Richmond USDA Loan Rates, Closing Costs & Stats

Richmond, IN

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 9 lenders originated 21 USDA loans during 2023. The total origination value was $2,325,000, with an average USDA loan value of $110,714.

Richmond USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Richmond averaged -0.05% for the week of 2024-11-29, compared to the national average (all USDA variants) of 0% for the same period.

Richmond's average USDA mortgage closing costs are $3,841.

The average rate for the prior week (2024-11-22) was 6.55% and one month ago for the week of 2024-10-25, the average rate was 6.45%.

The average rate one year ago was 7.05%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.2%.

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
NEWREZ LLC 9 7.13% $3,536
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 7.33% $5,379
THRIVE MORTGAGE, LLC 2 7.13% $4,692
DAS Acquisition Company, LLC 2 7.56% $6,236
Three Rivers Federal Credit Union 1 7.50% $3,419
U.S. Bank 1 6.75% $3,865
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $1,529
First Financial Bank 1 6.13% $4,244
OPEN MORTGAGE, LLC 1 6.63% $6,449

The top Richmond USDA lender as defined by loan originations is NEWREZ LLC, with 9 USDA loans originated. Their average total fees are $3,536, which is $1,843 lower than the next largest lender, PRIMELENDING, A PLAINSCAPITAL COMPANY.

