Alabama USDA Loan Rates, Closing Costs & Stats

Alabama

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.

Alabama USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Alabama averaged 6.5% for the week of 2024-05-24, compared to the national average (all USDA variants) of 6.738% for the same period.

Alabama's average USDA mortgage closing costs are $4,520.

The average rate for the prior week (2024-05-17) was 6.48% and one month ago for the week of 2024-04-19, the average rate was 6.72%.

The average rate one year ago was 6.34%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.81%.

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

Alabama 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 Alabama level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 144 6.56% $5,801
UNITED WHOLESALE MORTGAGE, LLC 94 6.26% $6,780
DHI MORTGAGE COMPANY, LTD. 72 5.26% $5,033
Renasant Bank 67 6.29% $6,978
MOVEMENT MORTGAGE, LLC 54 6.57% $6,595
GMFS LLC 49 6.43% $4,052
Hamilton Mortgage Corporation 48 6.55% $6,501
FirstBank 46 6.23% $6,968
Trustmark National Bank 43 6.04% $5,859
Synovus Bank 36 6.14% $6,767
GUILD MORTGAGE COMPANY 35 6.60% $6,855
First Federal Bank, A FSB 34 6.08% $8,093
Regions Bank 33 6.25% $6,472
CROSSCOUNTRY MORTGAGE, LLC 32 6.49% $7,906
Ameris Bank 32 6.50% $6,491
UNION HOME MORTGAGE CORP. 28 6.55% $7,143
NEWREZ LLC 28 6.30% $6,606
ENVOY MORTGAGE, LTD 28 6.71% $7,174
LEADERONE FINANCIAL CORPORATION 24 6.52% $6,205
FIRST COMMUNITY MORTGAGE, INC. 23 6.47% $5,945
Prosperity Home Mortgage, LLC 22 6.59% $5,380
RELIANCE FIRST CAPITAL, LLC 22 6.30% $3,844
GUARANTEED RATE, INC. 21 6.33% $7,499
SouthPoint Bank 20 6.43% $3,914
CORNERSTONE HOME LENDING, INC. 18 6.42% $7,464
TJC Mortgage, Inc. 17 6.27% $6,638
CMG MORTGAGE, INC. 16 6.49% $7,824
Assurance Financial Group, L.L.C. 16 6.90% $6,047
BancorpSouth 16 6.54% $5,194
Plains Commerce Bank 15 6.70% $9,106
Mortgage Research Center, LLC 15 6.70% $2,801
EMBRACE HOME LOANS, INC. 14 6.56% $7,659
MORTGAGE INVESTORS GROUP, INC. 14 6.31% $5,804
Victorian Finance, LLC 14 6.23% $9,605
CARDINAL FINANCIAL 13 6.34% $7,055
VANDERBILT MORTGAGE AND FINANCE, INC. 13 6.68% $6,043
STOCKTON MORTGAGE CORPORATION 12 6.43% $7,721
EAGLE HOME MORTGAGE, LLC 11 5.26% $3,341
INTERLINC MORTGAGE SERVICES, LLC 11 6.60% $4,105
Bank of England 9 6.44% $7,147
SWBC MORTGAGE CORPORATION 9 6.60% $3,989
BROKER SOLUTIONS, INC. 8 6.87% $6,832
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 8 6.73% $7,549
DAS Acquisition Company, LLC 8 6.77% $7,399
Flagstar Bank, FSB 8 6.38% $6,752
Magnolia Bank 8 6.23% $7,232
Consumer First Mortgage, Inc. 7 6.38% $6,630
AMERICAN FINANCIAL NETWORK, INC. 7 6.50% $8,447
Keystone Funding, Inc. 7 6.50% $7,217
HOMESTAR FINANCIAL CORPORATION 7 6.48% $5,038
Bank Independent 7 6.30% $6,364
SUCCESS MORTGAGE PARTNERS, INC. 6 6.54% $7,298
FBC MORTGAGE, LLC 6 6.38% $8,122
CIS Financial Services, Inc. 6 6.04% $7,126
Gateway First Bank 6 6.04% $3,265
United Community Bank 6 6.08% $6,436
BAYSHORE MORTGAGE FUNDING, LLC 6 7.23% $8,015
Paramount Residential Mortgage Group, Inc. 6 6.31% $7,260
AMERICAN FINANCIAL RESOURCES, INC. 6 6.71% $7,027
PLANET HOME LENDING, LLC 5 6.95% $7,055
DSLD MORTGAGE, LLC 5 5.85% $5,004
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.40% $5,406
PLAZA HOME MORTGAGE, INC. 5 6.50% $6,495
LOANDEPOT.COM, LLC 5 6.25% $6,483
FirstTrust Home Loans, Inc. 4 6.44% $8,175
HOMESIDE FINANCIAL, LLC 4 6.47% $5,702
Century Mortgage Company DBA Century Lending Company 4 6.28% $6,815
