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 121 lenders originated 1,027 VA loans during 2022. The total origination value was $314,135,000, with an average VA loan value of $305,876.

    Chattanooga VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Chattanooga averaged -0.26% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

    Chattanooga's average VA mortgage closing costs are $5,651.

    The average rate for the prior week (2023-11-17) was 7.09% and one month ago for the week of 2023-10-20, the average rate was 7.42%.

    The average rate one year ago was 6.23%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.11%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 147 5.24% $6,813
    QUICKEN LOANS, LLC 80 4.31% $10,155
    MOVEMENT MORTGAGE, LLC 57 4.79% $7,790
    FREEDOM MORTGAGE CORPORATION 47 4.02% $9,574
    NAVY FEDERAL CREDIT UNION 45 4.05% $8,781
    NEW DAY FINANCIAL, LLC 44 4.86% $12,200
    UNITED WHOLESALE MORTGAGE, LLC 39 4.33% $9,260
    PENNYMAC LOAN SERVICES, LLC 34 3.52% $8,992
    USAA Federal Savings Bank 28 4.57% $10,188
    CMG MORTGAGE, INC. 27 4.73% $10,438
    CALIBER HOME LOANS, INC. 25 4.84% $9,920
    LOANDEPOT.COM, LLC 24 3.95% $11,709
    TJC Mortgage, Inc. 23 4.07% $11,428
    MORTGAGE INVESTORS GROUP, INC. 20 5.24% $6,815
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 17 5.07% $8,257
    Mr. Cooper ( Nationstar Mortgage ) 14 5.02% $10,813
    BROKER SOLUTIONS, INC. 13 4.25% $7,464
    VILLAGE CAPITAL MORTGAGE 11 3.68% $9,441
    FirstBank 11 5.02% $6,301
    CARDINAL FINANCIAL 10 4.71% $12,486
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 4.55% $5,970
    Barrington Bank & Trust Company, N.A. 8 4.81% $7,099
    SUMMIT FUNDING, INC. 8 5.75% $10,721
    LEADERONE FINANCIAL CORPORATION 8 5.45% $10,206
    Truist 7 3.97% $8,175
    CROSSCOUNTRY MORTGAGE, LLC 6 4.27% $14,827
    AMERISAVE MORTGAGE CORPORATION 6 4.46% $11,837
    Bank of England 6 4.21% $10,200
    Wells Fargo Bank 6 4.85% $10,065
    CLEARPATH LENDING 6 3.46% $10,630
    The Federal Savings Bank 6 4.52% $12,947
    Flagstar Bank, FSB 5 4.78% $9,511
    Renasant Bank 5 4.80% $9,741
    RELIANCE FIRST CAPITAL, LLC 5 5.58% $5,835
    GUARANTEED RATE, INC. 5 5.37% $2,502
    PENTAGON FEDERAL CREDIT UNION 5 4.30% $5,633
    Magnolia Bank 5 4.43% $22,527
    PLANET HOME LENDING, LLC 4 3.88% $5,836
    HOMESTAR FINANCIAL CORPORATION 4 3.81% $5,314
    North American Savings Bank, F.S.B. 4 4.06% $9,642
    GUILD MORTGAGE COMPANY 4 4.59% $11,799
    DAS Acquisition Company, LLC 4 5.28% $9,197
    MUTUAL OF OMAHA MORTGAGE, INC. 4 3.47% $8,586
    United Community Bank 4 5.28% $6,961
    Equity Prime Mortgage LLC 4 6.34% $8,135
    Regions Bank 4 4.56% $5,168
    DHI MORTGAGE COMPANY, LTD. 4 3.94% $6,866
    COMMUNITY MORTGAGE CORPORATION 3 4.46% $3,055
    Texana Bank 3 4.71% $9,356
    NFM, INC. 3 6.17% $5,695
    NEWREZ LLC 3 3.79% $17,623
    MEMBER FIRST MORTGAGE, LLC 3 4.21% $10,355
    First Horizon Bank 3 4.33% $13,432
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 5.83% $7,875
