Illinois USDA Loan Rates, Closing Costs & Stats

Illinois

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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.

    Illinois USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Illinois averaged 7.01% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    Illinois's average USDA mortgage closing costs are $3,669.

    The average rate for the prior week (2024-04-12) was 6.86% and one month ago for the week of 2024-03-15, the average rate was 6.44%.

    The average rate one year ago was 6.28%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.05%.

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

    Illinois USDA Loan Lenders by Rates & Fees

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

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Community Mortgage Banc Corporation 82 6.78% $3,700
    FLAT BRANCH MORTGAGE, INC. 81 7.05% $4,421
    Petefish, Skiles & Co. 57 6.85% $3,251
    BROKER SOLUTIONS, INC. 41 6.92% $5,002
    GUARANTEED RATE, INC. 37 6.63% $5,192
    Peoples National Bank , N.A. 36 6.25% $3,729
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 35 7.02% $5,501
    FIRST STATE MORTGAGE SERVICES, LLC 32 6.72% $4,104
    GUILD MORTGAGE COMPANY 31 6.71% $5,104
    Flanagan State Bank 28 6.88% $5,077
    CROSSCOUNTRY MORTGAGE, LLC 27 7.05% $5,385
    Flagstar Bank, FSB 25 6.79% $4,404
    United Community Bank 24 6.76% $3,018
    First Mid Bank & Trust 22 6.63% $3,697
    GERSHMAN INVESTMENT CORP. 21 6.92% $4,256
    DAS Acquisition Company, LLC 20 6.89% $4,693
    Heartland Bank and Trust Company 15 6.68% $4,777
    Midland States Bank 13 6.88% $4,954
    NEWREZ LLC 12 6.83% $5,348
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 11 7.36% $4,950
    Carrollton Bank 11 6.49% $3,996
    Regions Bank 11 6.91% $4,329
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 10 6.71% $5,655
    UNITED WHOLESALE MORTGAGE, LLC 10 6.49% $4,863
    CNB Bank And Trust, N.A. 10 7.39% $2,661
    ON Q FINANCIAL, INC. 8 6.83% $5,487
    FIRST CENTENNIAL MORTGAGE CORPORATION 8 6.61% $4,806
    FirstTrust Home Loans, Inc. 8 6.91% $4,787
    RUOFF MORTGAGE COMPANY, INC. 7 7.11% $2,169
    CALIBER HOME LOANS, INC. 6 6.29% $5,599
    LOANDEPOT.COM, LLC 6 7.02% $7,129
    Bank of England 6 6.23% $6,113
    Mortgage Research Center, LLC 6 6.63% $3,641
    Busey Bank 6 6.06% $4,728
    U.S. Bank 6 6.58% $3,996
    THOMPSON KANE & COMPANY, LLC 6 6.81% $4,024
    First Bankers Trust Company 6 6.96% $3,335
    Dieterich Bank 5 7.03% $3,196
    PLAZA HOME MORTGAGE, INC. 5 6.05% $6,464
    CARDINAL FINANCIAL 5 5.95% $7,295
    TOP FLITE FINANCIAL, INC. 4 7.09% $6,124
    LEADERONE FINANCIAL CORPORATION 4 6.59% $5,812
    Fortress Bank 4 6.22% $3,874
    COMPASS MORTGAGE, INC. 4 6.97% $6,147
    SUCCESS MORTGAGE PARTNERS, INC. 4 7.00% $6,212
    DELMAR FINANCIAL COMPANY 4 6.94% $3,640
    Plains Commerce Bank 3 7.00% $4,284
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 5.88% $5,388
    UNION HOME MORTGAGE CORP. 3 6.67% $5,445
    Bank of Pontiac 3 7.50% $3,911
    ROYAL UNITED MORTGAGE LLC 3 6.96% $7,482
    Wells Fargo Bank 3 6.17% $3,527
    FCB Banks 3 6.33% $4,880
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 7.25% $5,118
    INB 3 6.38% $3,615
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.58% $6,817
    PNC Bank 3 6.46% $4,033
