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 6.84% for the week of 2024-05-10, compared to the national average (all USDA variants) of 6.785% for the same period.

Virginia's average USDA mortgage closing costs are $5,478.

The average rate for the prior week (2024-05-03) was 6.73% and one month ago for the week of 2024-04-05, the average rate was 6.28%.

The average rate one year ago was 6.37%.

For refis of the same type during the week of 2024-05-10, the average rate was 6.71%.

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

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.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Alcova Mortgage LLC 168 6.93% $3,346
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 86 6.74% $7,570
MOVEMENT MORTGAGE, LLC 82 6.56% $8,124
Atlantic Union Bank 38 6.72% $5,976
Integrity Home Mortgage Corp 37 6.38% $10,091
UNITED WHOLESALE MORTGAGE, LLC 36 6.24% $7,312
George Mason Mortgage, LLC 33 6.11% $7,294
Blue Ridge Bank 33 6.31% $6,080
C & F Mortgage Corporation 30 6.76% $8,412
NEWREZ LLC 20 6.48% $7,605
EMBRACE HOME LOANS, INC. 20 6.42% $8,931
Atlantic Coast Mortgage, LLC 19 6.35% $8,858
EMM LOANS LLC 18 6.56% $6,881
UNION HOME MORTGAGE CORP. 18 6.41% $8,226
Renasant Bank 17 6.42% $5,901
CARDINAL FINANCIAL 16 6.35% $6,638
CBM Mortgage, Inc. 16 6.51% $8,113
NVR Mortgage Finance, Inc. 16 5.79% $12,846
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 13 6.49% $8,384
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 6.41% $6,310
Presidential Bank, FSB 10 6.48% $9,111
First Reliance Bank 10 6.38% $5,692
Towne Bank 10 6.19% $8,899
Waterstone Mortgage Corporation 9 6.51% $9,572
NATION ONE MORTGAGE CORPORATION 9 6.63% $8,893
Prosperity Home Mortgage, LLC 8 6.47% $6,799
GUILD MORTGAGE COMPANY 8 6.45% $8,622
CMG MORTGAGE, INC. 8 6.22% $7,231
Plains Commerce Bank 8 5.72% $10,946
CROSSCOUNTRY MORTGAGE, LLC 8 7.03% $7,804
DHI MORTGAGE COMPANY, LTD. 7 5.55% $7,572
Virginia Credit Union, Inc. 7 6.46% $5,296
NFM, INC. 6 6.13% $9,593
Truist 6 6.10% $5,876
First Heritage Mortgage, LLC 6 6.35% $6,064
FREEDOM FIRST 6 6.02% $4,995
ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 6.71% $6,152
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.83% $8,499
TOWNE MORTGAGE COMPANY 5 6.85% $8,170
MID AMERICA MORTGAGE, INC. 5 6.03% $6,498
Sierra Pacific Mortgage Company, Inc. 5 6.70% $8,496
Tidewater Home Funding, LLC 5 6.13% $3,846
HOMESPIRE MORTGAGE CORPORATION 4 6.69% $9,281
The Freedom Bank of Virginia 4 5.69% $8,552
PLANET HOME LENDING, LLC 4 6.72% $13,073
DUPONT COMMUNITY 4 6.91% $6,099
Flagstar Bank, FSB 4 6.69% $9,530
Bank of England 4 5.94% $6,812
Towne First Mortgage, LLC 4 6.38% $6,960
Mortgage Research Center, LLC 4 7.00% $2,419
GUARANTEED RATE, INC. 4 6.38% $10,765
