Chattanooga VA Loans

CHATTANOOGA, TN-GA

A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

For additional benefits of VA loans, click here.

Chattanooga's 155 lenders originated 2,133 VA loans during 2021. The total origination value was $550,465,000, with an average VA loan value of $258,071.

Chattanooga VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Chattanooga averaged 5.73% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

The average rate for the prior week (2022-05-06) was 5.76% and one month ago for the week of 2022-04-08, the average rate was 5.18%.

The average rate one year ago was 3.29%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.51%.

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

Chattanooga VA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Chattanooga level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 205 2.88% $5,499
QUICKEN LOANS, LLC 178 2.50% $5,329
FREEDOM MORTGAGE CORPORATION 143 2.43% $2,635
PENNYMAC LOAN SERVICES, LLC 113 2.51% $4,841
MOVEMENT MORTGAGE, LLC 89 2.79% $5,487
NEW DAY FINANCIAL, LLC 86 2.74% $7,284
CALIBER HOME LOANS, INC. 70 2.79% $6,021
USAA Federal Savings Bank 62 2.84% $5,615
NAVY FEDERAL CREDIT UNION 49 2.51% $6,256
TJC Mortgage, Inc. 46 2.61% $7,221
VILLAGE CAPITAL & INVESTMENT LLC 45 2.29% $3,082
LOANDEPOT.COM, LLC 42 2.54% $4,439
UNITED WHOLESALE MORTGAGE, LLC 38 2.50% $5,222
LAKEVIEW LOAN SERVICING, LLC 38 2.51% $2,599
MORTGAGE INVESTORS GROUP, INC. 37 2.76% $5,317
CLEARPATH LENDING 26 2.30% $3,593
HOME POINT FINANCIAL CORPORATION 23 2.51% $4,348
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 21 3.01% $6,574
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 21 2.95% $9,936
Mr. Cooper ( Nationstar Mortgage ) 21 2.87% $3,388
The Federal Savings Bank 19 2.69% $9,040
ARK-LA-TEX FINANCIAL SERVICES, LLC. 19 2.91% $5,314
BROKER SOLUTIONS, INC. 18 2.95% $5,816
PRIMELENDING, A PLAINSCAPITAL COMPANY 18 3.03% $5,882
FirstBank 17 2.86% $4,907
SUMMIT FUNDING, INC. 13 3.13% $7,437
Wells Fargo Bank 13 2.58% $5,476
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 2.81% $4,644
CMG MORTGAGE, INC. 13 3.10% $10,292
Carrington Mortgage Services, LLC 12 3.13% $5,426
Low VA Rates, LLC 12 2.48% $2,688
Wolfe Financial, Inc 11 2.69% $6,705
LEADERONE FINANCIAL CORPORATION 11 2.90% $7,995
Magnolia Bank 9 2.69% $6,880
VANDERBILT MORTGAGE AND FINANCE, INC. 9 2.69% $6,609