    PLANET HOME LENDING, LLC 3 6.21% $5,319
    The First National Bank of Ottawa 3 7.25% $4,680
    Citizens Bank 3 6.50% $4,710
    Nations Lending Corporation 2 7.19% $3,123
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 2 6.56% $4,971
    AXIA FINANCIAL, LLC 2 6.88% $8,003
    Bankers' Bank 2 7.19% $4,611
    FAIR WAY LENDING LLC 2 7.06% $7,964
    Fifth Third Bank 2 6.00% $3,701
    Grundy Bank 2 7.00% $5,601
    HOMESIDE FINANCIAL, LLC 2 5.99% $4,606
    Ixonia Bank 2 7.31% $7,663
    Marine Bank 2 5.94% $3,626
    OPEN MORTGAGE, LLC 2 6.75% $7,060
    Paramount Residential Mortgage Group, Inc. 2 6.81% $3,533
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.50% $4,900
    The Federal Savings Bank 2 6.69% $6,469
    Network Funding, L.P. 1 6.50% $5,673
    MOVEMENT MORTGAGE, LLC 1 5.63% $12,395
    NVR Mortgage Finance, Inc. 1 5.13% $12,994
    Old National Bank 1 7.00% $3,545
    Old Second National Bank 1 5.63% $4,945
    Mortgage Assurance Inc. 1 6.75% $4,619
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $5,168
    Paramount Bank 1 7.25% $3,181
    VAN DYK MORTGAGE CORPORATION 1 7.38% $1,453
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 5.75% $4,669
    GUARANTY HOME MORTGAGE CORPORATION 1 7.25% $3,958
    Pinnacle Bank 1 5.25% $4,691
    GREENSTATE CREDIT UNION 1 5.63% $3,322
    First National Bank of Omaha 1 6.13% $7,264
    First Financial Bank 1 7.25% $3,414
    First Federal Savings Bank 1 6.75% $9,473
    VILLAGE CAPITAL MORTGAGE 1 6.50% $8,517
    FirstBank 1 6.13% $4,578
    First Bank 1 7.63% $3,937
    ROSS MORTGAGE CORPORATION 1 6.88% $5,512
    Financial Funding Solutions, Inc. 1 6.50% $4,987
    RUHL MORTGAGE, LLC 1 5.63% $3,423
    EVERETT FINANCIAL, INC. 1 7.50% $1,641
    STOCKTON MORTGAGE CORPORATION 1 6.75% $4,733
    EVANSVILLE TEACHERS 1 6.50% $3,418
    SUN WEST MORTGAGE COMPANY, INC. 1 7.00% $4,579
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $4,618
    The First National Bank and Trust Company 1 7.75% $3,385
    Equity Prime Mortgage LLC 1 7.25% $4,594
    ENDEAVOR CAPITAL, LLC. 1 6.00% $5,514
    CRESCENT MORTGAGE COMPANY 1 6.63% $4,156
    CHURCHILL MORTGAGE CORPORATION 1 6.13% $5,434
    Century Mortgage Company DBA Century Lending Company 1 7.25% $8,297
    Bank of Springfield 1 6.13% $4,041
    University Bank 1 7.63% $5,024
    UNIVERSITY OF ILLINOIS COMMUNITY 1 6.00% $3,330
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $5,475
    1ST MIDAMERICA 1 6.00% $2,995
    NATIONS RELIABLE LENDING, LLC 1 7.50% $7,153
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.63% $6,481

    The top Illinois USDA lender as defined by loan originations is Community Mortgage Banc Corporation, with 82 USDA loans originated. Their average total fees are $3,700, which is $721 lower than the next largest lender, FLAT BRANCH MORTGAGE, INC..

    The lowest fee Illinois USDA lenders (with over 10 loans originated) are CNB Bank And Trust, N.A. ($2,661), United Community Bank ($3,018), Petefish, Skiles & Co. ($3,251), First Mid Bank & Trust ($3,697) and Community Mortgage Banc Corporation ($3,700).

    The lowest rate Illinois USDA lenders (with over 10 loans originated) are Peoples National Bank , N.A. (6.25%), Carrollton Bank (6.49%), UNITED WHOLESALE MORTGAGE, LLC (6.49%), First Mid Bank & Trust (6.63%) and GUARANTEED RATE, INC. (6.63%).