Niles USDA Loans

NILES, 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.

Niles's 17 lenders originated 63 USDA loans during 2021. The total origination value was $9,095,000, with an average USDA loan value of $144,365.

Niles USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Niles averaged 5.52% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-05-06) was 5.26% and one month ago for the week of 2022-04-08, the average rate was 5.02%.

The average rate one year ago was 3.43%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.09%.

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

Niles 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 Niles level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
AMERIFIRST FINANCIAL CORPORATION 33 3.52% $6,662
RUOFF MORTGAGE COMPANY, INC. 9 3.06% $2,538
LOANDEPOT.COM, LLC 3 3.08% $7,482
Circle Federal Credit Union 3 2.83% $3,598
SOUTHWEST FUNDING, LP 2 3.25% $4,937
Flagstar Bank, FSB 2 2.94% $5,788
GUARANTEED RATE, INC. 1 3.63% $4,060
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.38% $7,306
Neighborhood Loans, Inc. 1 2.88% $4,403
OAK MORTGAGE, LLC 1 3.13% $2,954
PLAZA HOME MORTGAGE, INC. 1 2.88% $5,586
CALIBER HOME LOANS, INC. 1 3.25% $8,442
TOWNE MORTGAGE COMPANY 1 3.13% $3,490
UNION HOME MORTGAGE CORP. 1 2.25% $4,143
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.13% $9,521
UNITED 1 3.13% $4,489
FINANCE OF AMERICA MORTGAGE LLC 1 3.00% $5,312

The top Niles USDA lender as defined by loan originations is AMERIFIRST FINANCIAL CORPORATION, with 33 USDA loans originated. Their average total fees are $6,662, which is $4,123 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

The lowest fee Niles USDA lenders (with over 10 loans originated) are AMERIFIRST FINANCIAL CORPORATION ($6,662), .

The lowest rate Niles USDA lenders (with over 10 loans originated) are AMERIFIRST FINANCIAL CORPORATION (3.52%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Niles (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 $259,500 (-13.5%) $465,117 (-10.4%) 0.96 713
2018-02-01 $284,900 (-11.0%) $492,220 (-5.9%) 1.03 658
2018-03-01 $299,000 (-13.8%) $504,552 (-6.0%) 1.03 656
2018-04-01 $321,000 (-7.0%) $523,317 (0.2%) 1.08 704
2018-05-01 $325,000 (1.3%) $523,593 (5.3%) 1.08 791
2018-06-01 $335,000 (6.9%) $528,677 (12.1%) 1.12 872
2018-07-01 $324,950 (8.7%) $502,884 (7.1%) 1.08 944
2018-08-01 $310,000 (7.3%) $482,970 (2.6%) 1.04 1,017
2018-09-01 $300,000 (7.5%) $500,595 (6.0%) 1.00 1,017
2018-10-01 $308,000 (10.2%) $489,339 (3.0%) 1.03 996
2018-11-01 $298,950 (4.9%) $483,639 (0.5%) 1.00 918
2018-12-01 $298,500 (12.7%) $475,851 (1.5%) 1.02 785
2019-01-01 $299,000 (15.2%) $481,845 (3.6%) 1.03 658
2019-02-01 $315,400 (10.7%) $509,464 (3.5%) 1.06 624
2019-03-01 $332,229 (11.1%) $521,426 (3.3%) 1.08 656
2019-04-01 $343,500 (7.0%) $519,811 (-0.7%) 1.08 704
2019-05-01 $347,450 (6.9%) $520,064 (-0.7%) 1.07 757
2019-06-01 $335,000 (0.0%) $502,173 (-5.0%) 1.03 844
2019-07-01 $332,000 (2.2%) $513,851 (2.2%) 1.03 889
2019-08-01 $328,529 (6.0%) $506,522 (4.9%) 1.03 919
2019-09-01 $317,900 (6.0%) $490,486 (-2.0%) 1.01 949
2019-10-01 $315,000 (2.3%) $480,167 (-1.9%) 1.00 929
2019-11-01 $319,000 (6.7%) $478,541 (-1.1%) 1.03 825
2019-12-01 $299,900 (0.5%) $452,377 (-4.9%) 1.00 718
2020-01-01 $295,950 (-1.0%) $445,945 (-7.5%) 0.99 630
2020-02-01 $294,000 (-6.8%) $441,721 (-13.3%) 0.95 634
2020-03-01 $322,450 (-2.9%) $465,306 (-10.8%) 1.01 608
2020-04-01 $334,900 (-2.5%) $497,102 (-4.4%) 1.04 590
2020-05-01 $339,000 (-2.4%) $488,809 (-6.0%) 1.03 633
2020-06-01 $359,000 (7.2%) $522,437 (4.0%) 1.05 629
2020-07-01 $358,900 (8.1%) $522,015 (1.6%) 1.03 594
2020-08-01 $355,900 (8.3%) $536,364 (5.9%) 1.02 512
2020-09-01 $339,450 (6.8%) $532,787 (8.6%) 0.97 466
2020-10-01 $359,000 (14.0%) $584,631 (21.8%) 1.03 412
2020-11-01 $349,450 (9.6%) $599,913 (25.4%) 1.00 380
2020-12-01 $342,400 (14.2%) $598,594 (32.3%) 1.00 343
2021-01-01 $329,000 (11.2%) $619,911 (39.0%) 0.97 281
2021-02-01 $349,900 (19.0%) $696,681 (57.7%) 1.01 213
2021-03-01 $349,900 (8.5%) $753,555 (62.0%) 0.98 216
2021-04-01 $403,450 (20.5%) $774,166 (55.7%) 1.08 215
2021-05-01 $395,000 (16.5%) $737,557 (50.9%) 1.04 228
2021-06-01 $389,950 (8.6%) $740,071 (41.7%) 1.01 288
2021-07-01 $349,950 (-2.5%) $654,088 (25.3%) 0.91 329
2021-08-01 $347,450 (-2.4%) $632,181 (17.9%) 0.91 367
2021-09-01 $341,000 (0.5%) $607,302 (14.0%) 0.90 365
2021-10-01 $339,900 (-5.3%) $607,868 (4.0%) 0.89 313
2021-11-01 $345,000 (-1.3%) $630,662 (5.1%) 0.91 292
2021-12-01 $337,400 (-1.5%) $642,680 (7.4%) 0.90 227
2022-01-01 $299,900 (-8.8%) $653,242 (5.4%) 0.80 196
2022-02-01 $352,000 (0.6%) $722,994 (3.8%) 0.90 188
2022-03-01 $389,000 (11.2%) $738,985 (-1.9%) 0.96 184
2022-04-01 $395,000 (-2.1%) $772,695 (-0.2%) 0.93 202
Niles's median listing price for 2022-04-01 was $395,000, a difference of $-8,450 (-2.1%) versus the prior year and $6,000 versus the prior month.

