Virginia USDA Loan Rates, Closing Costs & Stats
Virginia
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.
Virginia USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Virginia
averaged
6.66%
for the week of 2024-04-12, compared to the national average (all USDA variants) of
6.705% for the same period.
Virginia's average USDA mortgage closing costs are $5,478.
The average rate for the prior week (2024-04-05) was
6.48% and
one month ago for the week of 2024-03-08, the
average rate was 6.54%.
The average rate one year ago was 6.15%.
For refis of the same type during the week of 2024-04-12, the average rate
was 6.73%.
Virginia 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 Virginia level.
The top Virginia USDA lender as defined by loan originations is Alcova Mortgage LLC, with
168 USDA loans originated. Their average total fees are
$3,346, which is $4,225
lower than the next largest lender,
ATLANTIC BAY MORTGAGE GROUP, L.L.C..
The lowest fee Virginia USDA lenders (with over 10 loans originated) are
Alcova Mortgage LLC ($3,346), First Reliance Bank ($5,692), Renasant Bank ($5,901), Atlantic Union Bank ($5,976) and Blue Ridge Bank ($6,080).
The lowest rate Virginia USDA lenders (with over 10 loans originated) are
NVR Mortgage Finance, Inc. (5.79%), George Mason Mortgage, LLC (6.11%), Towne Bank (6.19%), UNITED WHOLESALE MORTGAGE, LLC (6.24%) and Blue Ridge Bank (6.31%).