Chattanooga USDA Loan Rates, Closing Costs & Stats

CHATTANOOGA, TN-GA

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.

Chattanooga's 42 lenders originated 97 USDA loans during 2023. The total origination value was $20,205,000, with an average USDA loan value of $208,299.

Chattanooga USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Chattanooga averaged 6.49% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

Chattanooga's average USDA mortgage closing costs are $5,372.

The average rate for the prior week (2024-04-05) was 6.61% and one month ago for the week of 2024-03-08, the average rate was 6.77%.

The average rate one year ago was 6.48%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.89%.

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

Chattanooga 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 Chattanooga level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNION HOME MORTGAGE CORP. 9 6.81% $9,375
MORTGAGE INVESTORS GROUP, INC. 9 6.26% $7,974
LEADERONE FINANCIAL CORPORATION 7 7.03% $7,944
Renasant Bank 6 6.46% $5,927
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.58% $6,452
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 4 7.06% $6,853
FirstBank 4 6.34% $8,180
UNITED WHOLESALE MORTGAGE, LLC 4 6.09% $8,877
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.92% $7,921
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.42% $9,630
CMG MORTGAGE, INC. 2 6.81% $9,488
COMMUNITY MORTGAGE CORPORATION 2 6.50% $9,668
CROSSCOUNTRY MORTGAGE, LLC 2 6.44% $9,141
STOCKTON MORTGAGE CORPORATION 2 6.25% $10,134
TJC Mortgage, Inc. 2 6.38% $7,212
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 7.13% $5,313
MEMBER FIRST MORTGAGE, LLC 1 6.13% $5,882
MOVEMENT MORTGAGE, LLC 1 6.00% $10,380
NFM, INC. 1 7.13% $6,239
PLAZA HOME MORTGAGE, INC. 1 7.25% $15,375
SeaTrust Mortgage Company 1 5.63% $10,012
SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.63% $2,177
SUMMIT FUNDING, INC. 1 7.13% $10,712
Synovus Bank 1 5.75% $8,323
VAN DYK MORTGAGE CORPORATION 1 7.13% $2,422
ABSOLUTE HOME MORTGAGE CORPORATION 1 7.38% $6,641
Wolfe Financial, Inc 1 6.00% $8,038
ALAMEDA MORTGAGE CORPORATION 1 7.13% $8,669
AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $6,345
AmRes Corporation 1 6.75% $9,028
BAYSHORE MORTGAGE FUNDING, LLC 1 6.50% $7,601
BROKER SOLUTIONS, INC. 1 6.63% $10,107
Century Mortgage Company DBA Century Lending Company 1 7.25% $5,546
DAS Acquisition Company, LLC 1 7.63% $7,138
FIRST COMMUNITY MORTGAGE, INC. 1 6.38% $5,012
First Vision Bank of Tennessee 1 6.50% $8,323
Flagstar Bank, FSB 1 7.25% $8,984
GUARANTEED RATE, INC. 1 6.75% $7,788
HOMESTAR FINANCIAL CORPORATION 1 5.63% $2,359
Independent Bank 1 6.88% $6,444
Legends Bank 1 6.50% $6,893
Magnolia Bank 1 7.75% $6,477

The top Chattanooga USDA lender as defined by loan originations is UNION HOME MORTGAGE CORP., with 9 USDA loans originated. Their average total fees are $9,375, which is $1,401 higher than the next largest lender, MORTGAGE INVESTORS GROUP, INC..

The lowest fee Chattanooga USDA lenders (with over 10 loans originated) are .

