Birmingham USDA Loan Rates, Closing Costs & Stats

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 71 lenders originated 335 USDA loans during 2022. The total origination value was $68,495,000, with an average USDA loan value of $204,463.

Birmingham USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Birmingham averaged 6.54% for the week of 2024-02-16, compared to the national average (all USDA variants) of 6.685% for the same period.

Birmingham's average USDA mortgage closing costs are $4,452.

The average rate for the prior week (2024-02-09) was 6.27% and one month ago for the week of 2024-01-12, the average rate was 6.19%.

The average rate one year ago was 5.63%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.53%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Hamilton Mortgage Corporation 43 4.59% $4,630
UNITED WHOLESALE MORTGAGE, LLC 22 4.38% $6,491
Prosperity Home Mortgage, LLC 20 4.46% $5,543
MOVEMENT MORTGAGE, LLC 19 4.85% $5,868
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 4.65% $4,707
Regions Bank 12 5.11% $5,145
GUILD MORTGAGE COMPANY 11 5.03% $6,402
Renasant Bank 11 4.84% $8,151
FirstBank 10 3.81% $6,432
First Federal Bank, A FSB 9 4.49% $6,096
LEADERONE FINANCIAL CORPORATION 8 5.11% $5,852
DHI MORTGAGE COMPANY, LTD. 8 3.58% $6,885
Ameris Bank 8 4.42% $7,032
HOMEBRIDGE FINANCIAL SERVICES, INC. 8 4.19% $6,852
Hometown Lenders, Inc. 7 5.36% $7,657
SouthPoint Bank 7 4.84% $6,850
INTERLINC MORTGAGE SERVICES, LLC 6 4.46% $4,911
HOME POINT FINANCIAL CORPORATION 6 4.73% $6,251
MORTGAGE INVESTORS GROUP, INC. 5 3.93% $4,851
AMERIFIRST FINANCIAL CORPORATION 5 5.43% $5,239
GMFS LLC 4 3.75% $2,372
Assurance Financial Group, L.L.C. 4 4.81% $6,232
BancorpSouth 4 4.38% $6,725
THE MORTGAGE FIRM, INC. 4 4.69% $5,953
Trustmark National Bank 4 5.16% $7,790
UNION HOME MORTGAGE CORP. 4 5.66% $5,495
Gateway First Bank 4 3.72% $3,321
CORNERSTONE HOME LENDING, INC. 3 6.04% $11,095
CALIBER HOME LOANS, INC. 3 5.02% $5,838
Bank of England 3 4.96% $5,069
Northpointe Bank 3 5.25% $9,228
Synovus Bank 2 5.69% $5,390
LOANDEPOT.COM, LLC 2 4.88% $9,497
FBC MORTGAGE, LLC 2 4.38% $8,412
Paramount Residential Mortgage Group, Inc. 2 3.75% $4,799
RELIANCE FIRST CAPITAL, LLC 2 5.69% $3,311
HUNT MORTGAGE CORPORATION 2 3.63% $3,657
TJC Mortgage, Inc. 2 3.50% $5,529
VANDERBILT MORTGAGE AND FINANCE, INC. 2 4.31% $4,800
Goldwater Bank, N.A. 2 5.19% $10,000
GUARANTY HOME MORTGAGE CORPORATION 2 4.94% $4,698
HOMESTAR FINANCIAL CORPORATION 2 6.50% $5,972
SOUTHWEST FUNDING, LP 1 5.63% $7,064
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $7,698
BAYSHORE MORTGAGE FUNDING, LLC 1 5.63% $5,684
BROKER SOLUTIONS, INC. 1 5.63% $5,701
Carrington Mortgage Services, LLC 1 2.75% $4,105
CB&S Bank, Inc. 1 2.88% $5,322
CHURCHILL MORTGAGE CORPORATION 1 5.63% $6,203
CIS Financial Services, Inc. 1 3.50% $5,966
Consumer First Mortgage, Inc. 1 5.00% $6,552
DELMAR FINANCIAL COMPANY 1 5.75% $5,708
Equity Prime Mortgage LLC 1 6.00% $7,095
EVERETT FINANCIAL, INC. 1 6.13% $3,695
FIRST COMMUNITY MORTGAGE, INC. 1 4.38% $5,839
First Horizon Bank 1 4.88% $6,632
First Option Mortgage, LLC 1 3.25% $6,548
Flagstar Bank, FSB 1 4.15% $4,647
FREEDOM MORTGAGE CORPORATION 1 3.25% $4,326
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 5.13% $8,610
HOMESIDE FINANCIAL, LLC 1 4.63% $4,675
HOMETRUST MORTGAGE COMPANY 1 3.25% $4,574
KELLER MORTGAGE, LLC 1 4.75% $4,161
MICHIGAN MUTUAL, INC. 1 4.00% $6,015
PENNYMAC LOAN SERVICES, LLC 1 3.25% $4,476
Plains Commerce Bank 1 4.13% $3,487
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.63% $10,581
Princeton Mortgage Corporation 1 6.00% $11,258
SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.38% $8,410
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $5,183
Truist 1 4.50% $4,141

