Richmond USDA Loan Rates, Closing Costs & Stats

RICHMOND, 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.

Richmond's 58 lenders originated 200 USDA loans during 2022. The total origination value was $53,480,000, with an average USDA loan value of $267,400.

Richmond USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Richmond averaged -0.42% for the week of 2023-06-02, compared to the national average (all USDA variants) of 0% for the same period.

Richmond's average USDA mortgage closing costs are $5,855.

The average rate for the prior week (2023-05-26) was 6.02% and one month ago for the week of 2023-04-28, the average rate was 6.1%.

The average rate one year ago was 4.96%.

For refis of the same type during the week of 2023-06-02, the average rate was -1.27%.

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
George Mason Mortgage, LLC 23 4.31% $8,433
Alcova Mortgage LLC 15 5.22% $4,311
MOVEMENT MORTGAGE, LLC 14 4.62% $8,920
CALIBER HOME LOANS, INC. 12 4.19% $7,786
Presidential Bank, FSB 12 4.70% $8,132
TIDEWATER MORTGAGE SERVICES, INC. 9 4.14% $9,900
Integrity Home Mortgage Corp 8 4.45% $9,287
C & F Mortgage Corporation 8 5.06% $9,426
UNITED WHOLESALE MORTGAGE, LLC 6 5.27% $7,982
NVR Mortgage Finance, Inc. 6 4.29% $12,982
Virginia Credit Union, Inc. 5 4.25% $6,200
Flagstar Bank, FSB 5 4.25% $6,443
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 4.75% $7,636
Towne Bank 4 5.19% $7,983
Towne First Mortgage, LLC 4 3.84% $7,665
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 5.08% $10,578
NFM, INC. 3 4.88% $8,328
Atlantic Coast Mortgage, LLC 3 6.08% $6,329
PENNYMAC LOAN SERVICES, LLC 3 2.96% $6,835
Prosperity Home Mortgage, LLC 3 3.54% $6,878
FIRST HOME MORTGAGE CORPORATION 3 4.63% $7,120
SOUTHERN TRUST MORTGAGE, LLC 2 5.13% $8,447
Renasant Bank 2 5.00% $7,758
HOME POINT FINANCIAL CORPORATION 2 4.50% $4,350
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 4.50% $8,687
Assurance Financial Group, L.L.C. 2 4.31% $6,646
MASON MCDUFFIE MORTGAGE CORPORATION 2 3.63% $6,267
EMBRACE HOME LOANS, INC. 2 3.50% $8,192
VILLAGE BANK MORTGAGE CORPORATION 1 4.63% $6,409
Waterstone Mortgage Corporation 1 5.13% $11,200
LOANDEPOT.COM, LLC 1 4.38% $16,603
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 4.00% $9,553
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.25% $8,325
Ameris Bank 1 6.13% $15,258
Atlantic Union Bank 1 5.63% $6,745
Blue Ridge Bank 1 3.88% $11,065
Century Mortgage Company DBA Century Lending Company 1 3.25% $5,925
CERTAINTY HOME LOANS, LLC 1 3.75% $8,155
C&F Select LLC 1 5.13% $8,465
Christensen Financial, Inc. 1 3.63% $9,176
DHI MORTGAGE COMPANY, LTD. 1 2.75% $11,283
GoPrime Mortgage, Inc. 1 2.38% $6,720
GUARANTY HOME MORTGAGE CORPORATION 1 3.75% $6,271
GUILD MORTGAGE COMPANY 1 6.13% $7,629
Home State Bank 1 5.63% $8,026
INTERCOASTAL MORTGAGE COMPANY 1 3.50% $5,498
Ixonia Bank 1 7.25% $3,390
Loan Simple, Inc. 1 4.50% $5,879
MEMBER ADVANTAGE MORTGAGE, LLC 1 3.63% $5,633
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $5,927
NATIONS RELIABLE LENDING, LLC 1 6.25% $6,010
Plains Commerce Bank 1 4.00% $7,592
PLANET HOME LENDING, LLC 1 3.38% $4,840
SUCCESS MORTGAGE PARTNERS, INC. 1 4.00% $5,952
The Federal Savings Bank 1 5.75% $6,774
The Freedom Bank of Virginia 1 3.38% $6,246
Tidewater Home Funding, LLC 1 5.25% $5,621
VANDERBILT MORTGAGE AND FINANCE, INC. 1 4.50% $6,153

The top Richmond USDA lender as defined by loan originations is George Mason Mortgage, LLC, with 23 USDA loans originated. Their average total fees are $8,433, which is $4,123 higher than the next largest lender, Alcova Mortgage LLC.

The lowest fee Richmond USDA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($4,311), CALIBER HOME LOANS, INC. ($7,786), Presidential Bank, FSB ($8,132), George Mason Mortgage, LLC ($8,433) and MOVEMENT MORTGAGE, LLC ($8,920).

The lowest rate Richmond USDA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. (4.19%), George Mason Mortgage, LLC (4.31%), MOVEMENT MORTGAGE, LLC (4.62%), Presidential Bank, FSB (4.70%) and Alcova Mortgage LLC (5.22%).


