Richmond USDA Loans

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 76 lenders originated 479 USDA loans during 2021. The total origination value was $115,095,000, with an average USDA loan value of $240,282.

Richmond USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Richmond averaged 5.46% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-05-06) was 5.1% and one month ago for the week of 2022-04-08, the average rate was 5.06%.

The average rate one year ago was 2.87%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.87%.

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 and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Richmond level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
George Mason Mortgage, LLC 52 2.75% $6,538
Alcova Mortgage LLC 48 3.01% $4,163
C & F Mortgage Corporation 34 2.82% $5,603
MOVEMENT MORTGAGE, LLC 25 2.91% $5,137
Prosperity Home Mortgage, LLC 23 2.76% $6,184
Integrity Home Mortgage Corp 18 3.07% $7,112
TIDEWATER MORTGAGE SERVICES, INC. 18 3.03% $6,141
CALIBER HOME LOANS, INC. 17 2.85% $5,782
Presidential Bank, FSB 17 2.91% $6,093
Towne First Mortgage, LLC 14 2.79% $6,410
NVR Mortgage Finance, Inc. 13 2.85% $9,300
NFM, INC. 13 3.15% $5,633
PENNYMAC LOAN SERVICES, LLC 11 2.76% $6,606
SOUTHERN TRUST MORTGAGE, LLC 11 2.81% $4,635
VILLAGE BANK MORTGAGE CORPORATION 9 2.74% $4,571
PRIMELENDING, A PLAINSCAPITAL COMPANY 7 3.30% $7,215
Sierra Pacific Mortgage Company, Inc. 7 2.82% $5,905
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 2.84% $7,030
Christensen Financial, Inc. 5 3.03% $6,178
Tidewater Home Funding, LLC 5 2.93% $5,332
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 5 3.33% $8,104
Flagstar Bank, FSB 5 2.65% $6,770
Towne Bank 5 2.75% $5,421
Virginia Credit Union, Inc. 4 2.88% $4,328
Blue Ridge Bank 4 2.50% $5,938
MASON MCDUFFIE MORTGAGE CORPORATION 4 2.72% $5,220
Renasant Bank 4 2.75% $5,299
Towne Mortgage, LLC 4 2.75% $5,710
First Heritage Mortgage, LLC 3 2.67% $5,871
LEADERONE FINANCIAL CORPORATION 3 3.00% $5,626
Ameris Bank 3 2.92% $7,161
HOME POINT FINANCIAL CORPORATION 3 2.71% $6,377
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 2.91% $6,084
Citizens Bank 3 3.17% $5,684
Truist Bank 2 3.63% $5,933
OVM FINANCIAL, INC. 2 3.19% $7,294
HAMILTON HOME LOANS, INC. 2 3.12% $6,175
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 2 3.19% $7,884
MCLEAN MORTGAGE CORPORATION 2 2.75% $5,505
EMBRACE HOME LOANS, INC. 2 3.06% $5,411
AMERICAN FINANCIAL NETWORK, INC. 2 3.06% $6,163
Bank of England 2 2.75% $8,029
NewTowne Mortgage, LLC 2 2.50% $5,862
GoPrime Mortgage, Inc. 2 3.13% $6,148
STEARNS LENDING, LLC 2 2.50% $6,483
LAKEVIEW LOAN SERVICING, LLC 2 3.06% $3,177
ROSS MORTGAGE CORPORATION 1 3.25% $7,087
Atlantic Union Bank 1 3.13% $5,812
SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.25% $7,752
SUN WEST MORTGAGE COMPANY, INC. 1 2.63% $6,434
SWBC MORTGAGE CORPORATION 1 2.75% $2,323
Atlantic Coast Mortgage, LLC 1 2.38% $6,479
Assurance Financial Group, L.L.C. 1 3.13% $6,064
AMERISAVE MORTGAGE CORPORATION 1 3.00% $6,648
First Reliance Bank 1 2.75% $5,736
UNION HOME MORTGAGE CORP. 1 2.25% $5,063
EMM LOANS LLC 1 2.50% $5,929
First Guaranty Mortgage Corporation 1 2.75% $5,234
TOWNE MORTGAGE COMPANY 1 2.88% $5,278
FREEDOM MORTGAGE CORPORATION 1 3.75% $4,937
Fulton Bank 1 3.00% $5,694
DHI MORTGAGE COMPANY, LTD. 1 2.25% $10,260
GUARANTY HOME MORTGAGE CORPORATION 1 2.88% $4,410
GUILD MORTGAGE COMPANY 1 3.00% $6,199
HOMESTAR FINANCIAL CORPORATION 1 3.00% $5,192
CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 3.00% $6,277
UNITED WHOLESALE MORTGAGE, LLC 1 3.00% $7,605
MEMBER ADVANTAGE MORTGAGE, LLC 1 3.38% $7,017
MIDLAND MORTGAGE CORPORATION 1 3.63% $3,314
CHURCHILL MORTGAGE CORPORATION 1 2.75% $6,706
Northpointe Bank 1 3.13% $5,809
C&F Select LLC 1 3.25% $4,899
Paramount Residential Mortgage Group, Inc. 1 3.25% $7,279
CBM Mortgage, Inc. 1 3.38% $5,027
Carrington Mortgage Services, LLC 1 3.38% $3,667
BAYSHORE MORTGAGE FUNDING, LLC 1 2.38% $6,458