AMERICAN FINANCIAL NETWORK, INC. 9 2.39% $9,693
InterContinental Capital Group, Inc 9 2.32% $3,410
Truist Bank 8 2.90% $6,866
First Guaranty Mortgage Corporation 8 2.34% $3,739
MEMBER FIRST MORTGAGE, LLC 8 2.76% $5,684
SUN WEST MORTGAGE COMPANY, INC. 7 2.36% $5,737
Pinnacle Bank 7 2.57% $8,827
AMERISAVE MORTGAGE CORPORATION 7 2.55% $4,471
Barrington Bank & Trust Company, N.A. 7 2.91% $4,722
GENEVA FINANCIAL, LLC 6 3.02% $6,374
CHURCHILL MORTGAGE CORPORATION 6 2.65% $6,050
SOVEREIGN LENDING GROUP INCORPORATED 6 2.54% $6,039
Capital City Home Loans, LLC 6 3.08% $8,403
Bank of England 6 2.77% $7,550
HOMESTAR FINANCIAL CORPORATION 6 3.15% $10,004
VAN DYK MORTGAGE CORPORATION 6 3.25% $5,522
PENTAGON FEDERAL CREDIT UNION 6 2.46% $2,308
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 2.85% $8,932
COMMUNITY MORTGAGE CORPORATION 5 2.63% $4,799
DHI MORTGAGE COMPANY, LTD. 5 2.77% $8,122
Flagstar Bank, FSB 5 2.75% $5,163
GUILD MORTGAGE COMPANY 5 2.58% $2,476
ACCELERATE MORTGAGE, LLC 5 2.15% $5,403
MUTUAL OF OMAHA MORTGAGE, INC. 5 2.63% $3,113
NEWREZ LLC 5 2.45% $2,236
North American Savings Bank, F.S.B. 5 2.58% $2,489
DAS Acquisition Company, LLC 4 3.14% $6,580
Regions Bank 4 2.97% $11,559
NP, Inc. 4 2.50% $2,274
Wyndham Capital Mortgage, Inc. 4 2.25% $5,911
First Federal Bank 4 3.69% $9,260
Paramount Bank 4 2.50% $5,864
PLANET HOME LENDING, LLC 4 2.56% $5,345
PANORAMA MORTGAGE GROUP, LLC 4 4.22% $5,050
Paramount Residential Mortgage Group, Inc. 3 2.75% $6,558
CROSSCOUNTRY MORTGAGE, LLC 3 2.71% $3,058
Nations Lending Corporation 3 3.25% $6,874
NBKC BANK 3 2.38% $13,150
SIRVA MORTGAGE, INC. 3 2.71% $7,567
SUCCESS MORTGAGE PARTNERS, INC. 3 3.21% $4,225
FIRST COMMUNITY MORTGAGE, INC. 3 3.04% $7,392
POLARIS HOME FUNDING CORP. 3 2.96% $7,650
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 4.00% $2,585
AmeriHome Mortgage Company, LLC 3 2.79% $4,120
Legends Bank 3 2.63% $4,176
GUARANTEED RATE, INC. 3 2.63% $5,334
AMERICAN FINANCING CORPORATION 2 2.50% $5,304
The Huntington National Bank 2 3.19% $7,904
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 3.06% $4,709
First Citizens National Bank 2 2.44% $6,033
Mid-Continent Funding, Inc. 2 2.81% $2,861
Reliant Bank 2 2.75% $2,922
GMFS LLC 2 3.75% $6,673
Princeton Mortgage Corporation 2 3.19% $8,781
HOMESIDE FINANCIAL, LLC 2 2.56% $3,643
Ameris Bank 2 2.44% $4,518
KELLER MORTGAGE, LLC 2 2.75% $7,910
U.S. Bank 2 2.63% $2,490
CONTOUR MORTGAGE CORPORATION 2 2.44% $9,169
