Charlottesville USDA Loans

CHARLOTTESVILLE, 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.

Charlottesville's 46 lenders originated 175 USDA loans during 2021. The total origination value was $43,865,000, with an average USDA loan value of $250,657.

Charlottesville USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Charlottesville averaged 5.02% 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 5.35% and one month ago for the week of 2022-04-08, the average rate was 5.02%.

The average rate one year ago was 3.03%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.04%.

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

Charlottesville 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 Charlottesville level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Atlantic Coast Mortgage, LLC 17 2.80% $6,137
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 15 3.12% $6,718
Waterstone Mortgage Corporation 13 2.60% $8,133
Alcova Mortgage LLC 10 2.91% $4,236
First Heritage Mortgage, LLC 8 2.78% $6,825
MOVEMENT MORTGAGE, LLC 8 2.98% $6,958
C & F Mortgage Corporation 8 3.05% $5,855
FINANCE OF AMERICA MORTGAGE LLC 8 2.97% $6,292
Towne First Mortgage, LLC 7 2.59% $6,544
First Guaranty Mortgage Corporation 6 2.98% $5,250
Ixonia Bank 6 3.00% $7,843
NVR Mortgage Finance, Inc. 5 2.90% $8,010
PENNYMAC LOAN SERVICES, LLC 5 2.83% $4,039
Prosperity Home Mortgage, LLC 5 2.73% $5,943
CBM Mortgage, Inc. 5 2.93% $5,893
Fulton Bank 3 2.58% $6,207
UNITED WHOLESALE MORTGAGE, LLC 3 2.65% $5,902
NFM, INC. 2 3.00% $7,205
RESIDENTIAL MORTGAGE SERVICES, INC. 2 2.50% $5,569
Renasant Bank 2 3.19% $6,969
GUILD MORTGAGE COMPANY 2 2.69% $6,214
Truist Bank 2 2.63% $7,195
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 2.88% $6,003
Integrity Home Mortgage Corp 2 2.75% $6,792
Presidential Bank, FSB 2 3.00% $8,327
EMBRACE HOME LOANS, INC. 2 2.88% $5,890
PLANET HOME LENDING, LLC 2 2.69% $6,227
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.44% $7,017
CALIBER HOME LOANS, INC. 2 2.65% $4,782
FIRST COMMUNITY MORTGAGE, INC. 2 2.69% $5,203
Wells Fargo Bank 1 4.00% $2,650
Blue Ridge Bank 1 2.25% $8,248
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.50% $9,505
C&F Select LLC 1 2.88% $6,221
Christensen Financial, Inc. 1 3.00% $6,200
Citizens Bank 1 2.75% $9,778
First Reliance Bank 1 2.75% $12,265
George Mason Mortgage, LLC 1 2.13% $6,260
GUARANTEED RATE, INC. 1 3.25% $6,029
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $7,549
HOME POINT FINANCIAL CORPORATION 1 2.50% $5,097
MCLEAN MORTGAGE CORPORATION 1 3.13% $5,492
NEWREZ LLC 1 2.50% $3,913
ROSS MORTGAGE CORPORATION 1 3.75% $8,240
Towne Mortgage, LLC 1 3.25% $5,836
Virginia Credit Union, Inc. 1 2.38% $4,260

The top Charlottesville USDA lender as defined by loan originations is Atlantic Coast Mortgage, LLC, with 17 USDA loans originated. Their average total fees are $6,137, which is $581 lower than the next largest lender, ATLANTIC BAY MORTGAGE GROUP, L.L.C..

The lowest fee Charlottesville USDA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($4,236), Atlantic Coast Mortgage, LLC ($6,137), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($6,718), Waterstone Mortgage Corporation ($8,133) and .

