Cleveland USDA Loans

CLEVELAND, TN

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.

Cleveland's 29 lenders originated 85 USDA loans during 2021. The total origination value was $17,325,000, with an average USDA loan value of $203,824.

Cleveland USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Cleveland averaged 5.19% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-05-06) was 5.12% and one month ago for the week of 2022-04-08, the average rate was 4.68%.

The average rate one year ago was 3.29%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.29%.

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

Cleveland USDA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Cleveland level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
TJC Mortgage, Inc. 13 2.75% $5,838
MORTGAGE INVESTORS GROUP, INC. 9 2.82% $5,819
First Citizens National Bank 8 2.44% $4,483
United Community Bank 8 3.00% $5,179
CMG MORTGAGE, INC. 7 2.96% $7,917
Truist Bank 3 2.63% $5,110
UNITED WHOLESALE MORTGAGE, LLC 2 2.69% $6,732
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 2.94% $9,213
COMMUNITY MORTGAGE CORPORATION 2 2.56% $4,835
Gateway First Bank 2 3.25% $3,480
MOVEMENT MORTGAGE, LLC 2 2.75% $4,968
SUCCESS MORTGAGE PARTNERS, INC. 2 3.38% $5,748
HOME POINT FINANCIAL CORPORATION 1 2.88% $5,150
LEADERONE FINANCIAL CORPORATION 1 3.25% $5,164
First Horizon Bank 1 3.13% $5,662
BancorpSouth Bank 1 3.00% $5,393
Northpointe Bank 1 2.63% $7,008
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.63% $4,998
RANLIFE, INC. 1 3.38% $5,629
Sierra Pacific Mortgage Company, Inc. 1 2.75% $4,507
SOUTHWEST FUNDING, LP 1 2.88% $5,616
STOCKTON MORTGAGE CORPORATION 1 3.75% $5,699
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 2.75% $5,140
SUMMIT FUNDING, INC. 1 2.38% $10,902
FirstBank 1 3.25% $5,607
TOWNE MORTGAGE COMPANY 1 3.00% $3,493
CALIBER HOME LOANS, INC. 1 2.75% $6,525
GUARANTY HOME MORTGAGE CORPORATION 1 2.63% $3,235
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 2.75% $5,210

The top Cleveland USDA lender as defined by loan originations is TJC Mortgage, Inc., with 13 USDA loans originated. Their average total fees are $5,838, which is $19 higher than the next largest lender, MORTGAGE INVESTORS GROUP, INC..

The lowest fee Cleveland USDA lenders (with over 10 loans originated) are TJC Mortgage, Inc. ($5,838), .

The lowest rate Cleveland USDA lenders (with over 10 loans originated) are TJC Mortgage, Inc. (2.75%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Cleveland (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 $239,900 (20.0%) $290,982 (16.3%) 0.00 603
2018-02-01 $242,900 (18.5%) $293,742 (16.0%) 0.00 594
2018-03-01 $244,900 (16.7%) $295,826 (15.2%) 0.00 604
2018-04-01 $239,900 (14.3%) $297,753 (15.2%) 0.00 570
2018-05-01 $237,450 (8.2%) $299,230 (12.4%) 0.00 560
2018-06-01 $229,900 (2.2%) $296,990 (10.1%) 0.00 620
2018-07-01 $238,250 (8.3%) $295,875 (11.4%) 0.00 634
2018-08-01 $232,400 (-1.1%) $289,631 (3.3%) 0.00 686
2018-09-01 $234,900 (0.0%) $285,766 (1.5%) 0.00 786
2018-10-01 $236,500 (-1.4%) $291,338 (0.2%) 0.00 737
2018-11-01 $242,500 (1.5%) $298,748 (5.5%) 0.00 695
2018-12-01 $247,000 (3.4%) $294,806 (5.8%) 0.00 657
2019-01-01 $246,000 (2.5%) $295,799 (1.7%) 0.00 599
2019-02-01 $249,900 (2.9%) $291,791 (-0.7%) 0.00 577
2019-03-01 $249,943 (2.1%) $298,129 (0.8%) 0.00 558
2019-04-01 $249,943 (4.2%) $302,063 (1.5%) 0.00 541
2019-05-01 $249,900 (5.2%) $297,713 (-0.5%) 0.00 568
2019-06-01 $250,000 (8.7%) $303,311 (2.1%) 0.00 611
2019-07-01 $252,450 (6.0%) $320,677 (8.4%) 0.00 636
2019-08-01 $252,757 (8.8%) $324,957 (12.2%) 0.00 642
2019-09-01 $254,557 (8.4%) $328,018 (14.8%) 0.00 655
2019-10-01 $255,000 (7.8%) $329,710 (13.2%) 0.00 669
2019-11-01 $249,900 (3.1%) $328,200 (9.9%) 0.00 647
2019-12-01 $247,450 (0.2%) $325,122 (10.3%) 0.00 610
2020-01-01 $244,950 (-0.4%) $315,325 (6.6%) 0.00 558
2020-02-01 $249,900 (0.0%) $314,159 (7.7%) 0.00 515
2020-03-01 $249,950 (0.0%) $324,912 (9.0%) 0.00 500
2020-04-01 $252,450 (1.0%) $340,767 (12.8%) 0.00 505
2020-05-01 $259,900 (4.0%) $367,681 (23.5%) 0.00 468
2020-06-01 $279,900 (12.0%) $390,057 (28.6%) 0.00 390
2020-07-01 $288,700 (14.4%) $378,780 (18.1%) 0.00 322
2020-08-01 $295,000 (16.7%) $393,237 (21.0%) 0.00 313
2020-09-01 $290,900 (14.3%) $393,952 (20.1%) 0.00 322
2020-10-01 $275,000 (7.8%) $372,084 (12.9%) 0.00 316
2020-11-01 $270,700 (8.3%) $371,933 (13.3%) 0.00 320
2020-12-01 $272,200 (10.0%) $364,042 (12.0%) 0.00 264
2021-01-01 $280,000 (14.3%) $373,323 (18.4%) 0.00 197
2021-02-01 $287,450 (15.0%) $390,067 (24.2%) 0.00 179
2021-03-01 $284,450 (13.8%) $363,810 (12.0%) 0.00 165
2021-04-01 $281,383 (11.5%) $361,047 (6.0%) 0.00 175
2021-05-01 $280,000 (7.7%) $358,668 (-2.5%) 0.00 181
2021-06-01 $286,263 (2.3%) $389,110 (-0.2%) 0.00 217
2021-07-01 $289,450 (0.3%) $417,621 (10.3%) 0.00 235
2021-08-01 $299,450 (1.5%) $411,470 (4.6%) 0.00 301
2021-09-01 $313,950 (7.9%) $441,761 (12.1%) 0.00 314
2021-10-01 $316,900 (15.2%) $456,466 (22.7%) 0.00 300
2021-11-01 $346,950 (28.2%) $510,061 (37.1%) 0.00 243
2021-12-01 $352,500 (29.5%) $502,055 (37.9%) 0.00 249
2022-01-01 $369,900 (32.1%) $533,117 (42.8%) 0.00 195
2022-02-01 $385,400 (34.1%) $573,327 (47.0%) 0.00 159
2022-03-01 $362,500 (27.4%) $546,856 (50.3%) 0.00 157
2022-04-01 $409,900 (45.7%) $549,259 (52.1%) 0.00 197
Cleveland's median listing price for 2022-04-01 was $409,900, a difference of $128,517 (45.7%) versus the prior year and $47,400 versus the prior month.

