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 43 lenders originated 211 USDA loans during 2022. The total origination value was $41,645,000, with an average USDA loan value of $197,370.

Lynchburg USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Lynchburg averaged 6.29% for the week of 2023-05-26, compared to the national average (all USDA variants) of 6.63% for the same period.

Lynchburg's average USDA mortgage closing costs are $5,142.

The average rate for the prior week (2023-05-19) was 6.33% and one month ago for the week of 2023-04-21, the average rate was 6.24%.

The average rate one year ago was 5.06%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.66%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
EMBRACE HOME LOANS, INC. 31 4.68% $5,991
MOVEMENT MORTGAGE, LLC 21 4.24% $7,595
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 19 4.62% $6,767
NATION ONE MORTGAGE CORPORATION 16 4.64% $7,382
Alcova Mortgage LLC 12 4.99% $2,761
UNITED WHOLESALE MORTGAGE, LLC 10 3.82% $6,613
Integrity Home Mortgage Corp 10 4.13% $7,398
Renasant Bank 9 4.29% $5,844
CARDINAL FINANCIAL 8 3.53% $7,065
CALIBER HOME LOANS, INC. 7 4.48% $6,262
EMM LOANS LLC 4 3.81% $5,519
AMERICAN PACIFIC MORTGAGE CORPORATION 4 4.59% $6,561
APEX HOME LOANS, INC. 4 4.06% $5,756
HOME POINT FINANCIAL CORPORATION 4 4.91% $6,836
ROUNDPOINT MORTGAGE SERVICING CORPORATION 4 5.03% $5,281
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 2.96% $6,927
American National Bank and Trust Company 3 3.83% $5,482
GUARANTY HOME MORTGAGE CORPORATION 3 3.21% $5,408
NATIONS DIRECT MORTGAGE, LLC 2 4.00% $5,011
NEWREZ LLC 2 6.75% $10,937
THRIVE MORTGAGE, LLC 2 5.63% $10,478
TIDEWATER MORTGAGE SERVICES, INC. 2 4.31% $9,639
Truist 2 3.50% $5,392
UNION HOME MORTGAGE CORP. 2 5.06% $5,029
Blue Ridge Bank 2 4.25% $6,163
Citizens Bank 2 5.13% $5,416
VANDERBILT MORTGAGE AND FINANCE, INC. 2 5.56% $10,558
First Reliance Bank 2 4.06% $5,045
The Freedom Bank of Virginia 1 4.88% $4,122
C & F Mortgage Corporation 1 6.25% $10,612
NFM, INC. 1 5.63% $6,847
BROKER SOLUTIONS, INC. 1 5.75% $7,212
GUILD MORTGAGE COMPANY 1 4.63% $5,521
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 4.75% $11,092
Ixonia Bank 1 3.75% $12,433
Bank of England 1 3.88% $6,338
Atlantic Union Bank 1 5.00% $8,164
CBM Mortgage, Inc. 1 5.63% $4,374
Paramount Residential Mortgage Group, Inc. 1 4.63% $6,341
Prosperity Home Mortgage, LLC 1 5.63% $5,340
Assurance Financial Group, L.L.C. 1 3.50% $15,255
SWBC MORTGAGE CORPORATION 1 4.25% $3,647
The Federal Savings Bank 1 5.25% $5,565

The top Lynchburg USDA lender as defined by loan originations is EMBRACE HOME LOANS, INC., with 31 USDA loans originated. Their average total fees are $5,991, which is $1,604 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

The lowest fee Lynchburg USDA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($2,761), EMBRACE HOME LOANS, INC. ($5,991), UNITED WHOLESALE MORTGAGE, LLC ($6,613), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($6,767) and NATION ONE MORTGAGE CORPORATION ($7,382).

