Birmingham USDA Loans

BIRMINGHAM-HOOVER, AL

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 5.15% for the week of 2022-08-05, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-07-29) was 5.47% and one month ago for the week of 2022-07-01, the average rate was 5.41%.

The average rate one year ago was 3.29%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.31%.

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 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. Total Fees
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 $199,900 (8.1%) $267,654 (7.9%) 0.74 4,691
2018-02-01 $204,200 (7.5%) $270,441 (5.6%) 0.74 4,590
2018-03-01 $219,000 (10.5%) $284,574 (7.0%) 0.76 4,498
2018-04-01 $227,680 (8.9%) $295,985 (9.1%) 0.76 4,566
2018-05-01 $232,250 (9.0%) $305,087 (9.4%) 0.77 4,701
2018-06-01 $232,900 (8.4%) $306,621 (9.4%) 0.78 4,766
2018-07-01 $234,430 (10.1%) $304,145 (10.0%) 0.78 4,910
2018-08-01 $232,000 (10.5%) $302,002 (10.0%) 0.78 4,978
2018-09-01 $226,500 (7.9%) $301,441 (11.4%) 0.76 4,926
2018-10-01 $221,450 (6.0%) $294,302 (7.7%) 0.74 4,878
2018-11-01 $224,900 (10.3%) $298,630 (11.4%) 0.75 4,690
2018-12-01 $224,870 (12.5%) $297,374 (11.9%) 0.77 4,382
2019-01-01 $225,000 (12.6%) $297,118 (11.0%) 0.78 4,075
2019-02-01 $233,265 (14.2%) $311,219 (15.1%) 0.78 4,004
2019-03-01 $243,957 (11.4%) $320,502 (12.6%) 0.80 3,981
2019-04-01 $249,900 (9.8%) $331,037 (11.8%) 0.79 3,981
2019-05-01 $256,900 (10.6%) $333,729 (9.4%) 0.79 4,006
2019-06-01 $257,900 (10.7%) $334,204 (9.0%) 0.79 4,184
2019-07-01 $259,900 (10.9%) $332,223 (9.2%) 0.81 4,323
2019-08-01 $255,614 (10.2%) $327,316 (8.4%) 0.80 4,254
2019-09-01 $249,998 (10.4%) $322,825 (7.1%) 0.79 4,177
2019-10-01 $258,850 (16.9%) $327,667 (11.3%) 0.83 4,203
2019-11-01 $257,900 (14.7%) $326,499 (9.3%) 0.83 3,969
2019-12-01 $249,900 (11.1%) $321,598 (8.2%) 0.83 3,688
2020-01-01 $249,900 (11.1%) $324,216 (9.1%) 0.83 3,375
2020-02-01 $256,360 (9.9%) $331,977 (6.7%) 0.83 3,316
2020-03-01 $264,100 (8.3%) $342,668 (6.9%) 0.83 3,261
2020-04-01 $263,000 (5.2%) $340,475 (2.9%) 0.82 3,330
2020-05-01 $273,765 (6.6%) $356,246 (6.8%) 0.83 3,251
2020-06-01 $279,640 (8.4%) $366,719 (9.7%) 0.82 3,051
2020-07-01 $279,450 (7.5%) $367,836 (10.7%) 0.80 2,899
2020-08-01 $275,000 (7.6%) $366,166 (11.9%) 0.79 2,745
2020-09-01 $273,450 (9.4%) $364,634 (13.0%) 0.78 2,646
2020-10-01 $265,000 (2.4%) $357,308 (9.1%) 0.76 2,689
2020-11-01 $259,900 (0.8%) $354,933 (8.7%) 0.74 2,578
2020-12-01 $261,250 (4.5%) $354,983 (10.4%) 0.77 2,388
2021-01-01 $262,800 (5.2%) $350,804 (8.2%) 0.77 2,172
2021-02-01 $261,250 (1.9%) $356,546 (7.4%) 0.75 1,799
2021-03-01 $265,200 (0.4%) $365,141 (6.6%) 0.74 1,734
2021-04-01 $276,950 (5.3%) $383,280 (12.6%) 0.74 1,615
2021-05-01 $279,000 (1.9%) $384,200 (7.9%) 0.73 1,504
2021-06-01 $272,500 (-2.6%) $373,131 (1.8%) 0.71 1,602
2021-07-01 $269,868 (-3.4%) $365,982 (-0.5%) 0.70 1,893
2021-08-01 $272,500 (-0.9%) $366,698 (0.2%) 0.72 2,019
2021-09-01 $271,075 (-0.9%) $365,649 (0.3%) 0.71 1,966
2021-10-01 $280,000 (5.7%) $372,938 (4.4%) 0.74 1,901
2021-11-01 $275,000 (5.8%) $373,225 (5.2%) 0.72 1,764
2021-12-01 $272,450 (4.3%) $368,433 (3.8%) 0.73 1,641
2022-01-01 $265,000 (0.8%) $360,533 (2.8%) 0.71 1,494
2022-02-01 $258,450 (-1.1%) $364,502 (2.2%) 0.66 1,484
2022-03-01 $259,450 (-2.2%) $369,580 (1.2%) 0.64 1,469
2022-04-01 $269,900 (-2.6%) $386,518 (0.8%) 0.64 1,555
2022-05-01 $288,025 (3.2%) $399,206 (3.9%) 0.64 1,692
2022-06-01 $295,450 (8.4%) $399,538 (7.1%) 0.66 2,011
Birmingham's median listing price for 2022-06-01 was $295,450, a difference of $22,950 (8.4%) versus the prior year and $7,425 versus the prior month.

