Birmingham USDA Loan Rates, Closing Costs & Stats

BIRMINGHAM-HOOVER, AL

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 79 lenders originated 731 USDA loans during 2021. The total origination value was $138,445,000, with an average USDA loan value of $189,391.

    Birmingham USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Birmingham averaged -0.14% for the week of 2022-11-25, compared to the national average (all USDA variants) of 0% for the same period.

    Birmingham's average USDA mortgage closing costs are $4,257.

    The average rate for the prior week (2022-11-18) was 6.71% and one month ago for the week of 2022-10-21, the average rate was 6.82%.

    The average rate one year ago was 3.46%.

    For refis of the same type during the week of 2022-11-25, the average rate was -0.28%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    Hamilton Mortgage Corporation 55 2.75% $3,839
    INTERLINC MORTGAGE SERVICES, LLC 49 3.30% $2,407
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 45 3.09% $4,834
    SouthPoint Bank 43 2.80% $3,174
    First Federal Bank, A FSB 31 2.77% $12,858
    Prosperity Home Mortgage, LLC 29 2.75% $4,553
    Renasant Bank 27 3.01% $5,081
    LOANDEPOT.COM, LLC 26 3.13% $5,741
    FirstBank 26 2.84% $5,326
    Flagstar Bank, FSB 22 2.58% $3,743
    DHI MORTGAGE COMPANY, LTD. 21 2.66% $5,138
    Hometown Lenders, Inc. 19 3.15% $5,659
    UNITED WHOLESALE MORTGAGE, LLC 16 2.78% $5,349
    MOVEMENT MORTGAGE, LLC 15 3.19% $4,298
    GUILD MORTGAGE COMPANY 14 2.95% $5,107
    HOMEBRIDGE FINANCIAL SERVICES, INC. 13 3.02% $5,357
    TJC Mortgage, Inc. 12 2.85% $5,095
    Assurance Financial Group, L.L.C. 12 3.20% $5,163
    VANDERBILT MORTGAGE AND FINANCE, INC. 11 2.95% $4,679
    CALIBER HOME LOANS, INC. 10 2.91% $5,899
    Ameris Bank 10 2.96% $4,716
    FBC MORTGAGE, LLC 9 3.00% $5,030
    CROSSCOUNTRY MORTGAGE, LLC 9 3.32% $4,004
    HOME POINT FINANCIAL CORPORATION 9 2.93% $7,135
    Northpointe Bank 9 2.99% $4,665
    Synovus Bank 8 2.66% $5,170
    Gateway First Bank 8 2.44% $2,190
    GMFS LLC 7 2.79% $2,788
    LEADERONE FINANCIAL CORPORATION 7 3.32% $4,752
    FIRST COMMUNITY MORTGAGE, INC. 7 2.93% $5,323
    Regions Bank 7 2.66% $4,966
    FINANCE OF AMERICA MORTGAGE LLC 7 3.38% $5,017
    AMERIFIRST FINANCIAL CORPORATION 7 4.36% $5,102
    Bank of England 7 2.77% $5,456
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 3.35% $4,656
    A Mortgage Boutique, LLC 6 2.73% $5,800
    PENNYMAC LOAN SERVICES, LLC 6 2.85% $5,504
    First Horizon Bank 5 2.75% $4,648
    AMERICAN PACIFIC MORTGAGE CORPORATION 5 3.08% $7,128
    Trustmark National Bank 5 2.85% $5,345
    Colten Mortgage, LLC 5 2.85% $5,416
    HOMEOWNERS FINANCIAL GROUP USA, LLC 5 2.88% $5,432
    HUNT MORTGAGE CORPORATION 5 2.90% $4,931
    BancorpSouth Bank 5 2.63% $4,840
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 3.53% $5,338
    AVADIAN 4 2.66% $4,937
    MICHIGAN MUTUAL, INC. 4 3.13% $4,998
    Citizens Bank 4 3.03% $5,728
    BROKER SOLUTIONS, INC. 3 2.95% $4,926
    MORTGAGE INVESTORS GROUP, INC. 3 2.92% $4,361
    CB&S Bank, Inc. 3 2.83% $4,023
    Carrington Mortgage Services, LLC 3 2.50% $3,885
    GUARANTY HOME MORTGAGE CORPORATION 3 2.79% $4,575
    Cadence Bank, N.A. 2 2.75% $5,743
    THE MORTGAGE FIRM, INC. 2 3.13% $6,028
    Liberty Mortgage Corporation 2 2.81% $3,983
    UNION HOME MORTGAGE CORP. 2 2.25% $7,817
    Alcova Mortgage LLC 2 3.00% $4,736
    First Guaranty Mortgage Corporation 2 3.56% $3,850
    HOMETRUST MORTGAGE COMPANY 2 2.94% $3,800
    CERTAINTY HOME LOANS, LLC 2 2.69% $8,754
    SOUTHWEST FUNDING, LP 2 3.06% $5,700
    Community Bank of Mississippi 1 2.75% $1,222
    DAS Acquisition Company, LLC 1 3.13% $4,422
    EVANSVILLE TEACHERS 1 2.75% $5,074
    Flanagan State Bank 1 3.00% $4,295
    BBVA USA 1 4.13% $4,606
    AMERICAN FINANCIAL NETWORK, INC. 1 2.88% $7,558
    HOMESTAR FINANCIAL CORPORATION 1 2.50% $1,929
    Bank Independent 1 2.75% $3,456
    Ixonia Bank 1 2.88% $5,310
    LAKEVIEW LOAN SERVICING, LLC 1 3.63% $2,326
    MID AMERICA MORTGAGE, INC. 1 2.99% $1,275
    Nations Lending Corporation 1 3.25% $7,248
    Waterstone Mortgage Corporation 1 3.00% $6,701
    Paramount Residential Mortgage Group, Inc. 1 2.75% $4,378
    AmRes Corporation 1 2.50% $5,111
    CMG MORTGAGE, INC. 1 2.25% $12,844
    AMERICAN MORTGAGE SERVICE COMPANY 1 2.88% $4,436

