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 6.9% for the week of 2024-05-17, compared to the national average (all USDA variants) of 6.75% for the same period.

Florence's average USDA mortgage closing costs are $4,137.

The average rate for the prior week (2024-05-10) was 6.64% and one month ago for the week of 2024-04-12, the average rate was 6.66%.

The average rate one year ago was 6.25%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.66%.

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

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%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Florence (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 $159,900 (6.7%) $222,573 (8.6%) 0.59 767
2018-02-01 $159,925 (6.7%) $222,691 (7.2%) 0.58 774
2018-03-01 $169,900 (6.3%) $227,548 (4.6%) 0.60 736
2018-04-01 $179,950 (9.1%) $251,286 (12.9%) 0.61 751
2018-05-01 $189,000 (17.5%) $272,438 (23.1%) 0.63 759
2018-06-01 $185,000 (15.7%) $270,424 (23.1%) 0.62 757
2018-07-01 $179,900 (10.2%) $268,876 (21.9%) 0.60 777
2018-08-01 $176,950 (5.4%) $267,241 (20.4%) 0.59 774
2018-09-01 $179,400 (6.5%) $263,223 (17.2%) 0.60 789
2018-10-01 $179,925 (9.0%) $259,854 (16.1%) 0.61 800
2018-11-01 $182,913 (12.2%) $263,796 (19.3%) 0.62 799
2018-12-01 $178,950 (8.5%) $259,554 (15.8%) 0.62 787
2019-01-01 $174,800 (9.3%) $233,261 (4.8%) 0.60 734
2019-02-01 $170,950 (6.9%) $229,725 (3.2%) 0.58 742
2019-03-01 $175,707 (3.4%) $231,823 (1.9%) 0.57 733
2019-04-01 $183,575 (2.0%) $239,113 (-4.8%) 0.58 727
2019-05-01 $189,000 (0.0%) $246,167 (-9.6%) 0.59 720
2019-06-01 $193,410 (4.6%) $253,992 (-6.1%) 0.60 718
2019-07-01 $199,900 (11.1%) $265,138 (-1.4%) 0.63 642
2019-08-01 $197,145 (11.4%) $266,518 (-0.3%) 0.62 597
2019-09-01 $193,014 (7.6%) $267,401 (1.6%) 0.62 527
2019-10-01 $189,850 (5.5%) $268,469 (3.3%) 0.61 486
2019-11-01 $183,700 (0.4%) $256,644 (-2.7%) 0.60 502
2019-12-01 $174,900 (-2.3%) $256,048 (-1.4%) 0.58 499
2020-01-01 $176,675 (1.1%) $256,488 (10.0%) 0.59 481
2020-02-01 $184,950 (8.2%) $259,766 (13.1%) 0.61 488
2020-03-01 $189,075 (7.6%) $267,884 (15.6%) 0.59 480
2020-04-01 $189,700 (3.3%) $263,658 (10.3%) 0.59 480
2020-05-01 $209,900 (11.1%) $281,953 (14.5%) 0.64 413
2020-06-01 $229,950 (18.9%) $298,354 (17.5%) 0.68 354
2020-07-01 $220,800 (10.5%) $292,957 (10.5%) 0.64 354
2020-08-01 $209,900 (6.5%) $275,920 (3.5%) 0.60 314
2020-09-01 $207,425 (7.5%) $280,171 (4.8%) 0.59 294
2020-10-01 $199,900 (5.3%) $280,484 (4.5%) 0.57 290
2020-11-01 $192,400 (4.7%) $273,494 (6.6%) 0.56 278
