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 6.53% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.78% and one month ago for the week of 2024-03-15, the average rate was 6.36%.

    The average rate one year ago was 6.2%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.94%.

    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%).