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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.