Knoxville VA Loans

KNOXVILLE, TN

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.

Knoxville's 179 lenders originated 4,057 VA loans during 2021. The total origination value was $1,105,925,000, with an average VA loan value of $272,597.

Knoxville VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Knoxville averaged 5.67% 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 5.5% and one month ago for the week of 2022-04-08, the average rate was 4.82%.

The average rate one year ago was 3.24%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.07%.

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

Knoxville 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 Knoxville level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 357 2.46% $5,441
Mortgage Research Center, LLC 315 2.87% $6,190
MORTGAGE INVESTORS GROUP, INC. 259 2.86% $6,822
FREEDOM MORTGAGE CORPORATION 257 2.46% $2,989
PENNYMAC LOAN SERVICES, LLC 246 2.45% $5,326
FIRST COMMUNITY MORTGAGE, INC. 122 2.73% $5,284
NEW DAY FINANCIAL, LLC 115 2.77% $8,043
NAVY FEDERAL CREDIT UNION 101 2.49% $6,436
UNITED WHOLESALE MORTGAGE, LLC 96 2.55% $6,903
USAA Federal Savings Bank 96 2.79% $4,805
MOVEMENT MORTGAGE, LLC 91 2.88% $6,344
LOANDEPOT.COM, LLC 87 2.68% $5,158
HOME POINT FINANCIAL CORPORATION 68 2.46% $5,791
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 67 3.18% $7,770
VILLAGE CAPITAL & INVESTMENT LLC 65 2.22% $3,324
LAKEVIEW LOAN SERVICING, LLC 63 2.58% $2,107
DHI MORTGAGE COMPANY, LTD. 61 2.65% $6,882
A Mortgage Boutique, LLC 44 2.39% $4,630
CLEARPATH LENDING 44 2.32% $4,848
CMG MORTGAGE, INC. 40 2.90% $7,937
CALIBER HOME LOANS, INC. 40 2.67% $4,642
Mr. Cooper ( Nationstar Mortgage ) 35 2.70% $4,565
Wells Fargo Bank 35 2.46% $3,770
Gateway First Bank 33 2.92% $8,392
AMERICAN MORTGAGE SERVICE COMPANY 30 2.50% $3,276
Low VA Rates, LLC 29 2.37% $4,623
Countybank 27 2.59% $5,604
STOCKTON MORTGAGE CORPORATION 25 2.99% $5,881
Sierra Pacific Mortgage Company, Inc. 22 2.72% $8,967
NEWREZ LLC 21 2.82% $5,564
First Guaranty Mortgage Corporation 20 2.58% $5,946
The Federal Savings Bank 20 2.62% $6,802
Citizens Bank 20 2.54% $8,219
Pinnacle Bank 20 2.56% $5,961
TJC Mortgage, Inc. 19 2.55% $6,899
AMERISAVE MORTGAGE CORPORATION 18 2.53% $10,814
AMERICAN FINANCIAL NETWORK, INC. 18 2.69% $9,302
UNION HOME MORTGAGE CORP. 18 2.58% $5,968
North American Savings Bank, F.S.B. 17 2.40% $3,767
Barrington Bank & Trust Company, N.A. 17 2.72% $4,566
PENTAGON FEDERAL CREDIT UNION 17 2.32% $1,474
VANDERBILT MORTGAGE AND FINANCE, INC. 15 2.78% $9,410
ARK-LA-TEX FINANCIAL SERVICES, LLC. 14 3.25% $8,497
GUILD MORTGAGE COMPANY 13 2.95% $8,526
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 2.83% $6,836
