Blacksburg USDA Loan Rates, Closing Costs & Stats
BLACKSBURG-CHRISTIANSBURG, VA
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.
Blacksburg's 17 lenders originated 70 USDA loans during 2023. The total origination value was $11,750,000, with an average USDA loan value of $167,857.
Blacksburg USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Blacksburg
averaged
6.7%
for the week of 2024-11-08, compared to the national average (all USDA variants) of
6.477% for the same period.
Blacksburg's average USDA mortgage closing costs are $4,689.
The average rate for the prior week (2024-11-01) was
6.67% and
one month ago for the week of 2024-10-04, the
average rate was 6.2%.
The average rate one year ago was 7.24%.
For refis of the same type during the week of 2024-11-08, the average rate
was 7.25%.
Blacksburg 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 Blacksburg level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| Alcova Mortgage LLC | 20 | 7.00% | $3,179 |
| ATLANTIC BAY MORTGAGE GROUP, L.L.C. | 19 | 6.74% | $6,586 |
| FREEDOM FIRST | 5 | 6.10% | $4,820 |
| First Heritage Mortgage, LLC | 4 | 6.19% | $6,249 |
| MOVEMENT MORTGAGE, LLC | 4 | 6.34% | $7,244 |
| EMBRACE HOME LOANS, INC. | 3 | 6.21% | $6,413 |
| Waterstone Mortgage Corporation | 2 | 6.56% | $7,209 |
| First Reliance Bank | 2 | 6.75% | $5,565 |
| Renasant Bank | 2 | 6.69% | $5,710 |
| The Federal Savings Bank | 2 | 6.13% | $7,145 |
| Citizens Bank | 1 | 6.25% | $5,220 |
| PLAZA HOME MORTGAGE, INC. | 1 | 5.75% | $10,057 |
| Prosperity Home Mortgage, LLC | 1 | 7.13% | $6,159 |
| TOWNE MORTGAGE COMPANY | 1 | 7.25% | $5,574 |
| CARDINAL FINANCIAL | 1 | 5.75% | $7,392 |
| Atlantic Union Bank | 1 | 6.00% | $5,073 |
| Keystone Funding, Inc. | 1 | 6.13% | $11,512 |
The top Blacksburg USDA lender as defined by loan originations is Alcova Mortgage LLC, with
20 USDA loans originated. Their average total fees are
$3,179, which is $3,406
lower than the next largest lender,
ATLANTIC BAY MORTGAGE GROUP, L.L.C..
The lowest fee Blacksburg USDA lenders (with over 10 loans originated) are
Alcova Mortgage LLC ($3,179), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($6,586), .
The lowest rate Blacksburg USDA lenders (with over 10 loans originated) are
ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.74%), Alcova Mortgage LLC (7.00%), .