Kalamazoo USDA Loans

KALAMAZOO-PORTAGE, 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.

Kalamazoo's 22 lenders originated 63 USDA loans during 2021. The total origination value was $10,935,000, with an average USDA loan value of $173,571.

Kalamazoo USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Kalamazoo averaged 5.22% for the week of 2022-05-20, compared to the national average (all USDA variants) of 5.315% for the same period.

The average rate for the prior week (2022-05-13) was 5.41% and one month ago for the week of 2022-04-15, the average rate was 5.11%.

The average rate one year ago was 3.45%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.04%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Kalamazoo USDA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Kalamazoo level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
AMERIFIRST FINANCIAL CORPORATION 24 3.13% $5,972
SUCCESS MORTGAGE PARTNERS, INC. 9 2.96% $7,664
CALIBER HOME LOANS, INC. 4 2.87% $4,602
LAKE MICHIGAN CREDIT UNION 3 2.71% $6,562
UNION HOME MORTGAGE CORP. 2 2.88% $6,251
Fifth Third Bank 2 2.94% $4,668
HOME POINT FINANCIAL CORPORATION 2 2.81% $3,630
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.75% $5,810
RUOFF MORTGAGE COMPANY, INC. 2 3.25% $1,839
INLANTA MORTGAGE, INC. 1 3.38% $4,749
GVC MORTGAGE, INC. 1 2.88% $5,358
MID AMERICA MORTGAGE, INC. 1 2.88% $2,626
MORTGAGE 1 INCORPORATED 1 3.25% $7,084
Neighborhood Loans, Inc. 1 3.25% $4,656
Pacor Mortgage Corp 1 3.00% $4,698
TOP FLITE FINANCIAL, INC. 1 2.75% $5,107
Carrington Mortgage Services, LLC 1 5.13% $3,201
STOCKTON MORTGAGE CORPORATION 1 4.13% $4,529
CHERRY CREEK MORTGAGE, LLC 1 2.75% $2,364
The Huntington National Bank 1 3.00% $4,805
Hometown Lenders, Inc. 1 2.50% $4,618
Independent Bank 1 3.50% $4,833

The top Kalamazoo USDA lender as defined by loan originations is AMERIFIRST FINANCIAL CORPORATION, with 24 USDA loans originated. Their average total fees are $5,972, which is $1,692 lower than the next largest lender, SUCCESS MORTGAGE PARTNERS, INC..

The lowest fee Kalamazoo USDA lenders (with over 10 loans originated) are AMERIFIRST FINANCIAL CORPORATION ($5,972), .

The lowest rate Kalamazoo USDA lenders (with over 10 loans originated) are AMERIFIRST FINANCIAL CORPORATION (3.13%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Kalamazoo (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 $209,950 (-0.6%) $327,507 (-11.9%) 0.77 879
2018-02-01 $219,950 (-8.3%) $338,683 (-13.5%) 0.79 817
2018-03-01 $249,900 (-1.8%) $383,024 (-5.6%) 0.86 790
2018-04-01 $269,900 (2.3%) $391,380 (-3.0%) 0.91 798
2018-05-01 $282,492 (8.9%) $395,937 (4.6%) 0.94 888
2018-06-01 $275,000 (11.8%) $389,904 (9.8%) 0.92 1,000
2018-07-01 $263,250 (7.5%) $363,615 (3.5%) 0.88 1,055
2018-08-01 $249,900 (8.7%) $351,571 (4.8%) 0.84 1,161
2018-09-01 $235,900 (4.8%) $330,534 (-1.7%) 0.79 1,247
2018-10-01 $238,000 (7.0%) $326,296 (-2.8%) 0.80 1,239
2018-11-01 $239,450 (9.1%) $331,759 (-0.1%) 0.80 1,168
2018-12-01 $235,000 (7.4%) $325,325 (-0.5%) 0.80 1,052
2019-01-01 $229,500 (9.3%) $324,441 (-0.9%) 0.79 954
2019-02-01 $236,650 (7.6%) $342,335 (1.1%) 0.79 888
2019-03-01 $258,243 (3.3%) $365,670 (-4.5%) 0.84 877
2019-04-01 $281,200 (4.2%) $382,221 (-2.3%) 0.89 896
2019-05-01 $290,500 (2.8%) $387,774 (-2.1%) 0.90 924
2019-06-01 $284,900 (3.6%) $380,036 (-2.5%) 0.88 1,039
2019-07-01 $274,950 (4.4%) $373,463 (2.7%) 0.85 1,112
2019-08-01 $261,371 (4.6%) $361,428 (2.8%) 0.82 1,160
2019-09-01 $250,000 (6.0%) $348,183 (5.3%) 0.79 1,211
2019-10-01 $249,950 (5.0%) $343,927 (5.4%) 0.80 1,249
2019-11-01 $245,000 (2.3%) $335,630 (1.2%) 0.79 1,150
2019-12-01 $244,150 (3.9%) $333,621 (2.6%) 0.81 994
2020-01-01 $245,000 (6.8%) $331,583 (2.2%) 0.82 873
2020-02-01 $259,900 (9.8%) $345,058 (0.8%) 0.84 879
2020-03-01 $290,950 (12.7%) $378,056 (3.4%) 0.91 794
2020-04-01 $289,900 (3.1%) $377,856 (-1.1%) 0.90 778
2020-05-01 $299,900 (3.2%) $405,429 (4.6%) 0.91 825
2020-06-01 $314,900 (10.5%) $413,841 (8.9%) 0.92 760
2020-07-01 $299,900 (9.1%) $405,981 (8.7%) 0.86 718
2020-08-01 $299,900 (14.7%) $396,411 (9.7%) 0.86 660
2020-09-01 $297,450 (19.0%) $388,990 (11.7%) 0.85 615
2020-10-01 $299,900 (20.0%) $399,660 (16.2%) 0.86 584
2020-11-01 $299,900 (22.4%) $404,541 (20.5%) 0.86 556
2020-12-01 $287,200 (17.6%) $392,368 (17.6%) 0.84 481
2021-01-01 $284,900 (16.3%) $397,667 (19.9%) 0.84 402
2021-02-01 $302,450 (16.4%) $412,288 (19.5%) 0.87 353
2021-03-01 $329,450 (13.2%) $440,081 (16.4%) 0.92 331
2021-04-01 $337,500 (16.4%) $444,114 (17.5%) 0.91 313
2021-05-01 $349,900 (16.7%) $442,101 (9.0%) 0.92 359
2021-06-01 $329,450 (4.6%) $434,902 (5.1%) 0.86 396
2021-07-01 $307,450 (2.5%) $417,756 (2.9%) 0.80 464
2021-08-01 $302,500 (0.9%) $410,964 (3.7%) 0.80 507
2021-09-01 $299,450 (0.7%) $404,821 (4.1%) 0.79 509
2021-10-01 $290,000 (-3.3%) $409,932 (2.6%) 0.76 483
2021-11-01 $277,450 (-7.5%) $391,015 (-3.3%) 0.73 427
2021-12-01 $269,900 (-6.0%) $388,878 (-0.9%) 0.72 343
2022-01-01 $279,900 (-1.8%) $407,399 (2.5%) 0.75 244
2022-02-01 $297,400 (-1.7%) $418,132 (1.4%) 0.76 221
2022-03-01 $317,450 (-3.6%) $438,575 (-0.3%) 0.78 237
2022-04-01 $329,900 (-2.3%) $459,937 (3.6%) 0.78 263
Kalamazoo's median listing price for 2022-04-01 was $329,900, a difference of $-7,600 (-2.3%) versus the prior year and $12,450 versus the prior month.

