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 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 6.21% for the week of 2022-12-02, compared to the national average (all USDA variants) of 6.437% for the same period.

Richmond's average USDA mortgage closing costs are $5,577.

The average rate for the prior week (2022-11-25) was 6.34% and one month ago for the week of 2022-10-28, the average rate was 6.91%.

The average rate one year ago was 3.31%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.22%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
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 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 $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%) $374,815 (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%) $376,240 (2.9%) 1.07 3,467
2019-04-01 $334,500 (4.1%) $384,025 (2.5%) 1.06 3,605
2019-05-01 $337,000 (3.7%) $390,340 (2.2%) 1.05 3,804
2019-06-01 $334,950 (4.7%) $389,278 (2.6%) 1.05 3,899
2019-07-01 $331,425 (2.5%) $385,392 (1.7%) 1.04 4,012
2019-08-01 $325,077 (3.4%) $378,653 (2.0%) 1.03 4,096
2019-09-01 $322,193 (4.3%) $377,062 (2.7%) 1.03 4,145
2019-10-01 $319,938 (5.3%) $374,952 (4.0%) 1.03 4,208
2019-11-01 $315,000 (2.5%) $371,081 (1.9%) 1.03 3,983
2019-12-01 $320,730 (3.5%) $373,045 (2.6%) 1.07 3,491
2020-01-01 $324,515 (4.8%) $372,854 (3.9%) 1.08 3,092
2020-02-01 $330,000 (3.5%) $387,609 (5.0%) 1.08 2,927
2020-03-01 $345,183 (5.5%) $405,193 (7.7%) 1.08 3,046
2020-04-01 $349,108 (4.4%) $403,929 (5.2%) 1.09 3,241
2020-05-01 $354,950 (5.3%) $413,001 (5.8%) 1.08 3,113
2020-06-01 $358,300 (7.0%) $418,546 (7.5%) 1.05 2,771
2020-07-01 $357,610 (7.9%) $419,530 (8.9%) 1.04 2,556
2020-08-01 $358,970 (10.4%) $422,740 (11.6%) 1.03 2,351
2020-09-01 $355,440 (10.3%) $421,677 (11.8%) 1.02 2,283
2020-10-01 $359,950 (12.5%) $426,546 (13.8%) 1.03 2,221
2020-11-01 $360,875 (14.6%) $426,825 (15.0%) 1.05 2,111
2020-12-01 $363,450 (13.3%) $427,785 (14.7%) 1.08 1,884
2021-01-01 $365,245 (12.6%) $427,724 (14.7%) 1.09 1,616
2021-02-01 $368,475 (11.7%) $432,392 (11.6%) 1.07 1,442
2021-03-01 $368,695 (6.8%) $436,412 (7.7%) 1.05 1,440
2021-04-01 $364,750 (4.5%) $430,945 (6.7%) 0.99 1,462
2021-05-01 $351,990 (-0.8%) $424,372 (2.8%) 0.93 1,553
2021-06-01 $350,000 (-2.3%) $424,144 (1.3%) 0.92 1,680
2021-07-01 $348,800 (-2.5%) $417,641 (-0.5%) 0.92 1,814
2021-08-01 $349,925 (-2.5%) $419,379 (-0.8%) 0.93 1,858
2021-09-01 $349,700 (-1.6%) $419,999 (-0.4%) 0.93 1,832
2021-10-01 $349,970 (-2.8%) $418,010 (-2.0%) 0.93 1,724
2021-11-01 $349,950 (-3.0%) $420,557 (-1.5%) 0.93 1,595
2021-12-01 $352,778 (-2.9%) $423,069 (-1.1%) 0.96 1,289
2022-01-01 $365,000 (-0.1%) $438,614 (2.6%) 0.99 1,062
2022-02-01 $365,078 (-0.9%) $441,496 (2.1%) 0.95 961
2022-03-01 $355,210 (-3.7%) $435,168 (-0.3%) 0.89 1,000
2022-04-01 $369,950 (1.4%) $447,777 (3.9%) 0.88 1,110
2022-05-01 $379,450 (7.8%) $457,972 (7.9%) 0.87 1,271
2022-06-01 $389,987 (11.4%) $465,904 (9.9%) 0.87 1,536
2022-07-01 $389,000 (11.5%) $456,593 (9.3%) 0.88 1,802
2022-08-01 $385,000 (10.0%) $461,559 (10.1%) 0.89 1,815
2022-09-01 $379,750 (8.6%) $456,403 (8.7%) 0.89 1,869
2022-10-01 $379,675 (8.5%) $457,671 (9.5%) 0.89 1,940
2022-11-01 $377,683 (7.9%) $448,574 (6.7%) 0.91 2,048
Richmond's median listing price for 2022-11-01 was $377,683, a difference of $27,733 (7.9%) versus the prior year and $-1,992 versus the prior month.