The lowest rate Chattanooga USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Chattanooga (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $235,000 (9.3%) $308,169 (6.6%) 0.87 1,816
2018-02-01 $242,200 (9.5%) $320,468 (9.0%) 0.88 1,777
2018-03-01 $250,000 (10.3%) $334,458 (10.9%) 0.88 1,760
2018-04-01 $264,900 (15.2%) $345,917 (11.6%) 0.90 1,752
2018-05-01 $277,500 (15.7%) $355,545 (11.2%) 0.93 1,832
2018-06-01 $274,950 (12.8%) $350,493 (2.8%) 0.92 2,029
2018-07-01 $270,550 (10.4%) $347,369 (2.1%) 0.90 2,174
2018-08-01 $274,600 (14.2%) $347,879 (9.7%) 0.92 2,215
2018-09-01 $269,900 (10.2%) $343,019 (6.2%) 0.91 2,266
2018-10-01 $270,000 (10.9%) $342,753 (6.2%) 0.91 2,277
2018-11-01 $274,975 (17.0%) $344,837 (9.4%) 0.93 2,309
2018-12-01 $270,000 (12.6%) $341,780 (8.6%) 0.93 2,225
2019-01-01 $269,900 (14.9%) $338,737 (9.9%) 0.93 2,083
2019-02-01 $271,500 (12.1%) $338,840 (5.7%) 0.92 2,061
2019-03-01 $283,871 (13.6%) $347,651 (3.9%) 0.93 2,001
2019-04-01 $296,750 (12.0%) $356,381 (3.0%) 0.94 1,997
2019-05-01 $295,000 (6.3%) $362,204 (1.9%) 0.92 2,082
2019-06-01 $294,800 (7.2%) $358,176 (2.2%) 0.92 2,096
2019-07-01 $295,000 (9.0%) $354,482 (2.1%) 0.92 2,180
2019-08-01 $293,573 (6.9%) $348,480 (0.2%) 0.93 2,191
2019-09-01 $291,507 (8.0%) $349,588 (1.9%) 0.93 2,167
2019-10-01 $289,900 (7.4%) $349,260 (1.9%) 0.94 2,166
2019-11-01 $290,000 (5.5%) $349,839 (1.5%) 0.95 2,096
2019-12-01 $295,117 (9.3%) $352,651 (3.2%) 0.98 1,916
2020-01-01 $293,375 (8.7%) $350,435 (3.5%) 0.98 1,725
2020-02-01 $299,900 (10.5%) $363,132 (7.2%) 0.98 1,568
2020-03-01 $309,800 (9.1%) $370,905 (6.7%) 0.97 1,583
2020-04-01 $316,000 (6.5%) $380,228 (6.7%) 0.99 1,584
2020-05-01 $329,800 (11.8%) $403,602 (11.4%) 1.00 1,514
2020-06-01 $337,500 (14.5%) $430,525 (20.2%) 0.99 1,345
2020-07-01 $339,900 (15.2%) $439,484 (24.0%) 0.99 1,221
2020-08-01 $334,900 (14.1%) $430,254 (23.5%) 0.96 1,142
2020-09-01 $329,450 (13.0%) $434,227 (24.2%) 0.94 1,117
2020-10-01 $320,000 (10.4%) $426,935 (22.2%) 0.92 1,042
2020-11-01 $317,950 (9.6%) $426,505 (21.9%) 0.93 1,013
2020-12-01 $312,450 (5.9%) $425,865 (20.8%) 0.93 952
2021-01-01 $319,000 (8.7%) $436,061 (24.4%) 0.95 768
2021-02-01 $331,175 (10.4%) $464,678 (28.0%) 0.96 565
2021-03-01 $347,225 (12.1%) $464,436 (25.2%) 0.99 539
2021-04-01 $350,000 (10.8%) $470,351 (23.7%) 0.95 527
2021-05-01 $349,900 (6.1%) $496,480 (23.0%) 0.93 549
2021-06-01 $350,000 (3.7%) $496,799 (15.4%) 0.92 643
2021-07-01 $335,000 (-1.4%) $459,406 (4.5%) 0.88 748
2021-08-01 $324,900 (-3.0%) $459,580 (6.8%) 0.87 863
2021-09-01 $341,800 (3.8%) $460,030 (5.9%) 0.91 851
2021-10-01 $350,000 (9.4%) $482,500 (13.0%) 0.93 759
2021-11-01 $360,000 (13.2%) $492,456 (15.5%) 0.96 657
2021-12-01 $354,900 (13.6%) $492,361 (15.6%) 0.96 578
2022-01-01 $345,000 (8.2%) $491,856 (12.8%) 0.93 522
2022-02-01 $358,720 (8.3%) $523,569 (12.7%) 0.93 460
2022-03-01 $350,000 (0.8%) $544,116 (17.2%) 0.88 471
2022-04-01 $419,900 (20.0%) $579,378 (23.2%) 1.00 524
2022-05-01 $437,450 (25.0%) $576,212 (16.1%) 1.00 708
2022-06-01 $419,975 (20.0%) $557,807 (12.3%) 0.94 894
2022-07-01 $399,000 (19.1%) $540,630 (17.7%) 0.90 1,107
2022-08-01 $396,900 (22.2%) $517,976 (12.7%) 0.92 1,213
2022-09-01 $399,450 (16.9%) $522,478 (13.6%) 0.93 1,242
2022-10-01 $399,000 (14.0%) $530,089 (9.9%) 0.94 1,307
2022-11-01 $395,000 (9.7%) $520,857 (5.8%) 0.95 1,377
2022-12-01 $395,000 (11.3%) $520,532 (5.7%) 0.98 1,258
2023-01-01 $398,675 (15.6%) $507,517 (3.2%) 0.99 1,136
2023-02-01 $398,400 (11.1%) $506,652 (-3.2%) 0.96 1,066
2023-03-01 $408,450 (16.7%) $538,999 (-0.9%) 0.96 1,018
2023-04-01 $439,900 (4.8%) $572,673 (-1.2%) 1.02 1,021
2023-05-01 $438,950 (0.3%) $567,581 (-1.5%) 1.00 1,098
2023-06-01 $438,783 (4.5%) $560,013 (0.4%) 0.99 1,160
2023-07-01 $437,500 (9.7%) $560,011 (3.6%) 0.99 1,250
2023-08-01 $437,500 (10.2%) $563,449 (8.8%) 1.00 1,281
2023-09-01 $430,000 (7.7%) $553,637 (6.0%) 1.00 1,338
2023-10-01 $418,700 (4.9%) $531,571 (0.3%) 0.99 1,474
2023-11-01 $415,000 (5.1%) $530,721 (1.9%) 0.99 1,533
2023-12-01 $409,900 (3.8%) $526,634 (1.2%) 1.00 1,519
2024-01-01 $399,923 (0.3%) $526,969 (3.8%) 0.98 1,430
2024-02-01 $402,498 (1.0%) $529,830 (4.6%) 0.97 1,444
2024-03-01 $425,000 (4.1%) $547,972 (1.7%) 1.00 1,442
Chattanooga's median listing price for 2024-03-01 was $425,000, a difference of $16,550 (4.1%) versus the prior year and $22,502 versus the prior month.