The lowest rate Lynchburg USDA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (3.82%), Integrity Home Mortgage Corp (4.13%), MOVEMENT MORTGAGE, LLC (4.24%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (4.62%) and NATION ONE MORTGAGE CORPORATION (4.64%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Lynchburg (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 $219,900 (15.8%) $285,047 (10.3%) 0.82 996
2018-02-01 $221,950 (13.9%) $283,114 (7.2%) 0.81 990
2018-03-01 $229,900 (15.0%) $289,916 (6.3%) 0.81 1,065
2018-04-01 $232,700 (16.4%) $293,423 (8.3%) 0.79 1,119
2018-05-01 $135,450 (-35.5%) $212,946 (-23.1%) 0.45 2,094
2018-06-01 $137,900 (-34.2%) $214,915 (-21.8%) 0.46 2,179
2018-07-01 $137,225 (-33.0%) $212,978 (-23.0%) 0.46 2,215
2018-08-01 $134,900 (-35.8%) $210,350 (-24.8%) 0.45 2,207
2018-09-01 $134,883 (-40.0%) $207,917 (-28.0%) 0.45 2,259
2018-10-01 $129,950 (-40.9%) $204,453 (-29.0%) 0.44 2,240
2018-11-01 $125,000 (-43.2%) $199,731 (-29.7%) 0.42 2,206
2018-12-01 $119,900 (-45.5%) $193,661 (-31.3%) 0.41 2,097
2019-01-01 $119,124 (-45.8%) $192,284 (-32.5%) 0.41 1,915
2019-02-01 $112,450 (-49.3%) $191,025 (-32.5%) 0.38 1,878
2019-03-01 $232,000 (0.9%) $293,547 (1.3%) 0.77 931
2019-04-01 $239,900 (3.1%) $296,903 (1.2%) 0.76 977
2019-05-01 $241,475 (78.3%) $302,943 (42.3%) 0.75 993
2019-06-01 $239,900 (74.0%) $306,638 (42.7%) 0.75 991
2019-07-01 $241,200 (75.8%) $311,116 (46.1%) 0.76 998
2019-08-01 $239,500 (77.5%) $309,394 (47.1%) 0.75 1,002
2019-09-01 $247,400 (83.4%) $326,554 (57.1%) 0.78 987
2019-10-01 $239,700 (84.5%) $331,610 (62.2%) 0.77 1,019
2019-11-01 $235,000 (88.0%) $334,357 (67.4%) 0.77 990
2019-12-01 $230,750 (92.5%) $302,603 (56.3%) 0.77 904
2020-01-01 $238,800 (100.5%) $305,099 (58.7%) 0.80 820
2020-02-01 $249,500 (121.9%) $312,731 (63.7%) 0.82 771
2020-03-01 $252,450 (8.8%) $321,585 (9.6%) 0.79 764
2020-04-01 $253,925 (5.9%) $326,605 (10.0%) 0.80 782
2020-05-01 $255,000 (5.6%) $337,205 (11.3%) 0.78 684
2020-06-01 $266,150 (10.9%) $350,866 (14.4%) 0.78 621
2020-07-01 $261,950 (8.6%) $404,291 (30.0%) 0.76 579
2020-08-01 $259,900 (8.5%) $407,743 (31.8%) 0.74 553
2020-09-01 $259,000 (4.7%) $400,536 (22.7%) 0.74 551
2020-10-01 $249,450 (4.1%) $406,541 (22.6%) 0.71 557
2020-11-01 $249,900 (6.3%) $409,298 (22.4%) 0.73 544
2020-12-01 $244,900 (6.1%) $421,923 (39.4%) 0.73 493
2021-01-01 $249,900 (4.7%) $438,230 (43.6%) 0.75 412
2021-02-01 $253,450 (1.6%) $475,270 (52.0%) 0.74 338
2021-03-01 $257,400 (2.0%) $472,960 (47.1%) 0.73 352
2021-04-01 $277,325 (9.2%) $507,128 (55.3%) 0.75 332
2021-05-01 $274,950 (7.8%) $464,859 (37.9%) 0.73 343
2021-06-01 $287,400 (8.0%) $468,050 (33.4%) 0.76 366
2021-07-01 $279,900 (6.9%) $445,862 (10.3%) 0.74 434
2021-08-01 $277,675 (6.8%) $439,546 (7.8%) 0.74 448
2021-09-01 $290,550 (12.2%) $450,514 (12.5%) 0.77 457
2021-10-01 $289,900 (16.2%) $447,683 (10.1%) 0.77 445
2021-11-01 $293,750 (17.6%) $455,259 (11.2%) 0.79 391
2021-12-01 $289,900 (18.4%) $402,527 (-4.6%) 0.79 337
2022-01-01 $284,900 (14.0%) $355,839 (-18.8%) 0.77 279
2022-02-01 $297,000 (17.2%) $363,157 (-23.6%) 0.77 266
2022-03-01 $322,425 (25.3%) $387,139 (-18.2%) 0.81 263
2022-04-01 $324,500 (17.0%) $386,147 (-23.9%) 0.77 262
2022-05-01 $327,450 (19.1%) $394,427 (-15.2%) 0.75 326
2022-06-01 $333,325 (16.0%) $395,753 (-15.5%) 0.74 391
2022-07-01 $329,900 (17.9%) $411,435 (-7.7%) 0.75 461
2022-08-01 $334,450 (20.5%) $412,310 (-6.2%) 0.77 458
2022-09-01 $317,225 (9.2%) $401,472 (-10.9%) 0.74 434
2022-10-01 $329,900 (13.8%) $409,933 (-8.4%) 0.78 427
2022-11-01 $336,975 (14.7%) $419,967 (-7.8%) 0.81 435
2022-12-01 $329,000 (13.5%) $403,007 (0.1%) 0.81 396
2023-01-01 $324,625 (13.9%) $400,708 (12.6%) 0.80 369
2023-02-01 $329,900 (11.1%) $406,751 (12.0%) 0.80 334
2023-03-01 $339,450 (5.3%) $418,526 (8.1%) 0.80 348
2023-04-01 $334,900 (3.2%) $420,821 (9.0%) 0.78 379
Lynchburg's median listing price for 2023-04-01 was $334,900, a difference of $10,400 (3.2%) versus the prior year and $-4,550 versus the prior month.

