Memphis USDA Loans

MEMPHIS, TN-MS-AR

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.