Northpointe Bank 11 3.11% $3,272
InterContinental Capital Group, Inc 11 2.48% $3,804
FirstBank 11 2.60% $7,087
Bank of England 11 3.07% $8,931
PLANET HOME LENDING, LLC 10 2.46% $1,889
BROKER SOLUTIONS, INC. 10 2.97% $3,539
Regions Bank 10 2.79% $6,869
MUTUAL OF OMAHA MORTGAGE, INC. 10 2.61% $4,555
AMCAP MORTGAGE, LTD. 9 2.94% $6,956
First Federal Bank 9 3.15% $8,984
NP, Inc. 9 2.38% $3,412
SOVEREIGN LENDING GROUP INCORPORATED 9 2.57% $4,633
Magnolia Bank 9 2.61% $6,818
NBKC BANK 8 2.45% $4,978
Truist Bank 8 2.93% $2,577
CROSSCOUNTRY MORTGAGE, LLC 8 2.91% $5,743
ACCELERATE MORTGAGE, LLC 8 2.34% $5,807
NATIONS DIRECT MORTGAGE, LLC 7 2.80% $5,371
CHURCHILL MORTGAGE CORPORATION 7 2.80% $4,553
Carrington Mortgage Services, LLC 7 3.23% $5,010
Flagstar Bank, FSB 7 3.15% $5,872
BNC National Bank 7 2.38% $5,901
Wyndham Capital Mortgage, Inc. 7 2.46% $1,761
AMERICAN FINANCING CORPORATION 6 2.48% $3,801
First Horizon Bank 6 2.56% $5,779
MID AMERICA MORTGAGE, INC. 6 2.52% $2,917
SUN WEST MORTGAGE COMPANY, INC. 5 2.37% $10,407
POLARIS HOME FUNDING CORP. 5 2.75% $9,068
HOMESIDE FINANCIAL, LLC 5 2.55% $6,321
ZILLOW HOME LOANS, LLC 4 2.56% $8,998
Fifth Third Bank 4 2.72% $3,462
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.66% $3,884
Nations Lending Corporation 4 2.81% $7,373
PRIMARY RESIDENTIAL MORTGAGE, INC. 4 3.28% $7,700
Princeton Mortgage Corporation 4 2.84% $10,995
SOUTHWEST STAGE FUNDING, LLC 4 3.38% $108
T2 FINANCIAL LLC 4 2.88% $7,172
U.S. Bank 4 2.53% $5,298
CONTOUR MORTGAGE CORPORATION 3 2.58% $6,009
Manufacturers and Traders Trust Company 3 2.75% $12,289
EMBRACE HOME LOANS, INC. 3 3.13% $7,085
AmeriHome Mortgage Company, LLC 3 2.75% $1,694
GUARANTY HOME MORTGAGE CORPORATION 3 2.63% $8,668
KELLER MORTGAGE, LLC 3 2.58% $6,608
ROYAL UNITED MORTGAGE LLC 3 2.96% $8,214
First Home Bank 3 2.33% $2,250
Prime Choice Funding Inc. 3 2.29% $8,672
CU COMMUNITY, LLC 3 2.75% $4,863
Strong Home Mortgage, LLC 3 2.33% $15,169
The Central Trust Bank 2 2.25% $6,298
BAYSHORE MORTGAGE FUNDING, LLC 2 2.38% $5,469
NATIONWIDE MORTGAGE BANKERS, INC. 2 2.69% $7,940
LENDUS, LLC 2 2.25% $3,875
Mid-Continent Funding, Inc. 2 3.00% $1,810
Presidential Bank, FSB 2 2.31% $3,349
United Community Bank 2 2.31% $9,856
Armed Forces Bank 2 2.38% $6,141
MORTGAGE FINANCIAL SERVICES, LLC 2 2.94% $7,009
LIBERTY HOME MORTGAGE CORPORATION 2 2.50% $3,479
Valley National Bank 2 2.63% $3,662
AmRes Corporation 2 2.69% $3,093
RELIANCE FIRST CAPITAL, LLC 2 2.69% $7,138
GUARANTEED RATE, INC. 2 2.63% $6,232
HomePromise Corporation 2 2.94% $17,372
Renasant Bank 2 3.56% $3,020
HOMESTAR FINANCIAL CORPORATION 2 2.94% $2,844
RUOFF MORTGAGE COMPANY, INC. 2 3.13% $7,718