2020-12-01 $189,900 (8.6%) $271,727 (6.1%) 0.56 264
2021-01-01 $194,900 (10.3%) $271,840 (6.0%) 0.58 248
2021-02-01 $184,650 (-0.2%) $263,100 (1.3%) 0.54 226
2021-03-01 $202,725 (7.2%) $270,662 (1.0%) 0.58 196
2021-04-01 $189,450 (-0.1%) $267,647 (1.5%) 0.51 178
2021-05-01 $174,950 (-16.7%) $282,982 (0.4%) 0.46 187
2021-06-01 $189,950 (-17.4%) $299,146 (0.3%) 0.50 214
2021-07-01 $189,900 (-14.0%) $354,161 (20.9%) 0.50 235
2021-08-01 $209,900 (0.0%) $388,954 (41.0%) 0.56 270
2021-09-01 $209,450 (1.0%) $378,519 (35.1%) 0.56 266
2021-10-01 $199,000 (-0.5%) $366,326 (30.6%) 0.53 254
2021-11-01 $201,963 (5.0%) $364,078 (33.1%) 0.54 252
2021-12-01 $199,938 (5.3%) $351,192 (29.2%) 0.54 246
2022-01-01 $209,900 (7.7%) $387,068 (42.4%) 0.57 198
2022-02-01 $216,700 (17.4%) $411,789 (56.5%) 0.56 171
2022-03-01 $199,900 (-1.4%) $391,299 (44.6%) 0.50 181
2022-04-01 $229,900 (21.4%) $443,966 (65.9%) 0.55 176
2022-05-01 $276,725 (58.2%) $453,316 (60.2%) 0.63 217
2022-06-01 $267,450 (40.8%) $405,333 (35.5%) 0.60 256
2022-07-01 $254,995 (34.3%) $386,192 (9.0%) 0.57 292
2022-08-01 $261,950 (24.8%) $372,441 (-4.3%) 0.61 290
2022-09-01 $277,450 (32.5%) $382,810 (1.1%) 0.65 289
2022-10-01 $284,900 (43.2%) $389,521 (6.3%) 0.67 322
2022-11-01 $270,425 (33.9%) $383,295 (5.3%) 0.65 345
2022-12-01 $272,495 (36.3%) $376,016 (7.1%) 0.67 324
2023-01-01 $279,950 (33.4%) $381,996 (-1.3%) 0.69 305
2023-02-01 $294,323 (35.8%) $397,733 (-3.4%) 0.71 273
2023-03-01 $295,973 (48.1%) $403,245 (3.1%) 0.70 276
2023-04-01 $279,900 (21.8%) $379,941 (-14.4%) 0.65 268
2023-05-01 $292,475 (5.7%) $390,375 (-13.9%) 0.66 262
2023-06-01 $299,900 (12.1%) $422,763 (4.3%) 0.67 274
2023-07-01 $314,925 (23.5%) $430,751 (11.5%) 0.72 278
2023-08-01 $299,900 (14.5%) $433,851 (16.5%) 0.69 300
2023-09-01 $312,000 (12.5%) $437,213 (14.2%) 0.73 314
2023-10-01 $302,495 (6.2%) $421,187 (8.1%) 0.71 355
2023-11-01 $299,950 (10.9%) $409,692 (6.9%) 0.71 377
2023-12-01 $289,900 (6.4%) $405,851 (7.9%) 0.71 381
2024-01-01 $293,750 (4.9%) $409,972 (7.3%) 0.72 365
2024-02-01 $299,945 (1.9%) $407,861 (2.6%) 0.72 334
2024-03-01 $291,250 (-1.6%) $383,928 (-4.8%) 0.69 356
2024-04-01 $306,175 (9.4%) $415,623 (9.4%) 0.71 377
Florence's median listing price for 2024-04-01 was $306,175, a difference of $26,275 (9.4%) versus the prior year and $14,925 versus the prior month.

Florence's median listing price comes in at 71% of the national average.

Florence's average listing price for 2024-04-01 was $415,623, a difference of $35,682 (9.4%) versus the prior year and $31,695 versus the prior month.

