Memphis USDA Loans

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 83 lenders originated 623 USDA loans during 2021. The total origination value was $125,685,000, with an average USDA loan value of $201,742.

    Memphis USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Memphis averaged 5.54% 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 5.37% and one month ago for the week of 2022-04-08, the average rate was 4.93%.

    The average rate one year ago was 2.94%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.09%.

    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 and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Memphis level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Eagle Bank and Trust Company 71 2.77% $4,472
    Patriot Bank 67 2.53% $4,924
    COMMUNITY MORTGAGE CORPORATION 48 2.65% $5,542
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 31 3.02% $5,485
    GUILD MORTGAGE COMPANY 20 3.03% $5,240
    MORTGAGE INVESTORS GROUP, INC. 20 2.80% $5,630
    Trustmark National Bank 18 2.61% $4,899
    Plains Commerce Bank 17 2.97% $6,035
    BARTLETT MORTGAGE, INC. 17 2.66% $5,414
    Sierra Pacific Mortgage Company, Inc. 14 2.93% $5,518
    CALIBER HOME LOANS, INC. 14 2.82% $6,373
    First Citizens National Bank 13 2.63% $5,083
    First Horizon Bank 13 2.73% $4,967
    Flagstar Bank, FSB 11 2.75% $4,352
    Nations Lending Corporation 10 2.98% $5,240
    Pinnacle Bank 9 3.01% $5,920
    Bank of England 9 3.21% $6,952
    Renasant Bank 8 2.86% $5,020
    Regions Bank 8 3.08% $1,919
    AMERICAN MORTGAGE SERVICES INCORPORATED 7 2.75% $5,114
    AMERICAN MORTGAGE SERVICE COMPANY 7 2.66% $4,516
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 3.23% $7,907
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 3.18% $6,174
    BROKER SOLUTIONS, INC. 5 3.23% $5,076
    PLAZA HOME MORTGAGE, INC. 5 2.87% $4,366
    Community Bank of Mississippi 5 2.63% $3,199
    Evolve Bank & Trust 5 2.90% $4,445
    AMERICAN FINANCIAL NETWORK, INC. 4 3.53% $7,366
    CRESCENT MORTGAGE COMPANY 4 2.72% $4,750
    FINANCE OF AMERICA MORTGAGE LLC 3 2.79% $5,316
    PENNYMAC LOAN SERVICES, LLC 3 2.67% $6,232
    HOMESTAR FINANCIAL CORPORATION 3 3.54% $5,344
    CROSSCOUNTRY MORTGAGE, LLC 3 3.00% $6,305
    Hometown Lenders, Inc. 3 3.08% $5,021
    BancorpSouth Bank 3 3.29% $5,066
    FLAT BRANCH MORTGAGE, INC. 3 3.63% $5,171
    FREEDOM MORTGAGE CORPORATION 3 3.50% $8,129
    Citizens Bank 3 2.75% $6,996
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 2.92% $5,988
    EVERETT FINANCIAL, INC. 3 3.71% $4,186
    MORTGAGE FINANCIAL SERVICES, LLC 3 3.13% $4,815
    Wolfe Financial, Inc 2 2.63% $9,233
    ENVOY MORTGAGE, LTD 2 2.69% $8,350
    FIRST COMMUNITY MORTGAGE, INC. 2 2.81% $3,890
    Goldwater Bank, N.A. 2 2.75% $6,175
    Independent Bank 2 2.94% $6,244
    LOANDEPOT.COM, LLC 2 2.81% $5,981
    MOVEMENT MORTGAGE, LLC 2 3.50% $4,804
    SOUTHWEST FUNDING, LP 2 3.25% $9,069
    The Home Loan Expert LLC 2 2.44% $5,067
    UNITED WHOLESALE MORTGAGE, LLC 2 2.50% $8,889
    Magnolia Bank 1 3.00% $5,429
    MICHIGAN MUTUAL, INC. 1 2.63% $5,867
    Hamilton Mortgage Corporation 1 3.13% $3,967
    FirstTrust Home Loans, Inc. 1 3.63% $4,873
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.13% $4,347
    First Financial Bank 1 2.75% $5,497
    NATIONS RELIABLE LENDING, LLC 1 3.25% $7,119
    OPEN MORTGAGE, LLC 1 2.88% $5,020
    Paramount Residential Mortgage Group, Inc. 1 2.75% $4,774
    FIDELITY BANK 1 3.25% $4,548
    ENCORE BANK 1 2.25% $3,566
    PILGRIM MORTGAGE LLC 1 3.13% $6,090
    DAS Acquisition Company, LLC 1 3.25% $5,430
    Colten Mortgage, LLC 1 2.50% $8,254
    CELEBRITY HOME LOANS, LLC 1 3.88% $5,876
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.00% $5,579
    Carrington Mortgage Services, LLC 1 2.75% $6,857
    BankPlus 1 3.00% $4,390
    Arvest Bank 1 3.25% $4,069
    A Mortgage Boutique, LLC 1 3.50% $4,315
    Simmons Bank 1 2.88% $4,464
    VILLAGE CAPITAL & INVESTMENT LLC 1 3.25% $4,075
    SUCCESS MORTGAGE PARTNERS, INC. 1 3.13% $8,058
    SWBC MORTGAGE CORPORATION 1 3.00% $1,413
    WESTERN EXPRESS LENDING 1 2.75% $5,952
    TOWNE MORTGAGE COMPANY 1 2.75% $5,532
    HOMESIDE FINANCIAL, LLC 1 2.63% $7,985
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.88% $11,435
    Truist Bank 1 3.25% $4,325
    Leaders Credit Union 1 3.13% $4,165
    LENOX FINANCIAL MORTGAGE CORPORATION 1 2.88% $3,768
    AMERICAN FINANCING CORPORATION 1 2.75% $4,907

