Spartanburg USDA Loans

SPARTANBURG, SC

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.

Spartanburg's 89 lenders originated 605 USDA loans during 2021. The total origination value was $118,115,000, with an average USDA loan value of $195,231.

Spartanburg USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Spartanburg averaged 5.59% 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 5.37% and one month ago for the week of 2022-04-15, the average rate was 4.97%.

The average rate one year ago was 3.22%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.15%.

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

Spartanburg 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 Spartanburg level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
MOVEMENT MORTGAGE, LLC 58 2.93% $5,340
ARK-LA-TEX FINANCIAL SERVICES, LLC. 45 3.14% $6,074
PRIMELENDING, A PLAINSCAPITAL COMPANY 37 3.37% $5,825
NVR Mortgage Finance, Inc. 37 3.10% $6,391
DHI MORTGAGE COMPANY, LTD. 32 2.70% $4,808
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 26 3.17% $6,023
CALIBER HOME LOANS, INC. 23 2.92% $5,052
MID AMERICA MORTGAGE, INC. 21 3.01% $3,610
Renasant Bank 19 3.01% $9,768
GUILD MORTGAGE COMPANY 16 3.05% $6,858
LENDUS, LLC 15 3.30% $6,301
ACOPIA, LLC 13 3.02% $6,681
VANDERBILT MORTGAGE AND FINANCE, INC. 12 2.86% $5,837
Ameris Bank 12 2.94% $5,558
ON Q FINANCIAL, INC. 10 3.24% $5,547
PENNYMAC LOAN SERVICES, LLC 9 2.75% $5,696
INSPIRE HOME LOANS INC. 9 3.35% $4,990
HOMESTAR FINANCIAL CORPORATION 8 3.11% $3,850
APEX HOME LOANS, INC. 8 2.55% $6,145
Network Funding, L.P. 8 3.08% $5,737
Colten Mortgage, LLC 8 2.88% $4,400
LOANDEPOT.COM, LLC 8 3.34% $5,448
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 7 3.30% $5,705
Paramount Residential Mortgage Group, Inc. 7 3.20% $7,431
CRESCENT MORTGAGE COMPANY 6 2.79% $5,054
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 2.71% $5,517
CROSSCOUNTRY MORTGAGE, LLC 6 3.27% $6,057
Blue Ridge Bank 5 2.65% $4,937
Bank of England 5 3.13% $6,741
First Heritage Mortgage, LLC 5 2.82% $5,608
HOMESIDE FINANCIAL, LLC 5 2.85% $6,514
HomeTrust Bank 5 2.50% $4,940
PRIMARY RESIDENTIAL MORTGAGE, INC. 5 3.33% $6,047
SOUTHWEST FUNDING, LP 5 4.00% $7,345
SUCCESS MORTGAGE PARTNERS, INC. 5 2.88% $5,360
Flagstar Bank, FSB 4 2.63% $5,752
HOME POINT FINANCIAL CORPORATION 4 2.63% $6,258
Alcova Mortgage LLC 4 3.00% $3,011
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 4 3.06% $7,317
Carrington Mortgage Services, LLC 4 3.72% $8,683
Equity Prime Mortgage LLC 4 3.97% $6,274
GoPrime Mortgage, Inc. 3 2.79% $5,865
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 3.04% $8,411
NATIONS DIRECT MORTGAGE, LLC 3 3.12% $7,464
NP, Inc. 3 2.96% $5,566
TOWNE MORTGAGE COMPANY 3 2.75% $6,549
Truist Bank 3 2.92% $5,890
MIDLAND MORTGAGE CORPORATION 2 2.75% $1,829
SOUTHPOINT FINANCIAL SERVICES, INC. 2 2.69% $5,627
AMERICAN FINANCIAL NETWORK, INC. 2 3.00% $8,070
Wolfe Financial, Inc 2 2.81% $5,146
KELLER MORTGAGE, LLC 2 3.00% $4,153
First-Citizens Bank & Trust Company 2 2.88% $4,945
Countybank 2 2.75% $6,782
MORTGAGE EQUITY PARTNERS LLC 1 3.25% $5,728
Citizens Bank 1 3.00% $7,005
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $3,137
UNION HOME MORTGAGE CORP. 1 2.38% $6,381
FIRST COMMUNITY MORTGAGE, INC. 1 3.13% $6,341
First Savings Bank 1 2.88% $4,286
NTFN, INC. 1 3.00% $7,436
CALCON MUTUAL MORTGAGE LLC 1 3.75% $6,129
BROKER SOLUTIONS, INC. 1 3.13% $4,496
GUARANTY HOME MORTGAGE CORPORATION 1 2.88% $4,188
AMERICAN FINANCIAL RESOURCES, INC. 1 3.25% $4,459
GUARANTEED RATE, INC. 1 3.00% $5,009
RAPID MORTGAGE COMPANY 1 3.38% $6,520
Regions Bank 1 2.75% $4,999
Alpha Mortgage Corporation 1 3.13% $4,799
RESIDENTIAL MORTGAGE SERVICES, INC. 1 2.75% $6,275
RESOURCE FINANCIAL SERVICES, INC. 1 2.88% $5,109
SeaTrust Mortgage Company 1 2.75% $6,684
Southern First Bank 1 2.75% $5,746
Wells Fargo Bank 1 2.38% $6,302
Towne Bank 1 2.38% $10,799
GSF Mortgage Corporation 1 2.75% $6,122
FREEDOM MORTGAGE CORPORATION 1 3.25% $5,316
First Federal Bank 1 2.63% $5,711
First Guaranty Mortgage Corporation 1 2.88% $4,022
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 3.63% $4,471
United Bank 1 2.75% $5,082
UNITED WHOLESALE MORTGAGE, LLC 1 2.96% $5,344
Hometown Lenders, Inc. 1 2.75% $6,043
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 2.75% $5,197
INTERLINC MORTGAGE SERVICES, LLC 1 2.88% $3,992
LAKEVIEW LOAN SERVICING, LLC 1 3.38% $2,817
EAGLE HOME MORTGAGE, LLC 1 3.63% $6,958
DATA MORTGAGE, INC. 1 3.88% $7,833
Magnolia Bank 1 3.88% $5,213

