Memphis USDA Loan Rates, Closing Costs & Stats

MEMPHIS, TN-MS-AR

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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.

    Memphis's 47 lenders originated 199 USDA loans during 2024. The total origination value was $46,455,000, with an average USDA loan value of $233,442.

    Memphis USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Memphis averaged 0.04% for the week of 2025-07-04, compared to the national average (all USDA variants) of 0% for the same period.

    Memphis's average USDA mortgage closing costs are $5,158.

    The average rate for the prior week (2025-06-27) was 6.68% and one month ago for the week of 2025-05-30, the average rate was 6.77%.

    The average rate one year ago was 6.86%.

    For refis of the same type during the week of 2025-07-04, the average rate was 0.06%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Memphis 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 Memphis level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Patriot Bank 20 6.01% $6,916
    Eagle Bank and Trust Company 19 6.17% $6,480
    COMMUNITY MORTGAGE CORPORATION 15 6.05% $7,738
    CROSSCOUNTRY MORTGAGE, LLC 12 6.38% $9,434
    STOCKTON MORTGAGE CORPORATION 8 5.57% $10,722
    CMG MORTGAGE, INC. 6 6.40% $9,182
    UNITED WHOLESALE MORTGAGE, LLC 6 6.10% $9,259
    Renasant Bank 6 6.75% $5,939
    DHI MORTGAGE COMPANY, LTD. 5 4.82% $5,291
    Bank of England 5 6.23% $7,809
    ACOPIA, LLC 5 6.48% $8,059
    Trustmark National Bank 5 6.04% $7,307
    GMFS LLC 5 5.95% $6,785
    BancorpSouth 5 6.18% $6,722
    Evolve Bank & Trust 4 6.34% $6,921
    Nations Lending Corporation 4 6.44% $4,121
    MORTGAGE INVESTORS GROUP, INC. 4 6.34% $7,223
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.46% $6,588
    BARTLETT MORTGAGE, INC. 3 6.21% $6,516
    MORTGAGE FINANCIAL SERVICES, LLC 3 6.75% $7,216
    T2 FINANCIAL LLC 3 6.67% $8,414
    Wolfe Financial, Inc 3 6.04% $9,861
    First Citizens National Bank 3 6.25% $5,625
    HOMESIDE FINANCIAL, LLC 2 6.19% $7,760
    FIRST COMMUNITY MORTGAGE, INC. 2 5.00% $12,352
    Magnolia Bank 2 6.31% $5,960
    GUILD MORTGAGE COMPANY 2 6.25% $5,567
    Regions Bank 2 6.25% $8,563
    SWBC MORTGAGE CORPORATION 1 6.13% $5,957
    American Mortgage Bank, LLC 1 7.25% $6,820
    BROKER SOLUTIONS, INC. 1 5.50% $10,643
    Century Mortgage Company DBA Century Lending Company 1 6.50% $6,312
    Cornerstone First Mortgage, Inc 1 6.25% $7,120
    DELMAR FINANCIAL COMPANY 1 6.25% $6,462
    Equity Prime Mortgage LLC 1 6.75% $6,467
    Flagstar Bank, FSB 1 6.50% $7,996
    Hamilton Mortgage Corporation 1 7.13% $4,715
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.13% $4,005
    Leaders Credit Union 1 5.99% $6,098
    MICHIGAN MUTUAL, INC. 1 6.75% $8,490
    MID AMERICA MORTGAGE, INC. 1 6.00% $8,119
    MOVEMENT MORTGAGE, LLC 1 6.75% $9,512
    NORWICH COMMERCIAL GROUP, INC. 1 6.25% $8,682
    Paramount Residential Mortgage Group, Inc. 1 6.13% $6,549
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.63% $6,350
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.13% $7,084
    U.S. Bank 1 6.63% $6,001

    The top Memphis USDA lender as defined by loan originations is Patriot Bank, with 20 USDA loans originated. Their average total fees are $6,916, which is $436 higher than the next largest lender, Eagle Bank and Trust Company.

    The lowest fee Memphis USDA lenders (with over 10 loans originated) are Eagle Bank and Trust Company ($6,480), Patriot Bank ($6,916), COMMUNITY MORTGAGE CORPORATION ($7,738), CROSSCOUNTRY MORTGAGE, LLC ($9,434) and .

    The lowest rate Memphis USDA lenders (with over 10 loans originated) are Patriot Bank (6.01%), COMMUNITY MORTGAGE CORPORATION (6.05%), Eagle Bank and Trust Company (6.17%), CROSSCOUNTRY MORTGAGE, LLC (6.38%) and .