Cleveland USDA Loan Rates, Closing Costs & Stats
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 8 lenders originated 14 USDA loans during 2023. The total origination value was $2,970,000, with an average USDA loan value of $212,143.
Cleveland USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Cleveland
averaged
6.8%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Cleveland's average USDA mortgage closing costs are $5,359.
The average rate for the prior week (2024-04-12) was
6.76% and
one month ago for the week of 2024-03-15, the
average rate was 6.34%.
The average rate one year ago was 6.48%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.86%.
Cleveland 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 Cleveland level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| TJC Mortgage, Inc. | 2 | 5.81% | $12,828 |
| CMG MORTGAGE, INC. | 2 | 6.00% | $7,578 |
| First Citizens National Bank | 1 | 5.75% | $5,032 |
| FIRST COMMUNITY MORTGAGE, INC. | 1 | 6.00% | $9,195 |
| MORTGAGE INVESTORS GROUP, INC. | 1 | 5.88% | $5,964 |
| Citizens Bank | 1 | 6.25% | $5,654 |
| United Community Bank | 1 | 6.13% | $5,973 |
| Equity Prime Mortgage LLC | 1 | 5.88% | $9,460 |
The top Cleveland USDA lender as defined by loan originations is TJC Mortgage, Inc., with
2 USDA loans originated. Their average total fees are
$12,828, which is $5,250
higher than the next largest lender,
CMG MORTGAGE, INC..
The lowest fee Cleveland USDA lenders (with over 10 loans originated) are
.
The lowest rate Cleveland USDA lenders (with over 10 loans originated) are
.
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 | $239,338 (21.0%) | $283,464 (18.5%) | 0.00 | 437 |
| 2018-02-01 | $239,900 (20.0%) | $284,722 (17.2%) | 0.00 | 433 |
| 2018-03-01 | $238,900 (19.5%) | $283,149 (14.7%) | 0.00 | 439 |
| 2018-04-01 | $234,950 (17.5%) | $285,544 (15.1%) | 0.00 | 425 |
| 2018-05-01 | $232,425 (8.1%) | $290,393 (13.2%) | 0.00 | 413 |
| 2018-06-01 | $226,000 (2.9%) | $284,434 (7.2%) | 0.00 | 456 |
| 2018-07-01 | $228,450 (4.1%) | $286,215 (8.2%) | 0.00 | 465 |
| 2018-08-01 | $226,000 (-2.2%) | $281,582 (0.8%) | 0.00 | 489 |
| 2018-09-01 | $229,900 (0.3%) | $278,766 (0.5%) | 0.00 | 534 |
| 2018-10-01 | $232,450 (-1.9%) | $286,075 (1.0%) | 0.00 | 505 |
| 2018-11-01 | $238,950 (1.3%) | $287,305 (4.2%) | 0.00 | 477 |
| 2018-12-01 | $234,900 (2.2%) | $282,442 (3.9%) | 0.00 | 458 |
| 2019-01-01 | $234,700 (-1.9%) | $283,895 (0.2%) | 0.00 | 435 |
| 2019-02-01 | $234,900 (-2.1%) | $278,920 (-2.0%) | 0.00 | 412 |
| 2019-03-01 | $239,643 (0.3%) | $284,914 (0.6%) | 0.00 | 400 |
| 2019-04-01 | $247,168 (5.2%) | $290,948 (1.9%) | 0.00 | 389 |
| 2019-05-01 | $248,800 (7.1%) | $293,611 (1.1%) | 0.00 | 398 |
| 2019-06-01 | $249,900 (10.6%) | $301,485 (6.0%) | 0.00 | 421 |
| 2019-07-01 | $249,900 (9.4%) | $319,093 (11.5%) | 0.00 | 447 |
| 2019-08-01 | $249,855 (10.6%) | $322,227 (14.4%) | 0.00 | 452 |
| 2019-09-01 | $249,880 (8.7%) | $324,638 (16.5%) | 0.00 | 461 |
| 2019-10-01 | $249,897 (7.5%) | $326,311 (14.1%) | 0.00 | 463 |
| 2019-11-01 | $249,900 (4.6%) | $329,597 (14.7%) | 0.00 | 454 |
| 2019-12-01 | $244,900 (4.3%) | $324,846 (15.0%) | 0.00 | 427 |
| 2020-01-01 | $241,000 (2.7%) | $313,269 (10.4%) | 0.00 | 389 |
| 2020-02-01 | $249,900 (6.4%) | $312,268 (12.0%) | 0.00 | 358 |