FIRST COMMUNITY MORTGAGE, INC. 4 6.13% $4,954
PLAZA HOME MORTGAGE, INC. 3 6.04% $8,558
Ameris Bank 3 6.46% $7,665
CALIBER HOME LOANS, INC. 3 6.42% $9,301
AMERICAN FINANCIAL NETWORK, INC. 3 6.54% $8,307
TIDEWATER MORTGAGE SERVICES, INC. 3 6.63% $13,616
THRIVE MORTGAGE, LLC 3 6.88% $8,232
SWBC MORTGAGE CORPORATION 3 6.50% $6,185
Summit Mortgage Corporation 3 6.21% $8,609
American National Bank and Trust Company 3 6.92% $4,381
GENEVA FINANCIAL, LLC 3 6.71% $9,454
GUARANTY HOME MORTGAGE CORPORATION 3 6.38% $7,417
GVC MORTGAGE, INC. 3 7.13% $7,516
Paramount Residential Mortgage Group, Inc. 3 6.54% $8,255
Ixonia Bank 3 6.54% $10,768
Keystone Funding, Inc. 3 6.33% $9,830
MUTUAL OF OMAHA MORTGAGE, INC. 2 5.94% $4,710
American Mortgage & Equity Consultants, Inc. 2 7.00% $5,173
CHURCHILL MORTGAGE CORPORATION 2 6.25% $9,071
CORNERSTONE HOME LENDING, INC. 2 6.56% $4,952
DRAPER AND KRAMER MORTGAGE CORP. 2 6.25% $7,002
FIRST HOME MORTGAGE CORPORATION 2 5.81% $9,793
INTERCOASTAL MORTGAGE COMPANY 2 6.37% $7,689
SOUTHERN TRUST MORTGAGE, LLC 2 6.63% $7,233
The Federal Savings Bank 2 6.13% $7,145
Towne Mortgage, LLC 2 6.25% $8,776
U.S. Bank 2 6.62% $5,244
MLD MORTGAGE INC. 1 5.25% $13,380
MISSION MORTGAGE LLC 1 5.25% $10,206
Member Options, LLC 1 7.13% $4,950
HOMESIDE FINANCIAL, LLC 1 6.13% $14,626
GSF Mortgage Corporation 1 6.50% $9,763
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.38% $3,732
Princeton Mortgage Corporation 1 6.38% $10,936
Fulton Bank 1 6.13% $8,946
Regions Bank 1 6.13% $5,023
F & M BANK CORP. 1 6.38% $12,286
Shamrock Home Loans, Inc. 1 5.88% $8,631
FIRST SAVINGS MORTGAGE CORPORATION 1 6.50% $9,468
VILLAGE BANK MORTGAGE CORPORATION 1 6.25% $3,303
SUMMIT FUNDING, INC. 1 6.13% $11,141
First-Citizens Bank & Trust Company 1 6.38% $6,379
SUN WEST MORTGAGE COMPANY, INC. 1 6.25% $10,147
EASTMAN 1 6.13% $3,397
T2 FINANCIAL LLC 1 5.75% $14,002
VILLAGE CAPITAL MORTGAGE 1 6.00% $5,504
DAS Acquisition Company, LLC 1 6.88% $7,698
CRESCENT MORTGAGE COMPANY 1 7.63% $4,823
Countybank 1 6.63% $11,238
Citizens Bank 1 6.25% $5,220
Chickasaw Community Bank 1 6.88% $3,891
Century Mortgage Company DBA Century Lending Company 1 6.63% $5,062
BROKER SOLUTIONS, INC. 1 5.99% $19,486
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 5.75% $13,112
BAYSHORE MORTGAGE FUNDING, LLC 1 7.25% $10,956
BAY CAPITAL MORTGAGE CORPORATION 1 6.88% $7,912
Assurance Financial Group, L.L.C. 1 5.63% $8,909
AMERICAN FINANCIAL RESOURCES, INC. 1 6.13% $6,291
VAN DYK MORTGAGE CORPORATION 1 7.00% $2,303
NATIONWIDE MORTGAGE BANKERS, INC. 1 7.00% $7,461
ACADEMY MORTGAGE CORPORATION 1 6.63% $8,561
NORWICH COMMERCIAL GROUP, INC. 1 6.13% $11,124
MORIA DEVELOPMENT, INC. 1 6.88% $7,236

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%).