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 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 6.39% for the week of 2023-01-27, compared to the national average (all USDA variants) of 6.195% for the same period.

Cleveland's average USDA mortgage closing costs are $5,162.

The average rate for the prior week (2023-01-20) was 6.38% and one month ago for the week of 2022-12-23, the average rate was 6.41%.

The average rate one year ago was 3.86%.

For refis of the same type during the week of 2023-01-27, the average rate was 6.19%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
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 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 $239,225 (20.9%) $283,021 (18.4%) 0.00 438
2018-02-01 $239,788 (20.0%) $284,288 (17.2%) 0.00 434
2018-03-01 $238,900 (19.5%) $282,711 (14.7%) 0.00 440
2018-04-01 $234,900 (17.5%) $285,061 (15.1%) 0.00 426
2018-05-01 $232,400 (8.1%) $289,873 (13.2%) 0.00 413
2018-06-01 $225,000 (2.6%) $283,975 (7.2%) 0.00 456
2018-07-01 $226,725 (3.5%) $285,893 (8.2%) 0.00 466
2018-08-01 $225,450 (-1.9%) $281,426 (0.9%) 0.00 490
2018-09-01 $229,900 (0.4%) $278,629 (0.6%) 0.00 535
2018-10-01 $232,425 (-1.9%) $285,912 (1.1%) 0.00 506
2018-11-01 $238,950 (1.6%) $287,129 (4.3%) 0.00 478
2018-12-01 $234,900 (2.2%) $282,273 (4.0%) 0.00 459
2019-01-01 $234,475 (-2.0%) $283,713 (0.2%) 0.00 436
2019-02-01 $234,900 (-2.0%) $278,740 (-2.0%) 0.00 414
2019-03-01 $239,643 (0.3%) $284,876 (0.8%) 0.00 402
2019-04-01 $247,168 (5.2%) $290,930 (2.1%) 0.00 391
2019-05-01 $248,900 (7.1%) $293,445 (1.2%) 0.00 401
2019-06-01 $249,900 (11.1%) $301,256 (6.1%) 0.00 424
2019-07-01 $249,900 (10.2%) $318,785 (11.5%) 0.00 451
2019-08-01 $249,900 (10.8%) $321,798 (14.4%) 0.00 456
2019-09-01 $249,900 (8.7%) $324,044 (16.3%) 0.00 465
2019-10-01 $249,900 (7.5%) $325,587 (13.9%) 0.00 467
2019-11-01 $249,900 (4.6%) $328,838 (14.5%) 0.00 458
2019-12-01 $244,900 (4.3%) $324,090 (14.8%) 0.00 431
2020-01-01 $241,000 (2.8%) $312,558 (10.2%) 0.00 393
2020-02-01 $249,900 (6.4%) $311,568 (11.8%) 0.00 362
2020-03-01 $249,175 (4.0%) $316,837 (11.2%) 0.00 356
2020-04-01 $247,400 (0.1%) $323,425 (11.2%) 0.00 361
2020-05-01 $259,900 (4.4%) $349,548 (19.1%) 0.00 331
2020-06-01 $276,350 (10.6%) $358,620 (19.0%) 0.00 281
2020-07-01 $279,950 (12.0%) $341,175 (7.0%) 0.00 233
2020-08-01 $280,000 (12.0%) $351,802 (9.3%) 0.00 212
2020-09-01 $279,925 (12.0%) $351,483 (8.5%) 0.00 231
2020-10-01 $265,000 (6.0%) $338,563 (4.0%) 0.00 232
2020-11-01 $259,925 (4.0%) $336,009 (2.2%) 0.00 231
2020-12-01 $259,400 (5.9%) $336,554 (3.9%) 0.00 187
2021-01-01 $259,900 (7.8%) $343,300 (9.8%) 0.00 145
2021-02-01 $282,500 (13.1%) $365,852 (17.4%) 0.00 132
2021-03-01 $287,450 (15.4%) $360,916 (13.9%) 0.00 118
2021-04-01 $283,374 (14.5%) $365,840 (13.1%) 0.00 126
2021-05-01 $273,713 (5.3%) $353,824 (1.2%) 0.00 127
2021-06-01 $283,775 (2.7%) $387,124 (8.0%) 0.00 156
2021-07-01 $285,025 (1.8%) $412,447 (20.9%) 0.00 174
2021-08-01 $286,701 (2.4%) $405,279 (15.2%) 0.00 206
2021-09-01 $296,500 (5.9%) $417,421 (18.8%) 0.00 212
2021-10-01 $301,605 (13.8%) $435,676 (28.7%) 0.00 203
2021-11-01 $332,450 (27.9%) $501,123 (49.1%) 0.00 169
2021-12-01 $347,500 (34.0%) $494,505 (46.9%) 0.00 165
2022-01-01 $327,950 (26.2%) $490,037 (42.7%) 0.00 133
2022-02-01 $358,725 (27.0%) $566,450 (54.8%) 0.00 109
2022-03-01 $354,475 (23.3%) $547,713 (51.8%) 0.00 114
2022-04-01 $380,610 (34.3%) $540,947 (47.9%) 0.00 142
2022-05-01 $383,828 (40.2%) $546,123 (54.4%) 0.00 200
2022-06-01 $371,118 (30.8%) $525,655 (35.8%) 0.00 254
2022-07-01 $375,000 (31.6%) $491,798 (19.2%) 0.00 340
2022-08-01 $382,805 (33.5%) $513,142 (26.6%) 0.00 345
2022-09-01 $377,450 (27.3%) $505,087 (21.0%) 0.00 367
2022-10-01 $360,255 (19.5%) $478,764 (9.9%) 0.00 385
2022-11-01 $359,975 (8.3%) $477,002 (-4.8%) 0.00 383
2022-12-01 $350,000 (0.7%) $457,583 (-7.5%) 0.00 371
Cleveland's median listing price for 2022-12-01 was $350,000, a difference of $2,500 (0.7%) versus the prior year and $-9,975 versus the prior month.