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 4.33% $2,657
    Strong Home Mortgage, LLC 3 3.67% $8,711
    VANDERBILT MORTGAGE AND FINANCE, INC. 3 4.63% $16,616
    HOME POINT FINANCIAL CORPORATION 3 5.13% $7,465
    Pinnacle Bank 3 3.58% $9,331
    NBKC BANK 3 3.58% $10,166
    LAND HOME FINANCIAL SERVICES, INC. 3 5.13% $6,155
    AMERICAN FINANCING CORPORATION 3 3.83% $12,440
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.31% $8,184
    Capital City Home Loans, LLC 2 3.81% $15,110
    CONTOUR MORTGAGE CORPORATION 2 4.56% $10,075
    FIRST COMMUNITY MORTGAGE, INC. 2 3.81% $10,060
    Gateway First Bank 2 5.75% $5,504
    1ST SIGNATURE LENDING, LLC 2 5.75% $10,020
    Mid-Continent Funding, Inc. 2 3.75% $12,010
    SOVEREIGN LENDING GROUP INCORPORATED 2 3.81% $6,353
    SUCCESS MORTGAGE PARTNERS, INC. 2 6.06% $10,232
    The Central Trust Bank 2 3.13% $5,790
    Loan Simple, Inc. 1 4.25% $10,769
    LOANPAL, LLC 1 3.00% $17,354
    Northpointe Bank 1 5.00% $4,210
    Paramount Bank 1 3.25% $2,548
    Legends Bank 1 2.75% $2,868
    LAKEVIEW LOAN SERVICING, LLC 1 3.13% $3,021
    PHH Mortgage Corporation 1 6.13% $14,751
    HOMESIDE FINANCIAL, LLC 1 3.75% $4,745
    GUARANTY HOME MORTGAGE CORPORATION 1 2.88% $6,435
    PNC Bank 1 5.75% $17,996
    POLARIS HOME FUNDING CORP. 1 7.25% $7,171
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.25% $650
    F&M Bank 1 4.75% $29,220
    Princeton Mortgage Corporation 1 6.63% $10,987
    Progress Bank and Trust 1 4.63% $14,341
    PROPER RATE, LLC 1 5.88% $15,844
    Prosperity Home Mortgage, LLC 1 5.13% $3,039
    First Vision Bank of Tennessee 1 5.50% $3,887
    First Guaranty Mortgage Corporation 1 3.25% $4,282
    First Citizens National Bank 1 3.38% $10,854
    FINANCE OF AMERICA MORTGAGE LLC 1 4.88% $3,926
    Residential Mortgage Solutions, Inc. 1 7.25% $10,189
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 5.13% $650
    ROYAL UNITED MORTGAGE LLC 1 3.75% $8,151
    SECURITYNATIONAL MORTGAGE COMPANY 1 5.38% $5,355
    SmartBank 1 3.75% $3,114
    South State Bank 1 3.88% $4,795
    SOUTHWEST FUNDING, LP 1 7.75% $15,771
    ACOPIA, LLC 1 5.75% $6,220
    CU COMMUNITY, LLC 1 3.63% $5,816
    Wolfe Financial, Inc 1 3.63% $4,050
    CityWorth Mortgage LLC 1 4.63% $16,598
    Synovus Bank 1 5.13% $10,468
    CHURCHILL MORTGAGE CORPORATION 1 3.13% $11,137
    ZILLOW HOME LOANS, LLC 1 5.00% $13,682
    CASTLE & COOKE MORTGAGE, LLC 1 3.00% $5,619
    Carrington Mortgage Services, LLC 1 5.13% $24,918
    TOWNE MORTGAGE COMPANY 1 5.75% $22,620
    BNC National Bank 1 2.75% $6,668
    UNION HOME MORTGAGE CORP. 1 7.13% $6,897
    BancorpSouth 1 3.50% $3,696
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 4.63% $8,508
    Armed Forces Bank 1 4.75% $3,300
    ANGEL OAK HOME LOANS LLC 1 5.63% $14,054
    VERITAS FUNDING, LLC 1 5.25% $14,869
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.63% $4,128
    NETWORK CAPITAL FUNDING CORPORATION 1 5.38% $8,076
    Nations Lending Corporation 1 5.75% $20,087
    Low VA Rates, LLC 1 2.63% $15,603

