Lake County USDA Loans
LAKE COUNTY-KENOSHA COUNTY, IL-WI
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.
Lake County's 7 lenders originated 22 USDA loans during 2021. The total origination value was $5,000,000, with an average USDA loan value of $227,273.
Lake County USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Lake County
averaged
4.55%
for the week of 2022-03-25, compared to the national average (all USDA variants) of
4.554% for the same period.
The average rate for the prior week (2022-03-18) was
4.17% and
one month ago for the week of 2022-02-18, the
average rate was 3.88%.
The average rate one year ago was 3.27%.
For refis of the same type during the week of 2022-03-25, the average rate
was 4.37%.
Lake County 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 Lake County level.
| Name | # of Loans | 2021 Avg. 30yFix Rate | 2021 Avg. Total Fees |
|---|---|---|---|
| FINANCE OF AMERICA MORTGAGE LLC | 6 | 3.13% | $5,824 |
| DIAMOND RESIDENTIAL MORTGAGE CORPORATION | 5 | 3.00% | $4,247 |
| Flagstar Bank, FSB | 4 | 2.71% | $3,712 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 1 | 3.25% | $5,115 |
| CMG MORTGAGE, INC. | 1 | 2.75% | $4,972 |
| Summit Mortgage Corporation | 1 | 2.63% | $5,241 |
| U.S. Bank | 1 | 2.75% | $5,556 |
The top Lake County USDA lender as defined by loan originations is FINANCE OF AMERICA MORTGAGE LLC, with
6 USDA loans originated. Their average total fees are
$5,824, which is $1,577
higher than the next largest lender,
DIAMOND RESIDENTIAL MORTGAGE CORPORATION.
The lowest fee Lake County USDA lenders (with over 10 loans originated) are
.
The lowest rate Lake County USDA lenders (with over 10 loans originated) are
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Lake County (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 | $288,950 (6.8%) | $452,003 (5.0%) | 1.06 | 27,410 |
| 2018-02-01 | $304,500 (6.5%) | $470,283 (4.1%) | 1.10 | 27,874 |
| 2018-03-01 | $325,000 (8.5%) | $489,585 (5.5%) | 1.12 | 29,483 |
| 2018-04-01 | $335,000 (8.1%) | $494,077 (4.4%) | 1.12 | 31,497 |
| 2018-05-01 | $336,250 (5.2%) | $491,926 (3.4%) | 1.12 | 33,604 |
| 2018-06-01 | $334,900 (4.7%) | $483,070 (2.0%) | 1.12 | 36,277 |
| 2018-07-01 | $327,250 (3.9%) | $472,829 (1.4%) | 1.09 | 38,396 |
| 2018-08-01 | $319,950 (4.9%) | $460,744 (1.1%) | 1.07 | 39,499 |
| 2018-09-01 | $317,900 (6.0%) | $454,842 (0.4%) | 1.06 | 40,189 |
| 2018-10-01 | $312,000 (4.0%) | $449,152 (-0.7%) | 1.04 | 39,937 |
| 2018-11-01 | $302,000 (1.7%) | $446,276 (-0.6%) | 1.01 | 37,571 |
| 2018-12-01 | $297,000 (2.8%) | $437,462 (-1.2%) | 1.02 | 32,888 |
| 2019-01-01 | $297,788 (3.1%) | $442,555 (-2.1%) | 1.03 | 30,040 |
| 2019-02-01 | $312,400 (2.6%) | $462,775 (-1.6%) | 1.05 | 30,361 |
| 2019-03-01 | $327,957 (0.9%) | $476,932 (-2.6%) | 1.07 | 32,150 |
| 2019-04-01 | $339,900 (1.5%) | $485,549 (-1.7%) | 1.07 | 34,125 |
| 2019-05-01 | $339,900 (1.1%) | $482,555 (-1.9%) | 1.05 | 36,370 |
| 2019-06-01 | $339,000 (1.2%) | $477,893 (-1.1%) | 1.04 | 38,444 |
| 2019-07-01 | $332,450 (1.6%) | $470,215 (-0.6%) | 1.03 | 39,922 |
| 2019-08-01 | $326,315 (2.0%) | $460,792 (0.0%) | 1.03 | 40,311 |
| 2019-09-01 | $320,718 (0.9%) | $453,105 (-0.4%) | 1.02 | 40,478 |
| 2019-10-01 | $319,000 (2.2%) | $454,656 (1.2%) | 1.02 | 40,147 |
| 2019-11-01 | $309,900 (2.6%) | $448,844 (0.6%) | 1.00 | 36,884 |
| 2019-12-01 | $299,900 (1.0%) | $444,177 (1.5%) | 1.00 | 31,631 |
| 2020-01-01 | $299,900 (0.7%) | $445,683 (0.7%) | 1.00 | 28,727 |
| 2020-02-01 | $319,900 (2.4%) | $466,900 (0.9%) | 1.03 | 29,189 |
| 2020-03-01 | $328,950 (0.3%) | $475,504 (-0.3%) | 1.03 | 29,677 |
| 2020-04-01 | $324,950 (-4.4%) | $464,610 (-4.3%) | 1.01 | 28,345 |
| 2020-05-01 | $329,900 (-2.9%) | $477,698 (-1.0%) | 1.00 | 28,171 |
| 2020-06-01 | $339,900 (0.3%) | $490,505 (2.6%) | 0.99 | 28,064 |