DRAPER AND KRAMER MORTGAGE CORP. 2 3.13% $1,940
BNC National Bank 2 2.31% $21,081
Loan Simple, Inc. 2 2.88% $6,552
SWBC MORTGAGE CORPORATION 2 3.75% $5,042
Independent Bank 2 2.56% $4,210
First Horizon Bank 2 2.50% $1,746
STOCKTON MORTGAGE CORPORATION 1 2.75% $4,636
Strong Home Mortgage, LLC 1 2.88% $13,051
BAYSHORE MORTGAGE FUNDING, LLC 1 2.75% $3,679
T2 FINANCIAL LLC 1 3.75% $2,198
BANKSOUTH MORTGAGE COMPANY, LLC 1 2.88% $5,828
The Home Loan Expert LLC 1 2.50% $4,204
TOP FLITE FINANCIAL, INC. 1 3.25% $5,556
TRAVIS CREDIT UNION 1 3.63% $14,758
AmRes Corporation 1 2.75% $3,004
Tyndall Federal Credit Union 1 2.63% $3,371
HOMESPIRE MORTGAGE CORPORATION 1 2.25% $3,853
UNITED MORTGAGE CORP. 1 3.13% $4,014
AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.50% $4,415
AMERICAN FINANCIAL RESOURCES, INC. 1 3.50% $5,018
AMCAP MORTGAGE, LTD. 1 3.00% $4,116
GSF Mortgage Corporation 1 3.13% $2,895
UNION HOME MORTGAGE CORP. 1 2.25% $21,672
HOMESTEAD FUNDING CORP. 1 2.75% $1,015
Hometown Lenders, Inc. 1 3.63% $3,632
INTERCAP LENDING INC. 1 2.75% $6,828
INTERCOASTAL MORTGAGE COMPANY 1 2.50% $20,885
Franklin Loan Corporation 1 2.63% $16,785
ISERVE RESIDENTIAL LENDING, LLC 1 4.25% $16,538
JPMorgan Chase Bank 1 3.49% $2,664
KS StateBank 1 2.25% $11,029
LADERA LENDING, INC. 1 2.38% $3,169
Lakeview Community Capital, LLC 1 2.99% $1,584
First Home Bank 1 2.63% $11,069
Legacy Home Loans, LLC 1 2.75% $3,530
LENDUS, LLC 1 2.25% $4,166
First Federal Bank of Kansas City 1 2.25% $2,257
LOANPAL, LLC 1 3.00% $778
Midwest Community Bank 1 2.25% $13,284
MILEND, INC. 1 4.63% $14,420
MORTGAGE ACCESS CORP. 1 2.75% $7,834
CU COMMUNITY, LLC 1 2.38% $3,245
ACOPIA, LLC 1 2.25% $3,502
Credence Funding Corporation 1 2.25% $3,842
ZILLOW HOME LOANS, LLC 1 2.75% $12,713
Community First National Bank 1 2.38% $2,994
Commerce Home Mortgage, Inc. 1 2.75% $1,740
Colonial Savings, F.A. 1 2.63% $0
PNC Bank 1 2.63% $2,576
Citizens Tri-County Bank 1 2.50% $3,646
Progress Bank and Trust 1 2.25% $10,589
Prosperity Home Mortgage, LLC 1 2.25% $4,045
Citizens Bank 1 2.75% $6,732
Renasant Bank 1 3.00% $10,962
RESIDENTIAL BANCORP. 1 2.75% $11,840
ROSS MORTGAGE CORPORATION 1 3.25% $2,774
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 2.75% $3,761
ROYAL UNITED MORTGAGE LLC 1 2.75% $15,448
Sierra Pacific Mortgage Company, Inc. 1 3.63% $13,848
SOUTHWEST FUNDING, LP 1 2.75% $6,533
CapStar Bank 1 2.63% $2,167

