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 30 lenders originated 80 USDA loans during 2023. The total origination value was $20,950,000, with an average USDA loan value of $261,875.

Richmond USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Richmond averaged 6.74% for the week of 2024-05-17, compared to the national average (all USDA variants) of 6.75% for the same period.

Richmond's average USDA mortgage closing costs are $5,954.

The average rate for the prior week (2024-05-10) was 6.77% and one month ago for the week of 2024-04-12, the average rate was 6.8%.

The average rate one year ago was 6.28%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.75%.

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
George Mason Mortgage, LLC 12 6.04% $6,998
Presidential Bank, FSB 9 6.46% $9,092
C & F Mortgage Corporation 7 6.91% $9,098
MOVEMENT MORTGAGE, LLC 7 6.73% $7,180
Alcova Mortgage LLC 6 6.66% $3,968
Integrity Home Mortgage Corp 5 6.30% $11,224
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 7.04% $7,655
Tidewater Home Funding, LLC 3 6.29% $4,505
Virginia Credit Union, Inc. 2 6.44% $6,530
GUILD MORTGAGE COMPANY 2 6.69% $12,759
NVR Mortgage Finance, Inc. 2 6.00% $6,750
TOWNE MORTGAGE COMPANY 2 6.37% $10,267
UNITED WHOLESALE MORTGAGE, LLC 2 5.83% $7,846
CHURCHILL MORTGAGE CORPORATION 1 5.99% $13,503
NEWREZ LLC 1 6.25% $9,786
NFM, INC. 1 6.75% $9,405
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.75% $8,946
PLANET HOME LENDING, LLC 1 6.25% $11,116
CALIBER HOME LOANS, INC. 1 5.75% $7,013
SOUTHERN TRUST MORTGAGE, LLC 1 6.75% $6,424
SUMMIT FUNDING, INC. 1 6.13% $11,141
Atlantic Union Bank 1 7.63% $5,541
TIDEWATER MORTGAGE SERVICES, INC. 1 6.38% $7,181
Towne Bank 1 6.50% $8,437
U.S. Bank 1 5.99% $7,496
Towne Mortgage, LLC 1 6.50% $7,823
GENEVA FINANCIAL, LLC 1 6.38% $14,908
UNION HOME MORTGAGE CORP. 1 6.00% $7,056
DRAPER AND KRAMER MORTGAGE CORP. 1 6.50% $7,351
Keystone Funding, Inc. 1 5.99% $9,290

The top Richmond USDA lender as defined by loan originations is George Mason Mortgage, LLC, with 12 USDA loans originated. Their average total fees are $6,998, which is $2,094 lower than the next largest lender, Presidential Bank, FSB.

The lowest fee Richmond USDA lenders (with over 10 loans originated) are George Mason Mortgage, LLC ($6,998), .

The lowest rate Richmond USDA lenders (with over 10 loans originated) are George Mason Mortgage, LLC (6.04%), .