Cleveland's median listing price comes in at 0% of the national average.

Cleveland's average listing price for 2022-04-01 was $549,259, a difference of $188,212 (52.1%) versus the prior year and $2,403 versus the prior month.

For the 2022-04-01 period, Cleveland had 197 MLS listings, a difference of 40 listings (25%) versus the prior month and 22 listings (13%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Cleveland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,150 sqft
2018-02-01 0 days 2,156 sqft
2018-03-01 0 days 2,192 sqft
2018-04-01 0 days 2,156 sqft
2018-05-01 0 days 2,125 sqft
2018-06-01 0 days 2,084 sqft
2018-07-01 0 days 2,138 sqft
2018-08-01 0 days 2,081 sqft
2018-09-01 0 days 2,088 sqft
2018-10-01 0 days 2,017 sqft
2018-11-01 0 days 2,097 sqft
2018-12-01 0 days 2,112 sqft
2019-01-01 0 days 2,110 sqft
2019-02-01 0 days 2,122 sqft
2019-03-01 0 days 2,148 sqft
2019-04-01 0 days 2,157 sqft
2019-05-01 0 days 2,135 sqft
2019-06-01 0 days 2,199 sqft
2019-07-01 0 days 2,209 sqft
2019-08-01 0 days 2,248 sqft
2019-09-01 0 days 2,258 sqft
2019-10-01 0 days 2,243 sqft
2019-11-01 0 days 2,151 sqft
2019-12-01 0 days 2,100 sqft
2020-01-01 0 days 2,100 sqft
2020-02-01 0 days 2,081 sqft
2020-03-01 0 days 2,107 sqft
2020-04-01 0 days 2,106 sqft
2020-05-01 0 days 2,120 sqft
2020-06-01 0 days 2,241 sqft
2020-07-01 0 days 2,311 sqft
2020-08-01 0 days 2,288 sqft
2020-09-01 0 days 2,251 sqft
2020-10-01 0 days 2,100 sqft
2020-11-01 0 days 2,052 sqft
2020-12-01 0 days 1,976 sqft
2021-01-01 0 days 1,898 sqft
2021-02-01 0 days 2,000 sqft
2021-03-01 0 days 2,007 sqft
2021-04-01 0 days 1,991 sqft
2021-05-01 0 days 1,885 sqft
2021-06-01 0 days 1,954 sqft
2021-07-01 0 days 1,933 sqft
2021-08-01 0 days 1,885 sqft
2021-09-01 0 days 1,945 sqft
2021-10-01 0 days 1,924 sqft
2021-11-01 0 days 2,082 sqft
2021-12-01 0 days 2,125 sqft
2022-01-01 0 days 2,138 sqft
2022-02-01 0 days 2,224 sqft
2022-03-01 0 days 2,182 sqft
2022-04-01 0 days 2,218 sqft
Cleveland's median listing age (time on market) for 2022-04-01 was 0 days.

Cleveland's median square footage for active listings during the 2022-04-01 period was 2,218 sqft. One year prior, the average listing was 1,991 sqft.