The top Spartanburg USDA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 58 USDA loans originated. Their average total fees are $5,340, which is $734 lower than the next largest lender, ARK-LA-TEX FINANCIAL SERVICES, LLC..

The lowest fee Spartanburg USDA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($3,610), DHI MORTGAGE COMPANY, LTD. ($4,808), CALIBER HOME LOANS, INC. ($5,052), MOVEMENT MORTGAGE, LLC ($5,340) and ON Q FINANCIAL, INC. ($5,547).

The lowest rate Spartanburg USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (2.70%), VANDERBILT MORTGAGE AND FINANCE, INC. (2.86%), CALIBER HOME LOANS, INC. (2.92%), MOVEMENT MORTGAGE, LLC (2.93%) and Ameris Bank (2.94%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Spartanburg (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 $216,146 (9.4%) $292,237 (4.5%) 0.80 1,709
2018-02-01 $217,495 (8.8%) $291,365 (3.3%) 0.78 1,627
2018-03-01 $225,000 (12.2%) $300,180 (6.7%) 0.78 1,558
2018-04-01 $229,900 (12.2%) $312,439 (10.5%) 0.77 1,547
2018-05-01 $227,792 (9.0%) $307,930 (7.9%) 0.76 1,656
2018-06-01 $225,990 (5.4%) $308,370 (6.6%) 0.75 1,759
2018-07-01 $224,945 (5.2%) $307,848 (6.1%) 0.75 1,789
2018-08-01 $222,548 (5.0%) $303,523 (3.8%) 0.74 1,878
2018-09-01 $221,208 (2.9%) $303,158 (1.3%) 0.74 1,912
2018-10-01 $219,900 (1.8%) $302,927 (-0.2%) 0.74 1,955
2018-11-01 $219,900 (2.3%) $299,441 (0.6%) 0.74 1,823
2018-12-01 $217,900 (1.4%) $290,934 (-1.6%) 0.75 1,771
2019-01-01 $218,775 (1.2%) $285,870 (-2.2%) 0.75 1,722
2019-02-01 $218,075 (0.3%) $282,885 (-2.9%) 0.73 1,775
2019-03-01 $220,186 (-2.1%) $291,920 (-2.8%) 0.72 1,768
2019-04-01 $222,400 (-3.3%) $302,031 (-3.3%) 0.70 1,747
2019-05-01 $225,596 (-1.0%) $314,382 (2.1%) 0.70 1,750
2019-06-01 $229,000 (1.3%) $322,134 (4.5%) 0.70 1,774
2019-07-01 $230,417 (2.4%) $324,202 (5.3%) 0.72 1,774
2019-08-01 $229,796 (3.3%) $319,437 (5.2%) 0.72 1,831
2019-09-01 $229,887 (3.9%) $313,910 (3.6%) 0.73 1,870
2019-10-01 $229,450 (4.3%) $312,219 (3.1%) 0.73 1,932
2019-11-01 $228,000 (3.7%) $310,684 (3.8%) 0.74 1,881
2019-12-01 $224,950 (3.2%) $306,519 (5.4%) 0.75 1,858
2020-01-01 $223,945 (2.4%) $299,262 (4.7%) 0.75 1,711
2020-02-01 $225,000 (3.2%) $306,521 (8.4%) 0.73 1,598
2020-03-01 $236,864 (7.6%) $321,016 (10.0%) 0.74 1,513
2020-04-01 $234,470 (5.4%) $316,180 (4.7%) 0.73 1,610
2020-05-01 $239,000 (5.9%) $323,053 (2.8%) 0.72 1,466
2020-06-01 $249,450 (8.9%) $344,085 (6.8%) 0.73 1,270
2020-07-01 $243,450 (5.7%) $339,572 (4.7%) 0.70 1,125
2020-08-01 $248,641 (8.2%) $351,018 (9.9%) 0.71 1,048
2020-09-01 $249,194 (8.4%) $363,245 (15.7%) 0.71 984
2020-10-01 $249,120 (8.6%) $363,398 (16.4%) 0.71 960
2020-11-01 $245,188 (7.5%) $359,829 (15.8%) 0.70 949
2020-12-01 $239,900 (6.7%) $344,508 (12.4%) 0.70 895
2021-01-01 $237,990 (6.3%) $344,399 (15.1%) 0.70 866
2021-02-01 $232,856 (3.5%) $342,837 (11.9%) 0.67 795
2021-03-01 $241,891 (2.1%) $352,150 (9.7%) 0.68 631
2021-04-01 $243,616 (3.9%) $344,031 (8.8%) 0.65 595
2021-05-01 $256,801 (7.5%) $377,355 (16.8%) 0.68 509
2021-06-01 $271,593 (8.9%) $377,377 (9.7%) 0.71 517
2021-07-01 $277,183 (13.9%) $381,275 (12.3%) 0.72 604
2021-08-01 $267,880 (7.7%) $361,527 (3.0%) 0.70 703
2021-09-01 $273,615 (9.8%) $386,480 (6.4%) 0.72 712
2021-10-01 $275,240 (10.5%) $388,886 (7.0%) 0.72 694
2021-11-01 $279,475 (14.0%) $402,524 (11.9%) 0.74 622
2021-12-01 $276,749 (15.4%) $383,651 (11.4%) 0.74 578
2022-01-01 $279,900 (17.6%) $394,383 (14.5%) 0.75 476
2022-02-01 $289,556 (24.4%) $389,029 (13.5%) 0.74 435
2022-03-01 $299,000 (23.6%) $392,845 (11.6%) 0.74 401
2022-04-01 $300,000 (23.1%) $410,252 (19.3%) 0.71 464
Spartanburg's median listing price for 2022-04-01 was $300,000, a difference of $56,384 (23.1%) versus the prior year and $1,000 versus the prior month.