Lynchburg's median listing price comes in at 78% of the national average.

Lynchburg's average listing price for 2023-04-01 was $420,821, a difference of $34,674 (9.0%) versus the prior year and $2,295 versus the prior month.

For the 2023-04-01 period, Lynchburg had 379 MLS listings, a difference of 31 listings (9%) versus the prior month and 117 listings (45%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Lynchburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 102 days 1,973 sqft
2018-02-01 98 days 1,976 sqft
2018-03-01 72 days 1,990 sqft
2018-04-01 61 days 2,023 sqft
2018-05-01 100 days 2,052 sqft
2018-06-01 110 days 2,090 sqft
2018-07-01 112 days 2,052 sqft
2018-08-01 109 days 2,017 sqft
2018-09-01 113 days 2,010 sqft
2018-10-01 117 days 1,990 sqft
2018-11-01 122 days 1,952 sqft
2018-12-01 136 days 1,930 sqft
2019-01-01 142 days 1,957 sqft
2019-02-01 149 days 1,962 sqft
2019-03-01 85 days 2,000 sqft
2019-04-01 61 days 2,008 sqft
2019-05-01 61 days 2,002 sqft
2019-06-01 64 days 2,072 sqft
2019-07-01 67 days 2,109 sqft
2019-08-01 73 days 2,065 sqft
2019-09-01 79 days 2,052 sqft
2019-10-01 76 days 2,015 sqft
2019-11-01 81 days 1,988 sqft
2019-12-01 89 days 1,959 sqft
2020-01-01 94 days 1,960 sqft
2020-02-01 85 days 1,973 sqft
2020-03-01 63 days 1,986 sqft
2020-04-01 61 days 1,992 sqft
2020-05-01 71 days 2,010 sqft
2020-06-01 71 days 2,097 sqft
2020-07-01 64 days 2,094 sqft
2020-08-01 56 days 2,088 sqft
2020-09-01 56 days 2,035 sqft
2020-10-01 55 days 1,890 sqft
2020-11-01 64 days 1,907 sqft
2020-12-01 68 days 1,861 sqft
2021-01-01 75 days 1,844 sqft
2021-02-01 76 days 1,850 sqft
2021-03-01 50 days 1,842 sqft
2021-04-01 44 days 1,888 sqft
2021-05-01 44 days 1,875 sqft
2021-06-01 42 days 1,892 sqft
2021-07-01 40 days 1,880 sqft
2021-08-01 43 days 1,932 sqft
2021-09-01 45 days 1,899 sqft
2021-10-01 48 days 1,881 sqft
2021-11-01 53 days 1,878 sqft
2021-12-01 59 days 1,795 sqft
2022-01-01 64 days 1,730 sqft
2022-02-01 48 days 1,748 sqft
2022-03-01 38 days 1,862 sqft
2022-04-01 38 days 1,865 sqft
2022-05-01 34 days 1,897 sqft
2022-06-01 33 days 1,950 sqft
2022-07-01 39 days 1,952 sqft
2022-08-01 50 days 1,934 sqft
2022-09-01 53 days 1,852 sqft
2022-10-01 53 days 1,822 sqft
2022-11-01 53 days 1,872 sqft
2022-12-01 62 days 1,800 sqft
2023-01-01 64 days 1,794 sqft
2023-02-01 47 days 1,734 sqft
2023-03-01 45 days 1,817 sqft
2023-04-01 39 days 1,800 sqft
Lynchburg's median listing age (time on market) for 2023-04-01 was 39 days. This is 3% longer than the same period one year ago.

Lynchburg's median square footage for active listings during the 2023-04-01 period was 1,800 sqft. One year prior, the average listing was 1,865 sqft.