Peoria USDA Loans

PEORIA, IL

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.

Peoria's 33 lenders originated 208 USDA loans during 2021. The total origination value was $22,020,000, with an average USDA loan value of $105,865.

Peoria USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Peoria averaged 5.48% 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 5.37% and one month ago for the week of 2022-04-15, the average rate was 5.06%.

The average rate one year ago was 3.31%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.18%.

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

Peoria 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 Peoria level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
FLAT BRANCH MORTGAGE, INC. 49 3.31% $3,416
CALIBER HOME LOANS, INC. 38 2.74% $3,889
CITIZENS EQUITY FIRST 19 3.12% $2,055
Flanagan State Bank 17 3.57% $3,991
FIRST STATE MORTGAGE SERVICES, LLC 14 2.83% $3,702
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 3.32% $4,907
Fortress Bank 8 2.56% $2,909
HOME POINT FINANCIAL CORPORATION 8 3.31% $3,676
INB 7 2.63% $2,838
AMERICAN PACIFIC MORTGAGE CORPORATION 4 3.00% $3,708
Wells Fargo Bank 3 3.63% $1,806
Flagstar Bank, FSB 3 2.75% $3,711
Heartland Bank and Trust Company 3 3.50% $3,754
INLAND BANK & TRUST 3 3.21% $4,223
LEADERONE FINANCIAL CORPORATION 2 3.00% $3,521
The First National Bank of Ottawa 2 2.81% $3,926
Commerce Bank 1 3.13% $2,781
Colten Mortgage, LLC 1 3.13% $3,624
Citizens Bank 1 2.75% $3,372
GERSHMAN INVESTMENT CORP. 1 3.63% $2,645
UNITED WHOLESALE MORTGAGE, LLC 1 3.00% $5,614
CHURCHILL MORTGAGE CORPORATION 1 2.75% $4,223
Carrollton Bank 1 2.25% $4,438
Carrington Mortgage Services, LLC 1 2.63% $5,200
NATIONS RELIABLE LENDING, LLC 1 3.00% $2,925
Paramount Residential Mortgage Group, Inc. 1 3.50% $5,367
PENNYMAC LOAN SERVICES, LLC 1 3.38% $5,607
STEARNS LENDING, LLC 1 3.50% $3,489
CROSSCOUNTRY MORTGAGE, LLC 1 2.99% $4,272
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 3.50% $4,328
First Mid Bank & Trust 1 2.25% $3,122
CRESCENT MORTGAGE COMPANY 1 2.88% $4,361
Community Mortgage Banc Corporation 1 3.25% $2,887

The top Peoria USDA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 49 USDA loans originated. Their average total fees are $3,416, which is $473 lower than the next largest lender, CALIBER HOME LOANS, INC..

The lowest fee Peoria USDA lenders (with over 10 loans originated) are CITIZENS EQUITY FIRST ($2,055), FLAT BRANCH MORTGAGE, INC. ($3,416), FIRST STATE MORTGAGE SERVICES, LLC ($3,702), CALIBER HOME LOANS, INC. ($3,889) and Flanagan State Bank ($3,991).