The top Chattanooga VA lender as defined by loan originations is Mortgage Research Center, LLC, with 205 VA loans originated. Their average total fees are $5,499, which is $169 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Chattanooga VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,599), FREEDOM MORTGAGE CORPORATION ($2,635), Low VA Rates, LLC ($2,688), VILLAGE CAPITAL & INVESTMENT LLC ($3,082) and Mr. Cooper ( Nationstar Mortgage ) ($3,388).

The lowest rate Chattanooga VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC (2.29%), CLEARPATH LENDING (2.30%), FREEDOM MORTGAGE CORPORATION (2.43%), Low VA Rates, LLC (2.48%) and UNITED WHOLESALE MORTGAGE, LLC (2.50%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Chattanooga (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 $229,900 (8.4%) $305,578 (5.8%) 0.85 1,960
2018-02-01 $232,400 (6.1%) $316,453 (7.8%) 0.84 1,928
2018-03-01 $249,000 (11.9%) $328,142 (9.0%) 0.86 1,895
2018-04-01 $260,000 (13.5%) $341,780 (9.7%) 0.87 1,889
2018-05-01 $274,450 (14.5%) $352,338 (10.0%) 0.92 1,958
2018-06-01 $269,900 (12.5%) $347,251 (-7.5%) 0.90 2,167
2018-07-01 $269,000 (12.1%) $344,022 (-7.3%) 0.90 2,296
2018-08-01 $269,450 (12.3%) $343,747 (8.7%) 0.90 2,354
2018-09-01 $268,500 (11.9%) $340,617 (5.9%) 0.90 2,414
2018-10-01 $269,450 (12.3%) $339,896 (5.6%) 0.90 2,428
2018-11-01 $272,000 (18.3%) $343,339 (9.2%) 0.91 2,472
2018-12-01 $269,900 (14.9%) $337,861 (7.8%) 0.92 2,389
2019-01-01 $269,000 (17.0%) $335,364 (9.8%) 0.93 2,243
2019-02-01 $269,700 (16.1%) $335,754 (6.1%) 0.90 2,221
2019-03-01 $283,000 (13.7%) $344,993 (5.1%) 0.92 2,145
2019-04-01 $295,000 (13.5%) $355,026 (3.9%) 0.93 2,121
2019-05-01 $295,000 (7.5%) $360,534 (2.3%) 0.91 2,220
2019-06-01 $289,900 (7.4%) $353,764 (1.9%) 0.89 2,270
2019-07-01 $289,900 (7.8%) $348,947 (1.4%) 0.90 2,366
2019-08-01 $289,786 (7.6%) $347,283 (1.0%) 0.91 2,328
2019-09-01 $289,900 (8.0%) $350,282 (2.8%) 0.92 2,259
2019-10-01 $285,000 (5.8%) $345,954 (1.8%) 0.91 2,328
2019-11-01 $290,000 (6.6%) $347,917 (1.3%) 0.94 2,258
2019-12-01 $295,000 (9.3%) $350,185 (3.7%) 0.98 2,065
2020-01-01 $290,000 (7.8%) $348,974 (4.1%) 0.97 1,854
2020-02-01 $299,900 (11.2%) $359,869 (7.2%) 0.97 1,680
2020-03-01 $309,491 (9.4%) $366,202 (6.2%) 0.97 1,685
2020-04-01 $314,750 (6.7%) $374,272 (5.4%) 0.98 1,685
2020-05-01 $329,900 (11.8%) $397,707 (10.3%) 1.00 1,606
2020-06-01 $336,200 (16.0%) $423,821 (19.8%) 0.98 1,427
2020-07-01 $339,900 (17.3%) $432,996 (24.1%) 0.97 1,287
2020-08-01 $337,000 (16.3%) $421,414 (21.4%) 0.96 1,197
2020-09-01 $329,212 (13.6%) $422,765 (20.7%) 0.94 1,162
2020-10-01 $322,968 (13.3%) $426,281 (23.2%) 0.92 1,109
2020-11-01 $314,950 (8.6%) $423,058 (21.6%) 0.90 1,097
2020-12-01 $313,950 (6.4%) $425,318 (21.5%) 0.92 1,021
2021-01-01 $322,500 (11.2%) $440,649 (26.3%) 0.95 811
2021-02-01 $339,700 (13.3%) $465,772 (29.4%) 0.98 587
2021-03-01 $354,900 (14.7%) $471,205 (28.7%) 1.00 555
2021-04-01 $355,450 (12.9%) $481,288 (28.6%) 0.96 546
2021-05-01 $349,000 (5.8%) $499,900 (25.7%) 0.92 579
2021-06-01 $349,250 (3.9%) $509,752 (20.3%) 0.91 656
2021-07-01 $334,450 (-1.6%) $478,768 (10.6%) 0.87 764
2021-08-01 $319,500 (-5.2%) $465,556 (10.5%) 0.84 909
2021-09-01 $327,000 (-0.7%) $460,867 (9.0%) 0.86 902
2021-10-01 $329,000 (1.9%) $482,638 (13.2%) 0.87 811
2021-11-01 $340,000 (8.0%) $499,472 (18.1%) 0.90 683
2021-12-01 $337,450 (7.5%) $496,307 (16.7%) 0.90 601
2022-01-01 $314,999 (-2.3%) $486,637 (10.4%) 0.84 544
2022-02-01 $339,900 (0.1%) $515,565 (10.7%) 0.87 476
2022-03-01 $340,000 (-4.2%) $528,702 (12.2%) 0.84 501
2022-04-01 $399,900 (12.5%) $564,994 (17.4%) 0.94 569
Chattanooga's median listing price for 2022-04-01 was $399,900, a difference of $44,450 (12.5%) versus the prior year and $59,900 versus the prior month.