| 2020-03-01 | $249,175 (4.0%) | $317,655 (11.5%) | 0.00 | 352 |
| 2020-04-01 | $247,400 (0.1%) | $324,306 (11.5%) | 0.00 | 357 |
| 2020-05-01 | $259,900 (4.5%) | $350,869 (19.5%) | 0.00 | 327 |
| 2020-06-01 | $276,350 (10.6%) | $360,293 (19.5%) | 0.00 | 277 |
| 2020-07-01 | $279,950 (12.0%) | $342,782 (7.4%) | 0.00 | 229 |
| 2020-08-01 | $280,000 (12.1%) | $353,833 (9.8%) | 0.00 | 208 |
| 2020-09-01 | $279,825 (12.0%) | $353,093 (8.8%) | 0.00 | 227 |
| 2020-10-01 | $265,000 (6.0%) | $340,206 (4.3%) | 0.00 | 228 |
| 2020-11-01 | $259,925 (4.0%) | $337,580 (2.4%) | 0.00 | 227 |
| 2020-12-01 | $259,400 (5.9%) | $338,461 (4.2%) | 0.00 | 183 |
| 2021-01-01 | $259,900 (7.8%) | $346,047 (10.5%) | 0.00 | 141 |
| 2021-02-01 | $282,500 (13.1%) | $369,371 (18.3%) | 0.00 | 128 |
| 2021-03-01 | $287,450 (15.4%) | $364,779 (14.8%) | 0.00 | 114 |
| 2021-04-01 | $284,416 (15.0%) | $370,652 (14.3%) | 0.00 | 123 |
| 2021-05-01 | $274,900 (5.8%) | $359,268 (2.4%) | 0.00 | 124 |
| 2021-06-01 | $283,894 (2.7%) | $391,477 (8.7%) | 0.00 | 152 |
| 2021-07-01 | $286,025 (2.2%) | $417,604 (21.8%) | 0.00 | 171 |
| 2021-08-01 | $286,701 (2.4%) | $408,008 (15.3%) | 0.00 | 203 |
| 2021-09-01 | $297,578 (6.3%) | $421,592 (19.4%) | 0.00 | 209 |
| 2021-10-01 | $307,028 (15.9%) | $440,076 (29.4%) | 0.00 | 200 |
| 2021-11-01 | $338,975 (30.4%) | $507,735 (50.4%) | 0.00 | 166 |
| 2021-12-01 | $349,500 (34.7%) | $500,382 (47.8%) | 0.00 | 161 |
| 2022-01-01 | $329,400 (26.7%) | $497,192 (43.7%) | 0.00 | 129 |
| 2022-02-01 | $363,425 (28.7%) | $578,071 (56.5%) | 0.00 | 105 |
| 2022-03-01 | $358,675 (24.8%) | $557,614 (52.9%) | 0.00 | 110 |
| 2022-04-01 | $398,900 (40.3%) | $548,165 (47.9%) | 0.00 | 138 |
| 2022-05-01 | $388,450 (41.3%) | $551,560 (53.5%) | 0.00 | 195 |
| 2022-06-01 | $372,396 (31.2%) | $530,013 (35.4%) | 0.00 | 249 |
| 2022-07-01 | $375,000 (31.1%) | $494,694 (18.5%) | 0.00 | 335 |
| 2022-08-01 | $382,805 (33.5%) | $515,693 (26.4%) | 0.00 | 340 |
| 2022-09-01 | $377,400 (26.8%) | $506,497 (20.1%) | 0.00 | 362 |
| 2022-10-01 | $364,805 (18.8%) | $488,038 (10.9%) | 0.00 | 382 |
| 2022-11-01 | $360,000 (6.2%) | $478,640 (-5.7%) | 0.00 | 379 |
| 2022-12-01 | $357,970 (2.4%) | $466,195 (-6.8%) | 0.00 | 359 |
| 2023-01-01 | $360,910 (9.6%) | $453,528 (-8.8%) | 0.00 | 343 |
| 2023-02-01 | $370,000 (1.8%) | $478,689 (-17.2%) | 0.00 | 323 |
| 2023-03-01 | $367,500 (2.5%) | $490,207 (-12.1%) | 0.00 | 281 |
| 2023-04-01 | $365,000 (-8.5%) | $489,417 (-10.7%) | 0.00 | 261 |
| 2023-05-01 | $364,950 (-6.1%) | $483,059 (-12.4%) | 0.00 | 288 |
| 2023-06-01 | $361,500 (-2.9%) | $489,810 (-7.6%) | 0.00 | 304 |
| 2023-07-01 | $359,900 (-4.0%) | $511,671 (3.4%) | 0.00 | 293 |
| 2023-08-01 | $365,750 (-4.5%) | $524,010 (1.6%) | 0.00 | 286 |
| 2023-09-01 | $369,000 (-2.2%) | $537,735 (6.2%) | 0.00 | 304 |
| 2023-10-01 | $350,000 (-4.1%) | $504,936 (3.5%) | 0.00 | 344 |
| 2023-11-01 | $354,975 (-1.4%) | $482,173 (0.7%) | 0.00 | 384 |
| 2023-12-01 | $364,000 (1.7%) | $484,537 (3.9%) | 0.00 | 368 |
| 2024-01-01 | $365,480 (1.3%) | $472,693 (4.2%) | 0.00 | 355 |
| 2024-02-01 | $360,605 (-2.5%) | $471,883 (-1.4%) | 0.00 | 360 |
| 2024-03-01 | $374,900 (2.0%) | $474,973 (-3.1%) | 0.00 | 359 |
Cleveland's median listing price comes in at 0% of the national average.