| 2020-07-01 | $348,450 (4.8%) | $499,130 (6.2%) | 1.00 | 27,100 |
| 2020-08-01 | $349,000 (7.0%) | $501,220 (8.8%) | 1.00 | 26,680 |
| 2020-09-01 | $349,450 (9.0%) | $504,956 (11.4%) | 1.00 | 26,967 |
| 2020-10-01 | $344,900 (8.1%) | $500,068 (10.0%) | 0.99 | 27,016 |
| 2020-11-01 | $335,400 (8.2%) | $496,618 (10.6%) | 0.96 | 24,642 |
| 2020-12-01 | $326,340 (8.8%) | $493,986 (11.2%) | 0.96 | 20,938 |
| 2021-01-01 | $329,500 (9.9%) | $505,908 (13.5%) | 0.97 | 17,962 |
| 2021-02-01 | $342,995 (7.2%) | $545,150 (16.8%) | 0.99 | 15,887 |
| 2021-03-01 | $349,900 (6.4%) | $552,641 (16.2%) | 0.98 | 15,400 |
| 2021-04-01 | $350,000 (7.7%) | $553,431 (19.1%) | 0.94 | 16,064 |
| 2021-05-01 | $355,000 (7.6%) | $551,761 (15.5%) | 0.93 | 16,868 |
| 2021-06-01 | $355,000 (4.4%) | $538,278 (9.7%) | 0.92 | 19,112 |
| 2021-07-01 | $349,900 (0.4%) | $521,444 (4.5%) | 0.91 | 21,041 |
| 2021-08-01 | $341,214 (-2.2%) | $499,769 (-0.3%) | 0.90 | 22,155 |
| 2021-09-01 | $332,450 (-4.9%) | $490,671 (-2.8%) | 0.87 | 22,176 |
| 2021-10-01 | $329,900 (-4.4%) | $487,370 (-2.5%) | 0.87 | 21,533 |
| 2021-11-01 | $322,445 (-3.9%) | $484,174 (-2.5%) | 0.85 | 18,752 |
| 2021-12-01 | $312,500 (-4.2%) | $478,375 (-3.2%) | 0.83 | 15,437 |
| 2022-01-01 | $314,900 (-4.4%) | $494,700 (-2.2%) | 0.84 | 12,585 |
Lake County's median listing price comes in at 84% of the national average.
Lake County's average listing price for 2022-01-01 was $494,700, a difference of $-11,208 (-2.2%) versus the prior year and $16,325 versus the prior month.
For the 2022-01-01 period, Lake County had 12,585 MLS listings, a difference of -2,852 listings (-18%) versus the prior month and -5,377 listings (-30%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Lake County (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 75 days | 1,918 sqft |
| 2018-02-01 | 56 days | 1,980 sqft |
| 2018-03-01 | 43 days | 2,008 sqft |
| 2018-04-01 | 41 days | 2,044 sqft |
| 2018-05-01 | 41 days | 2,048 sqft |
| 2018-06-01 | 42 days | 2,039 sqft |
| 2018-07-01 | 44 days | 2,007 sqft |
| 2018-08-01 | 47 days | 2,000 sqft |
| 2018-09-01 | 49 days | 1,988 sqft |
| 2018-10-01 | 51 days | 1,948 sqft |
| 2018-11-01 | 56 days | 1,922 sqft |
| 2018-12-01 | 68 days | 1,880 sqft |
| 2019-01-01 | 73 days | 1,880 sqft |
| 2019-02-01 | 56 days | 1,921 sqft |
| 2019-03-01 | 43 days | 1,974 sqft |
| 2019-04-01 | 39 days | 2,003 sqft |
| 2019-05-01 | 41 days | 2,022 sqft |
| 2019-06-01 | 43 days | 2,015 sqft |
| 2019-07-01 | 44 days | 2,001 sqft |
| 2019-08-01 | 47 days | 1,981 sqft |
| 2019-09-01 | 49 days | 1,949 sqft |
| 2019-10-01 | 49 days | 1,952 sqft |
| 2019-11-01 | 56 days | 1,922 sqft |
| 2019-12-01 | 68 days | 1,900 sqft |
| 2020-01-01 | 73 days | 1,887 sqft |
| 2020-02-01 | 45 days | 1,938 sqft |
| 2020-03-01 | 43 days | 1,981 sqft |
| 2020-04-01 | 52 days | 1,952 sqft |
| 2020-05-01 | 60 days | 1,985 sqft |
| 2020-06-01 | 46 days | 1,971 sqft |
| 2020-07-01 | 42 days | 1,936 sqft |
| 2020-08-01 | 42 days | 1,900 sqft |
| 2020-09-01 | 42 days | 1,833 sqft |
| 2020-10-01 | 43 days | 1,800 sqft |
| 2020-11-01 | 50 days | 1,753 sqft |
| 2020-12-01 | 59 days | 1,718 sqft |
| 2021-01-01 | 64 days | 1,700 sqft |
| 2021-02-01 | 47 days | 1,698 sqft |
| 2021-03-01 | 43 days | 1,694 sqft |
| 2021-04-01 | 36 days | 1,700 sqft |
| 2021-05-01 | 36 days | 1,726 sqft |
| 2021-06-01 | 33 days | 1,748 sqft |
| 2021-07-01 | 36 days | 1,745 sqft |
| 2021-08-01 | 36 days | 1,717 sqft |
| 2021-09-01 | 38 days | 1,700 sqft |
| 2021-10-01 | 41 days | 1,680 sqft |
| 2021-11-01 | 45 days | 1,649 sqft |
| 2021-12-01 | 54 days | 1,615 sqft |
| 2022-01-01 | 60 days | 1,600 sqft |
Lake County's median square footage for active listings during the 2022-01-01 period was 1,600 sqft. One year prior, the average listing was 1,700 sqft.