Spartanburg's median listing price comes in at 71% of the national average.

Spartanburg's average listing price for 2022-04-01 was $410,252, a difference of $66,221 (19.3%) versus the prior year and $17,407 versus the prior month.

For the 2022-04-01 period, Spartanburg had 464 MLS listings, a difference of 63 listings (16%) versus the prior month and -131 listings (-22%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Spartanburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 97 days 2,014 sqft
2018-02-01 90 days 2,002 sqft
2018-03-01 57 days 2,100 sqft
2018-04-01 54 days 2,137 sqft
2018-05-01 56 days 2,147 sqft
2018-06-01 58 days 2,165 sqft
2018-07-01 64 days 2,123 sqft
2018-08-01 63 days 2,094 sqft
2018-09-01 70 days 2,060 sqft
2018-10-01 71 days 2,006 sqft
2018-11-01 75 days 2,027 sqft
2018-12-01 78 days 2,000 sqft
2019-01-01 91 days 1,996 sqft
2019-02-01 79 days 2,002 sqft
2019-03-01 64 days 2,005 sqft
2019-04-01 65 days 2,022 sqft
2019-05-01 64 days 2,067 sqft
2019-06-01 63 days 2,111 sqft
2019-07-01 64 days 2,104 sqft
2019-08-01 59 days 2,134 sqft
2019-09-01 61 days 2,151 sqft
2019-10-01 64 days 2,082 sqft
2019-11-01 64 days 2,076 sqft
2019-12-01 70 days 2,014 sqft
2020-01-01 79 days 2,000 sqft
2020-02-01 78 days 2,003 sqft
2020-03-01 62 days 2,079 sqft
2020-04-01 64 days 2,015 sqft
2020-05-01 71 days 2,025 sqft
2020-06-01 70 days 2,104 sqft
2020-07-01 66 days 2,093 sqft
2020-08-01 54 days 2,084 sqft
2020-09-01 50 days 2,098 sqft
2020-10-01 55 days 2,043 sqft
2020-11-01 51 days 1,982 sqft
2020-12-01 50 days 1,900 sqft
2021-01-01 56 days 1,847 sqft
2021-02-01 56 days 1,815 sqft
2021-03-01 45 days 1,800 sqft
2021-04-01 45 days 1,788 sqft
2021-05-01 43 days 1,800 sqft
2021-06-01 42 days 1,863 sqft
2021-07-01 38 days 1,874 sqft
2021-08-01 44 days 1,808 sqft
2021-09-01 45 days 1,826 sqft
2021-10-01 48 days 1,850 sqft
2021-11-01 44 days 1,826 sqft
2021-12-01 46 days 1,812 sqft
2022-01-01 56 days 1,823 sqft
2022-02-01 42 days 1,812 sqft
2022-03-01 37 days 1,805 sqft
2022-04-01 36 days 1,823 sqft
Spartanburg's median listing age (time on market) for 2022-04-01 was 36 days. This is -20% shorter than the same period one year ago.

Spartanburg's median square footage for active listings during the 2022-04-01 period was 1,823 sqft. One year prior, the average listing was 1,788 sqft.