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 6.74% for the week of 2024-06-07, compared to the national average (all USDA variants) of 6.699% for the same period.

Cleveland's average USDA mortgage closing costs are $5,359.

The average rate for the prior week (2024-05-31) was 6.92% and one month ago for the week of 2024-05-03, the average rate was 6.61%.

The average rate one year ago was 6.51%.

For refis of the same type during the week of 2024-06-07, the average rate was 7.09%.

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 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
2024-04-01 $374,975 (2.7%) $476,280 (-2.7%) 0.00 379
2024-05-01 $375,000 (2.8%) $481,222 (-0.4%) 0.00 410
Cleveland's median listing price for 2024-05-01 was $375,000, a difference of $10,050 (2.8%) versus the prior year and $25 versus the prior month.

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

Cleveland's average listing price for 2024-05-01 was $481,222, a difference of $-1,837 (-0.4%) versus the prior year and $4,942 versus the prior month.

For the 2024-05-01 period, Cleveland had 410 MLS listings, a difference of 31 listings (8%) versus the prior month and 122 listings (42%) 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 1,949 sqft
2024-03-01 0 days 1,874 sqft
2024-04-01 0 days 1,898 sqft
2024-05-01 0 days 1,924 sqft
Cleveland's median listing age (time on market) for 2024-05-01 was 0 days.

Cleveland's median square footage for active listings during the 2024-05-01 period was 1,924 sqft. One year prior, the average listing was 2,028 sqft.