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 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 6.5% for the week of 2024-06-07, compared to the national average (all USDA variants) of 6.699% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.59% and one month ago for the week of 2024-05-03, the average rate was 6.68%.

The average rate one year ago was 6.48%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.71%.

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 .


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 $206,425 (8.7%) $273,109 (8.5%) 0.77 4,315
2018-02-01 $211,950 (8.7%) $276,809 (7.1%) 0.77 4,210
2018-03-01 $224,800 (10.7%) $290,746 (8.1%) 0.79 4,125
2018-04-01 $233,255 (8.5%) $301,721 (8.7%) 0.79 4,207
2018-05-01 $238,950 (9.1%) $310,198 (8.8%) 0.80 4,314
2018-06-01 $236,900 (7.7%) $310,770 (8.5%) 0.79 4,412
2018-07-01 $239,700 (9.5%) $308,879 (8.9%) 0.80 4,548
2018-08-01 $239,000 (10.7%) $308,465 (10.0%) 0.80 4,619
2018-09-01 $229,970 (7.0%) $307,409 (11.2%) 0.77 4,561
2018-10-01 $226,500 (6.1%) $301,108 (8.1%) 0.77 4,538
2018-11-01 $229,555 (9.3%) $304,774 (11.3%) 0.78 4,376
2018-12-01 $229,900 (10.0%) $304,991 (12.5%) 0.79 4,077
2019-01-01 $232,083 (12.4%) $303,517 (11.1%) 0.80 3,797
2019-02-01 $242,450 (14.4%) $317,618 (14.7%) 0.82 3,722
2019-03-01 $252,814 (12.5%) $328,650 (13.0%) 0.83 3,703
2019-04-01 $258,900 (11.0%) $338,450 (12.2%) 0.82 3,728
2019-05-01 $265,000 (10.9%) $341,088 (10.0%) 0.83 3,743
2019-06-01 $267,000 (12.7%) $340,616 (9.6%) 0.83 3,958
2019-07-01 $269,450 (12.4%) $339,701 (10.0%) 0.84 4,093
2019-08-01 $268,564 (12.4%) $337,314 (9.4%) 0.85 4,094
2019-09-01 $266,559 (15.9%) $334,348 (8.8%) 0.85 4,057
2019-10-01 $264,950 (17.0%) $331,853 (10.2%) 0.85 4,004
2019-11-01 $259,900 (13.2%) $328,140 (7.7%) 0.85 3,810
2019-12-01 $253,947 (10.5%) $324,858 (6.5%) 0.85 3,505
2020-01-01 $254,950 (9.9%) $326,851 (7.7%) 0.85 3,225
2020-02-01 $259,900 (7.2%) $333,600 (5.0%) 0.85 3,181
2020-03-01 $268,919 (6.4%) $344,516 (4.8%) 0.84 3,110
2020-04-01 $265,375 (2.5%) $340,959 (0.7%) 0.83 3,178
2020-05-01 $270,000 (1.9%) $353,414 (3.6%) 0.82 3,111
2020-06-01 $279,670 (4.8%) $363,276 (6.7%) 0.82 2,925
2020-07-01 $279,900 (3.9%) $361,870 (6.5%) 0.81 2,777
2020-08-01 $275,840 (2.7%) $360,629 (6.9%) 0.79 2,633
2020-09-01 $273,744 (2.7%) $360,549 (7.8%) 0.78 2,537
2020-10-01 $265,000 (0.0%) $353,362 (6.5%) 0.76 2,567
2020-11-01 $260,150 (0.1%) $350,572 (6.8%) 0.76 2,462