HOMEOWNERS FINANCIAL GROUP USA, LLC 4 6.94% $7,838
Cornerstone First Mortgage, Inc 4 6.88% $6,877
DIRECT MORTGAGE LOANS, LLC 4 6.94% $7,488
First Horizon Bank 3 6.21% $6,098
Legends Bank 3 7.04% $5,260
SOUTHEAST MORTGAGE OF GEORGIA, INC. 3 6.46% $9,566
CB&S Bank, Inc. 3 6.17% $4,728
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.79% $7,702
THE MORTGAGE FIRM, INC. 3 6.75% $7,830
Wolfe Financial, Inc 3 6.88% $5,855
OPEN MORTGAGE, LLC 3 7.33% $6,797
HUNT MORTGAGE CORPORATION 3 7.04% $5,606
INSPIRE HOME LOANS INC. 3 5.54% $5,995
EVERETT FINANCIAL, INC. 3 6.71% $9,608
Northpointe Bank 3 6.33% $6,037
First Federal Bank 3 6.21% $4,065
Princeton Mortgage Corporation 2 6.94% $6,534
ACOPIA, LLC 2 7.56% $8,114
AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.00% $5,989
AMERICAN PORTFOLIO MORTGAGE CORPORATION 2 6.00% $8,641
AVADIAN 2 6.44% $4,847
Barrington Bank & Trust Company, N.A. 2 7.00% $5,637
EMM LOANS LLC 2 6.13% $6,834
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.88% $6,388
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.00% $7,836
HOMETRUST MORTGAGE COMPANY 2 6.06% $6,045
Nations Lending Corporation 2 6.50% $3,792
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.06% $5,385
REDSTONE Federal Credit Union 2 6.69% $6,614
SmartBank 2 6.56% $4,426
SUN WEST MORTGAGE COMPANY, INC. 2 6.88% $4,624
THE MORTGAGE LINK, INC. 2 7.56% $10,036
THRIVE MORTGAGE, LLC 2 6.50% $5,671
Tyndall Federal Credit Union 2 6.38% $4,966
Wells Fargo Bank 2 6.69% $3,892
ACADEMY MORTGAGE CORPORATION 1 6.63% $2,090
METROPLEX MORTGAGE SERVICES, INC. 1 6.88% $6,935
CASTLE & COOKE MORTGAGE, LLC 1 6.25% $5,419
Ixonia Bank 1 7.13% $5,864
Hancock Whitney Bank 1 5.75% $5,961
Goldwater Bank, N.A. 1 6.50% $8,850
CANOPY MORTGAGE, LLC 1 6.13% $10,718
FLAT BRANCH MORTGAGE, INC. 1 6.63% $4,297
FIRST COLONY MORTGAGE CORPORATION 1 7.25% $5,700
SOUTHPOINT FINANCIAL SERVICES, INC. 1 5.88% $5,973
FIDELITY BANK 1 7.50% $7,749
EVANSVILLE TEACHERS 1 6.50% $4,728
SUMMIT FUNDING, INC. 1 6.75% $5,934
BAY EQUITY LLC 1 6.75% $4,876
DRAPER AND KRAMER MORTGAGE CORP. 1 7.13% $7,534
DELMAR FINANCIAL COMPANY 1 7.25% $6,325
The Federal Savings Bank 1 6.25% $7,834
Citizens Bank 1 5.63% $5,224
AXIA FINANCIAL, LLC 1 7.13% $7,338
Atlantic Coast Mortgage, LLC 1 6.50% $7,555
CHURCHILL MORTGAGE CORPORATION 1 6.00% $10,461
TOP FLITE FINANCIAL, INC. 1 7.00% $7,036
TOWNE MORTGAGE COMPANY 1 6.13% $6,806
Truist 1 5.75% $4,392
CERTAINTY HOME LOANS, LLC 1 5.88% $5,763
ON Q FINANCIAL, INC. 1 6.75% $9,730
NORWICH COMMERCIAL GROUP, INC. 1 6.25% $14,874
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $8,369
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $7,435
PNC Bank 1 8.00% $4,619
PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.25% $10,688
American Mortgage & Equity Consultants, Inc. 1 7.63% $3,380
MICHIGAN MUTUAL, INC. 1 6.13% $10,008

The top Alabama USDA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 144 USDA loans originated. Their average total fees are $5,801, which is $979 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Alabama USDA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($2,801), EAGLE HOME MORTGAGE, LLC ($3,341), RELIANCE FIRST CAPITAL, LLC ($3,844), SouthPoint Bank ($3,914) and GMFS LLC ($4,052).

The lowest rate Alabama USDA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (5.26%), DHI MORTGAGE COMPANY, LTD. (5.26%), Trustmark National Bank (6.04%), First Federal Bank, A FSB (6.08%) and Synovus Bank (6.14%).