Chattanooga VA Loan Rates, Closing Costs & Stats

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 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 6.78% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.73% and one month ago for the week of 2024-03-08, the average rate was 6.46%.

The average rate one year ago was 6.16%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.89%.

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.