Durham USDA Loans

DURHAM-CHAPEL HILL, NC

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.

Durham's 50 lenders originated 137 USDA loans during 2021. The total origination value was $28,775,000, with an average USDA loan value of $210,036.

Durham USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Durham averaged 5.08% 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 5.32% and one month ago for the week of 2022-04-08, the average rate was 4.88%.

The average rate one year ago was 3.29%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.92%.

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

Durham 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 Durham level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Victorian Finance, LLC 15 2.73% $6,757
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 3.29% $5,896
UNION HOME MORTGAGE CORP. 9 2.68% $6,341
MOVEMENT MORTGAGE, LLC 8 2.70% $4,865
GoPrime Mortgage, Inc. 7 3.29% $6,361
CALIBER HOME LOANS, INC. 6 2.73% $5,109
Alcova Mortgage LLC 5 2.90% $4,745
First Heritage Mortgage, LLC 4 3.03% $5,922
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.50% $6,293
EQUITY RESOURCES, INC. 4 2.84% $5,675
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 3.31% $7,306
Wells Fargo Bank 3 3.17% $4,703
CORNERSTONE HOME LENDING, INC. 3 3.42% $5,270
FINANCE OF AMERICA MORTGAGE LLC 3 2.96% $7,253
HOMESPIRE MORTGAGE CORPORATION 2 2.94% $4,853
Corporate Investors Mortgage Group, Inc. 2 2.56% $5,380
Keystone Funding, Inc. 2 2.44% $2,014
ANGEL OAK HOME LOANS LLC 2 2.88% $5,703
North State Bank 2 3.25% $3,128
First Guaranty Mortgage Corporation 2 3.13% $4,967
RAPID MORTGAGE COMPANY 2 2.38% $7,327
RESIDENTIAL MORTGAGE SERVICES, INC. 2 3.00% $6,117
American Security Mortgage Corp. 2 3.50% $7,109
AMERICAN FINANCIAL NETWORK, INC. 2 2.88% $5,923
Truist Bank 2 3.00% $6,742
CALCON MUTUAL MORTGAGE LLC 2 3.25% $7,983
Ameris Bank 2 2.50% $5,507
Sunflower Bank 1 2.99% $4,723
American National Bank and Trust Company 1 2.75% $4,474
AMERIFIRST FINANCIAL CORPORATION 1 2.75% $6,434
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 3.38% $5,090
BROKER SOLUTIONS, INC. 1 2.75% $4,918
Citizens Bank 1 2.88% $4,960
DHI MORTGAGE COMPANY, LTD. 1 2.50% $6,417
First Horizon Bank 1 2.25% $7,901
GENEVA FINANCIAL, LLC 1 2.88% $5,051
HOME POINT FINANCIAL CORPORATION 1 2.63% $6,646
HOMESIDE FINANCIAL, LLC 1 2.88% $6,475
INTERCOASTAL MORTGAGE COMPANY 1 2.62% $6,080
JET HOMELOANS, LLC 1 2.50% $12,314
KBHS HOME LOANS, LLC 1 3.13% $6,643
LAND HOME FINANCIAL SERVICES, INC. 1 2.75% $5,913
MCLEAN MORTGAGE CORPORATION 1 2.75% $5,237
Mortgage Research Center, LLC 1 2.99% $4,110
NFM, INC. 1 3.38% $6,778
Paramount Residential Mortgage Group, Inc. 1 3.38% $6,004
PENNYMAC LOAN SERVICES, LLC 1 2.63% $6,170
SIGNATURE MORTGAGE CORPORATION 1 3.25% $7,486
THE MORTGAGE FIRM, INC. 1 2.88% $6,349
United Community Bank 1 2.75% $4,025

The top Durham USDA lender as defined by loan originations is Victorian Finance, LLC, with 15 USDA loans originated. Their average total fees are $6,757, which is $861 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Durham USDA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,896), Victorian Finance, LLC ($6,757), .