Kalamazoo's median listing price comes in at 78% of the national average.

Kalamazoo's average listing price for 2022-04-01 was $459,937, a difference of $15,823 (3.6%) versus the prior year and $21,362 versus the prior month.

For the 2022-04-01 period, Kalamazoo had 263 MLS listings, a difference of 26 listings (11%) versus the prior month and -50 listings (-16%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Kalamazoo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 86 days 1,858 sqft
2018-02-01 85 days 1,843 sqft
2018-03-01 62 days 1,956 sqft
2018-04-01 53 days 2,072 sqft
2018-05-01 48 days 2,149 sqft
2018-06-01 45 days 2,107 sqft
2018-07-01 48 days 2,070 sqft
2018-08-01 48 days 2,040 sqft
2018-09-01 51 days 2,008 sqft
2018-10-01 57 days 1,996 sqft
2018-11-01 63 days 1,947 sqft
2018-12-01 73 days 1,932 sqft
2019-01-01 78 days 1,885 sqft
2019-02-01 78 days 1,873 sqft
2019-03-01 63 days 1,969 sqft
2019-04-01 48 days 2,050 sqft
2019-05-01 45 days 2,057 sqft
2019-06-01 46 days 2,060 sqft
2019-07-01 47 days 2,066 sqft
2019-08-01 49 days 2,038 sqft
2019-09-01 50 days 2,021 sqft
2019-10-01 54 days 2,016 sqft
2019-11-01 58 days 1,975 sqft
2019-12-01 72 days 1,937 sqft
2020-01-01 84 days 1,928 sqft
2020-02-01 80 days 1,899 sqft
2020-03-01 59 days 1,977 sqft
2020-04-01 68 days 2,006 sqft
2020-05-01 74 days 2,044 sqft
2020-06-01 60 days 2,078 sqft
2020-07-01 54 days 2,069 sqft
2020-08-01 52 days 2,100 sqft
2020-09-01 52 days 2,078 sqft
2020-10-01 52 days 2,075 sqft
2020-11-01 52 days 2,058 sqft
2020-12-01 61 days 1,985 sqft
2021-01-01 69 days 1,924 sqft
2021-02-01 63 days 1,865 sqft
2021-03-01 53 days 1,983 sqft
2021-04-01 48 days 1,972 sqft
2021-05-01 39 days 2,007 sqft
2021-06-01 38 days 2,056 sqft
2021-07-01 38 days 1,959 sqft
2021-08-01 39 days 1,965 sqft
2021-09-01 43 days 1,913 sqft
2021-10-01 46 days 1,946 sqft
2021-11-01 51 days 1,852 sqft
2021-12-01 54 days 1,849 sqft
2022-01-01 63 days 1,866 sqft
2022-02-01 48 days 1,879 sqft
2022-03-01 37 days 1,863 sqft
2022-04-01 38 days 1,870 sqft
Kalamazoo's median listing age (time on market) for 2022-04-01 was 38 days. This is -21% shorter than the same period one year ago.

Kalamazoo's median square footage for active listings during the 2022-04-01 period was 1,870 sqft. One year prior, the average listing was 1,972 sqft.