Spartanburg USDA Loan Rates, Closing Costs & Stats

SPARTANBURG, SC

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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.

    Spartanburg's 50 lenders originated 145 USDA loans during 2023. The total origination value was $32,675,000, with an average USDA loan value of $225,345.

    Spartanburg USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Spartanburg averaged 6.47% for the week of 2024-07-19, compared to the national average (all USDA variants) of 6.628% for the same period.

    Spartanburg's average USDA mortgage closing costs are $5,640.

    The average rate for the prior week (2024-07-12) was 6.29% and one month ago for the week of 2024-06-14, the average rate was 6.53%.

    The average rate one year ago was 6.68%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.77%.

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

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Sierra Pacific Mortgage Company, Inc. 21 5.93% $9,652
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 14 6.54% $6,603
    PRIMELENDING, A PLAINSCAPITAL COMPANY 14 6.16% $8,534
    MOVEMENT MORTGAGE, LLC 9 6.71% $9,373
    DHI MORTGAGE COMPANY, LTD. 6 4.97% $6,056
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.50% $8,381
    NVR Mortgage Finance, Inc. 5 5.90% $11,157
    CROSSCOUNTRY MORTGAGE, LLC 4 6.19% $9,790
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 4 6.63% $7,984
    Renasant Bank 4 6.41% $8,771
    UNITED WHOLESALE MORTGAGE, LLC 3 6.29% $9,837
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.79% $9,057
    HOMESIDE FINANCIAL, LLC 3 6.63% $8,025
    Ameris Bank 2 6.75% $5,789
    Truist 2 5.63% $5,834
    Mortgage Research Center, LLC 2 6.25% $5,630
    First Reliance Bank 2 6.38% $5,916
    MID AMERICA MORTGAGE, INC. 2 6.69% $3,973
    CARDINAL FINANCIAL 2 6.50% $6,820
    INSPIRE HOME LOANS INC. 2 5.94% $8,026
    GUARANTEED RATE, INC. 2 6.38% $7,237
    GUILD MORTGAGE COMPANY 2 6.63% $8,726
    EAGLE HOME MORTGAGE, LLC 2 6.44% $7,460
    NEWREZ LLC 2 6.69% $7,149
    First Heritage Mortgage, LLC 2 7.00% $13,435
    HOMESTAR FINANCIAL CORPORATION 1 6.75% $3,261
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.63% $8,876
    Atlantic Coast Mortgage, LLC 1 7.13% $7,298
    BROKER SOLUTIONS, INC. 1 5.50% $6,419
    Century Mortgage Company DBA Century Lending Company 1 4.88% $10,608
    CONTOUR MORTGAGE CORPORATION 1 6.63% $11,034
    FBC MORTGAGE, LLC 1 5.99% $6,595
    First-Citizens Bank & Trust Company 1 5.88% $6,252
    First Community Bank 1 7.00% $7,577
    First Federal Bank 1 7.63% $7,090
    First Palmetto Bank 1 7.38% $6,012
    GENEVA FINANCIAL, LLC 1 7.75% $15,800
    Alcova Mortgage LLC 1 6.13% $4,749
    HomeTrust Bank 1 5.50% $6,313
    INTERLINC MORTGAGE SERVICES, LLC 1 6.00% $3,145
    LOANDEPOT.COM, LLC 1 6.38% $12,891
    Magnolia Bank 1 7.13% $8,921
    Nations Lending Corporation 1 6.50% $2,832
    Network Funding, L.P. 1 6.00% $8,811
    Paramount Residential Mortgage Group, Inc. 1 6.25% $4,676
    Princeton Mortgage Corporation 1 6.88% $6,323
    RUOFF MORTGAGE COMPANY, INC. 1 7.25% $3,767
    Southern First Bank 1 6.13% $5,494
    South State Bank 1 6.25% $6,632
    THRIVE MORTGAGE, LLC 1 6.38% $7,623

    The top Spartanburg USDA lender as defined by loan originations is Sierra Pacific Mortgage Company, Inc., with 21 USDA loans originated. Their average total fees are $9,652, which is $3,049 higher than the next largest lender, ARK-LA-TEX FINANCIAL SERVICES, LLC..

    The lowest fee Spartanburg USDA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. ($6,603), PRIMELENDING, A PLAINSCAPITAL COMPANY ($8,534), Sierra Pacific Mortgage Company, Inc. ($9,652), .

    The lowest rate Spartanburg USDA lenders (with over 10 loans originated) are Sierra Pacific Mortgage Company, Inc. (5.93%), PRIMELENDING, A PLAINSCAPITAL COMPANY (6.16%), ARK-LA-TEX FINANCIAL SERVICES, LLC. (6.54%), .