2020-12-01 $261,650 (3.0%) $350,037 (7.8%) 0.78 2,263
2021-01-01 $262,650 (3.0%) $348,962 (6.8%) 0.78 2,057
2021-02-01 $265,701 (2.2%) $356,979 (7.0%) 0.77 1,717
2021-03-01 $270,150 (0.5%) $370,590 (7.6%) 0.77 1,647
2021-04-01 $279,725 (5.4%) $391,304 (14.8%) 0.76 1,558
2021-05-01 $279,900 (3.7%) $387,387 (9.6%) 0.74 1,449
2021-06-01 $276,975 (-1.0%) $375,476 (3.4%) 0.73 1,559
2021-07-01 $275,000 (-1.8%) $367,820 (1.6%) 0.73 1,831
2021-08-01 $277,233 (0.5%) $367,743 (2.0%) 0.74 1,943
2021-09-01 $275,000 (0.5%) $369,748 (2.6%) 0.73 1,883
2021-10-01 $284,900 (7.5%) $375,644 (6.3%) 0.76 1,812
2021-11-01 $279,900 (7.6%) $374,658 (6.9%) 0.75 1,669
2021-12-01 $274,063 (4.7%) $370,486 (5.8%) 0.74 1,552
2022-01-01 $265,000 (0.9%) $363,737 (4.2%) 0.72 1,407
2022-02-01 $262,400 (-1.2%) $368,930 (3.4%) 0.68 1,421
2022-03-01 $265,000 (-1.9%) $372,667 (0.6%) 0.66 1,413
2022-04-01 $275,000 (-1.7%) $387,443 (-1.0%) 0.66 1,494
2022-05-01 $290,883 (3.9%) $400,885 (3.5%) 0.67 1,619
2022-06-01 $299,000 (8.0%) $399,817 (6.5%) 0.67 1,941
2022-07-01 $299,500 (8.9%) $389,369 (5.9%) 0.67 2,389
2022-08-01 $286,544 (3.4%) $375,821 (2.2%) 0.66 2,483
2022-09-01 $281,573 (2.4%) $370,277 (0.1%) 0.66 2,462
2022-10-01 $279,900 (-1.8%) $369,304 (-1.7%) 0.66 2,650
2022-11-01 $276,477 (-1.2%) $361,809 (-3.4%) 0.66 2,774
2022-12-01 $274,800 (0.3%) $354,867 (-4.2%) 0.68 2,634
2023-01-01 $270,000 (1.9%) $353,101 (-2.9%) 0.67 2,457
2023-02-01 $270,638 (3.1%) $356,052 (-3.5%) 0.65 2,321
2023-03-01 $278,875 (5.2%) $364,387 (-2.2%) 0.66 2,306
2023-04-01 $285,000 (3.6%) $373,264 (-3.7%) 0.66 2,265
2023-05-01 $296,288 (1.9%) $385,616 (-3.8%) 0.67 2,284
2023-06-01 $299,950 (0.3%) $389,250 (-2.6%) 0.67 2,391
2023-07-01 $299,000 (-0.2%) $384,644 (-1.2%) 0.68 2,621
2023-08-01 $297,000 (3.7%) $382,795 (1.9%) 0.68 2,741
2023-09-01 $299,000 (6.2%) $374,753 (1.2%) 0.70 2,856
2023-10-01 $294,825 (5.3%) $375,899 (1.8%) 0.69 3,031
2023-11-01 $294,001 (6.3%) $376,633 (4.1%) 0.70 3,113
2023-12-01 $289,900 (5.5%) $376,201 (6.0%) 0.71 2,986
2024-01-01 $284,950 (5.5%) $370,068 (4.8%) 0.70 2,851
2024-02-01 $286,137 (5.7%) $368,796 (3.6%) 0.69 2,882
2024-03-01 $289,900 (4.0%) $375,261 (3.0%) 0.68 2,941
2024-04-01 $297,000 (4.2%) $380,021 (1.8%) 0.69 3,092
2024-05-01 $299,900 (1.2%) $387,371 (0.5%) 0.68 3,251
Birmingham's median listing price for 2024-05-01 was $299,900, a difference of $3,612 (1.2%) versus the prior year and $2,900 versus the prior month.

