Lynchburg USDA Loan Rates, Closing Costs & Stats

LYNCHBURG, VA

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.

Lynchburg's 33 lenders originated 106 USDA loans during 2023. The total origination value was $21,510,000, with an average USDA loan value of $202,925.

Lynchburg USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Lynchburg averaged 6.31% for the week of 2024-10-11, compared to the national average (all USDA variants) of 6.08% for the same period.

Lynchburg's average USDA mortgage closing costs are $5,236.

The average rate for the prior week (2024-10-04) was 6.1% and one month ago for the week of 2024-09-06, the average rate was 6.09%.

The average rate one year ago was 7.18%.

For refis of the same type during the week of 2024-10-11, the average rate was 6.66%.

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

Lynchburg 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 Lynchburg level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 15 6.84% $7,693
Alcova Mortgage LLC 10 7.07% $3,205
EMBRACE HOME LOANS, INC. 8 6.45% $8,963
NATION ONE MORTGAGE CORPORATION 8 6.61% $9,159
MOVEMENT MORTGAGE, LLC 7 6.38% $6,979
Renasant Bank 7 6.29% $5,368
UNION HOME MORTGAGE CORP. 5 6.33% $9,627
NEWREZ LLC 5 6.15% $7,297
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.38% $3,574
Flagstar Bank, FSB 3 6.50% $8,276
CARDINAL FINANCIAL 3 6.13% $5,396
Atlantic Coast Mortgage, LLC 2 6.13% $7,690
American National Bank and Trust Company 2 6.81% $4,423
Blue Ridge Bank 2 6.44% $4,869
THRIVE MORTGAGE, LLC 2 6.75% $8,524
American Mortgage & Equity Consultants, Inc. 2 7.00% $5,173
UNITED WHOLESALE MORTGAGE, LLC 2 5.88% $5,349
Integrity Home Mortgage Corp 2 6.50% $8,660
CALIBER HOME LOANS, INC. 2 6.75% $10,444
NFM, INC. 1 5.13% $6,271
Paramount Residential Mortgage Group, Inc. 1 6.75% $5,680
Plains Commerce Bank 1 5.63% $12,099
SWBC MORTGAGE CORPORATION 1 6.25% $6,831
VILLAGE BANK MORTGAGE CORPORATION 1 6.25% $3,303
DHI MORTGAGE COMPANY, LTD. 1 6.50% $5,906
Virginia Credit Union, Inc. 1 6.25% $3,528
Century Mortgage Company DBA Century Lending Company 1 6.63% $5,062
EMM LOANS LLC 1 6.13% $10,187
First Reliance Bank 1 7.13% $5,305
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.38% $3,732
GUILD MORTGAGE COMPANY 1 7.13% $5,008
Atlantic Union Bank 1 7.13% $5,510
Assurance Financial Group, L.L.C. 1 5.63% $8,909

The top Lynchburg USDA lender as defined by loan originations is ATLANTIC BAY MORTGAGE GROUP, L.L.C., with 15 USDA loans originated. Their average total fees are $7,693, which is $4,488 higher than the next largest lender, Alcova Mortgage LLC.

The lowest fee Lynchburg USDA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($3,205), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($7,693), .

The lowest rate Lynchburg USDA lenders (with over 10 loans originated) are ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.84%), Alcova Mortgage LLC (7.07%), .