    The top Memphis USDA lender as defined by loan originations is Eagle Bank and Trust Company, with 71 USDA loans originated. Their average total fees are $4,472, which is $451 lower than the next largest lender, Patriot Bank.

    The lowest fee Memphis USDA lenders (with over 10 loans originated) are Flagstar Bank, FSB ($4,352), Eagle Bank and Trust Company ($4,472), Trustmark National Bank ($4,899), Patriot Bank ($4,924) and First Horizon Bank ($4,967).

    The lowest rate Memphis USDA lenders (with over 10 loans originated) are Patriot Bank (2.53%), Trustmark National Bank (2.61%), First Citizens National Bank (2.63%), COMMUNITY MORTGAGE CORPORATION (2.65%) and BARTLETT MORTGAGE, INC. (2.66%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Memphis (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 $188,250 (10.8%) $245,305 (4.6%) 0.69 3,900
    2018-02-01 $185,000 (8.1%) $242,658 (4.7%) 0.67 3,882
    2018-03-01 $185,000 (5.4%) $247,593 (4.8%) 0.64 3,885
    2018-04-01 $195,000 (6.9%) $254,992 (3.2%) 0.65 3,286
    2018-05-01 $202,425 (8.4%) $265,309 (5.0%) 0.68 3,238
    2018-06-01 $215,000 (10.3%) $268,259 (5.2%) 0.72 3,506
    2018-07-01 $214,950 (8.6%) $266,062 (4.1%) 0.72 3,886
    2018-08-01 $214,950 (10.2%) $265,662 (5.0%) 0.72 3,878
    2018-09-01 $215,000 (8.1%) $266,004 (4.8%) 0.72 3,889
    2018-10-01 $217,900 (11.8%) $268,398 (7.4%) 0.73 3,894
    2018-11-01 $213,900 (11.8%) $263,227 (5.5%) 0.72 3,845
    2018-12-01 $210,000 (11.9%) $257,565 (3.7%) 0.72 3,573
    2019-01-01 $206,100 (9.5%) $254,767 (3.9%) 0.71 3,227
    2019-02-01 $209,900 (13.5%) $258,248 (6.4%) 0.70 3,110
    2019-03-01 $215,829 (16.7%) $269,738 (8.9%) 0.70 3,025
    2019-04-01 $222,500 (14.1%) $280,887 (10.2%) 0.70 3,024
    2019-05-01 $231,950 (14.6%) $286,602 (8.0%) 0.71 3,035
    2019-06-01 $230,000 (7.0%) $289,335 (7.9%) 0.71 3,141
    2019-07-01 $231,500 (7.7%) $289,338 (8.8%) 0.72 3,296
    2019-08-01 $233,714 (8.7%) $290,677 (9.4%) 0.74 3,269
    2019-09-01 $232,214 (8.0%) $290,677 (9.3%) 0.74 3,241
    2019-10-01 $231,200 (6.1%) $291,371 (8.6%) 0.74 3,213
    2019-11-01 $235,000 (9.9%) $295,162 (12.1%) 0.76 3,179
    2019-12-01 $232,900 (10.9%) $290,529 (12.8%) 0.78 3,013
    2020-01-01 $229,400 (11.3%) $288,076 (13.1%) 0.76 2,795
    2020-02-01 $231,900 (10.5%) $294,070 (13.9%) 0.75 2,525
    2020-03-01 $243,450 (12.8%) $305,118 (13.1%) 0.76 2,422
    2020-04-01 $249,700 (12.2%) $310,475 (10.5%) 0.78 2,429
    2020-05-01 $250,000 (7.8%) $319,676 (11.5%) 0.76 2,227
    2020-06-01 $257,945 (12.2%) $328,921 (13.7%) 0.75 1,997
    2020-07-01 $259,950 (12.3%) $340,411 (17.7%) 0.74 1,820
    2020-08-01 $265,000 (13.4%) $339,594 (16.8%) 0.76 1,725
    2020-09-01 $261,950 (12.8%) $339,250 (16.7%) 0.75 1,628
    2020-10-01 $263,770 (14.1%) $343,021 (17.7%) 0.75 1,635
    2020-11-01 $262,000 (11.5%) $333,770 (13.1%) 0.75 1,572
    2020-12-01 $252,250 (8.3%) $323,190 (11.2%) 0.74 1,447
    2021-01-01 $240,000 (4.6%) $318,610 (10.6%) 0.71 1,265
    2021-02-01 $235,000 (1.3%) $321,362 (9.3%) 0.68 1,105
    2021-03-01 $237,900 (-2.3%) $330,557 (8.3%) 0.67 1,041
    2021-04-01 $239,750 (-4.0%) $329,167 (6.0%) 0.64 1,020
    2021-05-01 $235,000 (-6.0%) $324,724 (1.6%) 0.62 1,066
    2021-06-01 $238,950 (-7.4%) $318,338 (-3.2%) 0.62 1,178
    2021-07-01 $240,000 (-7.7%) $319,323 (-6.2%) 0.62 1,308
    2021-08-01 $249,200 (-6.0%) $325,345 (-4.2%) 0.66 1,419
    2021-09-01 $249,450 (-4.8%) $324,015 (-4.5%) 0.66 1,399
    2021-10-01 $265,000 (0.5%) $340,284 (-0.8%) 0.70 1,352
    2021-11-01 $261,800 (-0.1%) $339,422 (1.7%) 0.69 1,269
    2021-12-01 $242,500 (-3.9%) $328,000 (1.5%) 0.65 1,234
    2022-01-01 $220,500 (-8.1%) $326,366 (2.4%) 0.59 1,075
    2022-02-01 $226,000 (-3.8%) $332,469 (3.5%) 0.58 948
    2022-03-01 $226,950 (-4.6%) $326,743 (-1.2%) 0.56 1,039
    2022-04-01 $242,900 (1.3%) $342,551 (4.1%) 0.57 1,143
    Memphis's median listing price for 2022-04-01 was $242,900, a difference of $3,150 (1.3%) versus the prior year and $15,950 versus the prior month.

