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 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.