Roanoke USDA Loans

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 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.