Chattanooga's median listing price comes in at 100% of the national average.

Chattanooga's average listing price for 2024-03-01 was $547,972, a difference of $8,973 (1.7%) versus the prior year and $18,142 versus the prior month.

For the 2024-03-01 period, Chattanooga had 1,442 MLS listings, a difference of -2 listings (0%) versus the prior month and 424 listings (42%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Chattanooga (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 78 days 2,080 sqft
2018-02-01 73 days 2,090 sqft
2018-03-01 55 days 2,140 sqft
2018-04-01 53 days 2,194 sqft
2018-05-01 50 days 2,231 sqft
2018-06-01 47 days 2,169 sqft
2018-07-01 50 days 2,175 sqft
2018-08-01 59 days 2,165 sqft
2018-09-01 58 days 2,160 sqft
2018-10-01 64 days 2,164 sqft
2018-11-01 67 days 2,170 sqft
2018-12-01 73 days 2,152 sqft
2019-01-01 83 days 2,154 sqft
2019-02-01 72 days 2,151 sqft
2019-03-01 63 days 2,186 sqft
2019-04-01 51 days 2,219 sqft
2019-05-01 50 days 2,229 sqft
2019-06-01 53 days 2,232 sqft
2019-07-01 56 days 2,237 sqft
2019-08-01 57 days 2,230 sqft
2019-09-01 61 days 2,237 sqft
2019-10-01 63 days 2,236 sqft
2019-11-01 64 days 2,218 sqft
2019-12-01 73 days 2,216 sqft
2020-01-01 79 days 2,200 sqft
2020-02-01 71 days 2,200 sqft
2020-03-01 50 days 2,244 sqft
2020-04-01 52 days 2,247 sqft
2020-05-01 60 days 2,300 sqft
2020-06-01 57 days 2,308 sqft
2020-07-01 58 days 2,260 sqft
2020-08-01 52 days 2,230 sqft
2020-09-01 46 days 2,176 sqft
2020-10-01 49 days 2,100 sqft
2020-11-01 53 days 2,070 sqft
2020-12-01 56 days 2,029 sqft
2021-01-01 66 days 2,063 sqft
2021-02-01 44 days 2,073 sqft
2021-03-01 34 days 2,097 sqft
2021-04-01 33 days 2,100 sqft
2021-05-01 23 days 2,100 sqft
2021-06-01 25 days 2,068 sqft
2021-07-01 24 days 2,032 sqft
2021-08-01 28 days 2,001 sqft
2021-09-01 34 days 2,028 sqft
2021-10-01 39 days 2,063 sqft
2021-11-01 39 days 2,123 sqft
2021-12-01 43 days 2,066 sqft
2022-01-01 49 days 1,980 sqft
2022-02-01 36 days 2,030 sqft
2022-03-01 25 days 2,007 sqft
2022-04-01 20 days 2,145 sqft
2022-05-01 22 days 2,212 sqft
2022-06-01 26 days 2,206 sqft
2022-07-01 31 days 2,130 sqft
2022-08-01 38 days 2,102 sqft
2022-09-01 44 days 2,111 sqft
2022-10-01 47 days 2,121 sqft
2022-11-01 52 days 2,094 sqft
2022-12-01 63 days 2,085 sqft
2023-01-01 73 days 2,085 sqft
2023-02-01 60 days 2,092 sqft
2023-03-01 47 days 2,084 sqft
2023-04-01 44 days 2,125 sqft
2023-05-01 43 days 2,130 sqft
2023-06-01 42 days 2,137 sqft
2023-07-01 40 days 2,088 sqft
2023-08-01 44 days 2,065 sqft
2023-09-01 46 days 2,073 sqft
2023-10-01 49 days 2,050 sqft
2023-11-01 52 days 2,021 sqft
2023-12-01 57 days 1,980 sqft
2024-01-01 66 days 1,927 sqft
2024-02-01 53 days 1,935 sqft
2024-03-01 44 days 1,999 sqft
Chattanooga's median listing age (time on market) for 2024-03-01 was 44 days. This is -5% shorter than the same period one year ago.

Chattanooga's median square footage for active listings during the 2024-03-01 period was 1,999 sqft. One year prior, the average listing was 2,084 sqft.