Cleveland USDA Loans

CLEVELAND, TN

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    • 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.