Roanoke USDA Loans

ROANOKE, 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.

    Roanoke's 41 lenders originated 232 USDA loans during 2021. The total origination value was $44,480,000, with an average USDA loan value of $191,724.

    Roanoke USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Roanoke averaged 5.22% for the week of 2022-05-20, compared to the national average (all USDA variants) of 5.315% for the same period.

    The average rate for the prior week (2022-05-13) was 5.31% and one month ago for the week of 2022-04-15, the average rate was 5.2%.

    The average rate one year ago was 3.05%.

    For refis of the same type during the week of 2022-05-20, the average rate was 4.93%.

    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 and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Roanoke level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Alcova Mortgage LLC 33 2.91% $3,113
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 26 3.11% $6,231
    MOVEMENT MORTGAGE, LLC 22 2.96% $5,347
    Renasant Bank 19 2.89% $5,923
    Integrity Home Mortgage Corp 19 3.01% $5,489
    EMBRACE HOME LOANS, INC. 13 2.75% $5,090
    SWBC MORTGAGE CORPORATION 11 3.03% $2,679
    Citizens Bank 7 2.71% $5,165
    PENNYMAC LOAN SERVICES, LLC 7 2.87% $4,816
    FREEDOM FIRST 7 2.55% $4,591
    Blue Ridge Bank 5 2.65% $4,918
    Prosperity Home Mortgage, LLC 5 2.68% $5,794
    GUARANTEED RATE, INC. 5 3.03% $6,069
    NEWREZ LLC 4 2.44% $4,581
    Atlantic Union Bank 4 3.31% $6,248
    TOWNE MORTGAGE COMPANY 4 3.19% $5,074
    American National Bank and Trust Company 4 2.28% $5,050
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 2.81% $7,578
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 3.21% $5,493
    The Federal Savings Bank 3 2.50% $6,798
    Truist Bank 3 2.79% $4,711
    Pinnacle Bank 2 2.75% $5,300
    AMERICAN FINANCIAL RESOURCES, INC. 2 2.75% $6,109
    OVM FINANCIAL, INC. 2 3.25% $6,574
    UNION HOME MORTGAGE CORP. 1 3.00% $5,165
    Capital Bank 1 2.50% $6,570
    CBM Mortgage, Inc. 1 3.25% $4,499
    CHURCHILL MORTGAGE CORPORATION 1 2.63% $5,348
    Colten Mortgage, LLC 1 2.75% $2,648
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 3.13% $4,741
    Assurance Financial Group, L.L.C. 1 2.75% $5,711
    ENVOY MORTGAGE, LTD 1 2.75% $6,657
    First-Citizens Bank & Trust Company 1 2.25% $5,296
    FIRST COMMUNITY MORTGAGE, INC. 1 3.00% $5,128
    First Federal Bank 1 3.00% $3,847
    First Reliance Bank 1 3.38% $3,878
    GUARANTY HOME MORTGAGE CORPORATION 1 2.75% $5,084
    HomeTrust Bank 1 2.75% $5,283
    OCEANSIDE MORTGAGE COMPANY 1 3.13% $1,198
    RANLIFE, INC. 1 3.25% $5,164
    RESIDENTIAL MORTGAGE SERVICES, INC. 1 2.88% $5,527

    The top Roanoke USDA lender as defined by loan originations is Alcova Mortgage LLC, with 33 USDA loans originated. Their average total fees are $3,113, which is $3,118 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 SWBC MORTGAGE CORPORATION ($2,679), Alcova Mortgage LLC ($3,113), EMBRACE HOME LOANS, INC. ($5,090), MOVEMENT MORTGAGE, LLC ($5,347) and Integrity Home Mortgage Corp ($5,489).

    The lowest rate Roanoke USDA lenders (with over 10 loans originated) are EMBRACE HOME LOANS, INC. (2.75%), Renasant Bank (2.89%), Alcova Mortgage LLC (2.91%), MOVEMENT MORTGAGE, LLC (2.96%) and Integrity Home Mortgage Corp (3.01%).