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 3.50% $9,713
Simmons Bank 2 3.00% $3,515
GoPrime Mortgage, Inc. 2 2.94% $2,363
Wolfe Financial, Inc 2 3.19% $22,764
KS StateBank 2 2.56% $1,296
Capital Bank 2 2.06% $1,692
Hometown Lenders, Inc. 2 3.56% $13,575
Waterstone Mortgage Corporation 2 3.19% $7,634
Goldwater Bank, N.A. 2 2.88% $4,670
CELEBRITY HOME LOANS, LLC 1 3.00% $10,682
SIRVA MORTGAGE, INC. 1 2.88% $10,658
CapStar Bank 1 2.25% $3,415
STEARNS LENDING, LLC 1 2.75% $5,472
SUMMIT FUNDING, INC. 1 3.38% $2,023
Sunflower Bank 1 2.88% $2,474
BELEM SERVICING LLC 1 2.50% $3,236
Synovus Bank 1 3.13% $13,791
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.00% $3,725
The First National Bank of Middle Tennessee 1 2.88% $6,291
BAY EQUITY LLC 1 2.88% $13,425
BARTLETT MORTGAGE, INC. 1 2.25% $3,782
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 3.00% $3,321
ANGEL OAK HOME LOANS LLC 1 2.75% $8,700
AMERICAN HOME LENDING USA, LLC 1 3.25% $2,236
U S WIDE FINANCIAL LLC 1 2.63% $2,071
VAN DYK MORTGAGE CORPORATION 1 3.63% $22,196
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.00% $20,266
Watermark Capital, Inc. 1 2.25% $4,143
GUARANTEED RATE AFFINITY, LLC 1 2.25% $150
HOMESPIRE MORTGAGE CORPORATION 1 3.63% $990
Ixonia Bank 1 3.00% $3,746
KeyBank 1 2.75% $2,358
LADERA LENDING, INC. 1 2.63% $3,594
GMFS LLC 1 2.50% $6,253
George Mason Mortgage, LLC 1 2.38% $36,566
Franklin Loan Corporation 1 2.75% $5,414
METROPLEX MORTGAGE SERVICES, INC. 1 2.88% $5,934
MICHIGAN MUTUAL, INC. 1 2.75% $3,325
FLAT BRANCH MORTGAGE, INC. 1 3.13% $8,772
First United Bank and Trust Company 1 3.00% $3,814
First Mortgage Solutions, LLC 1 2.25% $6,957
First Midwest Bank 1 2.38% $1,940
First Federal Bank of Kansas City 1 2.75% $0
MYCUMORTGAGE, LLC 1 2.75% $3,795
FINANCE OF AMERICA MORTGAGE LLC 1 2.38% $1,021
NATIONS RELIABLE LENDING, LLC 1 3.50% $13,330
FBC MORTGAGE, LLC 1 2.25% $4,410
EVERETT FINANCIAL, INC. 1 2.88% $9,782
NETWORK CAPITAL FUNDING CORPORATION 1 2.50% $4,027
ENVOY MORTGAGE, LTD 1 3.00% $10,246
DAS Acquisition Company, LLC 1 3.25% $2,526
CRESCENT MORTGAGE COMPANY 1 2.38% $1,592
Paramount Bank 1 3.25% $2,508
Paramount Residential Mortgage Group, Inc. 1 4.25% $2,766
Credence Funding Corporation 1 2.25% $1,674
PHH Mortgage Corporation 1 3.38% $4,171
COMMUNITY MORTGAGE CORPORATION 1 3.25% $5,824
Plains Commerce Bank 1 2.50% $3,758
Community First National Bank 1 2.25% $2,233
PNC Bank 1 2.63% $1,331
Colten Mortgage, LLC 1 3.38% $10,695
PREMIA MORTGAGE, LLC 1 2.63% $10,440
American Security Mortgage Corp. 1 2.75% $4,896
Willamette Valley Bank 1 2.75% $4,641
CityWorth Mortgage LLC 1 1.75% $3,762
CHERRY CREEK MORTGAGE, LLC 1 2.25% $2,324
Reliant Bank 1 2.25% $5,037

