Cumberland USDA Loan Rates, Closing Costs & Stats

CUMBERLAND, MD-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.

Cumberland's 24 lenders originated 83 USDA loans during 2023. The total origination value was $11,965,000, with an average USDA loan value of $144,157.

Cumberland USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Cumberland averaged 6.58% for the week of 2024-05-17, compared to the national average (all USDA variants) of 6.75% for the same period.

Cumberland's average USDA mortgage closing costs are $4,020.

The average rate for the prior week (2024-05-10) was 6.62% and one month ago for the week of 2024-04-12, the average rate was 6.75%.

The average rate one year ago was 6.03%.

For refis of the same type during the week of 2024-05-17, the average rate was 7.85%.

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

Cumberland 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 Cumberland level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Alcova Mortgage LLC 24 7.24% $2,006
C & F Mortgage Corporation 18 6.65% $6,563
SOUTHERN TRUST MORTGAGE, LLC 3 6.58% $5,359
GUARANTY HOME MORTGAGE CORPORATION 3 6.04% $4,872
MILLENNIUM FINANCIAL GROUP, INC. 3 6.46% $8,347
FIDELITY DIRECT MORTGAGE, LLC 3 6.63% $6,802
TIDEWATER MORTGAGE SERVICES, INC. 2 6.75% $8,518
Citizens Bank 2 6.50% $5,616
Integrity Home Mortgage Corp 2 6.94% $8,688
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.88% $6,389
FIRST COLONY MORTGAGE CORPORATION 2 7.31% $6,391
Truist 1 5.75% $6,018
UNION HOME MORTGAGE CORP. 1 6.50% $8,352
UNITED WHOLESALE MORTGAGE, LLC 1 6.25% $7,215
Bank of England 1 6.25% $6,062
Flagstar Bank, FSB 1 7.18% $5,464
FREEDOM MORTGAGE CORPORATION 1 6.88% $3,930
HOMESPIRE MORTGAGE CORPORATION 1 7.25% $1,894
LOANDEPOT.COM, LLC 1 6.75% $6,858
NFM, INC. 1 6.00% $5,354
Paramount Residential Mortgage Group, Inc. 1 6.25% $6,030
PLANET HOME LENDING, LLC 1 6.75% $10,445
SOMERSET TRUST COMPANY 1 6.50% $4,610
Towne Bank 1 5.63% $7,881

The top Cumberland USDA lender as defined by loan originations is Alcova Mortgage LLC, with 24 USDA loans originated. Their average total fees are $2,006, which is $4,556 lower than the next largest lender, C & F Mortgage Corporation.

The lowest fee Cumberland USDA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($2,006), C & F Mortgage Corporation ($6,563), .

