Chattanooga VA Loan Rates, Closing Costs & Stats

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 not 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 118 lenders originated 778 VA loans during 2023. The total origination value was $258,530,000, with an average VA loan value of $332,301.

    Chattanooga VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Chattanooga averaged 6.77% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Chattanooga's average VA mortgage closing costs are $6,052.

    The average rate for the prior week (2024-04-12) was 6.7% and one month ago for the week of 2024-03-15, the average rate was 6.76%.

    The average rate one year ago was 6.15%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.18%.

    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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Chattanooga level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 122 6.74% $6,422
    QUICKEN LOANS, LLC 52 6.18% $13,584
    MOVEMENT MORTGAGE, LLC 50 6.39% $8,009
    UNION HOME MORTGAGE CORP. 31 6.73% $9,164
    CMG MORTGAGE, INC. 29 6.41% $10,801
    FirstBank 25 6.41% $8,215
    NAVY FEDERAL CREDIT UNION 25 5.81% $5,634
    UNITED WHOLESALE MORTGAGE, LLC 22 6.42% $9,215
    USAA Federal Savings Bank 21 5.98% $9,336
    FREEDOM MORTGAGE CORPORATION 20 6.61% $14,927
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 20 6.57% $10,031
    NEW DAY FINANCIAL, LLC 18 7.33% $14,206
    MORTGAGE INVESTORS GROUP, INC. 17 6.12% $8,830
    PENNYMAC LOAN SERVICES, LLC 14 5.54% $11,920
    The Federal Savings Bank 13 6.15% $17,517
    SUMMIT FUNDING, INC. 13 6.50% $12,079
    LEADERONE FINANCIAL CORPORATION 11 6.29% $9,084
    LOANDEPOT.COM, LLC 10 6.27% $10,652
    DHI MORTGAGE COMPANY, LTD. 10 5.60% $6,699
    ALAMEDA MORTGAGE CORPORATION 9 6.51% $12,971
    TJC Mortgage, Inc. 9 6.17% $12,263
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 9 6.58% $8,324
    Barrington Bank & Trust Company, N.A. 9 6.03% $12,203
    GUARANTEED RATE, INC. 8 6.49% $3,785
    AMERISAVE MORTGAGE CORPORATION 6 5.92% $23,981
    FIRST COLONY MORTGAGE CORPORATION 6 7.06% $10,582
    Mr. Cooper ( Nationstar Mortgage ) 5 5.58% $16,399
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.82% $8,204
    Renasant Bank 5 6.15% $12,946
    MEMBER FIRST MORTGAGE, LLC 5 6.13% $9,542
    NBKC BANK 5 6.13% $8,070
    MORTGAGE SOLUTIONS OF COLORADO, LLC 5 6.98% $9,267
    NEWREZ LLC 4 6.34% $6,844
    RELIANCE FIRST CAPITAL, LLC 4 6.53% $12,608
    PENTAGON FEDERAL CREDIT UNION 4 5.38% $6,551
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.22% $10,571
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 4 6.53% $12,844
    Wells Fargo Bank 4 5.63% $13,194
    LAKEVIEW LOAN SERVICING, LLC 4 6.06% $10,884
    BROKER SOLUTIONS, INC. 3 6.42% $21,337
    SIRVA MORTGAGE, INC. 3 6.88% $1,798
    MUTUAL OF OMAHA MORTGAGE, INC. 3 5.79% $9,035
    Wolfe Financial, Inc 3 6.46% $5,110
    SUN WEST MORTGAGE COMPANY, INC. 3 6.17% $11,072
    Paramount Residential Mortgage Group, Inc. 3 6.46% $6,392
    Flagstar Bank, FSB 3 6.67% $12,932
    COMMUNITY MORTGAGE CORPORATION 2 6.81% $6,011
    Plains Commerce Bank 2 6.31% $3,825
    VAN DYK MORTGAGE CORPORATION 2 6.38% $7,682
    CONTOUR MORTGAGE CORPORATION 2 6.25% $18,957
    VILLAGE CAPITAL MORTGAGE 2 5.75% $13,895