The top Richmond USDA lender as defined by loan originations is George Mason Mortgage, LLC, with 52 USDA loans originated. Their average total fees are $6,538, which is $2,375 higher than the next largest lender, Alcova Mortgage LLC.

The lowest fee Richmond USDA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($4,163), SOUTHERN TRUST MORTGAGE, LLC ($4,635), MOVEMENT MORTGAGE, LLC ($5,137), C & F Mortgage Corporation ($5,603) and NFM, INC. ($5,633).

The lowest rate Richmond USDA lenders (with over 10 loans originated) are George Mason Mortgage, LLC (2.75%), Prosperity Home Mortgage, LLC (2.76%), PENNYMAC LOAN SERVICES, LLC (2.76%), Towne First Mortgage, LLC (2.79%) and SOUTHERN TRUST MORTGAGE, LLC (2.81%).


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 $290,000 (9.4%) $349,031 (8.4%) 1.07 3,377
2018-02-01 $299,700 (8.9%) $356,823 (7.0%) 1.08 3,338
2018-03-01 $310,000 (7.3%) $371,320 (7.9%) 1.07 3,433
2018-04-01 $319,950 (8.9%) $381,058 (9.6%) 1.07 3,579
2018-05-01 $321,375 (7.2%) $385,580 (8.8%) 1.07 3,885
2018-06-01 $319,370 (6.7%) $384,189 (9.1%) 1.06 4,181
2018-07-01 $319,995 (8.5%) $383,484 (8.9%) 1.07 4,274
2018-08-01 $314,175 (8.3%) $374,311 (7.9%) 1.05 4,453
2018-09-01 $307,610 (4.3%) $370,331 (5.8%) 1.03 4,513
2018-10-01 $300,000 (2.6%) $365,473 (4.0%) 1.00 4,579
2018-11-01 $308,000 (4.6%) $369,801 (5.2%) 1.03 4,493
2018-12-01 $309,500 (6.8%) $364,652 (4.2%) 1.06 4,086
2019-01-01 $309,450 (6.7%) $361,663 (3.6%) 1.07 3,674
2019-02-01 $316,725 (5.7%) $369,848 (3.7%) 1.06 3,605
2019-03-01 $324,066 (4.5%) $376,673 (1.4%) 1.06 3,705
2019-04-01 $332,725 (4.0%) $383,734 (0.7%) 1.05 3,838
2019-05-01 $333,900 (3.9%) $390,394 (1.3%) 1.03 4,026
2019-06-01 $333,990 (4.6%) $389,336 (1.3%) 1.03 4,119
2019-07-01 $332,450 (3.9%) $386,128 (0.7%) 1.03 4,241
2019-08-01 $324,885 (3.4%) $377,754 (0.9%) 1.02 4,252
2019-09-01 $319,900 (4.0%) $374,186 (1.0%) 1.02 4,244
2019-10-01 $319,475 (6.5%) $374,590 (2.5%) 1.02 4,484
2019-11-01 $315,000 (2.3%) $370,721 (0.3%) 1.02 4,229
2019-12-01 $319,950 (3.4%) $373,658 (2.5%) 1.07 3,682
2020-01-01 $321,975 (4.1%) $373,619 (3.3%) 1.07 3,273
2020-02-01 $329,000 (3.9%) $384,041 (3.8%) 1.06 3,113
2020-03-01 $341,404 (5.4%) $402,024 (6.7%) 1.07 3,215
2020-04-01 $345,000 (3.7%) $401,865 (4.7%) 1.07 3,439
2020-05-01 $350,000 (4.8%) $412,255 (5.6%) 1.06 3,317
2020-06-01 $358,975 (7.5%) $421,266 (8.2%) 1.05 2,939
2020-07-01 $360,425 (8.4%) $423,177 (9.6%) 1.03 2,670
2020-08-01 $367,780 (13.2%) $437,131 (15.7%) 1.05 2,427
2020-09-01 $367,475 (14.9%) $436,376 (16.6%) 1.05 2,385
2020-10-01 $375,000 (17.4%) $443,281 (18.3%) 1.07 2,325
2020-11-01 $377,000 (19.7%) $445,850 (20.3%) 1.08 2,208
2020-12-01 $364,150 (13.8%) $430,313 (15.2%) 1.07 1,991
2021-01-01 $365,000 (13.4%) $431,514 (15.5%) 1.07 1,699
2021-02-01 $368,945 (12.1%) $437,943 (14.0%) 1.06 1,525
2021-03-01 $372,531 (9.1%) $450,898 (12.2%) 1.04 1,505
2021-04-01 $364,000 (5.5%) $438,988 (9.2%) 0.98 1,529
2021-05-01 $350,000 (0.0%) $432,793 (5.0%) 0.92 1,603
2021-06-01 $350,000 (-2.5%) $434,802 (3.2%) 0.91 1,749
2021-07-01 $348,570 (-3.3%) $427,607 (1.1%) 0.91 1,859
2021-08-01 $349,950 (-4.9%) $429,739 (-1.7%) 0.92 1,946
2021-09-01 $349,950 (-4.8%) $428,722 (-1.8%) 0.92 1,932
2021-10-01 $350,000 (-6.7%) $423,946 (-4.4%) 0.92 1,816
2021-11-01 $352,500 (-6.5%) $427,922 (-4.0%) 0.93 1,679
2021-12-01 $357,950 (-1.7%) $432,089 (0.4%) 0.95 1,356
2022-01-01 $374,715 (2.7%) $447,321 (3.7%) 1.00 1,086
2022-02-01 $372,450 (1.0%) $451,161 (3.0%) 0.95 1,017
2022-03-01 $359,900 (-3.4%) $444,228 (-1.5%) 0.89 1,037
2022-04-01 $375,000 (3.0%) $459,959 (4.8%) 0.88 1,156
Richmond's median listing price for 2022-04-01 was $375,000, a difference of $11,000 (3.0%) versus the prior year and $15,100 versus the prior month.