The lowest rate Durham USDA lenders (with over 10 loans originated) are Victorian Finance, LLC (2.73%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (3.29%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Durham (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 $384,000 (9.7%) $490,755 (12.7%) 1.41 1,186
2018-02-01 $399,950 (9.6%) $504,610 (13.7%) 1.44 1,140
2018-03-01 $404,050 (8.6%) $503,091 (10.2%) 1.40 1,302
2018-04-01 $409,268 (4.9%) $513,744 (7.8%) 1.37 1,358
2018-05-01 $403,452 (1.1%) $524,149 (8.4%) 1.35 1,402
2018-06-01 $399,000 (0.4%) $514,748 (7.1%) 1.33 1,475
2018-07-01 $394,950 (0.8%) $499,471 (3.3%) 1.32 1,560
2018-08-01 $389,900 (-0.2%) $489,112 (1.7%) 1.30 1,585
2018-09-01 $387,000 (-0.5%) $487,672 (1.1%) 1.29 1,622
2018-10-01 $385,000 (0.0%) $484,615 (0.2%) 1.29 1,647
2018-11-01 $381,950 (-1.1%) $479,236 (-1.6%) 1.28 1,587
2018-12-01 $379,000 (-1.5%) $478,436 (-2.4%) 1.30 1,472
2019-01-01 $369,450 (-3.8%) $464,861 (-5.3%) 1.27 1,335
2019-02-01 $384,500 (-3.9%) $480,353 (-4.8%) 1.29 1,279
2019-03-01 $400,657 (-0.8%) $497,369 (-1.1%) 1.31 1,371
2019-04-01 $412,507 (0.8%) $508,088 (-1.1%) 1.30 1,461
2019-05-01 $404,191 (0.2%) $499,743 (-4.7%) 1.25 1,533
2019-06-01 $402,000 (0.8%) $491,462 (-4.5%) 1.24 1,644
2019-07-01 $400,000 (1.3%) $482,100 (-3.5%) 1.24 1,705
2019-08-01 $394,714 (1.2%) $471,029 (-3.7%) 1.24 1,706
2019-09-01 $389,000 (0.5%) $466,487 (-4.3%) 1.24 1,689
2019-10-01 $379,400 (-1.5%) $459,844 (-5.1%) 1.21 1,753
2019-11-01 $385,000 (0.8%) $460,804 (-3.9%) 1.24 1,653
2019-12-01 $389,000 (2.6%) $462,788 (-3.3%) 1.30 1,452
2020-01-01 $394,835 (6.9%) $467,373 (0.5%) 1.32 1,282
2020-02-01 $408,990 (6.4%) $482,700 (0.5%) 1.32 1,202
2020-03-01 $425,000 (6.1%) $511,047 (2.8%) 1.33 1,233
2020-04-01 $399,900 (-3.1%) $487,451 (-4.1%) 1.25 1,287
2020-05-01 $419,000 (3.7%) $493,820 (-1.2%) 1.27 1,290
2020-06-01 $429,291 (6.8%) $521,748 (6.2%) 1.25 1,209
2020-07-01 $437,195 (9.3%) $525,674 (9.0%) 1.25 1,143
2020-08-01 $440,000 (11.5%) $527,902 (12.1%) 1.26 1,075
2020-09-01 $433,950 (11.6%) $533,071 (14.3%) 1.24 985
2020-10-01 $437,425 (15.3%) $548,789 (19.3%) 1.25 949
2020-11-01 $436,950 (13.5%) $552,459 (19.9%) 1.25 899
2020-12-01 $429,403 (10.4%) $563,623 (21.8%) 1.26 798
2021-01-01 $423,990 (7.4%) $552,789 (18.3%) 1.25 675
2021-02-01 $427,500 (4.5%) $579,733 (20.1%) 1.23 531
2021-03-01 $440,751 (3.7%) $576,568 (12.8%) 1.24 497
2021-04-01 $459,900 (15.0%) $612,130 (25.6%) 1.24 459
2021-05-01 $449,000 (7.2%) $598,340 (21.2%) 1.18 432
2021-06-01 $450,000 (4.8%) $606,556 (16.3%) 1.17 483
2021-07-01 $454,250 (3.9%) $594,740 (13.1%) 1.18 542
2021-08-01 $450,000 (2.3%) $586,542 (11.1%) 1.18 583
2021-09-01 $450,475 (3.8%) $589,150 (10.5%) 1.19 609
2021-10-01 $470,000 (7.5%) $608,002 (10.8%) 1.24 616
2021-11-01 $460,000 (5.3%) $601,119 (8.8%) 1.21 582
2021-12-01 $465,991 (8.5%) $609,119 (8.1%) 1.24 507
2022-01-01 $469,760 (10.8%) $621,922 (12.5%) 1.25 436
2022-02-01 $478,500 (11.9%) $638,308 (10.1%) 1.22 335
2022-03-01 $486,500 (10.4%) $671,054 (16.4%) 1.20 339
2022-04-01 $495,000 (7.6%) $693,035 (13.2%) 1.16 377
Durham's median listing price for 2022-04-01 was $495,000, a difference of $35,100 (7.6%) versus the prior year and $8,500 versus the prior month.