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

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


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 $79,900 (0.0%) $116,133 (-4.2%) 0.00 314
2018-02-01 $83,200 (4.1%) $120,797 (1.1%) 0.00 329
2018-03-01 $84,900 (6.4%) $125,416 (5.9%) 0.00 291
2018-04-01 $82,200 (3.4%) $122,744 (8.5%) 0.00 288
2018-05-01 $82,200 (1.2%) $124,808 (6.7%) 0.00 287
2018-06-01 $85,200 (-0.4%) $130,626 (5.1%) 0.00 284
2018-07-01 $88,350 (-1.7%) $132,966 (7.5%) 0.00 298
2018-08-01 $89,800 (-0.1%) $132,046 (10.0%) 0.00 304
2018-09-01 $89,900 (5.9%) $130,228 (6.9%) 0.00 318
2018-10-01 $85,675 (0.9%) $124,927 (-0.1%) 0.00 329
2018-11-01 $87,475 (-1.9%) $125,567 (0.2%) 0.00 341
2018-12-01 $88,500 (4.7%) $123,810 (0.9%) 0.00 341
2019-01-01 $88,650 (11.0%) $122,983 (5.9%) 0.00 321
2019-02-01 $89,900 (8.1%) $125,842 (4.2%) 0.00 320
2019-03-01 $89,157 (5.0%) $129,619 (3.4%) 0.00 291
2019-04-01 $89,900 (9.4%) $134,168 (9.3%) 0.00 261
2019-05-01 $96,450 (17.3%) $137,749 (10.4%) 0.00 269
2019-06-01 $94,450 (10.9%) $136,256 (4.3%) 0.00 251
2019-07-01 $90,550 (2.5%) $135,097 (1.6%) 0.00 236
2019-08-01 $92,627 (3.2%) $133,947 (1.4%) 0.00 242
2019-09-01 $96,718 (7.6%) $131,386 (0.9%) 0.00 242
2019-10-01 $99,900 (16.6%) $130,264 (4.3%) 0.00 241
2019-11-01 $99,700 (14.0%) $127,224 (1.3%) 0.00 258
2019-12-01 $93,200 (5.3%) $121,091 (-2.2%) 0.00 258
2020-01-01 $93,200 (5.1%) $121,769 (-1.0%) 0.00 248
2020-02-01 $95,000 (5.7%) $127,802 (1.6%) 0.00 221
2020-03-01 $99,900 (12.1%) $127,438 (-1.7%) 0.00 207
2020-04-01 $109,900 (22.3%) $128,407 (-4.3%) 0.00 197
2020-05-01 $94,950 (-1.6%) $135,077 (-1.9%) 0.00 153
2020-06-01 $116,150 (23.0%) $156,615 (14.9%) 0.00 122
2020-07-01 $121,050 (33.7%) $168,452 (24.7%) 0.00 122
2020-08-01 $119,900 (29.4%) $178,200 (33.0%) 0.00 127
2020-09-01 $124,925 (29.2%) $167,238 (27.3%) 0.00 132
2020-10-01 $109,900 (10.0%) $156,921 (20.5%) 0.00 147
2020-11-01 $101,175 (1.5%) $150,286 (18.1%) 0.00 164
2020-12-01 $99,850 (7.1%) $150,617 (24.4%) 0.00 163
2021-01-01 $91,250 (-2.1%) $147,866 (21.4%) 0.00 149
2021-02-01 $82,425 (-13.2%) $146,253 (14.4%) 0.00 123
2021-03-01 $79,900 (-20.0%) $146,920 (15.3%) 0.00 108
2021-04-01 $107,400 (-2.3%) $158,784 (23.7%) 0.00 97
2021-05-01 $89,950 (-5.3%) $165,191 (22.3%) 0.00 80
2021-06-01 $117,175 (0.9%) $182,152 (16.3%) 0.00 90
2021-07-01 $94,900 (-21.6%) $140,155 (-16.8%) 0.00 85
2021-08-01 $121,150 (1.0%) $148,534 (-16.7%) 0.00 91
2021-09-01 $129,900 (4.0%) $155,439 (-7.1%) 0.00 109
2021-10-01 $132,000 (20.1%) $158,472 (1.0%) 0.00 114
2021-11-01 $117,200 (15.8%) $152,334 (1.4%) 0.00 97
2021-12-01 $106,250 (6.4%) $139,962 (-7.1%) 0.00 98
2022-01-01 $106,250 (16.4%) $142,234 (-3.8%) 0.00 85
2022-02-01 $114,900 (39.4%) $154,696 (5.8%) 0.00 66
2022-03-01 $139,950 (75.2%) $174,833 (19.0%) 0.00 67
2022-04-01 $169,900 (58.2%) $199,118 (25.4%) 0.00 62
2022-05-01 $152,425 (69.5%) $189,711 (14.8%) 0.00 71
2022-06-01 $129,900 (10.9%) $170,719 (-6.3%) 0.00 91
2022-07-01 $129,900 (36.9%) $167,200 (19.3%) 0.00 102
2022-08-01 $134,800 (11.3%) $179,239 (20.7%) 0.00 110
2022-09-01 $151,150 (16.4%) $193,392 (24.4%) 0.00 100
2022-10-01 $159,900 (21.1%) $191,121 (20.6%) 0.00 114
2022-11-01 $147,075 (25.5%) $177,026 (16.2%) 0.00 134
2022-12-01 $143,500 (35.1%) $173,166 (23.7%) 0.00 125
2023-01-01 $143,050 (34.6%) $177,975 (25.1%) 0.00 103
2023-02-01 $151,875 (32.2%) $175,782 (13.6%) 0.00 90
2023-03-01 $163,650 (16.9%) $185,936 (6.4%) 0.00 89
2023-04-01 $168,900 (-0.6%) $188,014 (-5.6%) 0.00 75
2023-05-01 $149,900 (-1.7%) $187,490 (-1.2%) 0.00 73
2023-06-01 $169,375 (30.4%) $204,628 (19.9%) 0.00 78
2023-07-01 $162,450 (25.1%) $209,607 (25.4%) 0.00 87
2023-08-01 $149,700 (11.1%) $196,975 (9.9%) 0.00 105
2023-09-01 $129,900 (-14.1%) $178,876 (-7.5%) 0.00 122
2023-10-01 $141,150 (-11.7%) $192,356 (0.7%) 0.00 129
2023-11-01 $157,450 (7.1%) $197,449 (11.5%) 0.00 129
2023-12-01 $150,350 (4.8%) $190,280 (9.9%) 0.00 112
2024-01-01 $159,900 (11.8%) $205,574 (15.5%) 0.00 102
2024-02-01 $158,175 (4.2%) $205,711 (17.0%) 0.00 114
2024-03-01 $149,900 (-8.4%) $197,770 (6.4%) 0.00 88
2024-04-01 $149,900 (-11.3%) $193,130 (2.7%) 0.00 89
2024-05-01 $171,200 (14.2%) $208,649 (11.3%) 0.00 86
2024-06-01 $187,000 (10.4%) $221,485 (8.2%) 0.00 101
2024-07-01 $195,175 (20.1%) $245,694 (17.2%) 0.00 123
2024-08-01 $179,900 (20.2%) $228,922 (16.2%) 0.00 147
2024-09-01 $169,900 (30.8%) $229,939 (28.6%) 0.00 161
2024-10-01 $170,975 (21.1%) $230,520 (19.8%) 0.00 165
Richmond's median listing price for 2024-10-01 was $170,975, a difference of $29,825 (21.1%) versus the prior year and $1,075 versus the prior month.