Richmond's median listing price comes in at 88% of the national average.

Richmond's average listing price for 2022-04-01 was $459,959, a difference of $20,971 (4.8%) versus the prior year and $15,731 versus the prior month.

For the 2022-04-01 period, Richmond had 1,156 MLS listings, a difference of 119 listings (11%) versus the prior month and -373 listings (-24%) 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 72 days 2,171 sqft
2018-02-01 60 days 2,206 sqft
2018-03-01 48 days 2,254 sqft
2018-04-01 49 days 2,292 sqft
2018-05-01 46 days 2,330 sqft
2018-06-01 48 days 2,306 sqft
2018-07-01 51 days 2,310 sqft
2018-08-01 52 days 2,254 sqft
2018-09-01 56 days 2,228 sqft
2018-10-01 58 days 2,198 sqft
2018-11-01 57 days 2,212 sqft
2018-12-01 65 days 2,201 sqft
2019-01-01 71 days 2,194 sqft
2019-02-01 64 days 2,206 sqft
2019-03-01 49 days 2,235 sqft
2019-04-01 44 days 2,269 sqft
2019-05-01 46 days 2,289 sqft
2019-06-01 49 days 2,286 sqft
2019-07-01 51 days 2,280 sqft
2019-08-01 51 days 2,239 sqft
2019-09-01 56 days 2,210 sqft
2019-10-01 53 days 2,198 sqft
2019-11-01 56 days 2,179 sqft
2019-12-01 67 days 2,177 sqft
2020-01-01 71 days 2,182 sqft
2020-02-01 59 days 2,192 sqft
2020-03-01 44 days 2,247 sqft
2020-04-01 44 days 2,254 sqft
2020-05-01 53 days 2,274 sqft
2020-06-01 56 days 2,291 sqft
2020-07-01 51 days 2,250 sqft
2020-08-01 49 days 2,267 sqft
2020-09-01 44 days 2,216 sqft
2020-10-01 42 days 2,230 sqft
2020-11-01 48 days 2,216 sqft
2020-12-01 55 days 2,130 sqft
2021-01-01 55 days 2,100 sqft
2021-02-01 49 days 2,078 sqft
2021-03-01 45 days 2,076 sqft
2021-04-01 39 days 2,074 sqft
2021-05-01 38 days 2,031 sqft
2021-06-01 37 days 2,024 sqft
2021-07-01 38 days 1,985 sqft
2021-08-01 38 days 1,998 sqft
2021-09-01 42 days 1,947 sqft
2021-10-01 43 days 1,965 sqft
2021-11-01 45 days 1,957 sqft
2021-12-01 50 days 1,963 sqft
2022-01-01 56 days 2,004 sqft
2022-02-01 42 days 1,977 sqft
2022-03-01 34 days 1,905 sqft
2022-04-01 35 days 1,946 sqft
Richmond's median listing age (time on market) for 2022-04-01 was 35 days. This is -10% shorter than the same period one year ago.

Richmond's median square footage for active listings during the 2022-04-01 period was 1,946 sqft. One year prior, the average listing was 2,074 sqft.