Birmingham's median listing price comes in at 68% of the national average.

Birmingham's average listing price for 2024-05-01 was $387,371, a difference of $1,755 (0.5%) versus the prior year and $7,350 versus the prior month.

For the 2024-05-01 period, Birmingham had 3,251 MLS listings, a difference of 159 listings (5%) versus the prior month and 967 listings (42%) 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 93 days 1,920 sqft
2018-02-01 86 days 1,919 sqft
2018-03-01 62 days 1,879 sqft
2018-04-01 59 days 1,889 sqft
2018-05-01 54 days 1,916 sqft
2018-06-01 55 days 1,919 sqft
2018-07-01 59 days 1,947 sqft
2018-08-01 60 days 1,939 sqft
2018-09-01 63 days 1,903 sqft
2018-10-01 69 days 1,873 sqft
2018-11-01 72 days 1,879 sqft
2018-12-01 79 days 1,886 sqft
2019-01-01 85 days 1,890 sqft
2019-02-01 73 days 1,920 sqft
2019-03-01 62 days 1,956 sqft
2019-04-01 55 days 1,981 sqft
2019-05-01 51 days 1,989 sqft
2019-06-01 53 days 1,976 sqft
2019-07-01 54 days 1,979 sqft
2019-08-01 57 days 1,979 sqft
2019-09-01 62 days 1,968 sqft
2019-10-01 66 days 1,961 sqft
2019-11-01 72 days 1,973 sqft
2019-12-01 80 days 1,954 sqft
2020-01-01 81 days 2,009 sqft
2020-02-01 69 days 2,121 sqft
2020-03-01 59 days 2,154 sqft
2020-04-01 61 days 2,136 sqft
2020-05-01 63 days 2,138 sqft
2020-06-01 62 days 2,139 sqft
2020-07-01 57 days 2,159 sqft
2020-08-01 54 days 2,139 sqft
2020-09-01 54 days 2,124 sqft
2020-10-01 51 days 2,065 sqft
2020-11-01 55 days 2,035 sqft
2020-12-01 66 days 2,000 sqft
2021-01-01 66 days 1,976 sqft
2021-02-01 47 days 1,938 sqft
2021-03-01 42 days 1,964 sqft
2021-04-01 37 days 2,002 sqft
2021-05-01 40 days 2,008 sqft
2021-06-01 36 days 1,939 sqft
2021-07-01 33 days 1,917 sqft
2021-08-01 35 days 1,920 sqft
2021-09-01 41 days 1,907 sqft
2021-10-01 50 days 1,914 sqft
2021-11-01 57 days 1,895 sqft
2021-12-01 55 days 1,872 sqft
2022-01-01 64 days 1,814 sqft
2022-02-01 38 days 1,815 sqft
2022-03-01 32 days 1,807 sqft
2022-04-01 30 days 1,851 sqft
2022-05-01 31 days 1,843 sqft
2022-06-01 29 days 1,861 sqft
2022-07-01 30 days 1,874 sqft
2022-08-01 37 days 1,852 sqft
2022-09-01 45 days 1,843 sqft
2022-10-01 46 days 1,847 sqft
2022-11-01 52 days 1,837 sqft
2022-12-01 63 days 1,801 sqft
2023-01-01 68 days 1,794 sqft
2023-02-01 63 days 1,800 sqft
2023-03-01 51 days 1,808 sqft
2023-04-01 45 days 1,820 sqft
2023-05-01 43 days 1,869 sqft
2023-06-01 43 days 1,906 sqft
2023-07-01 44 days 1,912 sqft
2023-08-01 44 days 1,913 sqft
2023-09-01 49 days 1,900 sqft
2023-10-01 51 days 1,900 sqft
2023-11-01 53 days 1,876 sqft
2023-12-01 61 days 1,861 sqft
2024-01-01 71 days 1,821 sqft
2024-02-01 65 days 1,818 sqft
2024-03-01 50 days 1,828 sqft
2024-04-01 46 days 1,848 sqft
2024-05-01 43 days 1,860 sqft
Birmingham's median listing age (time on market) for 2024-05-01 was 43 days. This is 0% longer than the same period one year ago.

Birmingham's median square footage for active listings during the 2024-05-01 period was 1,860 sqft. One year prior, the average listing was 1,869 sqft.