    The top Birmingham USDA lender as defined by loan originations is Hamilton Mortgage Corporation, with 55 USDA loans originated. Their average total fees are $3,839, which is $1,431 higher than the next largest lender, INTERLINC MORTGAGE SERVICES, LLC.

    The lowest fee Birmingham USDA lenders (with over 10 loans originated) are INTERLINC MORTGAGE SERVICES, LLC ($2,407), SouthPoint Bank ($3,174), Flagstar Bank, FSB ($3,743), Hamilton Mortgage Corporation ($3,839) and MOVEMENT MORTGAGE, LLC ($4,298).

    The lowest rate Birmingham USDA lenders (with over 10 loans originated) are Flagstar Bank, FSB (2.58%), DHI MORTGAGE COMPANY, LTD. (2.66%), Prosperity Home Mortgage, LLC (2.75%), Hamilton Mortgage Corporation (2.75%) and First Federal Bank, A FSB (2.77%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Birmingham (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 $206,500 (8.7%) $273,152 (8.4%) 0.77 4,315
    2018-02-01 $211,950 (8.5%) $276,853 (7.0%) 0.77 4,210
    2018-03-01 $224,865 (10.0%) $290,798 (8.1%) 0.79 4,126
    2018-04-01 $233,290 (8.6%) $301,757 (8.7%) 0.79 4,208
    2018-05-01 $238,950 (9.0%) $310,231 (8.8%) 0.80 4,315
    2018-06-01 $236,920 (7.7%) $310,802 (8.5%) 0.79 4,412
    2018-07-01 $239,700 (9.0%) $308,905 (8.9%) 0.80 4,548
    2018-08-01 $239,000 (10.7%) $308,466 (10.0%) 0.80 4,619
    2018-09-01 $229,990 (7.0%) $307,440 (11.2%) 0.77 4,560
    2018-10-01 $226,574 (5.9%) $301,115 (8.1%) 0.77 4,540
    2018-11-01 $229,428 (9.3%) $304,539 (11.2%) 0.78 4,382
    2018-12-01 $229,900 (9.8%) $304,728 (12.4%) 0.79 4,086
    2019-01-01 $231,320 (12.0%) $303,269 (11.0%) 0.80 3,805
    2019-02-01 $242,450 (14.4%) $317,463 (14.7%) 0.82 3,727
    2019-03-01 $252,478 (12.3%) $328,470 (13.0%) 0.83 3,708
    2019-04-01 $258,508 (10.8%) $338,333 (12.1%) 0.82 3,733
    2019-05-01 $264,950 (10.9%) $340,927 (9.9%) 0.83 3,749
    2019-06-01 $266,635 (12.5%) $340,333 (9.5%) 0.83 3,966
    2019-07-01 $269,450 (12.4%) $339,576 (9.9%) 0.84 4,095
    2019-08-01 $268,564 (12.4%) $337,187 (9.3%) 0.85 4,094
    2019-09-01 $266,559 (15.9%) $334,225 (8.7%) 0.85 4,056
    2019-10-01 $264,950 (16.9%) $331,697 (10.2%) 0.85 4,002
    2019-11-01 $259,900 (13.3%) $327,966 (7.7%) 0.85 3,808
