Richmond USDA Loan Rates, Closing Costs & Stats

Richmond-Berea, KY

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.

Richmond's 21 lenders originated 57 USDA loans during 2022. The total origination value was $10,685,000, with an average USDA loan value of $187,456.

Richmond USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Richmond averaged 6.17% for the week of 2024-03-01, compared to the national average (all USDA variants) of 6.729% for the same period.

Richmond's average USDA mortgage closing costs are $4,435.

The average rate for the prior week (2024-02-23) was 6.32% and one month ago for the week of 2024-01-26, the average rate was 5.98%.

The average rate one year ago was 5.95%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.46%.

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

Richmond 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 Richmond level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
GENEVA FINANCIAL, LLC 12 4.98% $6,284
ARK-LA-TEX FINANCIAL SERVICES, LLC. 9 5.42% $3,930
STOCKTON MORTGAGE CORPORATION 6 4.63% $6,197
GoPrime Mortgage, Inc. 5 5.33% $5,739
DAS Acquisition Company, LLC 5 5.90% $7,286
Truist 2 3.81% $4,688
UNITED WHOLESALE MORTGAGE, LLC 2 4.43% $6,197
FINANCE OF AMERICA MORTGAGE LLC 2 3.88% $5,060
Central Bank 2 4.63% $4,299
GVC MORTGAGE, INC. 1 5.13% $8,074
HOME POINT FINANCIAL CORPORATION 1 5.00% $5,382
Hometown Lenders, Inc. 1 5.50% $6,951
MID AMERICA MORTGAGE, INC. 1 5.13% $3,502
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.13% $9,780
Bank of England 1 6.75% $7,153
U.S. Bank 1 6.75% $8,775
Equity Prime Mortgage LLC 1 5.63% $3,223
VICTORY MORTGAGE, L.L.C. 1 3.88% $4,367
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 4.75% $5,377
Flagstar Bank, FSB 1 5.75% $7,540
Century Mortgage Company DBA Century Lending Company 1 3.50% $4,115

The top Richmond USDA lender as defined by loan originations is GENEVA FINANCIAL, LLC, with 12 USDA loans originated. Their average total fees are $6,284, which is $2,354 higher than the next largest lender, ARK-LA-TEX FINANCIAL SERVICES, LLC..

The lowest fee Richmond USDA lenders (with over 10 loans originated) are GENEVA FINANCIAL, LLC ($6,284), .

