Martinsville USDA Loan Rates, Closing Costs & Stats
Martinsville, 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.
Martinsville's 14 lenders originated 67 USDA loans during 2023. The total origination value was $9,805,000, with an average USDA loan value of $146,343.
Martinsville USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Martinsville
averaged
6.57%
for the week of 2024-11-08, compared to the national average (all USDA variants) of
6.477% for the same period.
Martinsville's average USDA mortgage closing costs are $3,786.
The average rate for the prior week (2024-11-01) was
6.64% and
one month ago for the week of 2024-10-04, the
average rate was 5.97%.
The average rate one year ago was 7.7%.
For refis of the same type during the week of 2024-11-08, the average rate
was 6.38%.
Martinsville 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 Martinsville level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| Alcova Mortgage LLC | 31 | 6.95% | $2,705 |
| Blue Ridge Bank | 17 | 6.31% | $6,289 |
| ATLANTIC BAY MORTGAGE GROUP, L.L.C. | 3 | 6.92% | $9,596 |
| Plains Commerce Bank | 2 | 5.94% | $8,722 |
| UNION HOME MORTGAGE CORP. | 2 | 6.25% | $8,475 |
| C & F Mortgage Corporation | 1 | 6.63% | $8,790 |
| FIRST COMMUNITY MORTGAGE, INC. | 1 | 6.13% | $4,244 |
| SUN WEST MORTGAGE COMPANY, INC. | 1 | 6.25% | $10,147 |
| TOWNE MORTGAGE COMPANY | 1 | 7.75% | $4,970 |
| UNITED WHOLESALE MORTGAGE, LLC | 1 | 5.63% | $11,276 |
| American National Bank and Trust Company | 1 | 7.13% | $4,298 |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | 1 | 6.63% | $7,571 |
| Atlantic Coast Mortgage, LLC | 1 | 6.25% | $5,921 |
| Bank of England | 1 | 6.25% | $7,254 |
The top Martinsville USDA lender as defined by loan originations is Alcova Mortgage LLC, with
31 USDA loans originated. Their average total fees are
$2,705, which is $3,584
lower than the next largest lender,
Blue Ridge Bank.
The lowest fee Martinsville USDA lenders (with over 10 loans originated) are
Alcova Mortgage LLC ($2,705), Blue Ridge Bank ($6,289), .
The lowest rate Martinsville USDA lenders (with over 10 loans originated) are
Blue Ridge Bank (6.31%), Alcova Mortgage LLC (6.95%), .