Blacksburg USDA Loans

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 26 lenders originated 245 USDA loans during 2021. The total origination value was $42,915,000, with an average USDA loan value of $175,163.

Blacksburg USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Blacksburg averaged 5.48% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-05-06) was 5.51% and one month ago for the week of 2022-04-08, the average rate was 4.77%.

The average rate one year ago was 3.08%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.13%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Blacksburg 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 Blacksburg level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 69 2.98% $5,493
Alcova Mortgage LLC 35 2.80% $2,835
The Federal Savings Bank 24 2.49% $4,831
EMBRACE HOME LOANS, INC. 20 2.95% $4,755
Prosperity Home Mortgage, LLC 14 2.84% $5,305
MOVEMENT MORTGAGE, LLC 13 3.05% $4,459
CALIBER HOME LOANS, INC. 13 2.66% $4,112
RESIDENTIAL MORTGAGE SERVICES, INC. 9 2.94% $4,686
FREEDOM FIRST 8 2.44% $4,758
First Heritage Mortgage, LLC 7 2.77% $5,249
First Reliance Bank 7 2.89% $4,969
UNITED WHOLESALE MORTGAGE, LLC 4 2.75% $5,592
Renasant Bank 4 2.97% $4,840
Blue Ridge Bank 3 2.79% $5,162
TOWNE MORTGAGE COMPANY 2 2.75% $6,693
OVM FINANCIAL, INC. 2 2.69% $5,985
Wells Fargo Bank 1 4.00% $2,384
Atlantic Union Bank 1 2.88% $4,786
Bank of England 1 3.38% $4,616
Flagstar Bank, FSB 1 2.75% $5,078
Integrity Home Mortgage Corp 1 2.75% $4,499
LOANDEPOT.COM, LLC 1 3.38% $5,388
MID AMERICA MORTGAGE, INC. 1 2.88% $3,177
PLAZA HOME MORTGAGE, INC. 1 2.99% $6,079
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.50% $4,629
RESIDENTIAL HOME FUNDING CORP. 1 3.25% $6,032

The top Blacksburg USDA lender as defined by loan originations is ATLANTIC BAY MORTGAGE GROUP, L.L.C., with 69 USDA loans originated. Their average total fees are $5,493, which is $2,658 higher than the next largest lender, Alcova Mortgage LLC.

The lowest fee Blacksburg USDA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($2,835), CALIBER HOME LOANS, INC. ($4,112), MOVEMENT MORTGAGE, LLC ($4,459), EMBRACE HOME LOANS, INC. ($4,755) and The Federal Savings Bank ($4,831).

The lowest rate Blacksburg USDA lenders (with over 10 loans originated) are The Federal Savings Bank (2.49%), CALIBER HOME LOANS, INC. (2.66%), Alcova Mortgage LLC (2.80%), Prosperity Home Mortgage, LLC (2.84%) and EMBRACE HOME LOANS, INC. (2.95%).