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 -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%).