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 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.