Charleston USDA Loans
CHARLESTON, WV
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.
Charleston's 20 lenders originated 193 USDA loans during 2021. The total origination value was $25,275,000, with an average USDA loan value of $130,959.
Charleston USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Charleston
averaged
5.4%
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
5.23% and
one month ago for the week of 2022-04-08, the
average rate was 4.99%.
The average rate one year ago was 3.2%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.13%.
Charleston 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 Charleston level.
| Name | # of Loans | 2021 Avg. 30yFix Rate | 2021 Avg. Total Fees |
|---|---|---|---|
| PRIMELENDING, A PLAINSCAPITAL COMPANY | 36 | 3.48% | $4,673 |
| Gateway First Bank | 31 | 3.01% | $2,471 |
| MOVEMENT MORTGAGE, LLC | 24 | 3.06% | $4,584 |
| Victorian Finance, LLC | 23 | 2.82% | $4,189 |
| LOANDEPOT.COM, LLC | 20 | 3.28% | $5,183 |
| UNION HOME MORTGAGE CORP. | 12 | 3.09% | $3,351 |
| CROSSCOUNTRY MORTGAGE, LLC | 9 | 2.97% | $4,097 |
| LIBERTY HOME MORTGAGE CORPORATION | 5 | 2.93% | $5,930 |
| PLANET HOME LENDING, LLC | 3 | 3.08% | $3,872 |
| POLARIS HOME FUNDING CORP. | 3 | 3.08% | $7,133 |
| CALIBER HOME LOANS, INC. | 2 | 3.08% | $6,379 |
| Bank of England | 1 | 3.13% | $5,353 |
| STOCKTON MORTGAGE CORPORATION | 1 | 2.75% | $4,398 |
| Flagstar Bank, FSB | 1 | 2.63% | $5,299 |
| AMERICAN FINANCIAL RESOURCES, INC. | 1 | 3.50% | $7,042 |
| FREEDOM MORTGAGE CORPORATION | 1 | 2.38% | $5,643 |
| Integrity Home Mortgage Corp | 1 | 2.75% | $5,216 |
| Alcova Mortgage LLC | 1 | 2.88% | $4,380 |
| MYCUMORTGAGE, LLC | 1 | 2.75% | $5,333 |
| OCEANSIDE MORTGAGE COMPANY | 1 | 3.13% | $1,325 |
The top Charleston USDA lender as defined by loan originations is PRIMELENDING, A PLAINSCAPITAL COMPANY, with
36 USDA loans originated. Their average total fees are
$4,673, which is $2,202
higher than the next largest lender,
Gateway First Bank.
The lowest fee Charleston USDA lenders (with over 10 loans originated) are
Gateway First Bank ($2,471), UNION HOME MORTGAGE CORP. ($3,351), Victorian Finance, LLC ($4,189), MOVEMENT MORTGAGE, LLC ($4,584) and PRIMELENDING, A PLAINSCAPITAL COMPANY ($4,673).
The lowest rate Charleston USDA lenders (with over 10 loans originated) are
Victorian Finance, LLC (2.82%), Gateway First Bank (3.01%), MOVEMENT MORTGAGE, LLC (3.06%), UNION HOME MORTGAGE CORP. (3.09%) and LOANDEPOT.COM, LLC (3.28%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Charleston (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 | $138,000 (-1.4%) | $214,840 (1.2%) | 0.51 | 1,066 |
| 2018-02-01 | $139,450 (-0.3%) | $217,244 (-0.8%) | 0.50 | 1,057 |
| 2018-03-01 | $140,000 (0.1%) | $222,654 (0.9%) | 0.48 | 1,049 |
| 2018-04-01 | $148,461 (3.1%) | $230,494 (1.3%) | 0.50 | 1,087 |
| 2018-05-01 | $145,250 (2.7%) | $227,299 (0.7%) | 0.48 | 1,133 |
| 2018-06-01 | $147,000 (1.0%) | $227,796 (1.5%) | 0.49 | 1,176 |
| 2018-07-01 | $148,969 (-0.6%) | $229,690 (2.4%) | 0.50 | 1,217 |
