Grand Rapids USDA Loan Rates, Closing Costs & Stats

GRAND RAPIDS-KENTWOOD, MI

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.