    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 $232,225 (12.5%) $314,305 (5.3%) 0.86 1,340
    2018-02-01 $235,950 (14.0%) $314,819 (5.2%) 0.85 1,339
    2018-03-01 $239,500 (9.7%) $312,484 (2.2%) 0.83 1,371
    2018-04-01 $239,925 (6.7%) $321,901 (3.2%) 0.81 1,417
    2018-05-01 $239,950 (5.6%) $322,532 (3.5%) 0.80 1,545
    2018-06-01 $249,950 (8.8%) $335,522 (6.2%) 0.83 1,520
    2018-07-01 $249,925 (8.7%) $338,449 (7.4%) 0.83 1,530
    2018-08-01 $249,475 (8.2%) $336,164 (6.5%) 0.83 1,551
    2018-09-01 $244,950 (6.5%) $337,656 (5.7%) 0.82 1,525
    2018-10-01 $239,500 (4.2%) $329,350 (2.5%) 0.80 1,504
    2018-11-01 $244,950 (7.3%) $334,916 (8.6%) 0.82 1,414
    2018-12-01 $239,900 (4.3%) $332,398 (4.9%) 0.82 1,305
    2019-01-01 $239,725 (3.2%) $332,914 (5.9%) 0.83 1,222
    2019-02-01 $245,675 (4.1%) $339,706 (7.9%) 0.82 1,181
    2019-03-01 $255,329 (6.6%) $345,756 (10.7%) 0.83 1,180
    2019-04-01 $261,604 (9.0%) $348,254 (8.2%) 0.82 1,190
    2019-05-01 $272,475 (13.6%) $355,032 (10.1%) 0.84 1,212
    2019-06-01 $274,950 (10.0%) $352,039 (4.9%) 0.85 1,234
    2019-07-01 $273,975 (9.6%) $354,425 (4.7%) 0.85 1,230
    2019-08-01 $271,643 (8.9%) $355,266 (5.7%) 0.85 1,209
    2019-09-01 $264,925 (8.2%) $356,097 (5.5%) 0.84 1,191
    2019-10-01 $267,300 (11.6%) $356,914 (8.4%) 0.85 1,197
    2019-11-01 $268,000 (9.4%) $361,421 (7.9%) 0.86 1,153
    2019-12-01 $264,975 (10.5%) $354,961 (6.8%) 0.88 1,047
    2020-01-01 $261,975 (9.3%) $353,399 (6.2%) 0.87 975
    2020-02-01 $265,995 (8.3%) $370,185 (9.0%) 0.86 890
    2020-03-01 $269,475 (5.5%) $374,889 (8.4%) 0.84 904
    2020-04-01 $274,975 (5.1%) $374,356 (7.5%) 0.86 947
    2020-05-01 $295,000 (8.3%) $395,754 (11.5%) 0.89 821
    2020-06-01 $299,950 (9.1%) $394,160 (12.0%) 0.88 783
    2020-07-01 $289,475 (5.7%) $388,087 (9.5%) 0.83 707
    2020-08-01 $290,950 (7.1%) $392,396 (10.5%) 0.83 663
    2020-09-01 $279,975 (5.7%) $392,989 (10.4%) 0.80 686
    2020-10-01 $269,995 (1.0%) $384,344 (7.7%) 0.77 663
    2020-11-01 $272,425 (1.7%) $393,267 (8.8%) 0.78 623
    2020-12-01 $269,475 (1.7%) $380,982 (7.3%) 0.79 562
    2021-01-01 $269,900 (3.0%) $377,344 (6.8%) 0.79 487
    2021-02-01 $280,000 (5.3%) $408,129 (10.3%) 0.81 368
    2021-03-01 $297,975 (10.6%) $418,750 (11.7%) 0.84 348
    2021-04-01 $289,975 (5.5%) $412,391 (10.2%) 0.78 361
    2021-05-01 $279,950 (-5.1%) $395,434 (-0.1%) 0.74 391
    2021-06-01 $286,450 (-4.5%) $396,467 (0.6%) 0.74 442
    2021-07-01 $284,975 (-1.6%) $388,012 (0.0%) 0.74 485
    2021-08-01 $275,000 (-5.5%) $391,906 (-0.1%) 0.72 523
    2021-09-01 $289,950 (3.6%) $392,318 (-0.2%) 0.76 478
    2021-10-01 $290,000 (7.4%) $383,484 (-0.2%) 0.76 493
    2021-11-01 $289,925 (6.4%) $384,783 (-2.2%) 0.76 440
    2021-12-01 $299,900 (11.3%) $397,901 (4.4%) 0.80 358
    2022-01-01 $299,990 (11.2%) $397,702 (5.4%) 0.80 296
    2022-02-01 $318,975 (13.9%) $411,823 (0.9%) 0.81 264
    2022-03-01 $311,450 (4.5%) $404,867 (-3.3%) 0.77 255
    2022-04-01 $309,000 (6.6%) $413,600 (0.3%) 0.73 284
    Roanoke's median listing price for 2022-04-01 was $309,000, a difference of $19,025 (6.6%) versus the prior year and $-2,450 versus the prior month.