| 2018-08-01 | $149,000 (-0.6%) | $230,761 (3.3%) | 0.50 | 1,239 |
| 2018-09-01 | $148,500 (-0.9%) | $232,995 (4.9%) | 0.50 | 1,262 |
| 2018-10-01 | $148,500 (-0.6%) | $236,375 (7.9%) | 0.50 | 1,201 |
| 2018-11-01 | $148,750 (2.6%) | $240,566 (11.0%) | 0.50 | 1,158 |
| 2018-12-01 | $145,000 (0.0%) | $237,877 (9.0%) | 0.50 | 1,099 |
| 2019-01-01 | $149,200 (8.1%) | $238,489 (11.0%) | 0.51 | 1,027 |
| 2019-02-01 | $149,900 (7.5%) | $243,142 (11.9%) | 0.50 | 1,025 |
| 2019-03-01 | $149,943 (7.1%) | $242,977 (9.1%) | 0.49 | 1,025 |
| 2019-04-01 | $149,993 (1.0%) | $243,023 (5.4%) | 0.47 | 1,014 |
| 2019-05-01 | $149,950 (3.2%) | $246,308 (8.4%) | 0.46 | 1,056 |
| 2019-06-01 | $150,000 (2.0%) | $246,659 (8.3%) | 0.46 | 1,114 |
| 2019-07-01 | $149,450 (0.3%) | $234,762 (2.2%) | 0.46 | 1,153 |
| 2019-08-01 | $149,100 (0.1%) | $226,957 (-1.7%) | 0.47 | 1,159 |
| 2019-09-01 | $149,800 (0.9%) | $225,472 (-3.2%) | 0.48 | 1,145 |
| 2019-10-01 | $149,900 (0.9%) | $228,586 (-3.3%) | 0.48 | 1,112 |
| 2019-11-01 | $149,900 (0.8%) | $226,347 (-5.9%) | 0.48 | 1,075 |
| 2019-12-01 | $149,000 (2.8%) | $232,816 (-2.1%) | 0.50 | 1,029 |
| 2020-01-01 | $146,950 (-1.5%) | $238,046 (-0.2%) | 0.49 | 971 |
| 2020-02-01 | $147,500 (-1.6%) | $238,144 (-2.1%) | 0.48 | 931 |
| 2020-03-01 | $149,950 (0.0%) | $243,833 (0.4%) | 0.47 | 897 |
| 2020-04-01 | $156,250 (4.2%) | $247,189 (1.7%) | 0.49 | 841 |
| 2020-05-01 | $162,000 (8.0%) | $262,168 (6.4%) | 0.49 | 754 |
| 2020-06-01 | $161,200 (7.5%) | $261,856 (6.2%) | 0.47 | 741 |
| 2020-07-01 | $159,900 (7.0%) | $265,733 (13.2%) | 0.46 | 726 |
| 2020-08-01 | $160,695 (7.8%) | $274,329 (20.9%) | 0.46 | 693 |
| 2020-09-01 | $160,298 (7.0%) | $273,446 (21.3%) | 0.46 | 674 |
| 2020-10-01 | $160,725 (7.2%) | $273,093 (19.5%) | 0.46 | 667 |
| 2020-11-01 | $157,900 (5.3%) | $262,711 (16.1%) | 0.45 | 530 |
| 2020-12-01 | $149,900 (0.6%) | $246,535 (5.9%) | 0.44 | 497 |
| 2021-01-01 | $145,000 (-1.3%) | $241,026 (1.3%) | 0.43 | 451 |
| 2021-02-01 | $139,000 (-5.8%) | $235,161 (-1.3%) | 0.40 | 410 |
| 2021-03-01 | $137,000 (-8.6%) | $236,644 (-3.0%) | 0.38 | 368 |
| 2021-04-01 | $137,000 (-12.3%) | $260,460 (5.4%) | 0.37 | 317 |
| 2021-05-01 | $139,900 (-13.6%) | $262,616 (0.2%) | 0.37 | 332 |
| 2021-06-01 | $140,000 (-13.2%) | $233,526 (-10.8%) | 0.36 | 341 |
| 2021-07-01 | $146,000 (-8.7%) | $222,194 (-16.4%) | 0.38 | 341 |
| 2021-08-01 | $139,900 (-12.9%) | $209,952 (-23.5%) | 0.37 | 370 |
| 2021-09-01 | $147,000 (-8.3%) | $206,401 (-24.5%) | 0.39 | 392 |
| 2021-10-01 | $144,000 (-10.4%) | $201,384 (-26.3%) | 0.38 | 439 |
| 2021-11-01 | $143,950 (-8.8%) | $206,520 (-21.4%) | 0.38 | 399 |
| 2021-12-01 | $149,500 (-0.3%) | $203,201 (-17.6%) | 0.40 | 382 |
| 2022-01-01 | $142,900 (-1.5%) | $203,384 (-15.6%) | 0.38 | 339 |
| 2022-02-01 | $148,900 (7.1%) | $229,279 (-2.5%) | 0.38 | 300 |
| 2022-03-01 | $142,500 (4.0%) | $235,446 (-0.5%) | 0.35 | 262 |
| 2022-04-01 | $144,000 (5.1%) | $236,681 (-9.1%) | 0.34 | 253 |
Charleston's median listing price comes in at 34% of the national average.