The top Birmingham USDA lender as defined by loan originations is Hamilton Mortgage Corporation, with 43 USDA loans originated. Their average total fees are $4,630, which is $1,861 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Birmingham USDA lenders (with over 10 loans originated) are Hamilton Mortgage Corporation ($4,630), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($4,707), Regions Bank ($5,145), Prosperity Home Mortgage, LLC ($5,543) and MOVEMENT MORTGAGE, LLC ($5,868).

The lowest rate Birmingham USDA lenders (with over 10 loans originated) are FirstBank (3.81%), UNITED WHOLESALE MORTGAGE, LLC (4.38%), Prosperity Home Mortgage, LLC (4.46%), Hamilton Mortgage Corporation (4.59%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (4.65%).


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 (6.3%) $268,518 (8.1%) 0.74 4,619
2018-02-01 $204,800 (7.8%) $271,347 (6.7%) 0.74 4,522
2018-03-01 $218,900 (9.5%) $284,975 (7.9%) 0.77 4,429
2018-04-01 $228,514 (8.9%) $295,547 (8.6%) 0.77 4,502
2018-05-01 $232,400 (8.1%) $302,987 (8.1%) 0.78 4,631
2018-06-01 $230,000 (6.4%) $304,572 (8.3%) 0.77 4,715
2018-07-01 $234,413 (9.1%) $302,192 (8.7%) 0.78 4,850
2018-08-01 $234,258 (11.6%) $302,439 (9.9%) 0.78 4,920
2018-09-01 $227,810 (8.5%) $301,010 (11.0%) 0.77 4,865
2018-10-01 $222,888 (6.2%) $294,677 (7.6%) 0.75 4,824
2018-11-01 $224,900 (9.7%) $298,857 (11.0%) 0.76 4,639
2018-12-01 $225,000 (10.7%) $299,092 (12.0%) 0.78 4,322
2019-01-01 $227,376 (13.7%) $297,800 (10.9%) 0.79 4,026
2019-02-01 $236,950 (15.7%) $311,904 (15.0%) 0.80 3,962
2019-03-01 $244,186 (11.6%) $321,784 (12.9%) 0.80 3,939
2019-04-01 $252,400 (10.5%) $332,149 (12.4%) 0.80 3,949
2019-05-01 $259,875 (11.8%) $334,736 (10.5%) 0.81 3,977
2019-06-01 $259,900 (13.0%) $334,933 (10.0%) 0.81 4,189
2019-07-01 $260,500 (11.1%) $334,010 (10.5%) 0.82 4,322
2019-08-01 $262,809 (12.2%) $331,896 (9.7%) 0.83 4,322
2019-09-01 $261,173 (14.6%) $329,180 (9.4%) 0.84 4,280
2019-10-01 $259,900 (16.6%) $327,123 (11.0%) 0.84 4,221
2019-11-01 $257,695 (14.6%) $324,079 (8.4%) 0.84 4,014
2019-12-01 $249,900 (11.1%) $320,852 (7.3%) 0.83 3,696
2020-01-01 $249,900 (9.9%) $322,316 (8.2%) 0.84 3,405
2020-02-01 $256,360 (8.2%) $328,831 (5.4%) 0.84 3,373
2020-03-01 $261,884 (7.3%) $339,044 (5.4%) 0.82 3,300
2020-04-01 $260,863 (3.4%) $336,090 (1.2%) 0.82 3,359
2020-05-01 $266,483 (2.5%) $348,099 (4.0%) 0.81 3,291
2020-06-01 $273,450 (5.2%) $357,089 (6.6%) 0.81 3,113