Cleveland's average listing price for 2024-03-01 was $474,973, a difference of $-15,234 (-3.1%) versus the prior year and $3,090 versus the prior month.
For the 2024-03-01 period, Cleveland had 359 MLS listings, a difference of -1 listings (0%) versus the prior month and 78 listings (28%) 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 | 2,130 sqft |
| 2018-02-01 | 0 days | 2,135 sqft |
| 2018-03-01 | 0 days | 2,162 sqft |
| 2018-04-01 | 0 days | 2,128 sqft |
| 2018-05-01 | 0 days | 2,125 sqft |
| 2018-06-01 | 0 days | 2,084 sqft |
| 2018-07-01 | 0 days | 2,100 sqft |
| 2018-08-01 | 0 days | 2,020 sqft |
| 2018-09-01 | 0 days | 2,084 sqft |
| 2018-10-01 | 0 days | 2,007 sqft |
| 2018-11-01 | 0 days | 2,078 sqft |
| 2018-12-01 | 0 days | 2,019 sqft |
| 2019-01-01 | 0 days | 1,999 sqft |
| 2019-02-01 | 0 days | 2,001 sqft |
| 2019-03-01 | 0 days | 2,044 sqft |
| 2019-04-01 | 0 days | 2,088 sqft |
| 2019-05-01 | 0 days | 2,123 sqft |
| 2019-06-01 | 0 days | 2,170 sqft |
| 2019-07-01 | 0 days | 2,199 sqft |
| 2019-08-01 | 0 days | 2,203 sqft |
| 2019-09-01 | 0 days | 2,203 sqft |
| 2019-10-01 | 0 days | 2,184 sqft |
| 2019-11-01 | 0 days | 2,112 sqft |
| 2019-12-01 | 0 days | 2,087 sqft |
| 2020-01-01 | 0 days | 2,060 sqft |
| 2020-02-01 | 0 days | 2,080 sqft |
| 2020-03-01 | 0 days | 2,094 sqft |
| 2020-04-01 | 0 days | 2,022 sqft |
| 2020-05-01 | 0 days | 2,100 sqft |
| 2020-06-01 | 0 days | 2,168 sqft |
| 2020-07-01 | 0 days | 2,170 sqft |
| 2020-08-01 | 0 days | 2,092 sqft |
| 2020-09-01 | 0 days | 2,071 sqft |
| 2020-10-01 | 0 days | 2,000 sqft |
| 2020-11-01 | 0 days | 1,899 sqft |
| 2020-12-01 | 0 days | 1,898 sqft |
| 2021-01-01 | 0 days | 1,854 sqft |
| 2021-02-01 | 0 days | 1,993 sqft |
| 2021-03-01 | 0 days | 2,020 sqft |
| 2021-04-01 | 0 days | 1,956 sqft |
| 2021-05-01 | 0 days | 1,794 sqft |
| 2021-06-01 | 0 days | 1,873 sqft |
| 2021-07-01 | 0 days | 1,856 sqft |
| 2021-08-01 | 0 days | 1,838 sqft |
| 2021-09-01 | 0 days | 1,896 sqft |
| 2021-10-01 | 0 days | 1,897 sqft |
| 2021-11-01 | 0 days | 2,033 sqft |
| 2021-12-01 | 0 days | 2,062 sqft |
| 2022-01-01 | 0 days | 2,080 sqft |
| 2022-02-01 | 0 days | 2,074 sqft |
| 2022-03-01 | 0 days | 2,109 sqft |
| 2022-04-01 | 0 days | 2,200 sqft |
| 2022-05-01 | 0 days | 2,212 sqft |
| 2022-06-01 | 0 days | 2,206 sqft |
| 2022-07-01 | 0 days | 2,133 sqft |
| 2022-08-01 | 0 days | 2,187 sqft |
| 2022-09-01 | 0 days | 2,144 sqft |
| 2022-10-01 | 0 days | 2,084 sqft |
| 2022-11-01 | 0 days | 2,043 sqft |
| 2022-12-01 | 0 days | 2,020 sqft |
| 2023-01-01 | 0 days | 1,985 sqft |
| 2023-02-01 | 0 days | 2,034 sqft |
| 2023-03-01 | 0 days | 1,977 sqft |
| 2023-04-01 | 0 days | 2,046 sqft |
| 2023-05-01 | 0 days | 2,028 sqft |
| 2023-06-01 | 0 days | 2,027 sqft |
| 2023-07-01 | 0 days | 2,000 sqft |
| 2023-08-01 | 0 days | 2,061 sqft |
| 2023-09-01 | 0 days | 2,002 sqft |
| 2023-10-01 | 0 days | 1,885 sqft |
| 2023-11-01 | 0 days | 1,928 sqft |
| 2023-12-01 | 0 days | 1,890 sqft |
| 2024-01-01 | 0 days | 1,890 sqft |
| 2024-02-01 | 0 days | 1,947 sqft |
| 2024-03-01 | 0 days | 1,874 sqft |
Cleveland's median square footage for active listings during the 2024-03-01 period was 1,874 sqft. One year prior, the average listing was 1,977 sqft.