Fort Payne USDA Loan Rates, Closing Costs & Stats
Fort Payne, 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.
Fort Payne's 17 lenders originated 42 USDA loans during 2023. The total origination value was $7,040,000, with an average USDA loan value of $167,619.
Fort Payne USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Fort Payne
averaged
6.36%
for the week of 2024-11-08, compared to the national average (all USDA variants) of
6.477% for the same period.
Fort Payne's average USDA mortgage closing costs are $4,502.
The average rate for the prior week (2024-11-01) was
6.23% and
one month ago for the week of 2024-10-04, the
average rate was 6.05%.
The average rate one year ago was 7.19%.
For refis of the same type during the week of 2024-11-08, the average rate
was 6.38%.
Fort Payne 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 Fort Payne level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 9 | 6.63% | $6,370 |
| CROSSCOUNTRY MORTGAGE, LLC | 5 | 6.48% | $7,070 |
| First Federal Bank, A FSB | 5 | 6.43% | $6,646 |
| Victorian Finance, LLC | 4 | 6.47% | $7,399 |
| Regions Bank | 3 | 6.42% | $5,224 |
| MOVEMENT MORTGAGE, LLC | 2 | 6.50% | $6,269 |
| GMFS LLC | 2 | 6.62% | $3,891 |
| HIGHLANDS RESIDENTIAL MORTGAGE, LTD. | 2 | 6.88% | $6,388 |
| Renasant Bank | 2 | 6.50% | $5,925 |
| PREMIER MORTGAGE RESOURCES, L.L.C. | 1 | 6.25% | $10,688 |
| FLAT BRANCH MORTGAGE, INC. | 1 | 6.63% | $4,297 |
| Consumer First Mortgage, Inc. | 1 | 6.25% | $9,152 |
| SouthPoint Bank | 1 | 6.63% | $1,760 |
| STOCKTON MORTGAGE CORPORATION | 1 | 6.50% | $10,548 |
| UNION HOME MORTGAGE CORP. | 1 | 7.25% | $9,675 |
| UNITED WHOLESALE MORTGAGE, LLC | 1 | 7.13% | $6,440 |
| ACOPIA, LLC | 1 | 7.50% | $7,131 |
The top Fort Payne USDA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with
9 USDA loans originated. Their average total fees are
$6,370, which is $700
lower than the next largest lender,
CROSSCOUNTRY MORTGAGE, LLC.
The lowest fee Fort Payne USDA lenders (with over 10 loans originated) are
.
The lowest rate Fort Payne USDA lenders (with over 10 loans originated) are
.