    Memphis's median listing price comes in at 57% of the national average.

    Memphis's average listing price for 2022-04-01 was $342,551, a difference of $13,384 (4.1%) versus the prior year and $15,808 versus the prior month.

    For the 2022-04-01 period, Memphis had 1,143 MLS listings, a difference of 104 listings (10%) versus the prior month and 123 listings (12%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Memphis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 82 days 2,137 sqft
    2018-02-01 75 days 2,137 sqft
    2018-03-01 56 days 2,155 sqft
    2018-04-01 57 days 2,202 sqft
    2018-05-01 55 days 2,231 sqft
    2018-06-01 51 days 2,301 sqft
    2018-07-01 52 days 2,262 sqft
    2018-08-01 58 days 2,286 sqft
    2018-09-01 63 days 2,279 sqft
    2018-10-01 64 days 2,323 sqft
    2018-11-01 67 days 2,344 sqft
    2018-12-01 72 days 2,354 sqft
    2019-01-01 80 days 2,301 sqft
    2019-02-01 77 days 2,320 sqft
    2019-03-01 57 days 2,370 sqft
    2019-04-01 57 days 2,397 sqft
    2019-05-01 53 days 2,403 sqft
    2019-06-01 55 days 2,370 sqft
    2019-07-01 54 days 2,300 sqft
    2019-08-01 56 days 2,332 sqft
    2019-09-01 58 days 2,322 sqft
    2019-10-01 57 days 2,350 sqft
    2019-11-01 60 days 2,330 sqft
    2019-12-01 68 days 2,366 sqft
    2020-01-01 77 days 2,351 sqft
    2020-02-01 79 days 2,367 sqft
    2020-03-01 60 days 2,510 sqft
    2020-04-01 57 days 2,482 sqft
    2020-05-01 59 days 2,500 sqft
    2020-06-01 58 days 2,490 sqft
    2020-07-01 51 days 2,412 sqft
    2020-08-01 48 days 2,433 sqft
    2020-09-01 47 days 2,433 sqft
    2020-10-01 44 days 2,500 sqft
    2020-11-01 49 days 2,533 sqft
    2020-12-01 52 days 2,550 sqft
    2021-01-01 60 days 2,520 sqft
    2021-02-01 57 days 2,426 sqft
    2021-03-01 49 days 2,405 sqft
    2021-04-01 43 days 2,382 sqft
    2021-05-01 37 days 2,537 sqft
    2021-06-01 36 days 2,405 sqft
    2021-07-01 36 days 2,410 sqft
    2021-08-01 37 days 2,400 sqft
    2021-09-01 39 days 2,400 sqft
    2021-10-01 33 days 2,400 sqft
    2021-11-01 38 days 2,404 sqft
    2021-12-01 45 days 2,630 sqft
    2022-01-01 49 days 2,585 sqft
    2022-02-01 40 days 2,341 sqft
    2022-03-01 39 days 2,334 sqft
    2022-04-01 35 days 2,450 sqft
    Memphis's median listing age (time on market) for 2022-04-01 was 35 days. This is -18% shorter than the same period one year ago.

    Memphis's median square footage for active listings during the 2022-04-01 period was 2,450 sqft. One year prior, the average listing was 2,382 sqft.