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 $289,998 (8.0%) $344,210 (7.0%) 1.08 3,181
2018-02-01 $299,970 (8.1%) $354,492 (6.0%) 1.09 3,149
2018-03-01 $314,244 (8.4%) $365,916 (5.6%) 1.10 3,250
2018-04-01 $321,611 (8.1%) $375,146 (7.6%) 1.09 3,408
2018-05-01 $324,975 (8.3%) $382,218 (7.3%) 1.09 3,667
2018-06-01 $319,990 (6.7%) $379,568 (7.1%) 1.07 3,944
2018-07-01 $324,126 (8.4%) $379,417 (8.3%) 1.08 4,080
2018-08-01 $314,500 (7.4%) $371,406 (7.6%) 1.05 4,223
2018-09-01 $309,703 (4.4%) $367,174 (5.0%) 1.04 4,285
2018-10-01 $304,550 (2.5%) $360,593 (2.7%) 1.03 4,334
2018-11-01 $307,531 (4.2%) $364,444 (3.8%) 1.04 4,232
2018-12-01 $309,950 (6.9%) $363,776 (4.7%) 1.07 3,824
2019-01-01 $309,750 (6.8%) $359,138 (4.3%) 1.07 3,422
2019-02-01 $319,113 (6.4%) $369,231 (4.2%) 1.08 3,363
2019-03-01 $327,100 (4.1%) $376,322 (2.8%) 1.07 3,460
2019-04-01 $334,500 (4.0%) $384,108 (2.4%) 1.06 3,590
2019-05-01 $337,925 (4.0%) $390,736 (2.2%) 1.06 3,782
2019-06-01 $335,000 (4.7%) $389,839 (2.7%) 1.05 3,877
2019-07-01 $332,439 (2.6%) $386,055 (1.8%) 1.04 3,990
2019-08-01 $325,782 (3.6%) $379,272 (2.1%) 1.03 4,071
2019-09-01 $322,530 (4.1%) $377,515 (2.8%) 1.03 4,120
2019-10-01 $319,975 (5.1%) $375,501 (4.1%) 1.03 4,184
2019-11-01 $316,123 (2.8%) $371,799 (2.0%) 1.04 3,958
2019-12-01 $322,698 (4.1%) $373,750 (2.7%) 1.08 3,468
2020-01-01 $324,938 (4.9%) $373,712 (4.1%) 1.09 3,069
2020-02-01 $331,636 (3.9%) $388,790 (5.3%) 1.09 2,903
2020-03-01 $346,388 (5.9%) $406,539 (8.0%) 1.09 3,022
2020-04-01 $349,363 (4.4%) $405,116 (5.5%) 1.09 3,216
2020-05-01 $356,245 (5.4%) $414,416 (6.1%) 1.08 3,087
2020-06-01 $359,495 (7.3%) $419,880 (7.7%) 1.06 2,746
2020-07-01 $358,473 (7.8%) $420,720 (9.0%) 1.04 2,533
2020-08-01 $359,775 (10.4%) $423,963 (11.8%) 1.03 2,328
2020-09-01 $356,486 (10.5%) $423,070 (12.1%) 1.02 2,261
2020-10-01 $360,000 (12.5%) $428,016 (14.0%) 1.03 2,199
2020-11-01 $362,425 (14.7%) $428,562 (15.3%) 1.06 2,087
2020-12-01 $364,950 (13.1%) $429,668 (15.0%) 1.09 1,860
2021-01-01 $368,995 (13.6%) $429,845 (15.0%) 1.10 1,594
2021-02-01 $370,822 (11.8%) $434,673 (11.8%) 1.08 1,420
2021-03-01 $369,850 (6.8%) $438,579 (7.9%) 1.05 1,419
2021-04-01 $366,970 (5.0%) $433,352 (7.0%) 0.99 1,442
2021-05-01 $357,991 (0.5%) $426,121 (2.8%) 0.95 1,536
2021-06-01 $350,003 (-2.6%) $425,637 (1.4%) 0.92 1,663
2021-07-01 $349,000 (-2.6%) $418,850 (-0.4%) 0.92 1,796
2021-08-01 $349,950 (-2.7%) $420,868 (-0.7%) 0.93 1,837
2021-09-01 $349,950 (-1.8%) $421,581 (-0.4%) 0.93 1,812
2021-10-01 $350,000 (-2.8%) $419,898 (-1.9%) 0.93 1,702
2021-11-01 $350,863 (-3.2%) $422,630 (-1.4%) 0.94 1,572
2021-12-01 $353,685 (-3.1%) $425,570 (-1.0%) 0.96 1,265
2022-01-01 $367,252 (-0.5%) $441,161 (2.6%) 0.99 1,035
2022-02-01 $367,498 (-0.9%) $444,839 (2.3%) 0.96 936
2022-03-01 $359,838 (-2.7%) $438,509 (0.0%) 0.90 976
2022-04-01 $373,178 (1.7%) $451,450 (4.2%) 0.89 1,083
2022-05-01 $382,040 (6.7%) $461,606 (8.3%) 0.87 1,245
2022-06-01 $394,975 (12.9%) $468,742 (10.1%) 0.88 1,507
2022-07-01 $393,853 (12.9%) $459,280 (9.7%) 0.89 1,775
2022-08-01 $388,139 (10.9%) $463,921 (10.2%) 0.90 1,792
2022-09-01 $382,425 (9.3%) $458,824 (8.8%) 0.89 1,845
2022-10-01 $379,995 (8.6%) $460,203 (9.6%) 0.89 1,918
2022-11-01 $379,925 (8.3%) $450,980 (6.7%) 0.91 2,022
2022-12-01 $378,176 (6.9%) $449,155 (5.5%) 0.93 1,871
2023-01-01 $381,169 (3.8%) $449,729 (1.9%) 0.94 1,649
2023-02-01 $392,500 (6.8%) $464,031 (4.3%) 0.95 1,493
2023-03-01 $402,445 (11.8%) $476,545 (8.7%) 0.95 1,482
2023-04-01 $424,950 (13.9%) $502,424 (11.3%) 0.99 1,482
2023-05-01 $441,200 (15.5%) $517,954 (12.2%) 1.00 1,497
2023-06-01 $442,258 (12.0%) $522,251 (11.4%) 0.99 1,545
2023-07-01 $439,900 (11.7%) $518,103 (12.8%) 1.00 1,592
2023-08-01 $438,848 (13.1%) $507,342 (9.4%) 1.01 1,687
2023-09-01 $439,450 (14.9%) $513,657 (12.0%) 1.02 1,840
2023-10-01 $435,000 (14.5%) $518,524 (12.7%) 1.02 2,075
2023-11-01 $442,270 (16.4%) $525,410 (16.5%) 1.05 2,058
2023-12-01 $429,999 (13.7%) $511,200 (13.8%) 1.05 1,961
2024-01-01 $442,970 (16.2%) $521,418 (15.9%) 1.08 1,725
2024-02-01 $448,678 (14.3%) $528,085 (13.8%) 1.08 1,664
2024-03-01 $450,000 (11.8%) $535,978 (12.5%) 1.06 1,612
2024-04-01 $458,767 (8.0%) $544,481 (8.4%) 1.07 1,762
Richmond's median listing price for 2024-04-01 was $458,767, a difference of $33,817 (8.0%) versus the prior year and $8,767 versus the prior month.

