Roanoke USDA Loan Rates, Closing Costs & Stats

ROANOKE, 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.

Roanoke's 18 lenders originated 40 USDA loans during 2023. The total origination value was $8,220,000, with an average USDA loan value of $205,500.

Roanoke USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Roanoke averaged 6.87% for the week of 2024-06-07, compared to the national average (all USDA variants) of 6.699% for the same period.

Roanoke's average USDA mortgage closing costs are $4,908.

The average rate for the prior week (2024-05-31) was 7.05% and one month ago for the week of 2024-05-03, the average rate was 6.74%.

The average rate one year ago was 6.84%.

For refis of the same type during the week of 2024-06-07, the average rate was 7.07%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Roanoke 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 Roanoke level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Alcova Mortgage LLC 8 6.70% $2,358
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 4 6.53% $7,251
UNION HOME MORTGAGE CORP. 4 6.66% $6,517
Plains Commerce Bank 3 5.63% $11,188
Blue Ridge Bank 3 6.42% $5,755
Atlantic Union Bank 2 5.88% $10,972
MOVEMENT MORTGAGE, LLC 2 6.94% $8,867
Renasant Bank 2 6.31% $5,265
GUARANTEED RATE, INC. 1 6.50% $12,198
GUILD MORTGAGE COMPANY 1 7.13% $7,817
Mortgage Research Center, LLC 1 7.50% $3,525
Truist 1 6.25% $7,191
First-Citizens Bank & Trust Company 1 6.38% $6,379
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $8,446
CARDINAL FINANCIAL 1 6.75% $11,977
SWBC MORTGAGE CORPORATION 1 6.63% $2,980
First Reliance Bank 1 7.00% $5,402
Flagstar Bank, FSB 1 7.25% $13,293

The top Roanoke USDA lender as defined by loan originations is Alcova Mortgage LLC, with 8 USDA loans originated. Their average total fees are $2,358, which is $4,892 lower than the next largest lender, ATLANTIC BAY MORTGAGE GROUP, L.L.C..

The lowest fee Roanoke USDA lenders (with over 10 loans originated) are .