The lowest rate Cumberland USDA lenders (with over 10 loans originated) are C & F Mortgage Corporation (6.65%), Alcova Mortgage LLC (7.24%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Cumberland (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 $115,000 (5.0%) $140,808 (2.3%) 0.00 457
2018-02-01 $117,025 (6.7%) $144,339 (4.7%) 0.00 439
2018-03-01 $115,900 (6.7%) $143,756 (6.4%) 0.00 444
2018-04-01 $116,900 (11.4%) $137,791 (2.6%) 0.00 478
2018-05-01 $117,825 (7.4%) $141,826 (2.6%) 0.00 494
2018-06-01 $119,000 (8.2%) $142,937 (2.5%) 0.00 511
2018-07-01 $118,725 (6.1%) $141,257 (0.7%) 0.00 520
2018-08-01 $119,900 (7.6%) $144,457 (4.6%) 0.00 524
2018-09-01 $119,900 (7.2%) $143,413 (1.3%) 0.00 546
2018-10-01 $117,950 (2.6%) $144,221 (0.5%) 0.00 541
2018-11-01 $115,000 (0.9%) $144,976 (1.8%) 0.00 549
2018-12-01 $114,999 (4.5%) $142,907 (3.0%) 0.00 541
2019-01-01 $114,000 (-0.9%) $142,267 (1.0%) 0.00 474
2019-02-01 $117,000 (0.0%) $143,227 (-0.8%) 0.00 443
2019-03-01 $116,911 (0.9%) $141,958 (-1.3%) 0.00 443
2019-04-01 $111,463 (-4.7%) $138,501 (0.5%) 0.00 445
2019-05-01 $113,613 (-3.6%) $141,637 (-0.1%) 0.00 459
2019-06-01 $119,000 (0.0%) $145,665 (1.9%) 0.00 471
2019-07-01 $119,900 (1.0%) $145,564 (3.1%) 0.00 477
2019-08-01 $121,291 (1.2%) $148,654 (2.9%) 0.00 456
2019-09-01 $123,377 (2.9%) $152,672 (6.5%) 0.00 436
2019-10-01 $124,950 (5.9%) $155,328 (7.7%) 0.00 422
2019-11-01 $119,000 (3.5%) $151,450 (4.5%) 0.00 422
2019-12-01 $115,925 (0.8%) $144,962 (1.4%) 0.00 408
2020-01-01 $109,925 (-3.6%) $151,103 (6.2%) 0.00 376
2020-02-01 $109,000 (-6.8%) $161,394 (12.7%) 0.00 345
2020-03-01 $114,900 (-1.7%) $166,484 (17.3%) 0.00 333
2020-04-01 $108,200 (-2.9%) $166,713 (20.4%) 0.00 320
2020-05-01 $109,900 (-3.3%) $166,388 (17.5%) 0.00 296
2020-06-01 $118,500 (-0.4%) $179,791 (23.4%) 0.00 275
2020-07-01 $122,400 (2.1%) $186,848 (28.4%) 0.00 252
2020-08-01 $119,000 (-1.9%) $201,270 (35.4%) 0.00 250
2020-09-01 $124,450 (0.9%) $205,774 (34.8%) 0.00 245
2020-10-01 $124,900 (0.0%) $195,332 (25.8%) 0.00 250
2020-11-01 $124,925 (5.0%) $191,172 (26.2%) 0.00 245
2020-12-01 $123,425 (6.5%) $199,902 (37.9%) 0.00 219
2021-01-01 $124,700 (13.4%) $211,183 (39.8%) 0.00 187
2021-02-01 $126,000 (15.6%) $232,310 (43.9%) 0.00 160
2021-03-01 $129,000 (12.3%) $234,917 (41.1%) 0.00 146
2021-04-01 $138,575 (28.1%) $246,988 (48.2%) 0.00 136
2021-05-01 $132,000 (20.1%) $246,471 (48.1%) 0.00 139
2021-06-01 $144,225 (21.7%) $255,159 (41.9%) 0.00 143
2021-07-01 $135,000 (10.3%) $243,985 (30.6%) 0.00 167
2021-08-01 $130,450 (9.6%) $229,653 (14.1%) 0.00 192
2021-09-01 $127,950 (2.8%) $222,979 (8.4%) 0.00 198
2021-10-01 $129,900 (4.0%) $217,823 (11.5%) 0.00 185
2021-11-01 $124,900 (0.0%) $213,655 (11.8%) 0.00 189
2021-12-01 $116,975 (-5.2%) $205,674 (2.9%) 0.00 185
2022-01-01 $116,000 (-7.0%) $199,861 (-5.4%) 0.00 168
2022-02-01 $119,225 (-5.4%) $167,372 (-28.0%) 0.00 152
2022-03-01 $109,125 (-15.4%) $174,895 (-25.6%) 0.00 141
2022-04-01 $119,950 (-13.4%) $182,386 (-26.2%) 0.00 126
2022-05-01 $130,975 (-0.8%) $205,813 (-16.5%) 0.00 141
2022-06-01 $129,950 (-9.9%) $194,008 (-24.0%) 0.00 168
2022-07-01 $125,900 (-6.7%) $196,875 (-19.3%) 0.00 183
2022-08-01 $133,750 (2.5%) $200,668 (-12.6%) 0.00 191
2022-09-01 $129,950 (1.6%) $191,330 (-14.2%) 0.00 193
2022-10-01 $134,999 (3.9%) $186,269 (-14.5%) 0.00 199
2022-11-01 $149,900 (20.0%) $182,054 (-14.8%) 0.00 197
2022-12-01 $148,900 (27.3%) $195,435 (-5.0%) 0.00 184
2023-01-01 $148,583 (28.1%) $201,563 (0.9%) 0.00 153
2023-02-01 $137,425 (15.3%) $197,551 (18.0%) 0.00 149
2023-03-01 $149,500 (37.0%) $204,171 (16.7%) 0.00 145
2023-04-01 $139,900 (16.6%) $199,090 (9.2%) 0.00 142
2023-05-01 $139,800 (6.7%) $198,783 (-3.4%) 0.00 157
2023-06-01 $139,950 (7.7%) $193,220 (-0.4%) 0.00 151
2023-07-01 $139,900 (11.1%) $196,127 (-0.4%) 0.00 161
2023-08-01 $152,125 (13.7%) $202,184 (0.8%) 0.00 169
2023-09-01 $155,250 (19.5%) $203,258 (6.2%) 0.00 181
2023-10-01 $159,950 (18.5%) $210,306 (12.9%) 0.00 196
2023-11-01 $159,900 (6.7%) $211,442 (16.1%) 0.00 207
2023-12-01 $159,900 (7.4%) $206,920 (5.9%) 0.00 200
2024-01-01 $153,750 (3.5%) $191,552 (-5.0%) 0.00 200
2024-02-01 $149,675 (8.9%) $194,483 (-1.6%) 0.00 204
2024-03-01 $158,000 (5.7%) $196,858 (-3.6%) 0.00 173
2024-04-01 $165,000 (17.9%) $205,070 (3.0%) 0.00 178
Cumberland's median listing price for 2024-04-01 was $165,000, a difference of $25,100 (17.9%) versus the prior year and $7,000 versus the prior month.

