Richmond USDA Loan Rates, Closing Costs & Stats
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
for the week of 2023-12-08, compared to the national average (all USDA variants) of
6.821% for the same period.
Richmond's average USDA mortgage closing costs are $5,855.
The average rate for the prior week (2023-12-01) was 6.44% and one month ago for the week of 2023-11-03, the average rate was 6.89%.
The average rate one year ago was 5.79%.
For refis of the same type during the week of 2023-12-08, the average rate was 5.65%.
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.
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%).