Richmond USDA Loan Rates, Closing Costs & Stats

RICHMOND, VA

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    • 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.