Shelby USDA Loan Rates, Closing Costs & Stats

Shelby, NC

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.

Shelby's 11 lenders originated 39 USDA loans during 2023. The total origination value was $7,605,000, with an average USDA loan value of $195,000.

Shelby USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Shelby averaged 6.4% for the week of 2024-07-19, compared to the national average (all USDA variants) of 6.628% for the same period.

Shelby's average USDA mortgage closing costs are $4,271.

The average rate for the prior week (2024-07-12) was 6.52% and one month ago for the week of 2024-06-14, the average rate was 6.55%.

The average rate one year ago was 6.61%.

For refis of the same type during the week of 2024-07-19, the average rate was 7.15%.

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

Shelby 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 Shelby level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
HOMESTAR FINANCIAL CORPORATION 17 6.96% $3,899
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 5 6.40% $7,954
American Security Mortgage Corp. 5 6.03% $6,918
UNITED WHOLESALE MORTGAGE, LLC 2 5.69% $7,709
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.13% $9,869
Fifth Third Bank 2 6.13% $7,666
CMG MORTGAGE, INC. 1 6.75% $6,119
COMPASS MORTGAGE, INC. 1 6.63% $6,596
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.38% $8,530
CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $11,257
The Fidelity Bank 1 7.13% $4,757

The top Shelby USDA lender as defined by loan originations is HOMESTAR FINANCIAL CORPORATION, with 17 USDA loans originated. Their average total fees are $3,899, which is $4,056 lower than the next largest lender, ATLANTIC BAY MORTGAGE GROUP, L.L.C..

The lowest fee Shelby USDA lenders (with over 10 loans originated) are HOMESTAR FINANCIAL CORPORATION ($3,899), .

The lowest rate Shelby USDA lenders (with over 10 loans originated) are HOMESTAR FINANCIAL CORPORATION (6.96%), .