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 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 6.65% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.7% and one month ago for the week of 2024-03-15, the average rate was 6.38%.

    The average rate one year ago was 6.02%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    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
    Richmond's median listing price for 2024-03-01 was $450,000, a difference of $47,555 (11.8%) versus the prior year and $1,322 versus the prior month.

    Richmond's median listing price comes in at 106% of the national average.

    Richmond's average listing price for 2024-03-01 was $535,978, a difference of $59,433 (12.5%) versus the prior year and $7,893 versus the prior month.

    For the 2024-03-01 period, Richmond had 1,612 MLS listings, a difference of -52 listings (-3%) versus the prior month and 130 listings (9%) 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
    Richmond's median listing age (time on market) for 2024-03-01 was 44 days. This is 7% longer than the same period one year ago.

    Richmond's median square footage for active listings during the 2024-03-01 period was 2,073 sqft. One year prior, the average listing was 2,029 sqft.