Richmond USDA Loans

RICHMOND, VA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.