Tallahassee USDA Loan Rates, Closing Costs & Stats

TALLAHASSEE, FL

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.

Tallahassee's 24 lenders originated 42 USDA loans during 2023. The total origination value was $9,090,000, with an average USDA loan value of $216,429.

Tallahassee USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Tallahassee averaged 6.87% for the week of 2024-05-24, compared to the national average (all USDA variants) of 6.738% for the same period.

Tallahassee's average USDA mortgage closing costs are $6,095.

The average rate for the prior week (2024-05-17) was 6.65% and one month ago for the week of 2024-04-19, the average rate was 6.69%.

The average rate one year ago was 6.2%.

For refis of the same type during the week of 2024-05-24, the average rate was 7.18%.

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

Tallahassee 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 Tallahassee level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
University Bank 6 6.19% $7,284
Centennial Bank 3 6.29% $7,606
Capital City Home Loans, LLC 3 6.38% $8,184
MOVEMENT MORTGAGE, LLC 2 6.81% $8,697
LOANDEPOT.COM, LLC 2 6.38% $8,500
Waterstone Mortgage Corporation 2 6.38% $13,663
FAIRWAY FUNDING GROUP, INC. 1 6.13% $8,248
GMFS LLC 1 6.13% $6,179
Hancock Whitney Bank 1 5.50% $6,692
ABSOLUTE HOME MORTGAGE CORPORATION 1 7.00% $4,349
Mortgage Research Center, LLC 1 5.75% $2,800
NFM, INC. 1 7.38% $11,288
Paramount Residential Mortgage Group, Inc. 1 7.13% $7,295
PLAZA HOME MORTGAGE, INC. 1 7.13% $9,651
PNC Bank 1 6.25% $4,818
Synovus Bank 1 6.00% $7,313
UNION HOME MORTGAGE CORP. 1 6.13% $7,045
UNITED WHOLESALE MORTGAGE, LLC 1 7.63% $9,714
MORTGAGE INVESTORS GROUP, INC. 1 7.13% $5,605
Ameris Bank 1 5.75% $7,746
Bank of England 1 6.50% $9,910
Bell Bank 1 5.75% $6,849
DELMAR FINANCIAL COMPANY 1 6.00% $7,647
DHI MORTGAGE COMPANY, LTD. 1 5.50% $6,283

The top Tallahassee USDA lender as defined by loan originations is University Bank, with 6 USDA loans originated. Their average total fees are $7,284, which is $323 lower than the next largest lender, Centennial Bank.

The lowest fee Tallahassee USDA lenders (with over 10 loans originated) are .