    INTERLINC MORTGAGE SERVICES, LLC 2 6.25% $5,945
    FIRST COMMUNITY MORTGAGE, INC. 2 6.50% $9,433
    First Citizens National Bank 2 6.25% $5,187
    Cornerstone First Mortgage, Inc 2 7.68% $9,309
    CARDINAL FINANCIAL 2 5.94% $14,380
    PLAZA HOME MORTGAGE, INC. 2 6.25% $20,298
    LAND HOME FINANCIAL SERVICES, INC. 2 5.88% $13,898
    STOCKTON MORTGAGE CORPORATION 2 6.25% $6,002
    GUARANTY HOME MORTGAGE CORPORATION 2 6.25% $24,990
    ACOPIA, LLC 2 6.56% $6,707
    First Horizon Bank 2 7.06% $7,600
    CHURCHILL MORTGAGE CORPORATION 2 6.56% $17,762
    BAYSHORE MORTGAGE FUNDING, LLC 2 6.94% $12,274
    Legends Bank 1 6.38% $9,335
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $6,875
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $8,532
    Ameris Bank 1 6.25% $7,259
    AXIA FINANCIAL, LLC 1 6.75% $5,018
    BancorpSouth 1 6.75% $9,057
    Bank of America 1 6.50% $535
    Bank of England 1 6.25% $4,585
    BANKSOUTH MORTGAGE COMPANY, LLC 1 5.13% $8,594
    Capital City Home Loans, LLC 1 7.00% $6,717
    Citibank 1 7.75% $4,372
    Citizens Bank 1 7.25% $12,130
    Citizens Tri-County Bank 1 6.25% $5,669
    COMPASS MORTGAGE, INC. 1 7.25% $11,944
    Credence Funding Corporation 1 6.00% $5,937
    CRESCENT MORTGAGE COMPANY 1 6.00% $4,003
    CROSSCOUNTRY MORTGAGE, LLC 1 5.99% $13,072
    DAS Acquisition Company, LLC 1 7.50% $0
    ENDEAVOR CAPITAL, LLC. 1 6.63% $5,646
    Equity Prime Mortgage LLC 1 7.75% $19,851
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 7.00% $10,617
    First Federal Bank 1 6.00% $8,025
    Gateway First Bank 1 6.25% $14,355
    GENEVA FINANCIAL, LLC 1 6.50% $33,413
    HOMESTAR FINANCIAL CORPORATION 1 6.25% $1,713
    HOMESTEAD FUNDING CORP. 1 6.25% $6,997
    Independent Bank 1 6.75% $18,563
    JPMorgan Chase Bank 1 5.99% $16,175
    LADERA LENDING, INC. 1 7.25% $15,364
    1ST SIGNATURE LENDING, LLC 1 6.63% $14,043
    Magnolia Bank 1 6.13% $8,471
    MICHIGAN MUTUAL, INC. 1 6.63% $296
    MID AMERICA MORTGAGE, INC. 1 6.75% $9,257
    MILEND, INC. 1 7.00% $17,469
    NATIONS RELIABLE LENDING, LLC 1 7.00% $2,254
    NTFN, INC. 1 5.75% $9,679
    Patriot Bank 1 6.38% $9,929
    PHH Mortgage Corporation 1 6.49% $8,244
    Pinnacle Bank 1 5.63% $8,257
    PLANET HOME LENDING, LLC 1 6.50% $15,705
    Prosperity Home Mortgage, LLC 1 5.25% $16,097
    Regions Bank 1 5.63% $7,086
    Simmons Bank 1 5.13% $11,830
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.00% $5,183
    Synovus Bank 1 6.75% $3,647
    TENNESSEE VALLEY 1 6.63% $2,907
    The Central Trust Bank 1 5.49% $5,137
    TOWNE MORTGAGE COMPANY 1 6.63% $3,205
    Truist 1 5.75% $2,577
    United Community Bank 1 5.13% $10,119
    U.S. Bank 1 6.25% $16,611
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.75% $2,075
    VERITAS FUNDING, LLC 1 6.25% $18,499
    V.I.P. MORTGAGE, INC. 1 6.75% $6,793

    The top Chattanooga VA lender as defined by loan originations is Mortgage Research Center, LLC, with 122 VA loans originated. Their average total fees are $6,422, which is $7,161 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Chattanooga VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($5,634), Mortgage Research Center, LLC ($6,422), DHI MORTGAGE COMPANY, LTD. ($6,699), MOVEMENT MORTGAGE, LLC ($8,009) and FirstBank ($8,215).

