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%.

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

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 for 2022-04-01 was $144,000, a difference of $7,000 (5.1%) versus the prior year and $1,500 versus the prior month.

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 listing age (time on market) for 2022-04-01 was 55 days. This is -21% shorter than the same period one year ago.

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.