The lowest rate Tallahassee USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Tallahassee (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 $219,900 (15.8%) $292,666 (8.1%) 0.82 1,135
2018-02-01 $220,000 (12.9%) $294,346 (10.4%) 0.80 1,149
2018-03-01 $224,900 (12.5%) $298,611 (10.9%) 0.79 1,206
2018-04-01 $223,950 (12.0%) $298,184 (9.0%) 0.76 1,284
2018-05-01 $225,600 (11.4%) $301,180 (7.9%) 0.75 1,325
2018-06-01 $231,950 (12.3%) $303,883 (8.5%) 0.77 1,346
2018-07-01 $235,000 (11.9%) $299,917 (6.8%) 0.78 1,375
2018-08-01 $229,500 (9.3%) $296,187 (5.3%) 0.77 1,432
2018-09-01 $223,781 (5.8%) $292,151 (2.1%) 0.75 1,412
2018-10-01 $221,800 (0.1%) $286,751 (-1.3%) 0.75 1,362
2018-11-01 $223,840 (1.8%) $287,118 (-2.2%) 0.76 1,328
2018-12-01 $222,780 (1.3%) $285,749 (-2.0%) 0.77 1,282
2019-01-01 $224,725 (2.2%) $289,995 (-0.9%) 0.78 1,192
2019-02-01 $229,973 (4.5%) $289,170 (-1.8%) 0.78 1,194
2019-03-01 $234,979 (4.5%) $285,593 (-4.4%) 0.77 1,470
2019-04-01 $234,925 (4.9%) $282,269 (-5.3%) 0.75 1,853
2019-05-01 $232,100 (2.9%) $284,966 (-5.4%) 0.73 1,894
2019-06-01 $238,360 (2.8%) $291,953 (-3.9%) 0.74 1,871
2019-07-01 $239,800 (2.0%) $292,454 (-2.5%) 0.75 1,893
2019-08-01 $239,900 (4.5%) $288,975 (-2.4%) 0.76 1,865
2019-09-01 $239,900 (7.2%) $286,764 (-1.8%) 0.77 1,788
2019-10-01 $239,900 (8.2%) $284,876 (-0.7%) 0.77 1,721
2019-11-01 $235,000 (5.0%) $282,576 (-1.6%) 0.77 1,615
2019-12-01 $229,450 (3.0%) $278,448 (-2.6%) 0.77 1,460
2020-01-01 $232,520 (3.5%) $279,670 (-3.6%) 0.78 1,428
2020-02-01 $235,000 (2.2%) $282,590 (-2.3%) 0.77 1,571
2020-03-01 $240,000 (2.1%) $288,028 (0.9%) 0.75 1,656
2020-04-01 $240,000 (2.2%) $288,195 (2.1%) 0.75 1,663
2020-05-01 $241,000 (3.8%) $293,959 (3.2%) 0.73 1,659
2020-06-01 $240,750 (1.0%) $290,619 (-0.5%) 0.71 1,701
2020-07-01 $245,450 (2.4%) $290,693 (-0.6%) 0.71 1,669
2020-08-01 $248,200 (3.5%) $295,101 (2.1%) 0.71 1,587
2020-09-01 $249,900 (4.2%) $300,235 (4.7%) 0.72 1,555
2020-10-01 $249,900 (4.2%) $301,043 (5.7%) 0.72 1,491
2020-11-01 $241,550 (2.8%) $299,680 (6.1%) 0.71 1,438
2020-12-01 $237,000 (3.3%) $299,850 (7.7%) 0.70 1,312
2021-01-01 $239,900 (3.2%) $295,607 (5.7%) 0.72 1,225
2021-02-01 $249,450 (6.2%) $299,066 (5.8%) 0.73 1,267
2021-03-01 $250,000 (4.2%) $301,086 (4.5%) 0.71 1,331
2021-04-01 $252,200 (5.1%) $300,986 (4.4%) 0.68 1,381
2021-05-01 $259,900 (7.8%) $303,321 (3.2%) 0.69 1,424
2021-06-01 $260,500 (8.2%) $307,341 (5.8%) 0.69 1,445
2021-07-01 $260,000 (5.9%) $306,270 (5.4%) 0.69 1,458
2021-08-01 $265,000 (6.8%) $309,583 (4.9%) 0.71 1,465
2021-09-01 $268,850 (7.6%) $311,672 (3.8%) 0.72 1,486
2021-10-01 $269,900 (8.0%) $316,156 (5.0%) 0.72 1,453
2021-11-01 $273,000 (13.0%) $320,321 (6.9%) 0.73 1,365
2021-12-01 $277,450 (17.1%) $323,338 (7.8%) 0.75 1,219
2022-01-01 $289,000 (20.5%) $334,249 (13.1%) 0.78 1,011
2022-02-01 $294,950 (18.2%) $340,203 (13.8%) 0.77 1,079
2022-03-01 $289,900 (16.0%) $345,020 (14.6%) 0.73 1,066
2022-04-01 $287,500 (14.0%) $344,550 (14.5%) 0.69 1,129
2022-05-01 $292,625 (12.6%) $351,626 (15.9%) 0.67 1,239
2022-06-01 $299,450 (15.0%) $363,667 (18.3%) 0.67 1,280
2022-07-01 $310,000 (19.2%) $374,857 (22.4%) 0.70 1,297
2022-08-01 $300,000 (13.2%) $372,617 (20.4%) 0.69 1,265
2022-09-01 $307,475 (14.4%) $372,109 (19.4%) 0.72 1,166
2022-10-01 $316,500 (17.3%) $380,008 (20.2%) 0.74 1,153
2022-11-01 $319,925 (17.2%) $383,646 (19.8%) 0.77 1,155
2022-12-01 $319,000 (15.0%) $383,927 (18.7%) 0.79 1,042
2023-01-01 $310,500 (7.4%) $375,319 (12.3%) 0.77 975
2023-02-01 $316,250 (7.2%) $376,072 (10.5%) 0.76 1,036
2023-03-01 $325,125 (12.2%) $387,485 (12.3%) 0.77 1,066
2023-04-01 $330,000 (14.8%) $391,891 (13.7%) 0.77 1,092
2023-05-01 $329,500 (12.6%) $391,688 (11.4%) 0.75 1,091
2023-06-01 $335,000 (11.9%) $395,128 (8.7%) 0.75 1,106
2023-07-01 $339,900 (9.7%) $398,040 (6.2%) 0.77 1,106
2023-08-01 $339,225 (13.1%) $397,887 (6.8%) 0.78 1,148
2023-09-01 $329,900 (7.3%) $394,013 (5.9%) 0.77 1,150
2023-10-01 $315,000 (-0.5%) $384,191 (1.1%) 0.74 1,202
2023-11-01 $317,225 (-0.8%) $383,928 (0.1%) 0.76 1,239
2023-12-01 $314,900 (-1.3%) $379,959 (-1.0%) 0.77 1,165
2024-01-01 $313,525 (1.0%) $376,455 (0.3%) 0.77 1,165
2024-02-01 $318,650 (0.8%) $383,378 (1.9%) 0.77 1,258
2024-03-01 $320,000 (-1.6%) $388,118 (0.2%) 0.75 1,322
2024-04-01 $321,549 (-2.6%) $384,482 (-1.9%) 0.75 1,394
Tallahassee's median listing price for 2024-04-01 was $321,549, a difference of $-8,451 (-2.6%) versus the prior year and $1,549 versus the prior month.

