Alabama USDA Loan Rates, Closing Costs & Stats

Alabama

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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.

    Alabama USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Alabama averaged -0.41% for the week of 2023-11-24, compared to the national average (all USDA variants) of 0% for the same period.

    Alabama's average USDA mortgage closing costs are $4,359.

    The average rate for the prior week (2023-11-17) was 6.58% and one month ago for the week of 2023-10-20, the average rate was 7.2%.

    The average rate one year ago was 6.34%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.42%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 204 4.95% $5,086
    Renasant Bank 105 4.48% $5,775
    UNITED WHOLESALE MORTGAGE, LLC 94 4.71% $6,291
    Hometown Lenders, Inc. 93 4.79% $6,424
    DHI MORTGAGE COMPANY, LTD. 79 3.75% $5,405
    FirstBank 72 4.51% $6,761
    HOME POINT FINANCIAL CORPORATION 70 4.36% $6,475
    Trustmark National Bank 70 4.41% $5,506
    MOVEMENT MORTGAGE, LLC 68 5.05% $5,905
    GUILD MORTGAGE COMPANY 67 4.90% $6,219
    Hamilton Mortgage Corporation 63 4.69% $4,498
    First Federal Bank, A FSB 61 4.50% $5,434
    GMFS LLC 61 4.56% $3,554
    Regions Bank 52 4.95% $5,586
    Gateway First Bank 50 4.20% $3,434
    Ameris Bank 49 4.74% $6,118
    INTERLINC MORTGAGE SERVICES, LLC 46 4.86% $4,151
    LOANDEPOT.COM, LLC 38 4.18% $8,586
    Prosperity Home Mortgage, LLC 34 4.38% $5,644
    HOMESTAR FINANCIAL CORPORATION 33 5.14% $3,529
    Synovus Bank 31 4.72% $5,525
    UNION HOME MORTGAGE CORP. 31 5.07% $5,523
    CERTAINTY HOME LOANS, LLC 31 4.34% $7,047
    Flagstar Bank, FSB 29 3.91% $6,385
    CROSSCOUNTRY MORTGAGE, LLC 28 4.87% $5,142
    LEADERONE FINANCIAL CORPORATION 27 5.01% $5,871
    SouthPoint Bank 26 4.64% $4,547
    CMG MORTGAGE, INC. 25 4.90% $6,539
    Assurance Financial Group, L.L.C. 23 4.71% $5,723
    TJC Mortgage, Inc. 23 4.35% $6,145
    ENVOY MORTGAGE, LTD 23 5.09% $5,773
    VANDERBILT MORTGAGE AND FINANCE, INC. 23 4.62% $5,825
    MORTGAGE INVESTORS GROUP, INC. 23 4.06% $5,863
    BancorpSouth 22 4.50% $5,616
    DSLD MORTGAGE, LLC 19 4.72% $4,439
    EMBRACE HOME LOANS, INC. 19 4.70% $5,758
    Consumer First Mortgage, Inc. 17 4.93% $5,244
    Mortgage Research Center, LLC 16 4.73% $2,909
    SOUTHWEST FUNDING, LP 16 4.96% $7,299
    CARDINAL FINANCIAL 15 5.03% $6,836
    CALIBER HOME LOANS, INC. 15 4.47% $5,724
    Bank of England 13 4.67% $6,390
    Magnolia Bank 12 5.46% $6,213
    HUNT MORTGAGE CORPORATION 12 4.26% $4,862
    FIRST COMMUNITY MORTGAGE, INC. 12 4.10% $5,253
    PENNYMAC LOAN SERVICES, LLC 11 3.09% $5,138
    PRIMARY RESIDENTIAL MORTGAGE, INC. 11 5.02% $5,268
    CIS Financial Services, Inc. 11 4.67% $6,061
    BROKER SOLUTIONS, INC. 10 4.92% $6,082
    HOMEBRIDGE FINANCIAL SERVICES, INC. 10 4.33% $6,884
    SUCCESS MORTGAGE PARTNERS, INC. 10 4.83% $7,433
    Truist 10 4.11% $5,677
    BAYSHORE MORTGAGE FUNDING, LLC 10 5.96% $6,747
    AMERICAN PACIFIC MORTGAGE CORPORATION 10 4.61% $6,371
    First Federal Bank 9 4.36% $4,935
    DIRECT MORTGAGE LOANS, LLC 9 5.17% $6,400
    CB&S Bank, Inc. 9 4.60% $4,850
    NEWREZ LLC 9 4.11% $5,249
    MICHIGAN MUTUAL, INC. 8 3.83% $5,504
    EVERETT FINANCIAL, INC. 8 5.19% $3,865
    FBC MORTGAGE, LLC 8 5.08% $7,428
    Wells Fargo Bank 8 4.59% $4,096
    ACOPIA, LLC 7 5.61% $5,962
    Bank Independent 7 4.09% $7,037
    Goldwater Bank, N.A. 7 4.77% $7,290
    Nations Lending Corporation 7 4.95% $2,807
    THE MORTGAGE FIRM, INC. 7 4.37% $5,631
    AMERIFIRST FINANCIAL CORPORATION 6 5.63% $5,743
    GUARANTY HOME MORTGAGE CORPORATION 6 5.25% $6,736
    GoPrime Mortgage, Inc. 6 4.42% $4,733
    SWBC MORTGAGE CORPORATION 5 5.15% $3,927
    Northpointe Bank 5 5.65% $7,762
    CRESCENT MORTGAGE COMPANY 5 3.63% $4,587
    Paramount Residential Mortgage Group, Inc. 5 4.18% $6,072
    PLAZA HOME MORTGAGE, INC. 5 3.98% $5,411
    Plains Commerce Bank 5 4.60% $5,891
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 5.45% $8,165
    Progress Bank and Trust 5 4.08% $7,050
    Carrington Mortgage Services, LLC 5 3.15% $5,195
