Charlottesville USDA Loans

CHARLOTTESVILLE, VA

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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.

    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.