The lowest rate Richmond USDA lenders (with over 10 loans originated) are GENEVA FINANCIAL, LLC (4.98%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Richmond (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 $188,450 (6.5%) $229,599 (9.1%) 0.00 323
2018-02-01 $189,000 (8.7%) $228,888 (9.4%) 0.00 306
2018-03-01 $194,900 (11.9%) $236,510 (11.0%) 0.00 279
2018-04-01 $204,450 (16.8%) $241,850 (11.1%) 0.00 264
2018-05-01 $208,000 (15.6%) $244,950 (9.1%) 0.00 285
2018-06-01 $195,000 (8.4%) $235,511 (3.6%) 0.00 322
2018-07-01 $198,500 (10.3%) $234,474 (4.5%) 0.00 334
2018-08-01 $199,900 (8.4%) $235,533 (3.1%) 0.00 362
2018-09-01 $217,900 (19.1%) $241,108 (5.0%) 0.00 366
2018-10-01 $219,700 (20.1%) $246,239 (9.7%) 0.00 376
2018-11-01 $210,975 (13.7%) $247,463 (9.6%) 0.00 366
2018-12-01 $209,950 (11.1%) $245,062 (7.4%) 0.00 347
2019-01-01 $208,950 (10.9%) $240,202 (4.6%) 0.00 316
2019-02-01 $199,200 (5.4%) $248,616 (8.6%) 0.00 321
2019-03-01 $203,400 (4.4%) $252,874 (6.9%) 0.00 319
2019-04-01 $210,500 (3.0%) $265,724 (9.9%) 0.00 308
2019-05-01 $219,900 (5.7%) $276,790 (13.0%) 0.00 291
2019-06-01 $226,000 (15.9%) $278,436 (18.2%) 0.00 302
2019-07-01 $226,450 (14.1%) $280,812 (19.8%) 0.00 316
2019-08-01 $217,818 (9.0%) $274,935 (16.7%) 0.00 342
2019-09-01 $214,545 (-1.5%) $267,368 (10.9%) 0.00 375
2019-10-01 $213,814 (-2.7%) $263,797 (7.1%) 0.00 397
2019-11-01 $219,900 (4.2%) $261,759 (5.8%) 0.00 383
2019-12-01 $215,000 (2.4%) $243,269 (-0.7%) 0.00 348
2020-01-01 $217,350 (4.0%) $246,776 (2.7%) 0.00 325
2020-02-01 $219,900 (10.4%) $245,233 (-1.4%) 0.00 303
2020-03-01 $219,900 (8.1%) $255,449 (1.0%) 0.00 295
2020-04-01 $219,950 (4.5%) $259,413 (-2.4%) 0.00 288
2020-05-01 $229,000 (4.1%) $265,851 (-4.0%) 0.00 229
2020-06-01 $238,913 (5.7%) $270,630 (-2.8%) 0.00 190
2020-07-01 $242,425 (7.1%) $289,336 (3.0%) 0.00 192
2020-08-01 $235,400 (8.1%) $325,428 (18.4%) 0.00 164
2020-09-01 $237,025 (10.5%) $376,082 (40.7%) 0.00 160
2020-10-01 $259,900 (21.6%) $333,962 (26.6%) 0.00 161
2020-11-01 $249,100 (13.3%) $330,895 (26.4%) 0.00 169
2020-12-01 $238,400 (10.9%) $322,673 (32.6%) 0.00 159
2021-01-01 $244,900 (12.7%) $335,672 (36.0%) 0.00 147
2021-02-01 $254,225 (15.6%) $341,920 (39.4%) 0.00 134
2021-03-01 $264,000 (20.1%) $361,134 (41.4%) 0.00 119
2021-04-01 $262,225 (19.2%) $366,294 (41.2%) 0.00 102
2021-05-01 $279,950 (22.3%) $386,920 (45.5%) 0.00 102
2021-06-01 $264,900 (10.9%) $339,619 (25.5%) 0.00 130
2021-07-01 $259,900 (7.2%) $338,744 (17.1%) 0.00 139
2021-08-01 $254,700 (8.2%) $287,361 (-11.7%) 0.00 198
2021-09-01 $249,900 (5.4%) $299,446 (-20.4%) 0.00 195
2021-10-01 $249,900 (-3.9%) $294,379 (-11.9%) 0.00 192
2021-11-01 $254,500 (2.2%) $293,964 (-11.2%) 0.00 182
2021-12-01 $255,450 (7.2%) $309,980 (-3.9%) 0.00 166
2022-01-01 $257,450 (5.1%) $317,532 (-5.4%) 0.00 134
2022-02-01 $268,450 (5.6%) $337,826 (-1.2%) 0.00 104
2022-03-01 $268,675 (1.8%) $345,398 (-4.4%) 0.00 100
2022-04-01 $284,900 (8.7%) $357,977 (-2.3%) 0.00 103
2022-05-01 $297,175 (6.2%) $353,181 (-8.7%) 0.00 138
2022-06-01 $292,400 (10.4%) $347,282 (2.3%) 0.00 185
2022-07-01 $285,000 (9.7%) $342,617 (1.1%) 0.00 201
2022-08-01 $291,975 (14.6%) $348,607 (21.3%) 0.00 214
2022-09-01 $299,975 (20.0%) $357,087 (19.3%) 0.00 236
2022-10-01 $299,950 (20.0%) $361,516 (22.8%) 0.00 262
2022-11-01 $299,575 (17.7%) $345,229 (17.4%) 0.00 276
2022-12-01 $298,900 (17.0%) $340,437 (9.8%) 0.00 263
2023-01-01 $289,900 (12.6%) $345,575 (8.8%) 0.00 248
2023-02-01 $308,625 (15.0%) $372,732 (10.3%) 0.00 217
2023-03-01 $324,475 (20.8%) $385,241 (11.5%) 0.00 202
2023-04-01 $312,900 (9.8%) $384,931 (7.5%) 0.00 165
2023-05-01 $316,900 (6.6%) $393,803 (11.5%) 0.00 158
2023-06-01 $319,900 (9.4%) $380,820 (9.7%) 0.00 171
2023-07-01 $324,232 (13.8%) $373,352 (9.0%) 0.00 182
2023-08-01 $324,616 (11.2%) $377,945 (8.4%) 0.00 185
2023-09-01 $315,900 (5.3%) $360,050 (0.8%) 0.00 199
2023-10-01 $313,450 (4.5%) $357,039 (-1.2%) 0.00 223
2023-11-01 $322,450 (7.6%) $370,234 (7.2%) 0.00 250
2023-12-01 $322,576 (7.9%) $365,498 (7.4%) 0.00 230
2024-01-01 $319,900 (10.4%) $369,274 (6.9%) 0.00 229
Richmond's median listing price for 2024-01-01 was $319,900, a difference of $30,000 (10.4%) versus the prior year and $-2,676 versus the prior month.