Tallahassee's median listing price comes in at 75% of the national average.

Tallahassee's average listing price for 2024-04-01 was $384,482, a difference of $-7,409 (-1.9%) versus the prior year and $-3,636 versus the prior month.

For the 2024-04-01 period, Tallahassee had 1,394 MLS listings, a difference of 72 listings (5%) versus the prior month and 302 listings (28%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Tallahassee (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 73 days 1,698 sqft
2018-02-01 67 days 1,693 sqft
2018-03-01 54 days 1,714 sqft
2018-04-01 51 days 1,709 sqft
2018-05-01 50 days 1,700 sqft
2018-06-01 56 days 1,730 sqft
2018-07-01 58 days 1,742 sqft
2018-08-01 55 days 1,717 sqft
2018-09-01 60 days 1,706 sqft
2018-10-01 69 days 1,692 sqft
2018-11-01 73 days 1,681 sqft
2018-12-01 79 days 1,658 sqft
2019-01-01 79 days 1,670 sqft
2019-02-01 70 days 1,711 sqft
2019-03-01 58 days 1,704 sqft
2019-04-01 48 days 1,696 sqft
2019-05-01 48 days 1,695 sqft
2019-06-01 51 days 1,714 sqft
2019-07-01 51 days 1,728 sqft
2019-08-01 53 days 1,730 sqft
2019-09-01 57 days 1,720 sqft
2019-10-01 59 days 1,711 sqft
2019-11-01 63 days 1,682 sqft
2019-12-01 71 days 1,671 sqft
2020-01-01 72 days 1,657 sqft
2020-02-01 46 days 1,664 sqft
2020-03-01 45 days 1,685 sqft
2020-04-01 52 days 1,687 sqft
2020-05-01 57 days 1,677 sqft
2020-06-01 48 days 1,656 sqft
2020-07-01 48 days 1,655 sqft
2020-08-01 46 days 1,672 sqft
2020-09-01 47 days 1,672 sqft
2020-10-01 49 days 1,662 sqft
2020-11-01 51 days 1,640 sqft
2020-12-01 54 days 1,610 sqft
2021-01-01 58 days 1,614 sqft
2021-02-01 44 days 1,634 sqft
2021-03-01 40 days 1,645 sqft
2021-04-01 39 days 1,651 sqft
2021-05-01 37 days 1,631 sqft
2021-06-01 36 days 1,606 sqft
2021-07-01 38 days 1,592 sqft
2021-08-01 38 days 1,595 sqft
2021-09-01 41 days 1,594 sqft
2021-10-01 46 days 1,606 sqft
2021-11-01 50 days 1,625 sqft
2021-12-01 57 days 1,648 sqft
2022-01-01 60 days 1,670 sqft
2022-02-01 38 days 1,652 sqft
2022-03-01 36 days 1,622 sqft
2022-04-01 31 days 1,600 sqft
2022-05-01 32 days 1,617 sqft
2022-06-01 34 days 1,661 sqft
2022-07-01 35 days 1,690 sqft
2022-08-01 38 days 1,668 sqft
2022-09-01 45 days 1,665 sqft
2022-10-01 44 days 1,688 sqft
2022-11-01 44 days 1,697 sqft
2022-12-01 55 days 1,698 sqft
2023-01-01 60 days 1,655 sqft
2023-02-01 45 days 1,657 sqft
2023-03-01 41 days 1,696 sqft
2023-04-01 39 days 1,702 sqft
2023-05-01 39 days 1,686 sqft
2023-06-01 37 days 1,700 sqft
2023-07-01 38 days 1,686 sqft
2023-08-01 36 days 1,661 sqft
2023-09-01 42 days 1,640 sqft
2023-10-01 43 days 1,612 sqft
2023-11-01 45 days 1,617 sqft
2023-12-01 51 days 1,613 sqft
2024-01-01 53 days 1,592 sqft
2024-02-01 43 days 1,611 sqft
2024-03-01 44 days 1,608 sqft
2024-04-01 43 days 1,593 sqft
Tallahassee's median listing age (time on market) for 2024-04-01 was 43 days. This is 10% longer than the same period one year ago.

Tallahassee's median square footage for active listings during the 2024-04-01 period was 1,593 sqft. One year prior, the average listing was 1,702 sqft.