Niles USDA Loans

NILES, 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.

    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.