Birmingham USDA Loan Rates, Closing Costs & Stats

BIRMINGHAM-HOOVER, AL

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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.

    Birmingham's 63 lenders originated 249 USDA loans during 2023. The total origination value was $52,205,000, with an average USDA loan value of $209,659.

    Birmingham USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Birmingham averaged 6.33% for the week of 2024-07-19, compared to the national average (all USDA variants) of 6.628% for the same period.

    Birmingham's average USDA mortgage closing costs are $4,631.

    The average rate for the prior week (2024-07-12) was 6.46% and one month ago for the week of 2024-06-14, the average rate was 6.39%.

    The average rate one year ago was 6.54%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.54%.

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

    Birmingham 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 Birmingham level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Hamilton Mortgage Corporation 30 6.54% $6,359
    DHI MORTGAGE COMPANY, LTD. 19 5.18% $5,238
    UNITED WHOLESALE MORTGAGE, LLC 17 6.16% $6,342
    Prosperity Home Mortgage, LLC 16 6.54% $5,428
    Renasant Bank 9 5.96% $8,826
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.11% $6,600
    CORNERSTONE HOME LENDING, INC. 7 6.43% $8,395
    SouthPoint Bank 7 6.16% $4,682
    DAS Acquisition Company, LLC 6 6.83% $7,469
    MOVEMENT MORTGAGE, LLC 6 5.83% $6,837
    Regions Bank 6 5.81% $6,886
    FBC MORTGAGE, LLC 6 6.38% $8,122
    TJC Mortgage, Inc. 6 6.19% $5,876
    Ameris Bank 5 6.45% $5,504
    GUILD MORTGAGE COMPANY 5 6.33% $8,380
    FirstBank 5 6.20% $6,159
    LOANDEPOT.COM, LLC 4 6.25% $6,088
    Trustmark National Bank 4 5.94% $5,967
    Cornerstone First Mortgage, Inc 4 6.88% $6,877
    Bank of England 4 6.19% $7,537
    AMERICAN FINANCIAL NETWORK, INC. 3 6.29% $9,718
    NEWREZ LLC 3 6.35% $8,365
    First Federal Bank, A FSB 3 5.83% $22,039
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.58% $7,830
    HOMESTAR FINANCIAL CORPORATION 3 5.88% $6,258
    GMFS LLC 2 6.06% $3,180
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 5.81% $3,556
    STOCKTON MORTGAGE CORPORATION 2 6.50% $8,727
    Northpointe Bank 2 5.94% $6,699
    THE MORTGAGE FIRM, INC. 2 6.56% $8,309
    HOMEOWNERS FINANCIAL GROUP USA, LLC 2 7.25% $8,098
    FIRST COMMUNITY MORTGAGE, INC. 2 5.63% $5,848
    CMG MORTGAGE, INC. 2 6.25% $7,912
    INSPIRE HOME LOANS INC. 2 5.63% $5,696
    RELIANCE FIRST CAPITAL, LLC 2 6.25% $3,931
    Synovus Bank 2 5.88% $8,879
    Plains Commerce Bank 2 5.94% $5,051
    BROKER SOLUTIONS, INC. 2 7.13% $6,168
    MORTGAGE INVESTORS GROUP, INC. 1 6.25% $5,522
    AVADIAN 1 6.63% $5,017
    BAYSHORE MORTGAGE FUNDING, LLC 1 8.75% $6,613
    CANOPY MORTGAGE, LLC 1 6.13% $10,718
    Citizens Bank 1 5.63% $5,224
    EVANSVILLE TEACHERS 1 6.50% $4,728
    EVERETT FINANCIAL, INC. 1 6.63% $5,596
    First Federal Bank 1 6.00% $4,400
    Flagstar Bank, FSB 1 7.00% $6,251
    Goldwater Bank, N.A. 1 6.50% $8,850
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $6,093
    HUNT MORTGAGE CORPORATION 1 6.63% $5,339
    Ixonia Bank 1 7.13% $5,864
    Legends Bank 1 7.13% $3,655
    MICHIGAN MUTUAL, INC. 1 6.13% $10,008
    ACADEMY MORTGAGE CORPORATION 1 6.63% $2,090
    Mortgage Research Center, LLC 1 7.63% $2,005
    PLAZA HOME MORTGAGE, INC. 1 6.25% $6,339
    Princeton Mortgage Corporation 1 6.63% $5,204
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 5.88% $5,973
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.63% $9,144
    SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $4,743
    THRIVE MORTGAGE, LLC 1 6.13% $5,520
    UNION HOME MORTGAGE CORP. 1 7.00% $8,576
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.63% $4,284

    The top Birmingham USDA lender as defined by loan originations is Hamilton Mortgage Corporation, with 30 USDA loans originated. Their average total fees are $6,359, which is $1,121 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Birmingham USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($5,238), Prosperity Home Mortgage, LLC ($5,428), UNITED WHOLESALE MORTGAGE, LLC ($6,342), Hamilton Mortgage Corporation ($6,359) and .

    The lowest rate Birmingham USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.18%), UNITED WHOLESALE MORTGAGE, LLC (6.16%), Prosperity Home Mortgage, LLC (6.54%), Hamilton Mortgage Corporation (6.54%) and .