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

Birmingham's average listing price for 2022-06-01 was $399,538, a difference of $26,407 (7.1%) versus the prior year and $332 versus the prior month.

For the 2022-06-01 period, Birmingham had 2,011 MLS listings, a difference of 319 listings (19%) versus the prior month and 409 listings (26%) 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
2018-01-01 106 days 1,808 sqft
2018-02-01 99 days 1,788 sqft
2018-03-01 73 days 1,856 sqft
2018-04-01 68 days 1,879 sqft
2018-05-01 62 days 1,904 sqft
2018-06-01 61 days 1,910 sqft
2018-07-01 66 days 1,927 sqft
2018-08-01 66 days 1,930 sqft
2018-09-01 70 days 1,890 sqft
2018-10-01 76 days 1,856 sqft
2018-11-01 80 days 1,859 sqft
2018-12-01 88 days 1,872 sqft
2019-01-01 95 days 1,880 sqft
2019-02-01 85 days 1,896 sqft
2019-03-01 64 days 1,935 sqft
2019-04-01 61 days 1,967 sqft
2019-05-01 56 days 1,983 sqft
2019-06-01 58 days 1,973 sqft
2019-07-01 59 days 1,961 sqft
2019-08-01 60 days 1,953 sqft
2019-09-01 64 days 1,927 sqft
2019-10-01 67 days 1,951 sqft
2019-11-01 72 days 1,956 sqft
2019-12-01 82 days 1,947 sqft
2020-01-01 86 days 1,995 sqft
2020-02-01 71 days 2,121 sqft
2020-03-01 57 days 2,155 sqft
2020-04-01 60 days 2,143 sqft
2020-05-01 64 days 2,148 sqft
2020-06-01 59 days 2,160 sqft
2020-07-01 56 days 2,197 sqft
2020-08-01 51 days 2,156 sqft
2020-09-01 50 days 2,142 sqft
2020-10-01 49 days 2,086 sqft
2020-11-01 54 days 2,059 sqft
2020-12-01 63 days 2,023 sqft
2021-01-01 65 days 2,002 sqft
2021-02-01 57 days 1,982 sqft
2021-03-01 46 days 1,975 sqft
2021-04-01 41 days 2,002 sqft
2021-05-01 40 days 2,003 sqft
2021-06-01 37 days 1,952 sqft
2021-07-01 35 days 1,922 sqft
2021-08-01 37 days 1,930 sqft
2021-09-01 45 days 1,913 sqft
2021-10-01 47 days 1,946 sqft
2021-11-01 50 days 1,916 sqft
2021-12-01 53 days 1,895 sqft
2022-01-01 57 days 1,818 sqft
2022-02-01 38 days 1,812 sqft
2022-03-01 37 days 1,800 sqft
2022-04-01 35 days 1,833 sqft
2022-05-01 35 days 1,847 sqft
2022-06-01 33 days 1,869 sqft
Birmingham's median listing age (time on market) for 2022-06-01 was 33 days. This is -10% shorter than the same period one year ago.

Birmingham's median square footage for active listings during the 2022-06-01 period was 1,869 sqft. One year prior, the average listing was 1,952 sqft.