    The lowest rate Chattanooga VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.54%), DHI MORTGAGE COMPANY, LTD. (5.60%), NAVY FEDERAL CREDIT UNION (5.81%), USAA Federal Savings Bank (5.98%) and MORTGAGE INVESTORS GROUP, INC. (6.12%).

    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 $235,000 (9.3%) $308,169 (6.6%) 0.87 1,816
    2018-02-01 $242,200 (9.5%) $320,468 (9.0%) 0.88 1,777
    2018-03-01 $250,000 (10.3%) $334,458 (10.9%) 0.88 1,760
    2018-04-01 $264,900 (15.2%) $345,917 (11.6%) 0.90 1,752
    2018-05-01 $277,500 (15.7%) $355,545 (11.2%) 0.93 1,832
    2018-06-01 $274,950 (12.8%) $350,493 (2.8%) 0.92 2,029
    2018-07-01 $270,550 (10.4%) $347,369 (2.1%) 0.90 2,174
    2018-08-01 $274,600 (14.2%) $347,879 (9.7%) 0.92 2,215
    2018-09-01 $269,900 (10.2%) $343,019 (6.2%) 0.91 2,266
    2018-10-01 $270,000 (10.9%) $342,753 (6.2%) 0.91 2,277
    2018-11-01 $274,975 (17.0%) $344,837 (9.4%) 0.93 2,309
    2018-12-01 $270,000 (12.6%) $341,780 (8.6%) 0.93 2,225
    2019-01-01 $269,900 (14.9%) $338,737 (9.9%) 0.93 2,083
    2019-02-01 $271,500 (12.1%) $338,840 (5.7%) 0.92 2,061
    2019-03-01 $283,871 (13.6%) $347,651 (3.9%) 0.93 2,001
    2019-04-01 $296,750 (12.0%) $356,381 (3.0%) 0.94 1,997
    2019-05-01 $295,000 (6.3%) $362,204 (1.9%) 0.92 2,082
    2019-06-01 $294,800 (7.2%) $358,176 (2.2%) 0.92 2,096
    2019-07-01 $295,000 (9.0%) $354,482 (2.1%) 0.92 2,180
    2019-08-01 $293,573 (6.9%) $348,480 (0.2%) 0.93 2,191
    2019-09-01 $291,507 (8.0%) $349,588 (1.9%) 0.93 2,167
    2019-10-01 $289,900 (7.4%) $349,260 (1.9%) 0.94 2,166
    2019-11-01 $290,000 (5.5%) $349,839 (1.5%) 0.95 2,096
    2019-12-01 $295,117 (9.3%) $352,651 (3.2%) 0.98 1,916
    2020-01-01 $293,375 (8.7%) $350,435 (3.5%) 0.98 1,725
    2020-02-01 $299,900 (10.5%) $363,132 (7.2%) 0.98 1,568
    2020-03-01 $309,800 (9.1%) $370,905 (6.7%) 0.97 1,583
    2020-04-01 $316,000 (6.5%) $380,228 (6.7%) 0.99 1,584
    2020-05-01 $329,800 (11.8%) $403,602 (11.4%) 1.00 1,514
    2020-06-01 $337,500 (14.5%) $430,525 (20.2%) 0.99 1,345
    2020-07-01 $339,900 (15.2%) $439,484 (24.0%) 0.99 1,221
    2020-08-01 $334,900 (14.1%) $430,254 (23.5%) 0.96 1,142
    2020-09-01 $329,450 (13.0%) $434,227 (24.2%) 0.94 1,117
    2020-10-01 $320,000 (10.4%) $426,935 (22.2%) 0.92 1,042
    2020-11-01 $317,950 (9.6%) $426,505 (21.9%) 0.93 1,013
    2020-12-01 $312,450 (5.9%) $425,865 (20.8%) 0.93 952
    2021-01-01 $319,000 (8.7%) $436,061 (24.4%) 0.95 768
    2021-02-01 $331,175 (10.4%) $464,678 (28.0%) 0.96 565