For the 2024-04-01 period, Florence had 377 MLS listings, a difference of 21 listings (6%) versus the prior month and 109 listings (41%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Florence (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 85 days 2,000 sqft
2018-02-01 81 days 2,000 sqft
2018-03-01 75 days 1,990 sqft
2018-04-01 72 days 2,025 sqft
2018-05-01 71 days 2,036 sqft
2018-06-01 71 days 2,030 sqft
2018-07-01 76 days 2,028 sqft
2018-08-01 70 days 2,045 sqft
2018-09-01 68 days 2,047 sqft
2018-10-01 74 days 2,044 sqft
2018-11-01 83 days 2,068 sqft
2018-12-01 93 days 2,022 sqft
2019-01-01 101 days 2,026 sqft
2019-02-01 100 days 2,014 sqft
2019-03-01 89 days 2,017 sqft
2019-04-01 75 days 2,042 sqft
2019-05-01 65 days 2,042 sqft
2019-06-01 65 days 2,100 sqft
2019-07-01 77 days 2,152 sqft
2019-08-01 86 days 2,147 sqft
2019-09-01 92 days 2,126 sqft
2019-10-01 94 days 2,106 sqft
2019-11-01 87 days 2,098 sqft
2019-12-01 73 days 2,000 sqft
2020-01-01 77 days 1,990 sqft
2020-02-01 69 days 2,045 sqft
2020-03-01 61 days 2,026 sqft
2020-04-01 65 days 1,999 sqft
2020-05-01 66 days 2,120 sqft
2020-06-01 64 days 2,235 sqft
2020-07-01 58 days 2,211 sqft
2020-08-01 45 days 2,142 sqft
2020-09-01 49 days 2,082 sqft
2020-10-01 42 days 2,029 sqft
2020-11-01 47 days 1,959 sqft
2020-12-01 67 days 1,892 sqft
2021-01-01 68 days 1,894 sqft
2021-02-01 38 days 1,892 sqft
2021-03-01 37 days 1,900 sqft
2021-04-01 29 days 1,900 sqft
2021-05-01 25 days 1,865 sqft
2021-06-01 27 days 1,854 sqft
2021-07-01 33 days 1,844 sqft
2021-08-01 41 days 1,925 sqft
2021-09-01 44 days 1,947 sqft
2021-10-01 47 days 1,907 sqft
2021-11-01 41 days 1,888 sqft
2021-12-01 53 days 1,876 sqft
2022-01-01 65 days 1,850 sqft
2022-02-01 57 days 1,868 sqft
2022-03-01 32 days 1,842 sqft
2022-04-01 36 days 1,819 sqft
2022-05-01 30 days 1,950 sqft
2022-06-01 33 days 1,950 sqft
2022-07-01 39 days 1,985 sqft
2022-08-01 44 days 1,943 sqft
2022-09-01 51 days 1,941 sqft
2022-10-01 40 days 1,938 sqft
2022-11-01 51 days 1,930 sqft
2022-12-01 64 days 1,911 sqft
2023-01-01 76 days 1,941 sqft
2023-02-01 69 days 1,924 sqft
2023-03-01 65 days 1,964 sqft
2023-04-01 60 days 1,970 sqft
2023-05-01 50 days 2,025 sqft
2023-06-01 50 days 2,115 sqft
2023-07-01 52 days 2,217 sqft
2023-08-01 42 days 2,109 sqft
2023-09-01 52 days 2,100 sqft
2023-10-01 47 days 2,054 sqft
2023-11-01 50 days 2,051 sqft
2023-12-01 66 days 2,049 sqft
2024-01-01 77 days 2,043 sqft
2024-02-01 74 days 2,045 sqft
2024-03-01 52 days 2,032 sqft
2024-04-01 47 days 2,038 sqft
Florence's median listing age (time on market) for 2024-04-01 was 47 days. This is -21% shorter than the same period one year ago.

Florence's median square footage for active listings during the 2024-04-01 period was 2,038 sqft. One year prior, the average listing was 1,970 sqft.