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 $289,975 (8.2%) $344,001 (7.1%) 1.08 3,185
2018-02-01 $299,948 (8.2%) $354,282 (6.1%) 1.09 3,156
2018-03-01 $314,078 (8.3%) $365,619 (5.6%) 1.10 3,257
2018-04-01 $321,413 (8.2%) $374,795 (7.6%) 1.09 3,414
2018-05-01 $324,975 (8.3%) $381,940 (7.3%) 1.09 3,670
2018-06-01 $319,970 (6.7%) $379,288 (7.2%) 1.07 3,948
2018-07-01 $323,215 (8.1%) $379,150 (8.3%) 1.08 4,083
2018-08-01 $314,285 (7.5%) $371,157 (7.6%) 1.05 4,226
2018-09-01 $309,000 (4.5%) $367,049 (5.0%) 1.04 4,286
2018-10-01 $303,983 (2.7%) $360,416 (2.7%) 1.03 4,337
2018-11-01 $307,475 (4.2%) $364,209 (3.8%) 1.04 4,236
2018-12-01 $309,950 (6.9%) $363,549 (4.7%) 1.07 3,828
2019-01-01 $309,625 (6.8%) $358,981 (4.4%) 1.07 3,425
2019-02-01 $319,000 (6.4%) $369,110 (4.2%) 1.08 3,365
2019-03-01 $327,114 (4.2%) $376,204 (2.9%) 1.07 3,463
2019-04-01 $334,500 (4.1%) $383,923 (2.4%) 1.06 3,593
2019-05-01 $337,848 (4.0%) $390,585 (2.3%) 1.06 3,785
2019-06-01 $335,000 (4.7%) $389,719 (2.8%) 1.05 3,880
2019-07-01 $332,136 (2.8%) $385,859 (1.8%) 1.04 3,993
2019-08-01 $325,615 (3.6%) $379,095 (2.1%) 1.03 4,076
2019-09-01 $322,451 (4.4%) $377,504 (2.9%) 1.03 4,126
2019-10-01 $319,970 (5.3%) $375,387 (4.2%) 1.03 4,189
2019-11-01 $315,300 (2.5%) $371,507 (2.0%) 1.03 3,963
2019-12-01 $322,411 (4.0%) $373,558 (2.8%) 1.08 3,471
2020-01-01 $324,925 (4.9%) $373,450 (4.0%) 1.09 3,072
2020-02-01 $331,162 (3.8%) $388,400 (5.2%) 1.09 2,907
2020-03-01 $345,950 (5.8%) $406,063 (7.9%) 1.08 3,026
2020-04-01 $349,250 (4.4%) $404,730 (5.4%) 1.09 3,222
2020-05-01 $355,398 (5.2%) $413,877 (6.0%) 1.08 3,094
2020-06-01 $359,472 (7.3%) $419,488 (7.6%) 1.06 2,751
2020-07-01 $358,450 (7.9%) $420,515 (9.0%) 1.04 2,536
2020-08-01 $359,605 (10.4%) $423,796 (11.8%) 1.03 2,331
2020-09-01 $356,349 (10.5%) $422,997 (12.1%) 1.02 2,263
2020-10-01 $360,000 (12.5%) $428,065 (14.0%) 1.03 2,202
2020-11-01 $361,945 (14.8%) $428,482 (15.3%) 1.06 2,092
2020-12-01 $364,623 (13.1%) $429,511 (15.0%) 1.09 1,866
2021-01-01 $368,250 (13.3%) $429,239 (14.9%) 1.10 1,597
2021-02-01 $369,641 (11.6%) $434,176 (11.8%) 1.08 1,423
2021-03-01 $369,735 (6.9%) $438,468 (8.0%) 1.05 1,422
2021-04-01 $366,450 (4.9%) $432,715 (6.9%) 0.99 1,444
2021-05-01 $357,991 (0.7%) $425,960 (2.9%) 0.95 1,536
2021-06-01 $350,001 (-2.6%) $425,637 (1.5%) 0.92 1,663
2021-07-01 $349,000 (-2.6%) $418,867 (-0.4%) 0.92 1,797
2021-08-01 $349,938 (-2.7%) $420,705 (-0.7%) 0.93 1,840
2021-09-01 $349,950 (-1.8%) $421,277 (-0.4%) 0.93 1,814
2021-10-01 $350,000 (-2.8%) $419,492 (-2.0%) 0.93 1,705
2021-11-01 $350,353 (-3.2%) $422,064 (-1.5%) 0.94 1,576
2021-12-01 $353,399 (-3.1%) $424,812 (-1.1%) 0.96 1,270
2022-01-01 $366,021 (-0.6%) $440,368 (2.6%) 0.99 1,042
2022-02-01 $367,495 (-0.6%) $444,015 (2.3%) 0.96 943
2022-03-01 $359,763 (-2.7%) $437,413 (-0.2%) 0.90 981
2022-04-01 $372,980 (1.8%) $449,941 (4.0%) 0.89 1,092
2022-05-01 $381,438 (6.6%) $460,449 (8.1%) 0.87 1,256
2022-06-01 $393,253 (12.4%) $467,467 (9.8%) 0.88 1,520
2022-07-01 $389,950 (11.7%) $458,390 (9.4%) 0.88 1,787
2022-08-01 $385,788 (10.2%) $463,080 (10.1%) 0.89 1,800
2022-09-01 $381,796 (9.1%) $458,170 (8.8%) 0.89 1,852
2022-10-01 $379,950 (8.6%) $459,608 (9.6%) 0.89 1,924
2022-11-01 $379,213 (8.2%) $450,126 (6.7%) 0.91 2,033
2022-12-01 $376,975 (6.7%) $448,431 (5.6%) 0.93 1,878
2023-01-01 $380,970 (4.1%) $449,052 (2.0%) 0.94 1,656
2023-02-01 $392,495 (6.8%) $463,291 (4.3%) 0.95 1,499
2023-03-01 $402,400 (11.9%) $476,101 (8.8%) 0.95 1,485
2023-04-01 $422,010 (13.2%) $501,780 (11.5%) 0.98 1,486
2023-05-01 $441,049 (15.6%) $517,478 (12.4%) 1.00 1,498
Richmond's median listing price for 2023-05-01 was $441,049, a difference of $59,611 (15.6%) versus the prior year and $19,039 versus the prior month.