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

Cleveland's average listing price for 2022-12-01 was $457,583, a difference of $-36,922 (-7.5%) versus the prior year and $-19,419 versus the prior month.

For the 2022-12-01 period, Cleveland had 371 MLS listings, a difference of -12 listings (-3%) versus the prior month and 206 listings (125%) 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 2,127 sqft
2018-02-01 0 days 2,129 sqft
2018-03-01 0 days 2,162 sqft
2018-04-01 0 days 2,126 sqft
2018-05-01 0 days 2,119 sqft
2018-06-01 0 days 2,084 sqft
2018-07-01 0 days 2,100 sqft
2018-08-01 0 days 2,016 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 2,047 sqft
2019-04-01 0 days 2,090 sqft
2019-05-01 0 days 2,126 sqft
2019-06-01 0 days 2,170 sqft
2019-07-01 0 days 2,200 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 2,085 sqft
2020-01-01 0 days 2,059 sqft
2020-02-01 0 days 2,075 sqft
2020-03-01 0 days 2,088 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 2,076 sqft
2020-10-01 0 days 2,002 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 1,946 sqft
2021-05-01 0 days 1,788 sqft
2021-06-01 0 days 1,858 sqft
2021-07-01 0 days 1,843 sqft
2021-08-01 0 days 1,833 sqft
2021-09-01 0 days 1,896 sqft
2021-10-01 0 days 1,897 sqft
2021-11-01 0 days 2,031 sqft
2021-12-01 0 days 2,068 sqft
2022-01-01 0 days 2,100 sqft
2022-02-01 0 days 2,082 sqft
2022-03-01 0 days 2,109 sqft
2022-04-01 0 days 2,200 sqft
2022-05-01 0 days 2,223 sqft
2022-06-01 0 days 2,217 sqft
2022-07-01 0 days 2,140 sqft
2022-08-01 0 days 2,210 sqft
2022-09-01 0 days 2,145 sqft
2022-10-01 0 days 2,066 sqft
2022-11-01 0 days 2,024 sqft
2022-12-01 0 days 2,019 sqft
Cleveland's median listing age (time on market) for 2022-12-01 was 0 days.

Cleveland's median square footage for active listings during the 2022-12-01 period was 2,019 sqft. One year prior, the average listing was 2,068 sqft.