    Equity Prime Mortgage LLC 5 5.00% $6,669
    HOMETRUST MORTGAGE COMPANY 5 4.33% $4,690
    EMM LOANS LLC 5 5.80% $5,525
    GENEVA FINANCIAL, LLC 5 5.35% $4,947
    Wolfe Financial, Inc 5 6.28% $6,825
    COMMUNITY MORTGAGE CORPORATION 4 3.91% $6,481
    ALL IN 4 4.66% $6,932
    FIDELITY BANK 4 4.75% $5,801
    Pinnacle Bank 4 5.78% $5,847
    First Option Mortgage, LLC 4 4.22% $6,665
    BAY EQUITY LLC 4 4.06% $5,605
    First Guaranty Mortgage Corporation 4 3.69% $6,356
    RELIANCE FIRST CAPITAL, LLC 4 5.69% $3,909
    South State Bank 3 3.63% $4,850
    EAGLE HOME MORTGAGE, LLC 3 5.13% $8,490
    Valley National Bank 3 5.08% $6,183
    CORNERSTONE HOME LENDING, INC. 3 6.04% $11,095
    Hancock Whitney Bank 3 3.42% $5,806
    AMERICAN HOME LENDING USA, LLC 3 4.75% $6,385
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 4.75% $5,168
    OPEN MORTGAGE, LLC 3 5.29% $10,698
    GUARANTEED RATE, INC. 3 4.71% $6,905
    HOMEOWNERS FINANCIAL GROUP USA, LLC 2 4.88% $7,945
    First Horizon Bank 2 4.25% $7,628
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.69% $6,774
    HOMESIDE FINANCIAL, LLC 2 4.62% $5,378
    Ixonia Bank 2 5.69% $6,147
    Legends Bank 2 5.50% $4,870
    DELMAR FINANCIAL COMPANY 2 4.31% $5,516
    METROPLEX MORTGAGE SERVICES, INC. 2 4.56% $9,436
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 4.13% $5,973
    Colten Mortgage, LLC 2 3.38% $5,275
    NFM, INC. 2 5.69% $4,197
    Citizens Bank 2 5.50% $4,361
    Princeton Mortgage Corporation 2 6.63% $9,094
    CHURCHILL MORTGAGE CORPORATION 2 4.69% $6,165
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 3.81% $6,794
    The Home Loan Expert LLC 2 5.50% $6,407
    MIDLAND MORTGAGE CORPORATION 1 4.63% $4,540
    FREEDOM MORTGAGE CORPORATION 1 3.25% $4,326
    Centennial Bank 1 4.00% $5,477
    DAS Acquisition Company, LLC 1 3.50% $4,492
    CASTLE & COOKE MORTGAGE, LLC 1 5.75% $2,753
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 3.63% $6,591
    RUOFF MORTGAGE COMPANY, INC. 1 4.00% $2,784
    SECURITYNATIONAL MORTGAGE COMPANY 1 5.38% $5,927
    Sierra Pacific Mortgage Company, Inc. 1 5.00% $5,686
    SmartBank 1 4.25% $5,950
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 5.75% $5,948
    MAX Credit Union 1 4.75% $7,836
    FirstTrust Home Loans, Inc. 1 3.50% $4,937
    DIRECT LENDERS, LLC 1 2.88% $7,234
    DRAPER AND KRAMER MORTGAGE CORP. 1 3.25% $5,534
    Austin Capital Bank SSB 1 5.63% $5,331
    SUMMIT FUNDING, INC. 1 7.25% $8,858
    LAKEVIEW LOAN SERVICING, LLC 1 3.75% $1,908
    KELLER MORTGAGE, LLC 1 4.75% $4,161
    T2 FINANCIAL LLC 1 5.75% $13,670
    The First National Bank of Middle Tennessee 1 3.88% $6,530
    VAN DYK MORTGAGE CORPORATION 1 3.63% $1,514
    Eagle Bank and Trust Company 1 3.25% $7,226
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $3,511
    TOP FLITE FINANCIAL, INC. 1 5.50% $15,408
    TOWNE MORTGAGE COMPANY 1 6.63% $4,732
    Amerifirst Financial, Inc. 1 4.75% $5,820
    HOMESPIRE MORTGAGE CORPORATION 1 5.13% $4,724
    Tyndall Federal Credit Union 1 2.75% $3,678
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 4.63% $5,700
    United Community Bank 1 4.88% $6,409
    EVANSVILLE TEACHERS 1 2.88% $4,144
    U.S. Bank 1 4.75% $5,115
    PLANET HOME LENDING, LLC 1 6.13% $8,959
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 5.63% $7,538
    GRANITE FEDERAL CREDIT UNION 1 3.80% $8,070
    MUTUAL OF OMAHA MORTGAGE, INC. 1 4.25% $22,487
    AMERICAN FINANCING CORPORATION 1 4.75% $4,995

    The top Alabama USDA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 204 USDA loans originated. Their average total fees are $5,086, which is $689 lower than the next largest lender, Renasant Bank.

    The lowest fee Alabama USDA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($2,909), Gateway First Bank ($3,434), HOMESTAR FINANCIAL CORPORATION ($3,529), GMFS LLC ($3,554) and INTERLINC MORTGAGE SERVICES, LLC ($4,151).

    The lowest rate Alabama USDA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.09%), DHI MORTGAGE COMPANY, LTD. (3.75%), Flagstar Bank, FSB (3.91%), MORTGAGE INVESTORS GROUP, INC. (4.06%) and FIRST COMMUNITY MORTGAGE, INC. (4.10%).