Richmond's median listing price comes in at 100% of the national average.

Richmond's average listing price for 2023-05-01 was $517,478, a difference of $57,029 (12.4%) versus the prior year and $15,698 versus the prior month.

For the 2023-05-01 period, Richmond had 1,498 MLS listings, a difference of 12 listings (1%) versus the prior month and 242 listings (19%) 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 68 days 2,178 sqft
2018-02-01 55 days 2,210 sqft
2018-03-01 46 days 2,254 sqft
2018-04-01 45 days 2,291 sqft
2018-05-01 43 days 2,342 sqft
2018-06-01 45 days 2,320 sqft
2018-07-01 49 days 2,301 sqft
2018-08-01 50 days 2,246 sqft
2018-09-01 52 days 2,224 sqft
2018-10-01 55 days 2,192 sqft
2018-11-01 53 days 2,200 sqft
2018-12-01 63 days 2,200 sqft
2019-01-01 66 days 2,181 sqft
2019-02-01 56 days 2,207 sqft
2019-03-01 46 days 2,241 sqft
2019-04-01 42 days 2,269 sqft
2019-05-01 44 days 2,292 sqft
2019-06-01 46 days 2,286 sqft
2019-07-01 50 days 2,270 sqft
2019-08-01 50 days 2,235 sqft
2019-09-01 50 days 2,217 sqft
2019-10-01 50 days 2,202 sqft
2019-11-01 52 days 2,186 sqft
2019-12-01 64 days 2,191 sqft
2020-01-01 68 days 2,198 sqft
2020-02-01 53 days 2,208 sqft
2020-03-01 40 days 2,265 sqft
2020-04-01 44 days 2,277 sqft
2020-05-01 54 days 2,294 sqft
2020-06-01 59 days 2,289 sqft
2020-07-01 55 days 2,251 sqft
2020-08-01 60 days 2,242 sqft
2020-09-01 53 days 2,205 sqft
2020-10-01 53 days 2,200 sqft
2020-11-01 58 days 2,184 sqft
2020-12-01 57 days 2,173 sqft
2021-01-01 53 days 2,123 sqft
2021-02-01 49 days 2,086 sqft
2021-03-01 43 days 2,074 sqft
2021-04-01 40 days 2,081 sqft
2021-05-01 39 days 2,043 sqft
2021-06-01 41 days 2,030 sqft
2021-07-01 39 days 1,979 sqft
2021-08-01 40 days 2,009 sqft
2021-09-01 45 days 1,959 sqft
2021-10-01 51 days 1,962 sqft
2021-11-01 57 days 1,947 sqft
2021-12-01 51 days 1,959 sqft
2022-01-01 71 days 1,993 sqft
2022-02-01 36 days 1,972 sqft
2022-03-01 32 days 1,903 sqft
2022-04-01 32 days 1,924 sqft
2022-05-01 31 days 1,984 sqft
2022-06-01 31 days 2,010 sqft
2022-07-01 36 days 1,995 sqft
2022-08-01 38 days 1,990 sqft
2022-09-01 43 days 1,966 sqft
2022-10-01 40 days 1,960 sqft
2022-11-01 43 days 1,949 sqft
2022-12-01 53 days 1,923 sqft
2023-01-01 59 days 1,933 sqft
2023-02-01 51 days 1,982 sqft
2023-03-01 41 days 2,028 sqft
2023-04-01 39 days 2,065 sqft
2023-05-01 40 days 2,097 sqft
Richmond's median listing age (time on market) for 2023-05-01 was 40 days. This is 27% longer than the same period one year ago.

Richmond's median square footage for active listings during the 2023-05-01 period was 2,097 sqft. One year prior, the average listing was 1,984 sqft.