    2021-03-01 $347,225 (12.1%) $464,436 (25.2%) 0.99 539
    2021-04-01 $350,000 (10.8%) $470,351 (23.7%) 0.95 527
    2021-05-01 $349,900 (6.1%) $496,480 (23.0%) 0.93 549
    2021-06-01 $350,000 (3.7%) $496,799 (15.4%) 0.92 643
    2021-07-01 $335,000 (-1.4%) $459,406 (4.5%) 0.88 748
    2021-08-01 $324,900 (-3.0%) $459,580 (6.8%) 0.87 863
    2021-09-01 $341,800 (3.8%) $460,030 (5.9%) 0.91 851
    2021-10-01 $350,000 (9.4%) $482,500 (13.0%) 0.93 759
    2021-11-01 $360,000 (13.2%) $492,456 (15.5%) 0.96 657
    2021-12-01 $354,900 (13.6%) $492,361 (15.6%) 0.96 578
    2022-01-01 $345,000 (8.2%) $491,856 (12.8%) 0.93 522
    2022-02-01 $358,720 (8.3%) $523,569 (12.7%) 0.93 460
    2022-03-01 $350,000 (0.8%) $544,116 (17.2%) 0.88 471
    2022-04-01 $419,900 (20.0%) $579,378 (23.2%) 1.00 524
    2022-05-01 $437,450 (25.0%) $576,212 (16.1%) 1.00 708
    2022-06-01 $419,975 (20.0%) $557,807 (12.3%) 0.94 894
    2022-07-01 $399,000 (19.1%) $540,630 (17.7%) 0.90 1,107
    2022-08-01 $396,900 (22.2%) $517,976 (12.7%) 0.92 1,213
    2022-09-01 $399,450 (16.9%) $522,478 (13.6%) 0.93 1,242
    2022-10-01 $399,000 (14.0%) $530,089 (9.9%) 0.94 1,307
    2022-11-01 $395,000 (9.7%) $520,857 (5.8%) 0.95 1,377
    2022-12-01 $395,000 (11.3%) $520,532 (5.7%) 0.98 1,258
    2023-01-01 $398,675 (15.6%) $507,517 (3.2%) 0.99 1,136
    2023-02-01 $398,400 (11.1%) $506,652 (-3.2%) 0.96 1,066
    2023-03-01 $408,450 (16.7%) $538,999 (-0.9%) 0.96 1,018
    2023-04-01 $439,900 (4.8%) $572,673 (-1.2%) 1.02 1,021
    2023-05-01 $438,950 (0.3%) $567,581 (-1.5%) 1.00 1,098
    2023-06-01 $438,783 (4.5%) $560,013 (0.4%) 0.99 1,160
    2023-07-01 $437,500 (9.7%) $560,011 (3.6%) 0.99 1,250
    2023-08-01 $437,500 (10.2%) $563,449 (8.8%) 1.00 1,281
    2023-09-01 $430,000 (7.7%) $553,637 (6.0%) 1.00 1,338
    2023-10-01 $418,700 (4.9%) $531,571 (0.3%) 0.99 1,474
    2023-11-01 $415,000 (5.1%) $530,721 (1.9%) 0.99 1,533
    2023-12-01 $409,900 (3.8%) $526,634 (1.2%) 1.00 1,519
    2024-01-01 $399,923 (0.3%) $526,969 (3.8%) 0.98 1,430
    2024-02-01 $402,498 (1.0%) $529,830 (4.6%) 0.97 1,444
    2024-03-01 $425,000 (4.1%) $547,972 (1.7%) 1.00 1,442
    Chattanooga's median listing price for 2024-03-01 was $425,000, a difference of $16,550 (4.1%) versus the prior year and $22,502 versus the prior month.

    Chattanooga's median listing price comes in at 100% of the national average.

    Chattanooga's average listing price for 2024-03-01 was $547,972, a difference of $8,973 (1.7%) versus the prior year and $18,142 versus the prior month.