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

Richmond's average listing price for 2024-10-01 was $230,520, a difference of $38,164 (19.8%) versus the prior year and $581 versus the prior month.

For the 2024-10-01 period, Richmond had 165 MLS listings, a difference of 4 listings (2%) versus the prior month and 36 listings (28%) 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 1,531 sqft
2018-02-01 0 days 1,594 sqft
2018-03-01 0 days 1,601 sqft
2018-04-01 0 days 1,597 sqft
2018-05-01 0 days 1,601 sqft
2018-06-01 0 days 1,596 sqft
2018-07-01 0 days 1,635 sqft
2018-08-01 0 days 1,634 sqft
2018-09-01 0 days 1,632 sqft
2018-10-01 0 days 1,602 sqft
2018-11-01 0 days 1,601 sqft
2018-12-01 0 days 1,595 sqft
2019-01-01 0 days 1,542 sqft
2019-02-01 0 days 1,530 sqft
2019-03-01 0 days 1,524 sqft
2019-04-01 0 days 1,541 sqft
2019-05-01 0 days 1,583 sqft
2019-06-01 0 days 1,561 sqft
2019-07-01 0 days 1,584 sqft
2019-08-01 0 days 1,589 sqft
2019-09-01 0 days 1,596 sqft
2019-10-01 0 days 1,602 sqft
2019-11-01 0 days 1,603 sqft
2019-12-01 0 days 1,605 sqft
2020-01-01 0 days 1,603 sqft
2020-02-01 0 days 1,646 sqft
2020-03-01 0 days 1,644 sqft
2020-04-01 0 days 1,628 sqft
2020-05-01 0 days 1,606 sqft
2020-06-01 0 days 1,643 sqft
2020-07-01 0 days 1,733 sqft
2020-08-01 0 days 1,672 sqft
2020-09-01 0 days 1,609 sqft
2020-10-01 0 days 1,581 sqft
2020-11-01 0 days 1,567 sqft
2020-12-01 0 days 1,601 sqft
2021-01-01 0 days 1,547 sqft
2021-02-01 0 days 1,520 sqft
2021-03-01 0 days 1,494 sqft
2021-04-01 0 days 1,566 sqft
2021-05-01 0 days 1,429 sqft
2021-06-01 0 days 1,603 sqft
2021-07-01 0 days 1,572 sqft
2021-08-01 0 days 1,675 sqft
2021-09-01 0 days 1,617 sqft
2021-10-01 0 days 1,542 sqft
2021-11-01 0 days 1,449 sqft
2021-12-01 0 days 1,409 sqft
2022-01-01 0 days 1,527 sqft
2022-02-01 0 days 1,556 sqft
2022-03-01 0 days 1,575 sqft
2022-04-01 0 days 1,811 sqft
2022-05-01 0 days 1,796 sqft
2022-06-01 0 days 1,696 sqft
2022-07-01 0 days 1,657 sqft
2022-08-01 0 days 1,670 sqft
2022-09-01 0 days 1,695 sqft
2022-10-01 0 days 1,674 sqft
2022-11-01 0 days 1,535 sqft
2022-12-01 0 days 1,553 sqft
2023-01-01 0 days 1,575 sqft
2023-02-01 0 days 1,706 sqft
2023-03-01 0 days 1,762 sqft
2023-04-01 0 days 1,817 sqft
2023-05-01 0 days 1,791 sqft
2023-06-01 0 days 1,853 sqft
2023-07-01 0 days 1,848 sqft
2023-08-01 0 days 1,678 sqft
2023-09-01 0 days 1,569 sqft
2023-10-01 0 days 1,599 sqft
2023-11-01 0 days 1,730 sqft
2023-12-01 0 days 1,652 sqft
2024-01-01 0 days 1,758 sqft
2024-02-01 0 days 1,818 sqft
2024-03-01 0 days 1,672 sqft
2024-04-01 0 days 1,634 sqft
2024-05-01 0 days 1,674 sqft
2024-06-01 0 days 1,778 sqft
2024-07-01 0 days 1,773 sqft
2024-08-01 0 days 1,780 sqft
2024-09-01 0 days 1,721 sqft
2024-10-01 0 days 1,709 sqft
Richmond's median listing age (time on market) for 2024-10-01 was 0 days.

Richmond's median square footage for active listings during the 2024-10-01 period was 1,709 sqft. One year prior, the average listing was 1,599 sqft.