Birmingham USDA Loans

BIRMINGHAM-HOOVER, AL

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    • 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.