Niles's median listing price comes in at 93% of the national average.

Niles's average listing price for 2022-04-01 was $772,695, a difference of $-1,471 (-0.2%) versus the prior year and $33,710 versus the prior month.

For the 2022-04-01 period, Niles had 202 MLS listings, a difference of 18 listings (10%) versus the prior month and -13 listings (-6%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Niles (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 115 days 1,955 sqft
2018-02-01 124 days 1,951 sqft
2018-03-01 115 days 2,000 sqft
2018-04-01 75 days 2,053 sqft
2018-05-01 64 days 2,101 sqft
2018-06-01 63 days 2,128 sqft
2018-07-01 71 days 2,145 sqft
2018-08-01 73 days 2,127 sqft
2018-09-01 78 days 2,102 sqft
2018-10-01 83 days 2,118 sqft
2018-11-01 92 days 2,078 sqft
2018-12-01 105 days 2,044 sqft
2019-01-01 113 days 2,050 sqft
2019-02-01 122 days 2,092 sqft
2019-03-01 101 days 2,123 sqft
2019-04-01 63 days 2,173 sqft
2019-05-01 63 days 2,193 sqft
2019-06-01 64 days 2,203 sqft
2019-07-01 66 days 2,202 sqft
2019-08-01 69 days 2,140 sqft
2019-09-01 74 days 2,088 sqft
2019-10-01 79 days 2,077 sqft
2019-11-01 95 days 2,100 sqft
2019-12-01 113 days 2,029 sqft
2020-01-01 123 days 1,996 sqft
2020-02-01 120 days 1,936 sqft
2020-03-01 94 days 1,987 sqft
2020-04-01 87 days 1,995 sqft
2020-05-01 91 days 2,039 sqft
2020-06-01 87 days 2,171 sqft
2020-07-01 62 days 2,238 sqft
2020-08-01 63 days 2,245 sqft
2020-09-01 64 days 2,168 sqft
2020-10-01 63 days 2,253 sqft
2020-11-01 68 days 2,119 sqft
2020-12-01 75 days 2,064 sqft
2021-01-01 90 days 2,028 sqft
2021-02-01 87 days 2,018 sqft
2021-03-01 72 days 2,062 sqft
2021-04-01 54 days 2,180 sqft
2021-05-01 50 days 2,120 sqft
2021-06-01 39 days 2,107 sqft
2021-07-01 41 days 2,000 sqft
2021-08-01 45 days 1,940 sqft
2021-09-01 50 days 1,908 sqft
2021-10-01 58 days 1,914 sqft
2021-11-01 61 days 1,913 sqft
2021-12-01 71 days 1,826 sqft
2022-01-01 74 days 1,788 sqft
2022-02-01 67 days 1,810 sqft
2022-03-01 52 days 1,870 sqft
2022-04-01 43 days 1,930 sqft
Niles's median listing age (time on market) for 2022-04-01 was 43 days. This is -20% shorter than the same period one year ago.

Niles's median square footage for active listings during the 2022-04-01 period was 1,930 sqft. One year prior, the average listing was 2,180 sqft.