Charlotte USDA Loan Rates, Closing Costs & Stats

CHARLOTTE-CONCORD-GASTONIA, NC-SC

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    • 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.

    Charlotte's 51 lenders originated 139 USDA loans during 2023. The total origination value was $32,465,000, with an average USDA loan value of $233,561.

    Charlotte USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Charlotte averaged 6.47% for the week of 2024-11-08, compared to the national average (all USDA variants) of 6.477% for the same period.

    Charlotte's average USDA mortgage closing costs are $5,665.

    The average rate for the prior week (2024-11-01) was 6.24% and one month ago for the week of 2024-10-04, the average rate was 5.57%.

    The average rate one year ago was 7.11%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.7%.

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

    Charlotte 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 Charlotte level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 18 6.58% $7,868
    CROSSCOUNTRY MORTGAGE, LLC 11 6.01% $10,262
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 6.49% $6,771
    American Security Mortgage Corp. 10 6.08% $6,652
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 7 6.46% $10,838
    CARDINAL FINANCIAL 6 6.25% $9,108
    UNITED WHOLESALE MORTGAGE, LLC 5 6.22% $9,575
    GUILD MORTGAGE COMPANY 4 7.00% $6,969
    T2 FINANCIAL LLC 4 6.31% $9,495
    SeaTrust Mortgage Company 3 6.75% $8,474
    LOANDEPOT.COM, LLC 3 5.75% $8,891
    HOMESTAR FINANCIAL CORPORATION 3 6.42% $3,167
    First Federal Bank 2 6.06% $7,852
    PLAZA HOME MORTGAGE, INC. 2 6.88% $8,632
    Bank of England 2 6.75% $5,395
    Fifth Third Bank 2 6.38% $6,146
    NVR Mortgage Finance, Inc. 2 5.50% $6,713
    GSF Mortgage Corporation 2 6.38% $7,962
    EAGLE HOME MORTGAGE, LLC 2 5.69% $9,524
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.00% $10,614
    Truist 2 5.88% $10,046
    UNION HOME MORTGAGE CORP. 2 6.69% $6,667
    C & F Mortgage Corporation 2 6.56% $5,739
    DHI MORTGAGE COMPANY, LTD. 2 5.06% $3,516
    CMG MORTGAGE, INC. 2 5.63% $10,900
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.13% $8,614
    Uwharrie Bank 1 7.38% $5,300
    Ameris Bank 1 6.00% $10,114
    BAY EQUITY LLC 1 7.00% $4,993
    DIRECT MORTGAGE LOANS, LLC 1 6.49% $10,719
    FBC MORTGAGE, LLC 1 5.13% $6,446
    Flagstar Bank, FSB 1 6.63% $6,798
    GoPrime Mortgage, Inc. 1 6.63% $6,467
    GUARANTEED RATE, INC. 1 6.50% $9,978
    HOMESIDE FINANCIAL, LLC 1 6.63% $6,487
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.63% $7,519
    Keystone Funding, Inc. 1 5.75% $5,987
    MICHIGAN MUTUAL, INC. 1 6.75% $12,131
    Mortgage Research Center, LLC 1 5.99% $5,443
    Network Funding, L.P. 1 6.13% $6,515
    Northpointe Bank 1 5.75% $6,566
    ON Q FINANCIAL, INC. 1 5.88% $7,168
    OPEN MORTGAGE, LLC 1 7.13% $10,991
    RESOURCE FINANCIAL SERVICES, INC. 1 6.25% $6,811
    Sierra Pacific Mortgage Company, Inc. 1 6.13% $8,829
    South State Bank 1 5.63% $12,845
    THRIVE MORTGAGE, LLC 1 7.25% $10,434
    TJC Mortgage, Inc. 1 6.00% $14,168
    TOWNE MORTGAGE COMPANY 1 5.75% $6,078
    United Community Bank 1 6.50% $6,092
    AMERICAN FINANCIAL NETWORK, INC. 1 5.75% $10,258

    The top Charlotte USDA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 18 USDA loans originated. Their average total fees are $7,868, which is $2,394 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Charlotte USDA lenders (with over 10 loans originated) are American Security Mortgage Corp. ($6,652), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,771), MOVEMENT MORTGAGE, LLC ($7,868), CROSSCOUNTRY MORTGAGE, LLC ($10,262) and .

    The lowest rate Charlotte USDA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC (6.01%), American Security Mortgage Corp. (6.08%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.49%), MOVEMENT MORTGAGE, LLC (6.58%) and .