    For the 2024-03-01 period, Chattanooga had 1,442 MLS listings, a difference of -2 listings (0%) versus the prior month and 424 listings (42%) 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 78 days 2,080 sqft
    2018-02-01 73 days 2,090 sqft
    2018-03-01 55 days 2,140 sqft
    2018-04-01 53 days 2,194 sqft
    2018-05-01 50 days 2,231 sqft
    2018-06-01 47 days 2,169 sqft
    2018-07-01 50 days 2,175 sqft
    2018-08-01 59 days 2,165 sqft
    2018-09-01 58 days 2,160 sqft
    2018-10-01 64 days 2,164 sqft
    2018-11-01 67 days 2,170 sqft
    2018-12-01 73 days 2,152 sqft
    2019-01-01 83 days 2,154 sqft
    2019-02-01 72 days 2,151 sqft
    2019-03-01 63 days 2,186 sqft
    2019-04-01 51 days 2,219 sqft
    2019-05-01 50 days 2,229 sqft
    2019-06-01 53 days 2,232 sqft
    2019-07-01 56 days 2,237 sqft
    2019-08-01 57 days 2,230 sqft
    2019-09-01 61 days 2,237 sqft
    2019-10-01 63 days 2,236 sqft
    2019-11-01 64 days 2,218 sqft
    2019-12-01 73 days 2,216 sqft
    2020-01-01 79 days 2,200 sqft
    2020-02-01 71 days 2,200 sqft
    2020-03-01 50 days 2,244 sqft
    2020-04-01 52 days 2,247 sqft
    2020-05-01 60 days 2,300 sqft
    2020-06-01 57 days 2,308 sqft
    2020-07-01 58 days 2,260 sqft
    2020-08-01 52 days 2,230 sqft
    2020-09-01 46 days 2,176 sqft
    2020-10-01 49 days 2,100 sqft
    2020-11-01 53 days 2,070 sqft
    2020-12-01 56 days 2,029 sqft
    2021-01-01 66 days 2,063 sqft
    2021-02-01 44 days 2,073 sqft
    2021-03-01 34 days 2,097 sqft
    2021-04-01 33 days 2,100 sqft
    2021-05-01 23 days 2,100 sqft
    2021-06-01 25 days 2,068 sqft
    2021-07-01 24 days 2,032 sqft
    2021-08-01 28 days 2,001 sqft
    2021-09-01 34 days 2,028 sqft
    2021-10-01 39 days 2,063 sqft
    2021-11-01 39 days 2,123 sqft
    2021-12-01 43 days 2,066 sqft
    2022-01-01 49 days 1,980 sqft
    2022-02-01 36 days 2,030 sqft
    2022-03-01 25 days 2,007 sqft
    2022-04-01 20 days 2,145 sqft
    2022-05-01 22 days 2,212 sqft
    2022-06-01 26 days 2,206 sqft
    2022-07-01 31 days 2,130 sqft
    2022-08-01 38 days 2,102 sqft
    2022-09-01 44 days 2,111 sqft
    2022-10-01 47 days 2,121 sqft
    2022-11-01 52 days 2,094 sqft
    2022-12-01 63 days 2,085 sqft
    2023-01-01 73 days 2,085 sqft
    2023-02-01 60 days 2,092 sqft
    2023-03-01 47 days 2,084 sqft
    2023-04-01 44 days 2,125 sqft
    2023-05-01 43 days 2,130 sqft
    2023-06-01 42 days 2,137 sqft
    2023-07-01 40 days 2,088 sqft
    2023-08-01 44 days 2,065 sqft
    2023-09-01 46 days 2,073 sqft
    2023-10-01 49 days 2,050 sqft
    2023-11-01 52 days 2,021 sqft
    2023-12-01 57 days 1,980 sqft
    2024-01-01 66 days 1,927 sqft
    2024-02-01 53 days 1,935 sqft
    2024-03-01 44 days 1,999 sqft
    Chattanooga's median listing age (time on market) for 2024-03-01 was 44 days. This is -5% shorter than the same period one year ago.

    Chattanooga's median square footage for active listings during the 2024-03-01 period was 1,999 sqft. One year prior, the average listing was 2,084 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.