Richmond's median listing price comes in at 91% of the national average.

Richmond's average listing price for 2022-11-01 was $448,574, a difference of $28,017 (6.7%) versus the prior year and $-9,097 versus the prior month.

For the 2022-11-01 period, Richmond had 2,048 MLS listings, a difference of 108 listings (6%) versus the prior month and 453 listings (28%) 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 71 days 2,178 sqft
2018-02-01 59 days 2,211 sqft
2018-03-01 48 days 2,254 sqft
2018-04-01 47 days 2,291 sqft
2018-05-01 45 days 2,342 sqft
2018-06-01 46 days 2,320 sqft
2018-07-01 51 days 2,301 sqft
2018-08-01 52 days 2,246 sqft
2018-09-01 54 days 2,224 sqft
2018-10-01 58 days 2,192 sqft
2018-11-01 56 days 2,200 sqft
2018-12-01 65 days 2,200 sqft
2019-01-01 69 days 2,182 sqft
2019-02-01 61 days 2,207 sqft
2019-03-01 48 days 2,242 sqft
2019-04-01 44 days 2,269 sqft
2019-05-01 45 days 2,290 sqft
2019-06-01 49 days 2,283 sqft
2019-07-01 51 days 2,263 sqft
2019-08-01 51 days 2,233 sqft
2019-09-01 52 days 2,216 sqft
2019-10-01 51 days 2,201 sqft
2019-11-01 55 days 2,182 sqft
2019-12-01 67 days 2,187 sqft
2020-01-01 71 days 2,193 sqft
2020-02-01 59 days 2,205 sqft
2020-03-01 43 days 2,258 sqft
2020-04-01 47 days 2,272 sqft
2020-05-01 57 days 2,285 sqft
2020-06-01 64 days 2,285 sqft
2020-07-01 59 days 2,249 sqft
2020-08-01 65 days 2,240 sqft
2020-09-01 58 days 2,204 sqft
2020-10-01 58 days 2,200 sqft
2020-11-01 62 days 2,178 sqft
2020-12-01 59 days 2,168 sqft
2021-01-01 57 days 2,118 sqft
2021-02-01 52 days 2,084 sqft
2021-03-01 45 days 2,072 sqft
2021-04-01 45 days 2,079 sqft
2021-05-01 45 days 2,039 sqft
2021-06-01 46 days 2,026 sqft
2021-07-01 43 days 1,976 sqft
2021-08-01 45 days 2,007 sqft
2021-09-01 50 days 1,950 sqft
2021-10-01 57 days 1,960 sqft
2021-11-01 65 days 1,940 sqft
2021-12-01 55 days 1,948 sqft
2022-01-01 83 days 1,982 sqft
2022-02-01 41 days 1,970 sqft
2022-03-01 34 days 1,893 sqft
2022-04-01 35 days 1,924 sqft
2022-05-01 33 days 1,980 sqft
2022-06-01 33 days 2,010 sqft
2022-07-01 37 days 1,992 sqft
2022-08-01 40 days 1,986 sqft
2022-09-01 44 days 1,957 sqft
2022-10-01 43 days 1,960 sqft
2022-11-01 45 days 1,942 sqft
Richmond's median listing age (time on market) for 2022-11-01 was 45 days. This is -32% shorter than the same period one year ago.

Richmond's median square footage for active listings during the 2022-11-01 period was 1,942 sqft. One year prior, the average listing was 1,940 sqft.