0%) 0.87 2,847
    2019-11-01 $274,000 (1.5%) $345,034 (2.9%) 0.90 2,597
    2019-12-01 $274,900 (0.0%) $343,704 (3.3%) 0.92 2,267
    2020-01-01 $282,400 (2.7%) $346,033 (4.8%) 0.94 1,952
    2020-02-01 $299,900 (7.1%) $371,065 (10.0%) 0.98 1,801
    2020-03-01 $299,900 (3.5%) $374,477 (3.6%) 0.94 1,743
    2020-04-01 $309,000 (4.1%) $380,893 (2.9%) 0.97 1,749
    2020-05-01 $315,000 (6.8%) $398,132 (7.1%) 0.96 1,944
    2020-06-01 $314,950 (7.9%) $410,161 (10.9%) 0.93 1,789
    2020-07-01 $310,450 (6.7%) $406,712 (11.2%) 0.90 1,679
    2020-08-01 $309,000 (3.0%) $399,822 (4.9%) 0.89 1,606
    2020-09-01 $304,450 (1.7%) $402,155 (7.4%) 0.87 1,463
    2020-10-01 $294,135 (9.0%) $388,214 (12.9%) 0.84 1,456
    2020-11-01 $299,400 (9.3%) $395,018 (14.5%) 0.88 1,320
    2020-12-01 $299,950 (9.1%) $397,105 (15.5%) 0.89 1,100
    2021-01-01 $304,900 (8.0%) $397,717 (14.9%) 0.91 900
    2021-02-01 $314,900 (5.0%) $417,480 (12.5%) 0.92 766
    2021-03-01 $312,450 (4.2%) $416,005 (11.1%) 0.89 758
    2021-04-01 $309,900 (0.3%) $424,950 (11.6%) 0.84 705
    2021-05-01 $310,000 (-1.6%) $435,642 (9.4%) 0.82 739
    2021-06-01 $316,950 (0.6%) $435,574 (6.2%) 0.83 898
    2021-07-01 $307,000 (-1.1%) $438,295 (7.8%) 0.81 1,033
    2021-08-01 $307,400 (-0.5%) $436,714 (9.2%) 0.82 1,109
    2021-09-01 $307,450 (1.0%) $424,830 (5.6%) 0.82 1,138
    2021-10-01 $308,000 (4.7%) $415,751 (7.1%) 0.82 1,115
    2021-11-01 $314,950 (5.2%) $425,977 (7.8%) 0.84 975
    2021-12-01 $310,188 (3.4%) $423,869 (6.7%) 0.84 779
    2022-01-01 $332,000 (8.9%) $449,273 (13.0%) 0.90 607
    2022-02-01 $346,950 (10.2%) $452,361 (8.4%) 0.90 539
    2022-03-01 $340,900 (9.1%) $450,260 (8.2%) 0.85 596
    2022-04-01 $349,900 (12.9%) $451,402 (6.2%) 0.83 652
    2022-05-01 $360,000 (16.1%) $462,856 (6.3%) 0.82 898
    2022-06-01 $375,000 (18.3%) $463,589 (6.4%) 0.84 1,168
    2022-07-01 $375,000 (22.2%) $463,406 (5.7%) 0.85 1,396
    2022-08-01 $377,450 (22.8%) $465,679 (6.6%) 0.87 1,436
    2022-09-01 $364,900 (18.7%) $453,804 (6.8%) 0.85 1,430
    2022-10-01 $355,900 (15.6%) $446,361 (7.4%) 0.84 1,435
    2022-11-01 $359,200 (14.1%) $438,671 (3.0%) 0.86 1,404
    2022-12-01 $364,400 (17.5%) $435,538 (2.8%) 0.90 1,168
    2023-01-01 $374,050 (12.7%) $454,997 (1.3%) 0.93 1,000
    2023-02-01 $398,900 (15.0%) $485,050 (7.2%) 0.96 868
    2023-03-01 $399,900 (17.3%) $503,375 (11.8%) 0.94 825
    2023-04-01 $410,320 (17.3%) $517,208 (14.6%) 0.95 857
    Grand Rapids's median listing price for 2023-04-01 was $410,320, a difference of $60,420 (17.3%) versus the prior year and $10,420 versus the prior month.

    Grand Rapids's median listing price comes in at 95% of the national average.

    Grand Rapids's average listing price for 2023-04-01 was $517,208, a difference of $65,806 (14.6%) versus the prior year and $13,833 versus the prior month.

    For the 2023-04-01 period, Grand Rapids had 857 MLS listings, a difference of 32 listings (4%) versus the prior month and 205 listings (31%) 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 2,052 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 51 days 2,040 sqft
    2019-04-01 37 days 2,066 sqft
    2019-05-01 30 days 2,083 sqft
    2019-06-01 32 days 2,104 sqft
    2019-07-01 36 days 2,114 sqft
    2019-08-01 52 days 2,132 sqft
    2019-09-01 58 days 2,124 sqft
    2019-10-01 43 days 2,031 sqft
    2019-11-01 52 days 2,004 sqft
    2019-12-01 67 days 1,958 sqft
    2020-01-01 73 days 1,950 sqft
    2020-02-01 66 days 2,008 sqft
    2020-03-01 46 days 2,027 sqft
    2020-04-01 55 days 2,048 sqft
    2020-05-01 58 days 2,074 sqft
    2020-06-01 40 days 2,065 sqft
    2020-07-01 45 days 2,059 sqft
    2020-08-01 43 days 2,058 sqft
    2020-09-01 42 days 2,037 sqft
    2020-10-01 41 days 1,958 sqft
    2020-11-01 44 days 1,922 sqft
    2020-12-01 57 days 1,894 sqft
    2021-01-01 60 days 1,870 sqft
    2021-02-01 41 days 1,899 sqft
    2021-03-01 36 days 1,915 sqft
    2021-04-01 33 days 1,927 sqft
    2021-05-01 31 days 1,944 sqft
    2021-06-01 28 days 1,969 sqft
    2021-07-01 33 days 1,968 sqft
    2021-08-01 31 days 1,943 sqft
    2021-09-01 36 days 1,922 sqft
    2021-10-01 36 days 1,870 sqft
    2021-11-01 39 days 1,874 sqft
    2021-12-01 47 days 1,846 sqft
    2022-01-01 53 days 1,874 sqft
    2022-02-01 37 days 1,881 sqft
    2022-03-01 31 days 1,874 sqft
    2022-04-01 26 days 1,947 sqft
    2022-05-01 21 days 1,997 sqft
    2022-06-01 24 days 2,031 sqft
    2022-07-01 30 days 2,059 sqft
    2022-08-01 35 days 2,058 sqft
    2022-09-01 38 days 2,011 sqft
    2022-10-01 39 days 2,011 sqft
    2022-11-01 43 days 1,973 sqft
    2022-12-01 57 days 1,961 sqft
    2023-01-01 65 days 1,975 sqft
    2023-02-01 53 days 2,014 sqft
    2023-03-01 44 days 2,032 sqft
    2023-04-01 40 days 2,097 sqft
    Grand Rapids's median listing age (time on market) for 2023-04-01 was 40 days. This is 54% longer than the same period one year ago.

    Grand Rapids's median square footage for active listings during the 2023-04-01 period was 2,097 sqft. One year prior, the average listing was 1,947 sqft.