The lowest rate Roanoke USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Roanoke (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 $239,925 (9.3%) $335,605 (5.6%) 0.89 1,372
2018-02-01 $248,975 (13.2%) $336,803 (5.2%) 0.90 1,372
2018-03-01 $249,250 (10.6%) $339,295 (4.0%) 0.87 1,424
2018-04-01 $252,500 (7.5%) $349,732 (4.5%) 0.86 1,480
2018-05-01 $254,950 (6.5%) $356,192 (6.0%) 0.85 1,600
2018-06-01 $264,925 (8.1%) $369,179 (9.4%) 0.88 1,582
2018-07-01 $261,850 (6.9%) $368,607 (8.5%) 0.87 1,600
2018-08-01 $259,950 (8.3%) $364,518 (7.6%) 0.87 1,617
2018-09-01 $254,950 (4.1%) $365,562 (5.9%) 0.86 1,587
2018-10-01 $249,897 (4.1%) $355,775 (2.8%) 0.85 1,575
2018-11-01 $254,950 (8.8%) $361,690 (8.3%) 0.86 1,491
2018-12-01 $249,500 (4.0%) $358,083 (4.2%) 0.86 1,377
2019-01-01 $252,725 (5.3%) $355,382 (5.9%) 0.87 1,274
2019-02-01 $256,975 (3.2%) $361,532 (7.3%) 0.87 1,234
2019-03-01 $266,414 (6.9%) $368,835 (8.7%) 0.87 1,239
2019-04-01 $273,927 (8.5%) $372,204 (6.4%) 0.87 1,254
2019-05-01 $288,313 (13.1%) $374,477 (5.1%) 0.90 1,274
2019-06-01 $285,950 (7.9%) $369,963 (0.2%) 0.89 1,309
2019-07-01 $281,175 (7.4%) $371,894 (0.9%) 0.88 1,292
2019-08-01 $278,564 (7.2%) $373,794 (2.5%) 0.88 1,263
2019-09-01 $276,559 (8.5%) $378,719 (3.6%) 0.89 1,247
2019-10-01 $275,223 (10.1%) $380,950 (7.1%) 0.89 1,237
2019-11-01 $279,000 (9.4%) $385,687 (6.6%) 0.91 1,204
2019-12-01 $275,925 (10.6%) $381,701 (6.6%) 0.92 1,087
2020-01-01 $269,925 (6.8%) $379,981 (6.9%) 0.90 1,016
2020-02-01 $276,825 (7.7%) $392,209 (8.5%) 0.91 938
2020-03-01 $275,950 (3.6%) $390,496 (5.9%) 0.87 954
2020-04-01 $279,950 (2.2%) $388,271 (4.3%) 0.88 987
2020-05-01 $295,000 (2.3%) $408,741 (9.2%) 0.90 866
2020-06-01 $307,461 (7.5%) $420,394 (13.6%) 0.91 827
2020-07-01 $299,182 (6.4%) $412,659 (11.0%) 0.87 737
2020-08-01 $299,700 (7.6%) $417,516 (11.7%) 0.86 680
2020-09-01 $286,475 (3.6%) $416,273 (9.9%) 0.82 696
2020-10-01 $274,950 (-0.1%) $403,565 (5.9%) 0.79 675
2020-11-01 $272,473 (-2.3%) $411,754 (6.8%) 0.80 628
2020-12-01 $267,746 (-3.0%) $400,875 (5.0%) 0.80 567
2021-01-01 $272,500 (1.0%) $398,263 (4.8%) 0.81 484
2021-02-01 $287,613 (3.9%) $423,177 (7.9%) 0.84 371
2021-03-01 $294,950 (6.9%) $429,201 (9.9%) 0.84 354
2021-04-01 $292,713 (4.6%) $419,213 (8.0%) 0.79 357
2021-05-01 $282,950 (-4.1%) $399,920 (-2.2%) 0.75 389
2021-06-01 $289,475 (-5.9%) $403,790 (-4.0%) 0.76 450
2021-07-01 $289,925 (-3.1%) $389,350 (-5.7%) 0.77 493
2021-08-01 $279,475 (-6.8%) $395,072 (-5.4%) 0.75 517
2021-09-01 $289,950 (1.2%) $397,248 (-4.6%) 0.77 473
2021-10-01 $292,950 (6.6%) $406,326 (0.7%) 0.78 496
2021-11-01 $289,961 (6.4%) $410,712 (-0.3%) 0.78 446
2021-12-01 $302,475 (13.0%) $428,808 (7.0%) 0.82 363
2022-01-01 $317,950 (16.7%) $439,475 (10.4%) 0.86 299
2022-02-01 $326,700 (13.6%) $460,856 (8.9%) 0.85 267
2022-03-01 $325,065 (10.2%) $453,828 (5.7%) 0.81 259
2022-04-01 $309,900 (5.9%) $444,328 (6.0%) 0.74 285
2022-05-01 $349,475 (23.5%) $483,209 (20.8%) 0.80 338
2022-06-01 $343,975 (18.8%) $499,277 (23.7%) 0.77 416
2022-07-01 $349,450 (20.5%) $486,365 (24.9%) 0.79 452
2022-08-01 $326,200 (16.7%) $465,622 (17.9%) 0.75 419
2022-09-01 $341,463 (17.8%) $470,078 (18.3%) 0.80 419
2022-10-01 $337,925 (15.4%) $446,700 (9.9%) 0.80 451
2022-11-01 $329,975 (13.8%) $450,571 (9.7%) 0.79 457
2022-12-01 $339,950 (12.4%) $453,026 (5.7%) 0.84 429
2023-01-01 $347,250 (9.2%) $478,288 (8.8%) 0.86 423
2023-02-01 $349,950 (7.1%) $499,237 (8.3%) 0.84 362
2023-03-01 $368,950 (13.5%) $513,623 (13.2%) 0.87 340
2023-04-01 $377,475 (21.8%) $528,828 (19.0%) 0.88 344
2023-05-01 $383,925 (9.9%) $541,173 (12.0%) 0.87 337
2023-06-01 $375,725 (9.2%) $542,377 (8.6%) 0.84 384
2023-07-01 $379,000 (8.5%) $550,288 (13.1%) 0.86 427
2023-08-01 $374,925 (14.9%) $536,813 (15.3%) 0.86 445
2023-09-01 $365,000 (6.9%) $518,796 (10.4%) 0.85 485
2023-10-01 $353,725 (4.7%) $498,625 (11.6%) 0.83 552
2023-11-01 $347,950 (5.5%) $490,207 (8.8%) 0.83 552
2023-12-01 $349,900 (2.9%) $479,931 (5.9%) 0.85 513
2024-01-01 $340,873 (-1.8%) $462,292 (-3.3%) 0.83 487
2024-02-01 $342,499 (-2.1%) $466,583 (-6.5%) 0.82 441
2024-03-01 $350,000 (-5.1%) $483,897 (-5.8%) 0.82 436
2024-04-01 $361,113 (-4.3%) $496,527 (-6.1%) 0.84 454
2024-05-01 $379,350 (-1.2%) $511,250 (-5.5%) 0.86 505
Roanoke's median listing price for 2024-05-01 was $379,350, a difference of $-4,575 (-1.2%) versus the prior year and $18,237 versus the prior month.