Cumberland's median listing price comes in at 0% of the national average.

Cumberland's average listing price for 2024-04-01 was $205,070, a difference of $5,980 (3.0%) versus the prior year and $8,212 versus the prior month.

For the 2024-04-01 period, Cumberland had 178 MLS listings, a difference of 5 listings (3%) versus the prior month and 36 listings (25%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Cumberland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,568 sqft
2018-02-01 0 days 1,589 sqft
2018-03-01 0 days 1,580 sqft
2018-04-01 0 days 1,600 sqft
2018-05-01 0 days 1,600 sqft
2018-06-01 0 days 1,672 sqft
2018-07-01 0 days 1,663 sqft
2018-08-01 0 days 1,678 sqft
2018-09-01 0 days 1,680 sqft
2018-10-01 0 days 1,681 sqft
2018-11-01 0 days 1,680 sqft
2018-12-01 0 days 1,634 sqft
2019-01-01 0 days 1,633 sqft
2019-02-01 0 days 1,632 sqft
2019-03-01 0 days 1,628 sqft
2019-04-01 0 days 1,612 sqft
2019-05-01 0 days 1,617 sqft
2019-06-01 0 days 1,680 sqft
2019-07-01 0 days 1,680 sqft
2019-08-01 0 days 1,676 sqft
2019-09-01 0 days 1,678 sqft
2019-10-01 0 days 1,684 sqft
2019-11-01 0 days 1,728 sqft
2019-12-01 0 days 1,695 sqft
2020-01-01 0 days 1,678 sqft
2020-02-01 0 days 1,672 sqft
2020-03-01 0 days 1,687 sqft
2020-04-01 0 days 1,697 sqft
2020-05-01 0 days 1,702 sqft
2020-06-01 0 days 1,725 sqft
2020-07-01 0 days 1,728 sqft
2020-08-01 0 days 1,750 sqft
2020-09-01 0 days 1,723 sqft
2020-10-01 0 days 1,712 sqft
2020-11-01 0 days 1,661 sqft
2020-12-01 0 days 1,650 sqft
2021-01-01 0 days 1,684 sqft
2021-02-01 0 days 1,700 sqft
2021-03-01 0 days 1,680 sqft
2021-04-01 0 days 1,706 sqft
2021-05-01 0 days 1,636 sqft
2021-06-01 0 days 1,674 sqft
2021-07-01 0 days 1,687 sqft
2021-08-01 0 days 1,675 sqft
2021-09-01 0 days 1,658 sqft
2021-10-01 0 days 1,636 sqft
2021-11-01 0 days 1,592 sqft
2021-12-01 0 days 1,581 sqft
2022-01-01 0 days 1,550 sqft
2022-02-01 0 days 1,529 sqft
2022-03-01 0 days 1,517 sqft
2022-04-01 0 days 1,502 sqft
2022-05-01 0 days 1,530 sqft
2022-06-01 0 days 1,536 sqft
2022-07-01 0 days 1,559 sqft
2022-08-01 0 days 1,618 sqft
2022-09-01 0 days 1,606 sqft
2022-10-01 0 days 1,641 sqft
2022-11-01 0 days 1,648 sqft
2022-12-01 0 days 1,649 sqft
2023-01-01 0 days 1,693 sqft
2023-02-01 0 days 1,615 sqft
2023-03-01 0 days 1,680 sqft
2023-04-01 0 days 1,592 sqft
2023-05-01 0 days 1,577 sqft
2023-06-01 0 days 1,594 sqft
2023-07-01 0 days 1,591 sqft
2023-08-01 0 days 1,616 sqft
2023-09-01 0 days 1,568 sqft
2023-10-01 0 days 1,637 sqft
2023-11-01 0 days 1,618 sqft
2023-12-01 0 days 1,580 sqft
2024-01-01 0 days 1,553 sqft
2024-02-01 0 days 1,551 sqft
2024-03-01 0 days 1,600 sqft
2024-04-01 0 days 1,600 sqft
Cumberland's median listing age (time on market) for 2024-04-01 was 0 days.

Cumberland's median square footage for active listings during the 2024-04-01 period was 1,600 sqft. One year prior, the average listing was 1,592 sqft.