    2019-12-01 $253,617 (10.3%) $324,533 (6.5%) 0.85 3,506
    2020-01-01 $254,380 (10.0%) $326,415 (7.6%) 0.85 3,228
    2020-02-01 $259,900 (7.2%) $332,945 (4.9%) 0.85 3,194
    2020-03-01 $267,313 (5.9%) $343,686 (4.6%) 0.84 3,123
    2020-04-01 $265,000 (2.5%) $340,280 (0.6%) 0.83 3,188
    2020-05-01 $269,900 (1.9%) $352,640 (3.4%) 0.82 3,121
    2020-06-01 $279,000 (4.6%) $362,437 (6.5%) 0.82 2,935
    2020-07-01 $279,450 (3.7%) $361,222 (6.4%) 0.81 2,784
    2020-08-01 $275,000 (2.4%) $359,936 (6.8%) 0.79 2,640
    2020-09-01 $273,045 (2.4%) $359,852 (7.7%) 0.78 2,550
    2020-10-01 $264,950 (0.0%) $352,726 (6.3%) 0.76 2,581
    2020-11-01 $260,150 (0.1%) $349,702 (6.6%) 0.76 2,484
    2020-12-01 $260,741 (2.8%) $349,460 (7.7%) 0.78 2,278
    2021-01-01 $260,000 (2.2%) $348,428 (6.7%) 0.78 2,066
    2021-02-01 $263,850 (1.5%) $356,529 (7.1%) 0.77 1,723
    2021-03-01 $269,695 (0.9%) $370,090 (7.7%) 0.77 1,656
    2021-04-01 $279,500 (5.5%) $390,792 (14.8%) 0.76 1,565
    2021-05-01 $279,900 (3.7%) $387,098 (9.8%) 0.74 1,455
    2021-06-01 $276,950 (-0.7%) $375,244 (3.5%) 0.73 1,566
    2021-07-01 $275,000 (-1.6%) $367,798 (1.8%) 0.72 1,839
    2021-08-01 $277,450 (0.9%) $367,817 (2.2%) 0.74 1,951
    2021-09-01 $275,000 (0.7%) $369,767 (2.8%) 0.73 1,891
    2021-10-01 $285,000 (7.6%) $375,693 (6.5%) 0.76 1,830
    2021-11-01 $279,900 (7.6%) $374,580 (7.1%) 0.75 1,681
    2021-12-01 $274,950 (5.5%) $370,538 (6.0%) 0.75 1,562
    2022-01-01 $265,000 (1.9%) $363,476 (4.3%) 0.72 1,418
    2022-02-01 $262,400 (-0.6%) $368,608 (3.4%) 0.68 1,424
    2022-03-01 $264,950 (-1.8%) $372,335 (0.6%) 0.66 1,418
    2022-04-01 $275,000 (-1.6%) $387,251 (-0.9%) 0.66 1,502
    2022-05-01 $290,763 (3.9%) $400,460 (3.5%) 0.66 1,628
    2022-06-01 $299,000 (8.0%) $399,503 (6.5%) 0.67 1,951
    2022-07-01 $299,500 (8.9%) $389,119 (5.8%) 0.68 2,393
    2022-08-01 $286,088 (3.1%) $375,426 (2.1%) 0.66 2,492
    2022-09-01 $281,995 (2.5%) $369,987 (0.1%) 0.66 2,470
    2022-10-01 $279,900 (-1.8%) $368,848 (-1.8%) 0.66 2,660
    Birmingham's median listing price for 2022-10-01 was $279,900, a difference of $-5,100 (-1.8%) versus the prior year and $-2,095 versus the prior month.