    Roanoke's median listing price comes in at 73% of the national average.

    Roanoke's average listing price for 2022-04-01 was $413,600, a difference of $1,209 (0.3%) versus the prior year and $8,733 versus the prior month.

    For the 2022-04-01 period, Roanoke had 284 MLS listings, a difference of 29 listings (11%) versus the prior month and -77 listings (-21%) 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 95 days 2,010 sqft
    2018-02-01 94 days 2,023 sqft
    2018-03-01 78 days 2,063 sqft
    2018-04-01 66 days 2,098 sqft
    2018-05-01 59 days 2,105 sqft
    2018-06-01 64 days 2,112 sqft
    2018-07-01 73 days 2,111 sqft
    2018-08-01 75 days 2,112 sqft
    2018-09-01 77 days 2,112 sqft
    2018-10-01 78 days 2,078 sqft
    2018-11-01 84 days 2,065 sqft
    2018-12-01 91 days 2,052 sqft
    2019-01-01 101 days 2,040 sqft
    2019-02-01 103 days 2,066 sqft
    2019-03-01 98 days 2,115 sqft
    2019-04-01 63 days 2,134 sqft
    2019-05-01 61 days 2,146 sqft
    2019-06-01 65 days 2,146 sqft
    2019-07-01 71 days 2,133 sqft
    2019-08-01 72 days 2,135 sqft
    2019-09-01 71 days 2,135 sqft
    2019-10-01 75 days 2,128 sqft
    2019-11-01 81 days 2,131 sqft
    2019-12-01 87 days 2,107 sqft
    2020-01-01 97 days 2,062 sqft
    2020-02-01 95 days 2,100 sqft
    2020-03-01 61 days 2,131 sqft
    2020-04-01 60 days 2,146 sqft
    2020-05-01 74 days 2,204 sqft
    2020-06-01 70 days 2,200 sqft
    2020-07-01 64 days 2,157 sqft
    2020-08-01 61 days 2,186 sqft
    2020-09-01 54 days 2,206 sqft
    2020-10-01 53 days 2,156 sqft
    2020-11-01 56 days 2,176 sqft
    2020-12-01 62 days 2,164 sqft
    2021-01-01 71 days 2,131 sqft
    2021-02-01 71 days 2,140 sqft
    2021-03-01 51 days 2,070 sqft
    2021-04-01 46 days 2,003 sqft
    2021-05-01 42 days 1,987 sqft
    2021-06-01 42 days 2,000 sqft
    2021-07-01 44 days 1,998 sqft
    2021-08-01 46 days 1,977 sqft
    2021-09-01 54 days 1,998 sqft
    2021-10-01 52 days 2,020 sqft
    2021-11-01 52 days 1,993 sqft
    2021-12-01 62 days 1,991 sqft
    2022-01-01 74 days 2,000 sqft
    2022-02-01 72 days 1,943 sqft
    2022-03-01 48 days 1,898 sqft
    2022-04-01 41 days 1,921 sqft
    Roanoke's median listing age (time on market) for 2022-04-01 was 41 days. This is -10% shorter than the same period one year ago.

    Roanoke's median square footage for active listings during the 2022-04-01 period was 1,921 sqft. One year prior, the average listing was 2,003 sqft.