Charleston's average listing price for 2022-04-01 was $236,681, a difference of $-23,779 (-9.1%) versus the prior year and $1,235 versus the prior month.
For the 2022-04-01 period, Charleston had 253 MLS listings, a difference of -9 listings (-3%) versus the prior month and -64 listings (-20%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Charleston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 105 days | 1,814 sqft |
| 2018-02-01 | 107 days | 1,827 sqft |
| 2018-03-01 | 101 days | 1,848 sqft |
| 2018-04-01 | 80 days | 1,888 sqft |
| 2018-05-01 | 75 days | 1,854 sqft |
| 2018-06-01 | 78 days | 1,870 sqft |
| 2018-07-01 | 84 days | 1,870 sqft |
| 2018-08-01 | 89 days | 1,900 sqft |
| 2018-09-01 | 92 days | 1,854 sqft |
| 2018-10-01 | 93 days | 1,862 sqft |
| 2018-11-01 | 97 days | 1,888 sqft |
| 2018-12-01 | 102 days | 1,845 sqft |
| 2019-01-01 | 108 days | 1,839 sqft |
| 2019-02-01 | 107 days | 1,893 sqft |
| 2019-03-01 | 100 days | 1,895 sqft |
| 2019-04-01 | 86 days | 1,889 sqft |
| 2019-05-01 | 79 days | 1,851 sqft |
| 2019-06-01 | 77 days | 1,863 sqft |
| 2019-07-01 | 79 days | 1,867 sqft |
| 2019-08-01 | 84 days | 1,853 sqft |
| 2019-09-01 | 90 days | 1,849 sqft |
| 2019-10-01 | 92 days | 1,862 sqft |
| 2019-11-01 | 93 days | 1,855 sqft |
| 2019-12-01 | 99 days | 1,850 sqft |
| 2020-01-01 | 107 days | 1,842 sqft |
| 2020-02-01 | 105 days | 1,828 sqft |
| 2020-03-01 | 95 days | 1,892 sqft |
| 2020-04-01 | 87 days | 1,912 sqft |
| 2020-05-01 | 94 days | 1,930 sqft |
| 2020-06-01 | 102 days | 1,924 sqft |
| 2020-07-01 | 93 days | 1,902 sqft |
| 2020-08-01 | 81 days | 1,906 sqft |
| 2020-09-01 | 80 days | 1,891 sqft |
| 2020-10-01 | 80 days | 1,868 sqft |
| 2020-11-01 | 78 days | 1,810 sqft |
| 2020-12-01 | 79 days | 1,792 sqft |
| 2021-01-01 | 86 days | 1,810 sqft |
| 2021-02-01 | 81 days | 1,740 sqft |
| 2021-03-01 | 69 days | 1,717 sqft |
| 2021-04-01 | 70 days | 1,652 sqft |
| 2021-05-01 | 51 days | 1,690 sqft |
| 2021-06-01 | 52 days | 1,644 sqft |
| 2021-07-01 | 56 days | 1,687 sqft |
| 2021-08-01 | 51 days | 1,674 sqft |
| 2021-09-01 | 50 days | 1,699 sqft |
| 2021-10-01 | 49 days | 1,668 sqft |
| 2021-11-01 | 58 days | 1,654 sqft |
| 2021-12-01 | 64 days | 1,666 sqft |
| 2022-01-01 | 73 days | 1,650 sqft |
| 2022-02-01 | 81 days | 1,715 sqft |
| 2022-03-01 | 71 days | 1,719 sqft |
| 2022-04-01 | 55 days | 1,664 sqft |
Charleston's median square footage for active listings during the 2022-04-01 period was 1,664 sqft. One year prior, the average listing was 1,652 sqft.