Roanoke's median listing price comes in at 86% of the national average.

Roanoke's average listing price for 2024-05-01 was $511,250, a difference of $-29,923 (-5.5%) versus the prior year and $14,723 versus the prior month.

For the 2024-05-01 period, Roanoke had 505 MLS listings, a difference of 51 listings (11%) versus the prior month and 168 listings (50%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Roanoke (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 91 days 2,060 sqft
2018-02-01 84 days 2,062 sqft
2018-03-01 66 days 2,110 sqft
2018-04-01 58 days 2,136 sqft
2018-05-01 53 days 2,153 sqft
2018-06-01 60 days 2,160 sqft
2018-07-01 70 days 2,151 sqft
2018-08-01 72 days 2,156 sqft
2018-09-01 72 days 2,156 sqft
2018-10-01 74 days 2,119 sqft
2018-11-01 79 days 2,127 sqft
2018-12-01 82 days 2,100 sqft
2019-01-01 93 days 2,089 sqft
2019-02-01 95 days 2,121 sqft
2019-03-01 79 days 2,149 sqft
2019-04-01 57 days 2,166 sqft
2019-05-01 55 days 2,175 sqft
2019-06-01 61 days 2,168 sqft
2019-07-01 67 days 2,157 sqft
2019-08-01 70 days 2,154 sqft
2019-09-01 71 days 2,141 sqft
2019-10-01 72 days 2,131 sqft
2019-11-01 73 days 2,142 sqft
2019-12-01 80 days 2,116 sqft
2020-01-01 89 days 2,066 sqft
2020-02-01 82 days 2,121 sqft
2020-03-01 54 days 2,133 sqft
2020-04-01 57 days 2,144 sqft
2020-05-01 71 days 2,200 sqft
2020-06-01 62 days 2,196 sqft
2020-07-01 58 days 2,161 sqft
2020-08-01 57 days 2,200 sqft
2020-09-01 54 days 2,198 sqft
2020-10-01 55 days 2,150 sqft
2020-11-01 60 days 2,175 sqft
2020-12-01 66 days 2,160 sqft
2021-01-01 67 days 2,131 sqft
2021-02-01 64 days 2,147 sqft
2021-03-01 47 days 2,092 sqft
2021-04-01 42 days 2,005 sqft
2021-05-01 40 days 2,007 sqft
2021-06-01 40 days 2,026 sqft
2021-07-01 43 days 2,005 sqft
2021-08-01 45 days 1,977 sqft
2021-09-01 52 days 2,002 sqft
2021-10-01 49 days 2,019 sqft
2021-11-01 64 days 2,006 sqft
2021-12-01 61 days 2,014 sqft
2022-01-01 84 days 2,031 sqft
2022-02-01 64 days 2,005 sqft
2022-03-01 38 days 1,942 sqft
2022-04-01 35 days 1,934 sqft
2022-05-01 32 days 2,021 sqft
2022-06-01 34 days 2,056 sqft
2022-07-01 40 days 2,031 sqft
2022-08-01 42 days 1,947 sqft
2022-09-01 46 days 1,977 sqft
2022-10-01 40 days 2,008 sqft
2022-11-01 44 days 1,977 sqft
2022-12-01 54 days 1,960 sqft
2023-01-01 60 days 2,006 sqft
2023-02-01 63 days 2,008 sqft
2023-03-01 50 days 2,044 sqft
2023-04-01 44 days 2,117 sqft
2023-05-01 43 days 2,113 sqft
2023-06-01 42 days 2,100 sqft
2023-07-01 43 days 2,094 sqft
2023-08-01 45 days 2,082 sqft
2023-09-01 43 days 1,980 sqft
2023-10-01 45 days 1,979 sqft
2023-11-01 50 days 1,980 sqft
2023-12-01 59 days 1,939 sqft
2024-01-01 63 days 1,914 sqft
2024-02-01 61 days 1,906 sqft
2024-03-01 46 days 1,908 sqft
2024-04-01 39 days 1,943 sqft
2024-05-01 33 days 1,975 sqft
Roanoke's median listing age (time on market) for 2024-05-01 was 33 days. This is -23% shorter than the same period one year ago.

Roanoke's median square footage for active listings during the 2024-05-01 period was 1,975 sqft. One year prior, the average listing was 2,113 sqft.