2020-07-01 $273,710 (5.1%) $355,461 (6.4%) 0.79 2,947
2020-08-01 $269,950 (2.7%) $355,753 (7.2%) 0.77 2,792
2020-09-01 $270,438 (3.6%) $355,097 (7.9%) 0.77 2,686
2020-10-01 $259,900 (0.0%) $347,655 (6.3%) 0.74 2,723
2020-11-01 $256,999 (-0.3%) $343,896 (6.1%) 0.75 2,612
2020-12-01 $255,800 (2.4%) $342,286 (6.7%) 0.76 2,409
2021-01-01 $258,400 (3.4%) $341,156 (5.9%) 0.77 2,186
2021-02-01 $259,400 (1.2%) $349,727 (6.4%) 0.76 1,835
2021-03-01 $263,875 (0.8%) $363,055 (7.1%) 0.75 1,766
2021-04-01 $275,052 (5.4%) $381,887 (13.6%) 0.74 1,664
2021-05-01 $279,900 (5.0%) $384,022 (10.3%) 0.74 1,545
2021-06-01 $272,500 (-0.4%) $372,056 (4.2%) 0.72 1,647
2021-07-01 $269,900 (-1.4%) $363,993 (2.4%) 0.71 1,951
2021-08-01 $272,500 (0.9%) $364,276 (2.4%) 0.73 2,052
2021-09-01 $272,624 (0.8%) $366,859 (3.3%) 0.73 1,987
2021-10-01 $279,900 (7.7%) $372,638 (7.2%) 0.75 1,928
2021-11-01 $275,000 (7.0%) $371,674 (8.1%) 0.74 1,786
2021-12-01 $270,000 (5.6%) $367,970 (7.5%) 0.73 1,656
2022-01-01 $260,950 (1.0%) $360,847 (5.8%) 0.71 1,508
2022-02-01 $258,975 (-0.2%) $366,542 (4.8%) 0.67 1,510
2022-03-01 $260,450 (-1.3%) $371,339 (2.3%) 0.65 1,499
2022-04-01 $275,000 (0.0%) $386,991 (1.3%) 0.66 1,587
2022-05-01 $289,900 (3.6%) $401,199 (4.5%) 0.66 1,723
2022-06-01 $295,075 (8.3%) $399,495 (7.4%) 0.66 2,055
2022-07-01 $299,000 (10.8%) $389,889 (7.1%) 0.67 2,487
2022-08-01 $285,575 (4.8%) $376,385 (3.3%) 0.66 2,601
2022-09-01 $281,570 (3.3%) $369,685 (0.8%) 0.66 2,601
2022-10-01 $279,900 (0.0%) $368,701 (-1.1%) 0.66 2,787
2022-11-01 $275,455 (0.2%) $361,681 (-2.7%) 0.66 2,905
2022-12-01 $274,900 (1.8%) $358,283 (-2.6%) 0.68 2,789
2023-01-01 $271,542 (4.1%) $358,658 (-0.6%) 0.67 2,601
2023-02-01 $273,600 (5.7%) $362,652 (-1.1%) 0.66 2,454
2023-03-01 $279,655 (7.4%) $370,735 (-0.2%) 0.66 2,435
2023-04-01 $289,425 (5.3%) $383,581 (-0.9%) 0.67 2,383
2023-05-01 $297,950 (2.8%) $396,064 (-1.3%) 0.68 2,408
2023-06-01 $301,087 (2.0%) $397,506 (-0.5%) 0.68 2,519
2023-07-01 $299,000 (0.0%) $390,073 (0.1%) 0.68 2,751
2023-08-01 $297,250 (4.1%) $387,796 (3.0%) 0.68 2,893
2023-09-01 $299,000 (6.2%) $380,492 (2.9%) 0.70 3,014
2023-10-01 $294,950 (5.4%) $379,598 (3.0%) 0.69 3,214
2023-11-01 $289,950 (5.3%) $379,720 (5.0%) 0.69 3,293
2023-12-01 $286,500 (4.2%) $377,129 (5.3%) 0.70 3,175
Birmingham's median listing price for 2023-12-01 was $286,500, a difference of $11,600 (4.2%) versus the prior year and $-3,450 versus the prior month.