    Birmingham's median listing price comes in at 66% of the national average.

    Birmingham's average listing price for 2022-10-01 was $368,848, a difference of $-6,845 (-1.8%) versus the prior year and $-1,139 versus the prior month.

    For the 2022-10-01 period, Birmingham had 2,660 MLS listings, a difference of 190 listings (8%) versus the prior month and 830 listings (45%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Birmingham (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 102 days 1,888 sqft
    2018-02-01 96 days 1,890 sqft
    2018-03-01 71 days 1,880 sqft
    2018-04-01 66 days 1,889 sqft
    2018-05-01 60 days 1,916 sqft
    2018-06-01 60 days 1,919 sqft
    2018-07-01 65 days 1,947 sqft
    2018-08-01 66 days 1,940 sqft
    2018-09-01 69 days 1,903 sqft
    2018-10-01 74 days 1,874 sqft
    2018-11-01 79 days 1,878 sqft
    2018-12-01 86 days 1,884 sqft
    2019-01-01 93 days 1,888 sqft
    2019-02-01 83 days 1,918 sqft
    2019-03-01 71 days 1,953 sqft
    2019-04-01 61 days 1,978 sqft
    2019-05-01 54 days 1,988 sqft
    2019-06-01 57 days 1,976 sqft
    2019-07-01 58 days 1,979 sqft
    2019-08-01 61 days 1,978 sqft
    2019-09-01 67 days 1,968 sqft
    2019-10-01 72 days 1,961 sqft
    2019-11-01 78 days 1,973 sqft
    2019-12-01 85 days 1,953 sqft
    2020-01-01 88 days 2,008 sqft
    2020-02-01 77 days 2,120 sqft
    2020-03-01 65 days 2,150 sqft
    2020-04-01 67 days 2,134 sqft
    2020-05-01 70 days 2,135 sqft
    2020-06-01 71 days 2,135 sqft
    2020-07-01 65 days 2,157 sqft
    2020-08-01 60 days 2,138 sqft
    2020-09-01 59 days 2,123 sqft
    2020-10-01 57 days 2,064 sqft
    2020-11-01 59 days 2,035 sqft
    2020-12-01 71 days 1,998 sqft
    2021-01-01 72 days 1,970 sqft
    2021-02-01 55 days 1,937 sqft
    2021-03-01 45 days 1,967 sqft
    2021-04-01 40 days 2,002 sqft
    2021-05-01 45 days 2,008 sqft
    2021-06-01 38 days 1,942 sqft
    2021-07-01 33 days 1,920 sqft
    2021-08-01 36 days 1,926 sqft
    2021-09-01 42 days 1,907 sqft
    2021-10-01 53 days 1,930 sqft
    2021-11-01 62 days 1,907 sqft
    2021-12-01 61 days 1,881 sqft
    2022-01-01 71 days 1,823 sqft
    2022-02-01 44 days 1,817 sqft
    2022-03-01 34 days 1,809 sqft
    2022-04-01 32 days 1,852 sqft
    2022-05-01 32 days 1,843 sqft
    2022-06-01 30 days 1,863 sqft
    2022-07-01 30 days 1,875 sqft
    2022-08-01 38 days 1,851 sqft
    2022-09-01 46 days 1,842 sqft
    2022-10-01 47 days 1,847 sqft
    Birmingham's median listing age (time on market) for 2022-10-01 was 47 days. This is -11% shorter than the same period one year ago.

    Birmingham's median square footage for active listings during the 2022-10-01 period was 1,847 sqft. One year prior, the average listing was 1,930 sqft.