The lowest rate Peoria USDA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. (2.74%), FIRST STATE MORTGAGE SERVICES, LLC (2.83%), CITIZENS EQUITY FIRST (3.12%), FLAT BRANCH MORTGAGE, INC. (3.31%) and Flanagan State Bank (3.57%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Peoria (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 $135,450 (0.4%) $175,382 (-2.2%) 0.50 2,135
2018-02-01 $137,200 (1.3%) $176,637 (-1.3%) 0.49 2,132
2018-03-01 $134,900 (-6.6%) $174,884 (-6.8%) 0.47 2,357
2018-04-01 $134,950 (-8.5%) $175,519 (-9.1%) 0.45 2,390
2018-05-01 $139,450 (-6.2%) $177,889 (-9.7%) 0.47 2,487
2018-06-01 $139,900 (-6.7%) $180,644 (-10.1%) 0.47 2,510
2018-07-01 $139,900 (-6.7%) $180,963 (-9.2%) 0.47 2,585
2018-08-01 $139,900 (-6.7%) $180,376 (-7.6%) 0.47 2,577
2018-09-01 $135,000 (-6.8%) $176,364 (-7.1%) 0.45 2,527
2018-10-01 $134,900 (-5.6%) $173,956 (-5.0%) 0.45 2,488
2018-11-01 $130,500 (-6.7%) $172,396 (-4.9%) 0.44 2,270
2018-12-01 $129,900 (-6.9%) $167,169 (-5.6%) 0.44 2,065
2019-01-01 $129,550 (-4.4%) $163,844 (-6.6%) 0.45 1,888
2019-02-01 $129,900 (-5.3%) $164,933 (-6.6%) 0.44 1,846
2019-03-01 $133,857 (-0.8%) $169,535 (-3.1%) 0.44 1,872
2019-04-01 $138,950 (3.0%) $174,905 (-0.4%) 0.44 1,924
2019-05-01 $138,800 (-0.5%) $177,893 (0.0%) 0.43 2,024
2019-06-01 $139,000 (-0.6%) $178,196 (-1.4%) 0.43 2,079
2019-07-01 $138,450 (-1.0%) $179,202 (-1.0%) 0.43 2,140
2019-08-01 $136,429 (-2.5%) $177,626 (-1.5%) 0.43 2,188
2019-09-01 $134,950 (0.0%) $177,410 (0.6%) 0.43 2,217
2019-10-01 $129,995 (-3.6%) $174,467 (0.3%) 0.41 2,237
2019-11-01 $129,900 (-0.5%) $170,229 (-1.3%) 0.42 2,160
2019-12-01 $124,700 (-4.0%) $164,815 (-1.4%) 0.42 1,987
2020-01-01 $124,200 (-4.1%) $164,407 (0.3%) 0.41 1,826
2020-02-01 $124,900 (-3.9%) $166,073 (0.7%) 0.40 1,733
2020-03-01 $128,700 (-3.9%) $170,161 (0.4%) 0.40 1,741
2020-04-01 $129,900 (-6.5%) $173,535 (-0.8%) 0.40 1,711
2020-05-01 $132,000 (-4.9%) $183,202 (3.0%) 0.40 1,658
2020-06-01 $134,900 (-3.0%) $184,363 (3.5%) 0.39 1,553
2020-07-01 $135,000 (-2.5%) $185,319 (3.4%) 0.39 1,467
2020-08-01 $129,900 (-4.8%) $178,578 (0.5%) 0.37 1,403
2020-09-01 $126,750 (-6.1%) $178,836 (0.8%) 0.36 1,310
2020-10-01 $124,900 (-3.9%) $178,306 (2.2%) 0.36 1,267
2020-11-01 $117,450 (-9.6%) $175,133 (2.9%) 0.34 1,203
2020-12-01 $114,950 (-7.8%) $168,544 (2.3%) 0.34 1,099
2021-01-01 $112,500 (-9.4%) $165,980 (1.0%) 0.33 1,005
2021-02-01 $104,950 (-16.0%) $160,271 (-3.5%) 0.30 861
2021-03-01 $104,900 (-18.5%) $165,230 (-2.9%) 0.29 776
2021-04-01 $112,450 (-13.4%) $184,757 (6.5%) 0.30 674
2021-05-01 $114,900 (-13.0%) $194,639 (6.2%) 0.30 661
2021-06-01 $117,450 (-12.9%) $200,675 (8.9%) 0.31 701
2021-07-01 $119,900 (-11.2%) $197,832 (6.8%) 0.31 781
2021-08-01 $124,700 (-4.0%) $197,932 (10.8%) 0.33 819
2021-09-01 $120,000 (-5.3%) $196,017 (9.6%) 0.32 868
2021-10-01 $117,400 (-6.0%) $186,135 (4.4%) 0.31 846
2021-11-01 $109,950 (-6.4%) $176,873 (1.0%) 0.29 800
2021-12-01 $106,750 (-7.1%) $176,676 (4.8%) 0.28 658
2022-01-01 $99,900 (-11.2%) $169,353 (2.0%) 0.27 561
2022-02-01 $98,000 (-6.6%) $176,041 (9.8%) 0.25 457
2022-03-01 $110,950 (5.8%) $208,356 (26.1%) 0.27 422
2022-04-01 $114,900 (2.2%) $211,893 (14.7%) 0.27 407
Peoria's median listing price for 2022-04-01 was $114,900, a difference of $2,450 (2.2%) versus the prior year and $3,950 versus the prior month.

Peoria's median listing price comes in at 27% of the national average.

Peoria's average listing price for 2022-04-01 was $211,893, a difference of $27,136 (14.7%) versus the prior year and $3,537 versus the prior month.

For the 2022-04-01 period, Peoria had 407 MLS listings, a difference of -15 listings (-4%) versus the prior month and -267 listings (-40%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Peoria (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 103 days 1,856 sqft
2018-02-01 101 days 1,860 sqft
2018-03-01 73 days 1,857 sqft
2018-04-01 61 days 1,881 sqft
2018-05-01 67 days 1,898 sqft
2018-06-01 66 days 1,896 sqft
2018-07-01 68 days 1,907 sqft
2018-08-01 73 days 1,891 sqft
2018-09-01 75 days 1,880 sqft
2018-10-01 81 days 1,863 sqft
2018-11-01 84 days 1,857 sqft
2018-12-01 91 days 1,820 sqft
2019-01-01 94 days 1,801 sqft
2019-02-01 95 days 1,777 sqft
2019-03-01 84 days 1,806 sqft
2019-04-01 73 days 1,849 sqft
2019-05-01 50 days 1,790 sqft
2019-06-01 61 days 1,765 sqft
2019-07-01 64 days 1,879 sqft
2019-08-01 66 days 1,865 sqft
2019-09-01 69 days 1,844 sqft
2019-10-01 71 days 1,815 sqft
2019-11-01 73 days 1,791 sqft
2019-12-01 85 days 1,759 sqft
2020-01-01 94 days 1,757 sqft
2020-02-01 95 days 1,748 sqft
2020-03-01 76 days 1,768 sqft
2020-04-01 70 days 1,777 sqft
2020-05-01 71 days 1,792 sqft
2020-06-01 68 days 1,796 sqft
2020-07-01 63 days 1,791 sqft
2020-08-01 53 days 1,776 sqft
2020-09-01 59 days 1,738 sqft
2020-10-01 64 days 1,728 sqft
2020-11-01 60 days 1,639 sqft
2020-12-01 64 days 1,578 sqft
2021-01-01 72 days 1,580 sqft
2021-02-01 75 days 1,524 sqft
2021-03-01 61 days 1,487 sqft
2021-04-01 48 days 1,567 sqft
2021-05-01 45 days 1,556 sqft
2021-06-01 37 days 1,619 sqft
2021-07-01 36 days 1,633 sqft
2021-08-01 39 days 1,650 sqft
2021-09-01 42 days 1,647 sqft
2021-10-01 43 days 1,568 sqft
2021-11-01 47 days 1,485 sqft
2021-12-01 59 days 1,468 sqft
2022-01-01 66 days 1,414 sqft
2022-02-01 59 days 1,368 sqft
2022-03-01 52 days 1,395 sqft
2022-04-01 38 days 1,420 sqft
Peoria'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.

Peoria's median square footage for active listings during the 2022-04-01 period was 1,420 sqft. One year prior, the average listing was 1,567 sqft.