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 17 lenders originated 30 USDA loans during 2024. The total origination value was $7,850,000, with an average USDA loan value of $261,667.

Cleveland USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Cleveland averaged 0.28% for the week of 2025-06-20, compared to the national average (all USDA variants) of 0% for the same period.

Cleveland's average USDA mortgage closing costs are $5,539.

The average rate for the prior week (2025-06-13) was 6.38% and one month ago for the week of 2025-05-16, the average rate was 6.55%.

The average rate one year ago was 6.87%.

For refis of the same type during the week of 2025-06-20, the average rate was -0.29%.

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/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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
MORTGAGE INVESTORS GROUP, INC. 5 6.18% $8,436
LEADERONE FINANCIAL CORPORATION 3 6.50% $7,357
First Citizens National Bank 3 6.13% $5,926
DHI MORTGAGE COMPANY, LTD. 1 6.13% $6,100
FirstBank 1 5.63% $8,268
Flagstar Bank, FSB 1 6.75% $6,424
GMFS LLC 1 6.50% $2,871
Paramount Residential Mortgage Group, Inc. 1 5.13% $6,319
SmartBank 1 5.75% $6,611
STOCKTON MORTGAGE CORPORATION 1 6.63% $7,588
SUCCESS MORTGAGE PARTNERS, INC. 1 6.50% $8,415
UNION HOME MORTGAGE CORP. 1 5.63% $11,565
United Community Bank 1 5.88% $8,497
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.63% $8,492
UNITED WHOLESALE MORTGAGE, LLC 1 5.25% $16,267
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.49% $5,022
CMG MORTGAGE, INC. 1 4.99% $13,709

The top Cleveland USDA lender as defined by loan originations is MORTGAGE INVESTORS GROUP, INC., with 5 USDA loans originated. Their average total fees are $8,436, which is $1,079 higher than the next largest lender, LEADERONE FINANCIAL CORPORATION.

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

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