Richmond's median listing price comes in at 107% of the national average.

Richmond's average listing price for 2024-04-01 was $544,481, a difference of $42,057 (8.4%) versus the prior year and $8,503 versus the prior month.

For the 2024-04-01 period, Richmond had 1,762 MLS listings, a difference of 150 listings (9%) versus the prior month and 280 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 2,211 sqft
2018-03-01 46 days 2,254 sqft
2018-04-01 45 days 2,293 sqft
2018-05-01 43 days 2,344 sqft
2018-06-01 45 days 2,324 sqft
2018-07-01 49 days 2,302 sqft
2018-08-01 50 days 2,248 sqft
2018-09-01 52 days 2,225 sqft
2018-10-01 55 days 2,193 sqft
2018-11-01 53 days 2,201 sqft
2018-12-01 63 days 2,200 sqft
2019-01-01 66 days 2,184 sqft
2019-02-01 56 days 2,207 sqft
2019-03-01 46 days 2,241 sqft
2019-04-01 42 days 2,271 sqft
2019-05-01 44 days 2,293 sqft
2019-06-01 46 days 2,286 sqft
2019-07-01 50 days 2,271 sqft
2019-08-01 50 days 2,237 sqft
2019-09-01 50 days 2,219 sqft
2019-10-01 50 days 2,203 sqft
2019-11-01 52 days 2,187 sqft
2019-12-01 64 days 2,191 sqft
2020-01-01 68 days 2,200 sqft
2020-02-01 53 days 2,208 sqft
2020-03-01 40 days 2,268 sqft
2020-04-01 44 days 2,279 sqft
2020-05-01 54 days 2,296 sqft
2020-06-01 59 days 2,290 sqft
2020-07-01 55 days 2,251 sqft
2020-08-01 60 days 2,242 sqft
2020-09-01 53 days 2,206 sqft
2020-10-01 53 days 2,201 sqft
2020-11-01 58 days 2,185 sqft
2020-12-01 57 days 2,178 sqft
2021-01-01 53 days 2,125 sqft
2021-02-01 48 days 2,090 sqft
2021-03-01 43 days 2,075 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 1,964 sqft
2021-11-01 57 days 1,952 sqft
2021-12-01 51 days 1,960 sqft
2022-01-01 71 days 1,997 sqft
2022-02-01 36 days 1,980 sqft
2022-03-01 31 days 1,907 sqft
2022-04-01 32 days 1,932 sqft
2022-05-01 31 days 1,996 sqft
2022-06-01 31 days 2,019 sqft
2022-07-01 35 days 2,000 sqft
2022-08-01 38 days 1,995 sqft
2022-09-01 43 days 1,968 sqft
2022-10-01 40 days 1,962 sqft
2022-11-01 43 days 1,951 sqft
2022-12-01 53 days 1,925 sqft
2023-01-01 59 days 1,937 sqft
2023-02-01 51 days 1,983 sqft
2023-03-01 41 days 2,029 sqft
2023-04-01 38 days 2,066 sqft
2023-05-01 40 days 2,100 sqft
2023-06-01 41 days 2,097 sqft
2023-07-01 43 days 2,094 sqft
2023-08-01 39 days 2,103 sqft
2023-09-01 42 days 2,096 sqft
2023-10-01 41 days 2,086 sqft
2023-11-01 45 days 2,091 sqft
2023-12-01 54 days 2,039 sqft
2024-01-01 61 days 2,054 sqft
2024-02-01 48 days 2,067 sqft
2024-03-01 44 days 2,073 sqft
2024-04-01 41 days 2,086 sqft
Richmond's median listing age (time on market) for 2024-04-01 was 41 days. This is 8% longer than the same period one year ago.

Richmond's median square footage for active listings during the 2024-04-01 period was 2,086 sqft. One year prior, the average listing was 2,066 sqft.