Florence USDA Loan Rates, Closing Costs & Stats
FLORENCE-MUSCLE SHOALS, AL
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.
Florence's 21 lenders originated 52 USDA loans during 2023. The total origination value was $8,860,000, with an average USDA loan value of $170,385.
Florence USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Florence
averaged
6.48%
for the week of 2024-07-19, compared to the national average (all USDA variants) of
6.628% for the same period.
Florence's average USDA mortgage closing costs are $4,137.
The average rate for the prior week (2024-07-12) was
6.8% and
one month ago for the week of 2024-06-14, the
average rate was 6.63%.
The average rate one year ago was 6.59%.
For refis of the same type during the week of 2024-07-19, the average rate
was 6.54%.
Florence 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 Florence level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| Trustmark National Bank | 13 | 6.24% | $4,854 |
| Assurance Financial Group, L.L.C. | 9 | 7.03% | $5,866 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 6 | 6.00% | $5,874 |
| Wolfe Financial, Inc | 3 | 6.88% | $5,855 |
| MORTGAGE INVESTORS GROUP, INC. | 2 | 6.31% | $5,609 |
| FIRST COMMUNITY MORTGAGE, INC. | 2 | 6.63% | $5,096 |
| United Community Bank | 2 | 6.06% | $4,530 |
| First Federal Bank, A FSB | 1 | 5.50% | $8,501 |
| INTERLINC MORTGAGE SERVICES, LLC | 1 | 6.13% | $4,625 |
| LEADERONE FINANCIAL CORPORATION | 1 | 5.63% | $7,020 |
| American Mortgage & Equity Consultants, Inc. | 1 | 7.63% | $3,380 |
| MOVEMENT MORTGAGE, LLC | 1 | 7.75% | $7,834 |
| NEWREZ LLC | 1 | 6.75% | $4,861 |
| Renasant Bank | 1 | 6.13% | $6,785 |
| SUMMIT FUNDING, INC. | 1 | 6.75% | $5,934 |
| Synovus Bank | 1 | 7.00% | $5,704 |
| THE MORTGAGE LINK, INC. | 1 | 7.63% | $10,542 |
| CB&S Bank, Inc. | 1 | 6.25% | $3,454 |
| UNION HOME MORTGAGE CORP. | 1 | 7.13% | $3,958 |
| Consumer First Mortgage, Inc. | 1 | 6.25% | $5,609 |
| CARDINAL FINANCIAL | 1 | 5.99% | $4,562 |
The top Florence USDA lender as defined by loan originations is Trustmark National Bank, with
13 USDA loans originated. Their average total fees are
$4,854, which is $1,013
lower than the next largest lender,
Assurance Financial Group, L.L.C..
The lowest fee Florence USDA lenders (with over 10 loans originated) are
Trustmark National Bank ($4,854), .
The lowest rate Florence USDA lenders (with over 10 loans originated) are
Trustmark National Bank (6.24%), .