The lowest rate Charlottesville USDA lenders (with over 10 loans originated) are Waterstone Mortgage Corporation (2.60%), Atlantic Coast Mortgage, LLC (2.80%), Alcova Mortgage LLC (2.91%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (3.12%) and .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Charlottesville (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 $386,500 (1.1%) $578,823 (2.7%) 1.42 1,257
2018-02-01 $387,450 (-0.6%) $572,887 (-0.5%) 1.40 1,293
2018-03-01 $389,000 (-0.2%) $601,258 (1.0%) 1.35 1,464
2018-04-01 $389,900 (-1.3%) $581,823 (-2.2%) 1.31 1,603
2018-05-01 $392,500 (-1.7%) $576,611 (-4.0%) 1.31 1,689
2018-06-01 $389,000 (-2.6%) $579,774 (-2.3%) 1.30 1,723
2018-07-01 $385,000 (-3.5%) $571,126 (-2.6%) 1.28 1,694
2018-08-01 $382,500 (-3.9%) $606,401 (7.9%) 1.28 1,667
2018-09-01 $384,900 (-2.8%) $640,833 (13.3%) 1.29 1,690
2018-10-01 $384,925 (-3.5%) $591,106 (1.8%) 1.29 1,704
2018-11-01 $389,000 (-2.0%) $592,151 (2.7%) 1.30 1,552
2018-12-01 $379,000 (-1.6%) $548,215 (-3.6%) 1.30 1,363
2019-01-01 $382,950 (-0.9%) $568,030 (-1.9%) 1.32 1,267
2019-02-01 $397,450 (2.6%) $599,263 (4.6%) 1.33 1,292
2019-03-01 $414,900 (6.7%) $622,915 (3.6%) 1.35 1,409
2019-04-01 $429,900 (10.3%) $644,044 (10.7%) 1.35 1,539
2019-05-01 $434,450 (10.7%) $657,549 (14.0%) 1.34 1,624
2019-06-01 $424,900 (9.2%) $623,320 (7.5%) 1.31 1,624
2019-07-01 $418,121 (8.6%) $620,539 (8.7%) 1.30 1,618
2019-08-01 $417,995 (9.3%) $618,775 (2.0%) 1.32 1,601
2019-09-01 $418,874 (8.8%) $609,941 (-4.8%) 1.33 1,580
2019-10-01 $426,698 (10.9%) $601,618 (1.8%) 1.36 1,584
2019-11-01 $425,000 (9.3%) $597,187 (0.9%) 1.37 1,448
2019-12-01 $424,900 (12.1%) $608,554 (11.0%) 1.42 1,262
2020-01-01 $439,945 (14.9%) $623,318 (9.7%) 1.47 1,164
2020-02-01 $449,000 (13.0%) $647,662 (8.1%) 1.45 1,192
2020-03-01 $459,945 (10.9%) $649,434 (4.3%) 1.44 1,264
2020-04-01 $461,495 (7.4%) $657,420 (2.1%) 1.44 1,278
2020-05-01 $475,000 (9.3%) $672,121 (2.2%) 1.44 1,257
2020-06-01 $487,400 (14.7%) $686,173 (10.1%) 1.42 1,142
2020-07-01 $499,250 (19.4%) $704,126 (13.5%) 1.43 1,074
2020-08-01 $489,900 (17.2%) $726,194 (17.4%) 1.40 977
2020-09-01 $512,500 (22.4%) $764,632 (25.4%) 1.46 867
2020-10-01 $509,900 (19.5%) $761,488 (26.6%) 1.46 815
2020-11-01 $494,950 (16.5%) $845,430 (41.6%) 1.42 758
2020-12-01 $489,450 (15.2%) $843,717 (38.6%) 1.44 639
2021-01-01 $489,900 (11.4%) $869,276 (39.5%) 1.44 551
2021-02-01 $522,500 (16.4%) $920,103 (42.1%) 1.50 454
2021-03-01 $499,900 (8.7%) $899,005 (38.4%) 1.40 488
2021-04-01 $492,450 (6.7%) $918,336 (39.7%) 1.32 474
2021-05-01 $474,900 (0.0%) $864,233 (28.6%) 1.25 503
2021-06-01 $472,450 (-3.1%) $798,917 (16.4%) 1.23 515
2021-07-01 $452,839 (-9.3%) $720,594 (2.3%) 1.18 536
2021-08-01 $449,950 (-8.2%) $728,740 (0.4%) 1.18 538
2021-09-01 $461,995 (-9.9%) $741,516 (-3.0%) 1.22 550
2021-10-01 $482,500 (-5.4%) $838,375 (10.1%) 1.27 492
2021-11-01 $492,500 (-0.5%) $875,159 (3.5%) 1.30 428
2021-12-01 $485,405 (-0.8%) $864,497 (2.5%) 1.29 377
2022-01-01 $509,900 (4.1%) $982,342 (13.0%) 1.36 300
2022-02-01 $540,323 (3.4%) $985,229 (7.1%) 1.38 285
2022-03-01 $514,450 (2.9%) $893,932 (-0.6%) 1.27 323
2022-04-01 $499,500 (1.4%) $884,377 (-3.7%) 1.18 372
Charlottesville's median listing price for 2022-04-01 was $499,500, a difference of $7,050 (1.4%) versus the prior year and $-14,950 versus the prior month.

