Tuscaloosa USDA Loan Rates, Closing Costs & Stats
TUSCALOOSA, AL
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.
Tuscaloosa's 23 lenders originated 76 USDA loans during 2023. The total origination value was $16,080,000, with an average USDA loan value of $211,579.
Tuscaloosa USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Tuscaloosa
averaged
6.13%
for the week of 2024-11-08, compared to the national average (all USDA variants) of
6.477% for the same period.
Tuscaloosa's average USDA mortgage closing costs are $4,359.
The average rate for the prior week (2024-11-01) was
6.1% and
one month ago for the week of 2024-10-04, the
average rate was 5.62%.
The average rate one year ago was 6.96%.
For refis of the same type during the week of 2024-11-08, the average rate
was 6.45%.
Tuscaloosa 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 Tuscaloosa level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| RELIANCE FIRST CAPITAL, LLC | 18 | 6.24% | $3,843 |
| Renasant Bank | 11 | 5.93% | $8,129 |
| MOVEMENT MORTGAGE, LLC | 11 | 6.39% | $7,402 |
| First Federal Bank, A FSB | 8 | 6.20% | $7,586 |
| FirstBank | 3 | 6.33% | $8,253 |
| CORNERSTONE HOME LENDING, INC. | 3 | 6.00% | $3,408 |
| UNITED WHOLESALE MORTGAGE, LLC | 2 | 5.90% | $5,619 |
| HOMESIDE FINANCIAL, LLC | 2 | 6.56% | $6,445 |
| Regions Bank | 2 | 6.31% | $6,118 |
| GMFS LLC | 2 | 6.44% | $8,184 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 2 | 6.25% | $5,995 |
| STOCKTON MORTGAGE CORPORATION | 1 | 7.13% | $5,344 |
| GUILD MORTGAGE COMPANY | 1 | 6.63% | $8,336 |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | 1 | 6.13% | $4,061 |
| BancorpSouth | 1 | 5.88% | $8,702 |
| BROKER SOLUTIONS, INC. | 1 | 6.50% | $4,918 |
| Consumer First Mortgage, Inc. | 1 | 6.13% | $7,170 |
| CROSSCOUNTRY MORTGAGE, LLC | 1 | 5.99% | $13,148 |
| AMERICAN PACIFIC MORTGAGE CORPORATION | 1 | 7.25% | $8,804 |
| Hamilton Mortgage Corporation | 1 | 6.50% | $3,808 |
| NEWREZ LLC | 1 | 7.25% | $5,018 |
| PLAZA HOME MORTGAGE, INC. | 1 | 5.88% | $8,493 |
| SouthPoint Bank | 1 | 6.63% | $2,711 |
The top Tuscaloosa USDA lender as defined by loan originations is RELIANCE FIRST CAPITAL, LLC, with
18 USDA loans originated. Their average total fees are
$3,843, which is $4,286
lower than the next largest lender,
Renasant Bank.
The lowest fee Tuscaloosa USDA lenders (with over 10 loans originated) are
RELIANCE FIRST CAPITAL, LLC ($3,843), MOVEMENT MORTGAGE, LLC ($7,402), Renasant Bank ($8,129), .
The lowest rate Tuscaloosa USDA lenders (with over 10 loans originated) are
Renasant Bank (5.93%), RELIANCE FIRST CAPITAL, LLC (6.24%), MOVEMENT MORTGAGE, LLC (6.39%), .