Durham's median listing price comes in at 116% of the national average.

Durham's average listing price for 2022-04-01 was $693,035, a difference of $80,905 (13.2%) versus the prior year and $21,981 versus the prior month.

For the 2022-04-01 period, Durham had 377 MLS listings, a difference of 38 listings (11%) versus the prior month and -82 listings (-18%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Durham (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 90 days 2,421 sqft
2018-02-01 80 days 2,480 sqft
2018-03-01 51 days 2,493 sqft
2018-04-01 51 days 2,491 sqft
2018-05-01 53 days 2,479 sqft
2018-06-01 57 days 2,430 sqft
2018-07-01 58 days 2,450 sqft
2018-08-01 59 days 2,387 sqft
2018-09-01 69 days 2,355 sqft
2018-10-01 74 days 2,348 sqft
2018-11-01 80 days 2,311 sqft
2018-12-01 87 days 2,288 sqft
2019-01-01 92 days 2,226 sqft
2019-02-01 83 days 2,294 sqft
2019-03-01 64 days 2,357 sqft
2019-04-01 49 days 2,406 sqft
2019-05-01 50 days 2,403 sqft
2019-06-01 51 days 2,315 sqft
2019-07-01 58 days 2,258 sqft
2019-08-01 64 days 2,241 sqft
2019-09-01 67 days 2,254 sqft
2019-10-01 67 days 2,230 sqft
2019-11-01 70 days 2,246 sqft
2019-12-01 80 days 2,206 sqft
2020-01-01 85 days 2,199 sqft
2020-02-01 77 days 2,212 sqft
2020-03-01 51 days 2,349 sqft
2020-04-01 51 days 2,195 sqft
2020-05-01 63 days 2,214 sqft
2020-06-01 64 days 2,314 sqft
2020-07-01 58 days 2,319 sqft
2020-08-01 53 days 2,277 sqft
2020-09-01 57 days 2,311 sqft
2020-10-01 56 days 2,263 sqft
2020-11-01 54 days 2,269 sqft
2020-12-01 58 days 2,228 sqft
2021-01-01 63 days 2,201 sqft
2021-02-01 49 days 2,201 sqft
2021-03-01 33 days 2,111 sqft
2021-04-01 32 days 2,166 sqft
2021-05-01 23 days 2,115 sqft
2021-06-01 19 days 2,081 sqft
2021-07-01 24 days 2,030 sqft
2021-08-01 30 days 2,070 sqft
2021-09-01 32 days 2,037 sqft
2021-10-01 31 days 2,079 sqft
2021-11-01 35 days 1,996 sqft
2021-12-01 42 days 1,944 sqft
2022-01-01 55 days 1,902 sqft
2022-02-01 52 days 1,880 sqft
2022-03-01 28 days 1,942 sqft
2022-04-01 16 days 2,004 sqft
Durham's median listing age (time on market) for 2022-04-01 was 16 days. This is -49% shorter than the same period one year ago.

Durham's median square footage for active listings during the 2022-04-01 period was 2,004 sqft. One year prior, the average listing was 2,166 sqft.