Chattanooga's median listing price comes in at 94% of the national average.

Chattanooga's average listing price for 2022-04-01 was $564,994, a difference of $83,706 (17.4%) versus the prior year and $36,292 versus the prior month.

For the 2022-04-01 period, Chattanooga had 569 MLS listings, a difference of 68 listings (14%) versus the prior month and 23 listings (4%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Chattanooga (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 81 days 2,066 sqft
2018-02-01 79 days 2,065 sqft
2018-03-01 60 days 2,102 sqft
2018-04-01 58 days 2,186 sqft
2018-05-01 54 days 2,211 sqft
2018-06-01 51 days 2,158 sqft
2018-07-01 54 days 2,169 sqft
2018-08-01 61 days 2,160 sqft
2018-09-01 62 days 2,156 sqft
2018-10-01 66 days 2,174 sqft
2018-11-01 70 days 2,185 sqft
2018-12-01 76 days 2,179 sqft
2019-01-01 85 days 2,179 sqft
2019-02-01 75 days 2,158 sqft
2019-03-01 58 days 2,197 sqft
2019-04-01 55 days 2,228 sqft
2019-05-01 51 days 2,246 sqft
2019-06-01 56 days 2,234 sqft
2019-07-01 58 days 2,225 sqft
2019-08-01 64 days 2,223 sqft
2019-09-01 64 days 2,231 sqft
2019-10-01 64 days 2,229 sqft
2019-11-01 67 days 2,218 sqft
2019-12-01 77 days 2,222 sqft
2020-01-01 81 days 2,200 sqft
2020-02-01 74 days 2,200 sqft
2020-03-01 53 days 2,259 sqft
2020-04-01 55 days 2,280 sqft
2020-05-01 65 days 2,322 sqft
2020-06-01 64 days 2,335 sqft
2020-07-01 63 days 2,290 sqft
2020-08-01 58 days 2,240 sqft
2020-09-01 50 days 2,181 sqft
2020-10-01 51 days 2,100 sqft
2020-11-01 54 days 2,071 sqft
2020-12-01 60 days 2,042 sqft
2021-01-01 74 days 2,079 sqft
2021-02-01 59 days 2,090 sqft
2021-03-01 41 days 2,113 sqft
2021-04-01 41 days 2,111 sqft
2021-05-01 28 days 2,100 sqft
2021-06-01 31 days 2,041 sqft
2021-07-01 31 days 2,039 sqft
2021-08-01 31 days 2,004 sqft
2021-09-01 37 days 2,014 sqft
2021-10-01 43 days 2,072 sqft
2021-11-01 43 days 2,118 sqft
2021-12-01 47 days 2,040 sqft
2022-01-01 52 days 1,902 sqft
2022-02-01 44 days 1,914 sqft
2022-03-01 35 days 1,908 sqft
2022-04-01 23 days 2,100 sqft
Chattanooga's median listing age (time on market) for 2022-04-01 was 23 days. This is -44% shorter than the same period one year ago.

Chattanooga's median square footage for active listings during the 2022-04-01 period was 2,100 sqft. One year prior, the average listing was 2,111 sqft.

VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.