Chattanooga VA Loans

CHATTANOOGA, TN-GA

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    • 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.