    The top Chattanooga VA lender as defined by loan originations is Mortgage Research Center, LLC, with 147 VA loans originated. Their average total fees are $6,813, which is $3,342 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Chattanooga VA lenders (with over 10 loans originated) are FirstBank ($6,301), Mortgage Research Center, LLC ($6,813), MORTGAGE INVESTORS GROUP, INC. ($6,815), BROKER SOLUTIONS, INC. ($7,464) and MOVEMENT MORTGAGE, LLC ($7,790).

    The lowest rate Chattanooga VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.52%), VILLAGE CAPITAL MORTGAGE (3.68%), LOANDEPOT.COM, LLC (3.95%), FREEDOM MORTGAGE CORPORATION (4.02%) and NAVY FEDERAL CREDIT UNION (4.05%).

    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 (6.7%) 0.87 1,816
    2018-02-01 $242,200 (9.5%) $320,468 (9.1%) 0.88 1,777
    2018-03-01 $250,000 (10.4%) $334,458 (11.0%) 0.88 1,760
    2018-04-01 $264,900 (15.2%) $345,917 (11.7%) 0.90 1,752
    2018-05-01 $277,500 (15.7%) $355,524 (11.3%) 0.93 1,833
    2018-06-01 $275,000 (13.0%) $350,477 (2.9%) 0.92 2,030
    2018-07-01 $270,950 (10.6%) $347,392 (2.2%) 0.90 2,174
    2018-08-01 $274,700 (14.4%) $347,864 (9.8%) 0.92 2,216
    2018-09-01 $269,900 (10.2%) $343,006 (6.3%) 0.91 2,267
    2018-10-01 $270,000 (10.9%) $342,740 (6.3%) 0.91 2,278
    2018-11-01 $274,987 (17.0%) $344,823 (9.5%) 0.93 2,310
    2018-12-01 $270,000 (12.6%) $341,767 (8.6%) 0.93 2,226
    2019-01-01 $269,900 (14.9%) $338,725 (9.9%) 0.93 2,084
    2019-02-01 $271,750 (12.2%) $338,827 (5.7%) 0.92 2,062
    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 (8.9%) $354,482 (2.0%) 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 (10.4%) $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 $350,725 (11.0%) $470,594 (23.8%) 0.95 528
    2021-05-01 $349,900 (6.1%) $496,777 (23.1%) 0.93 550
    2021-06-01 $350,000 (3.7%) $497,067 (15.5%) 0.92 644
    2021-07-01 $335,450 (-1.3%) $459,256 (4.5%) 0.89 749
    2021-08-01 $324,925 (-3.0%) $459,822 (6.9%) 0.87 864
    2021-09-01 $341,875 (3.8%) $460,272 (6.0%) 0.91 852
    2021-10-01 $350,000 (9.4%) $482,744 (13.1%) 0.93 759
    2021-11-01 $361,250 (13.6%) $492,589 (15.5%) 0.97 657
    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 (19.7%) $579,378 (23.1%) 1.00 524
    2022-05-01 $437,450 (25.0%) $576,212 (16.0%) 1.00 708
    2022-06-01 $419,975 (20.0%) $557,807 (12.2%) 0.94 894
    2022-07-01 $399,000 (18.9%) $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 (16.8%) $522,478 (13.5%) 0.93 1,242
    2022-10-01 $399,250 (14.1%) $530,330 (9.9%) 0.94 1,307
    2022-11-01 $396,000 (9.6%) $521,091 (5.8%) 0.95 1,376
    2022-12-01 $395,000 (11.3%) $520,776 (5.8%) 0.98 1,257
    2023-01-01 $399,000 (15.7%) $507,785 (3.2%) 0.99 1,135
    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%) $571,997 (-1.3%) 1.02 1,021
    2023-05-01 $438,950 (0.3%) $566,578 (-1.7%) 0.99 1,099
    2023-06-01 $438,117 (4.3%) $559,947 (0.4%) 0.98 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 (0.2%) 0.99 1,474
    Chattanooga's median listing price for 2023-10-01 was $418,700, a difference of $19,450 (4.9%) versus the prior year and $-11,300 versus the prior month.

    Chattanooga's median listing price comes in at 99% of the national average.

    Chattanooga's average listing price for 2023-10-01 was $531,571, a difference of $1,241 (0.2%) versus the prior year and $-22,066 versus the prior month.

    For the 2023-10-01 period, Chattanooga had 1,474 MLS listings, a difference of 136 listings (10%) versus the prior month and 167 listings (13%) 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 2,229 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 2,163 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 2,220 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 60 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 2,072 sqft
    2020-12-01 56 days 2,029 sqft
    2021-01-01 66 days 2,063 sqft
    2021-02-01 44 days 2,074 sqft
    2021-03-01 34 days 2,097 sqft
    2021-04-01 33 days 2,100 sqft
    2021-05-01 23 days 2,104 sqft
    2021-06-01 25 days 2,072 sqft
    2021-07-01 25 days 2,032 sqft
    2021-08-01 29 days 2,002 sqft
    2021-09-01 34 days 2,029 sqft
    2021-10-01 39 days 2,065 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 2,150 sqft
    2022-05-01 22 days 2,212 sqft
    2022-06-01 26 days 2,206 sqft
    2022-07-01 31 days 2,133 sqft
    2022-08-01 38 days 2,102 sqft
    2022-09-01 44 days 2,112 sqft
    2022-10-01 46 days 2,125 sqft
    2022-11-01 52 days 2,095 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 2,085 sqft
    2023-04-01 44 days 2,125 sqft
    2023-05-01 43 days 2,130 sqft
    2023-06-01 42 days 2,133 sqft
    2023-07-01 40 days 2,088 sqft
    2023-08-01 44 days 2,064 sqft
    2023-09-01 46 days 2,073 sqft
    2023-10-01 49 days 2,050 sqft
    Chattanooga's median listing age (time on market) for 2023-10-01 was 49 days. This is 7% longer than the same period one year ago.

    Chattanooga's median square footage for active listings during the 2023-10-01 period was 2,050 sqft. One year prior, the average listing was 2,125 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.