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 16 lenders originated 30 USDA loans during 2023. The total origination value was $5,620,000, with an average USDA loan value of $187,333.

Richmond USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Richmond averaged 0.1% for the week of 2024-06-21, compared to the national average (all USDA variants) of 0% for the same period.

Richmond's average USDA mortgage closing costs are $4,561.

The average rate for the prior week (2024-06-14) was 6.48% and one month ago for the week of 2024-05-17, the average rate was 6.42%.

The average rate one year ago was 6.6%.

For refis of the same type during the week of 2024-06-21, the average rate was 0%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
GENEVA FINANCIAL, LLC 7 6.16% $6,805
DAS Acquisition Company, LLC 4 7.03% $8,791
STOCKTON MORTGAGE CORPORATION 3 6.75% $7,383
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 7.13% $4,254
GoPrime Mortgage, Inc. 2 7.06% $7,661
Paramount Residential Mortgage Group, Inc. 1 6.63% $3,998
Prosperity Home Mortgage, LLC 1 6.13% $6,487
Renasant Bank 1 6.63% $5,424
UNION HOME MORTGAGE CORP. 1 7.75% $7,605
U.S. Bank 1 7.63% $5,826
AMERICAN FINANCIAL NETWORK, INC. 1 6.25% $11,239
WesBanco 1 5.25% $7,595
Century Mortgage Company DBA Century Lending Company 1 6.50% $5,029
Flagstar Bank, FSB 1 6.13% $5,928
HOMESIDE FINANCIAL, LLC 1 6.38% $7,963
NEWREZ LLC 1 6.75% $6,689

The top Richmond USDA lender as defined by loan originations is GENEVA FINANCIAL, LLC, with 7 USDA loans originated. Their average total fees are $6,805, which is $1,985 lower than the next largest lender, DAS Acquisition Company, LLC.

The lowest fee Richmond USDA lenders (with over 10 loans originated) are .

The lowest rate Richmond USDA lenders (with over 10 loans originated) are .