Birmingham's median listing price comes in at 70% of the national average.

Birmingham's average listing price for 2023-12-01 was $377,129, a difference of $18,846 (5.3%) versus the prior year and $-2,591 versus the prior month.

For the 2023-12-01 period, Birmingham had 3,175 MLS listings, a difference of -118 listings (-4%) versus the prior month and 386 listings (14%) 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 95 days 1,915 sqft
2018-02-01 87 days 1,910 sqft
2018-03-01 64 days 1,874 sqft
2018-04-01 60 days 1,880 sqft
2018-05-01 54 days 1,899 sqft
2018-06-01 56 days 1,908 sqft
2018-07-01 60 days 1,934 sqft
2018-08-01 61 days 1,934 sqft
2018-09-01 64 days 1,900 sqft
2018-10-01 70 days 1,861 sqft
2018-11-01 73 days 1,868 sqft
2018-12-01 81 days 1,880 sqft
2019-01-01 86 days 1,884 sqft
2019-02-01 74 days 1,909 sqft
2019-03-01 64 days 1,941 sqft
2019-04-01 57 days 1,970 sqft
2019-05-01 52 days 1,981 sqft
2019-06-01 54 days 1,974 sqft
2019-07-01 57 days 1,968 sqft
2019-08-01 57 days 1,970 sqft
2019-09-01 62 days 1,961 sqft
2019-10-01 67 days 1,956 sqft
2019-11-01 73 days 1,966 sqft
2019-12-01 81 days 1,951 sqft
2020-01-01 82 days 2,002 sqft
2020-02-01 69 days 2,111 sqft
2020-03-01 59 days 2,144 sqft
2020-04-01 61 days 2,130 sqft
2020-05-01 64 days 2,127 sqft
2020-06-01 61 days 2,129 sqft
2020-07-01 58 days 2,153 sqft
2020-08-01 54 days 2,138 sqft
2020-09-01 54 days 2,118 sqft
2020-10-01 51 days 2,056 sqft
2020-11-01 56 days 2,027 sqft
2020-12-01 66 days 1,992 sqft
2021-01-01 66 days 1,968 sqft
2021-02-01 50 days 1,941 sqft
2021-03-01 43 days 1,967 sqft
2021-04-01 38 days 2,001 sqft
2021-05-01 40 days 2,009 sqft
2021-06-01 37 days 1,942 sqft
2021-07-01 33 days 1,916 sqft
2021-08-01 35 days 1,922 sqft
2021-09-01 42 days 1,907 sqft
2021-10-01 50 days 1,909 sqft
2021-11-01 57 days 1,892 sqft
2021-12-01 56 days 1,871 sqft
2022-01-01 65 days 1,810 sqft
2022-02-01 39 days 1,809 sqft
2022-03-01 33 days 1,801 sqft
2022-04-01 31 days 1,848 sqft
2022-05-01 31 days 1,843 sqft
2022-06-01 29 days 1,867 sqft
2022-07-01 30 days 1,881 sqft
2022-08-01 38 days 1,860 sqft
2022-09-01 45 days 1,850 sqft
2022-10-01 46 days 1,848 sqft
2022-11-01 52 days 1,845 sqft
2022-12-01 63 days 1,816 sqft
2023-01-01 68 days 1,801 sqft
2023-02-01 65 days 1,801 sqft
2023-03-01 54 days 1,820 sqft
2023-04-01 46 days 1,840 sqft
2023-05-01 44 days 1,899 sqft
2023-06-01 44 days 1,925 sqft
2023-07-01 45 days 1,928 sqft
2023-08-01 45 days 1,931 sqft
2023-09-01 50 days 1,920 sqft
2023-10-01 51 days 1,912 sqft
2023-11-01 52 days 1,885 sqft
2023-12-01 60 days 1,867 sqft
Birmingham's median listing age (time on market) for 2023-12-01 was 60 days. This is -5% shorter than the same period one year ago.

Birmingham's median square footage for active listings during the 2023-12-01 period was 1,867 sqft. One year prior, the average listing was 1,816 sqft.