Richmond's median listing price comes in at 0% of the national average.

Richmond's average listing price for 2024-01-01 was $369,274, a difference of $23,699 (6.9%) versus the prior year and $3,776 versus the prior month.

For the 2024-01-01 period, Richmond had 229 MLS listings, a difference of -1 listings (0%) versus the prior month and -19 listings (-8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Richmond (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,025 sqft
2018-02-01 0 days 2,000 sqft
2018-03-01 0 days 1,949 sqft
2018-04-01 0 days 1,996 sqft
2018-05-01 0 days 2,000 sqft
2018-06-01 0 days 2,000 sqft
2018-07-01 0 days 2,007 sqft
2018-08-01 0 days 2,000 sqft
2018-09-01 0 days 2,000 sqft
2018-10-01 0 days 2,000 sqft
2018-11-01 0 days 2,007 sqft
2018-12-01 0 days 1,963 sqft
2019-01-01 0 days 1,946 sqft
2019-02-01 0 days 1,869 sqft
2019-03-01 0 days 1,914 sqft
2019-04-01 0 days 1,969 sqft
2019-05-01 0 days 2,057 sqft
2019-06-01 0 days 2,063 sqft
2019-07-01 0 days 2,056 sqft
2019-08-01 0 days 2,032 sqft
2019-09-01 0 days 2,007 sqft
2019-10-01 0 days 1,991 sqft
2019-11-01 0 days 1,920 sqft
2019-12-01 0 days 1,869 sqft
2020-01-01 0 days 1,861 sqft
2020-02-01 0 days 1,893 sqft
2020-03-01 0 days 1,969 sqft
2020-04-01 0 days 2,010 sqft
2020-05-01 0 days 1,936 sqft
2020-06-01 0 days 1,925 sqft
2020-07-01 0 days 1,885 sqft
2020-08-01 0 days 2,010 sqft
2020-09-01 0 days 2,053 sqft
2020-10-01 0 days 2,114 sqft
2020-11-01 0 days 1,966 sqft
2020-12-01 0 days 1,865 sqft
2021-01-01 0 days 1,942 sqft
2021-02-01 0 days 1,976 sqft
2021-03-01 0 days 2,043 sqft
2021-04-01 0 days 2,027 sqft
2021-05-01 0 days 2,036 sqft
2021-06-01 0 days 1,969 sqft
2021-07-01 0 days 1,901 sqft
2021-08-01 0 days 1,850 sqft
2021-09-01 0 days 1,785 sqft
2021-10-01 0 days 1,795 sqft
2021-11-01 0 days 1,822 sqft
2021-12-01 0 days 1,817 sqft
2022-01-01 0 days 1,745 sqft
2022-02-01 0 days 1,739 sqft
2022-03-01 0 days 1,731 sqft
2022-04-01 0 days 1,815 sqft
2022-05-01 0 days 1,779 sqft
2022-06-01 0 days 1,797 sqft
2022-07-01 0 days 1,787 sqft
2022-08-01 0 days 1,800 sqft
2022-09-01 0 days 1,820 sqft
2022-10-01 0 days 1,824 sqft
2022-11-01 0 days 1,813 sqft
2022-12-01 0 days 1,756 sqft
2023-01-01 0 days 1,747 sqft
2023-02-01 0 days 1,822 sqft
2023-03-01 0 days 1,960 sqft
2023-04-01 0 days 1,903 sqft
2023-05-01 0 days 1,912 sqft
2023-06-01 0 days 1,896 sqft
2023-07-01 0 days 1,898 sqft
2023-08-01 0 days 1,870 sqft
2023-09-01 0 days 1,832 sqft
2023-10-01 0 days 1,825 sqft
2023-11-01 0 days 1,843 sqft
2023-12-01 0 days 1,820 sqft
2024-01-01 0 days 1,808 sqft
Richmond's median listing age (time on market) for 2024-01-01 was 0 days.

Richmond's median square footage for active listings during the 2024-01-01 period was 1,808 sqft. One year prior, the average listing was 1,747 sqft.