Charlottesville's median listing price comes in at 118% of the national average.

Charlottesville's average listing price for 2022-04-01 was $884,377, a difference of $-33,959 (-3.7%) versus the prior year and $-9,555 versus the prior month.

For the 2022-04-01 period, Charlottesville had 372 MLS listings, a difference of 49 listings (15%) versus the prior month and -102 listings (-22%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Charlottesville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 118 days 2,323 sqft
2018-02-01 105 days 2,321 sqft
2018-03-01 68 days 2,348 sqft
2018-04-01 62 days 2,343 sqft
2018-05-01 67 days 2,363 sqft
2018-06-01 77 days 2,352 sqft
2018-07-01 92 days 2,350 sqft
2018-08-01 96 days 2,343 sqft
2018-09-01 103 days 2,344 sqft
2018-10-01 109 days 2,370 sqft
2018-11-01 113 days 2,363 sqft
2018-12-01 124 days 2,290 sqft
2019-01-01 128 days 2,304 sqft
2019-02-01 129 days 2,358 sqft
2019-03-01 81 days 2,401 sqft
2019-04-01 63 days 2,416 sqft
2019-05-01 67 days 2,445 sqft
2019-06-01 79 days 2,400 sqft
2019-07-01 88 days 2,408 sqft
2019-08-01 94 days 2,438 sqft
2019-09-01 95 days 2,446 sqft
2019-10-01 92 days 2,462 sqft
2019-11-01 94 days 2,417 sqft
2019-12-01 105 days 2,393 sqft
2020-01-01 119 days 2,425 sqft
2020-02-01 115 days 2,453 sqft
2020-03-01 68 days 2,491 sqft
2020-04-01 69 days 2,463 sqft
2020-05-01 80 days 2,539 sqft
2020-06-01 93 days 2,616 sqft
2020-07-01 101 days 2,606 sqft
2020-08-01 86 days 2,588 sqft
2020-09-01 78 days 2,599 sqft
2020-10-01 73 days 2,500 sqft
2020-11-01 72 days 2,411 sqft
2020-12-01 86 days 2,434 sqft
2021-01-01 95 days 2,325 sqft
2021-02-01 85 days 2,402 sqft
2021-03-01 51 days 2,305 sqft
2021-04-01 47 days 2,323 sqft
2021-05-01 47 days 2,320 sqft
2021-06-01 49 days 2,362 sqft
2021-07-01 48 days 2,281 sqft
2021-08-01 48 days 2,250 sqft
2021-09-01 51 days 2,273 sqft
2021-10-01 58 days 2,256 sqft
2021-11-01 59 days 2,245 sqft
2021-12-01 68 days 2,222 sqft
2022-01-01 84 days 2,265 sqft
2022-02-01 70 days 2,235 sqft
2022-03-01 39 days 2,159 sqft
2022-04-01 36 days 2,158 sqft
Charlottesville's median listing age (time on market) for 2022-04-01 was 36 days. This is -23% shorter than the same period one year ago.

Charlottesville's median square footage for active listings during the 2022-04-01 period was 2,158 sqft. One year prior, the average listing was 2,323 sqft.