The top Knoxville VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 357 VA loans originated. Their average total fees are $5,441, which is $750 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Knoxville VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION ($1,474), PLANET HOME LENDING, LLC ($1,889), LAKEVIEW LOAN SERVICING, LLC ($2,107), FREEDOM MORTGAGE CORPORATION ($2,989) and Northpointe Bank ($3,272).

The lowest rate Knoxville VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC (2.22%), CLEARPATH LENDING (2.32%), PENTAGON FEDERAL CREDIT UNION (2.32%), Low VA Rates, LLC (2.37%) and A Mortgage Boutique, LLC (2.39%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Knoxville (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 $249,450 (13.7%) $346,465 (10.7%) 0.92 3,562
2018-02-01 $249,900 (11.1%) $351,078 (9.9%) 0.90 3,390
2018-03-01 $259,900 (13.0%) $372,105 (13.9%) 0.90 3,346
2018-04-01 $269,950 (10.2%) $379,716 (11.0%) 0.91 3,404
2018-05-01 $276,450 (10.7%) $387,131 (12.3%) 0.92 3,479
2018-06-01 $274,900 (10.2%) $386,318 (12.2%) 0.92 3,593
2018-07-01 $269,950 (8.0%) $384,506 (11.4%) 0.90 3,808
2018-08-01 $269,250 (7.7%) $379,928 (2.3%) 0.90 3,886
2018-09-01 $264,900 (6.0%) $377,445 (0.8%) 0.89 3,914
2018-10-01 $259,950 (4.0%) $375,973 (7.4%) 0.87 3,924
2018-11-01 $259,900 (4.0%) $382,885 (10.3%) 0.87 3,731
2018-12-01 $260,000 (4.0%) $380,392 (10.0%) 0.89 3,492
2019-01-01 $262,950 (5.4%) $378,233 (9.2%) 0.91 3,170
2019-02-01 $268,750 (7.5%) $382,366 (8.9%) 0.90 3,091
2019-03-01 $278,300 (7.1%) $385,908 (3.7%) 0.91 3,056
2019-04-01 $289,700 (7.3%) $388,688 (2.4%) 0.91 3,038
2019-05-01 $291,400 (5.4%) $390,987 (1.0%) 0.90 3,077
2019-06-01 $295,000 (7.3%) $394,959 (2.2%) 0.91 3,164
2019-07-01 $299,900 (11.1%) $403,866 (5.0%) 0.93 3,147
2019-08-01 $296,692 (10.2%) $404,773 (6.5%) 0.93 3,200
2019-09-01 $287,588 (8.6%) $393,847 (4.4%) 0.91 3,234
2019-10-01 $284,950 (9.6%) $388,616 (3.4%) 0.91 3,258
2019-11-01 $284,900 (9.6%) $403,713 (5.4%) 0.92 3,136
2019-12-01 $284,900 (9.6%) $404,791 (6.4%) 0.95 2,852
2020-01-01 $282,495 (7.4%) $416,208 (10.0%) 0.94 2,569
2020-02-01 $290,000 (7.9%) $425,731 (11.3%) 0.94 2,375
2020-03-01 $303,400 (9.0%) $431,903 (11.9%) 0.95 2,252
2020-04-01 $302,775 (4.5%) $417,735 (7.5%) 0.94 2,367
2020-05-01 $314,900 (8.1%) $436,214 (11.6%) 0.95 2,222
2020-06-01 $324,900 (10.1%) $448,457 (13.6%) 0.95 2,009
2020-07-01 $329,900 (10.0%) $454,842 (12.6%) 0.95 1,785
2020-08-01 $329,900 (11.2%) $449,943 (11.2%) 0.94 1,642
2020-09-01 $324,950 (13.0%) $447,728 (13.7%) 0.93 1,509
2020-10-01 $324,900 (14.0%) $448,178 (15.3%) 0.93 1,530
2020-11-01 $315,450 (10.7%) $450,839 (11.7%) 0.90 1,554
2020-12-01 $310,000 (8.8%) $446,477 (10.3%) 0.91 1,372
2021-01-01 $320,000 (13.3%) $469,725 (12.9%) 0.94 1,142
2021-02-01 $329,900 (13.8%) $495,872 (16.5%) 0.95 861
2021-03-01 $314,950 (3.8%) $480,993 (11.4%) 0.88 745
2021-04-01 $349,900 (15.6%) $504,469 (20.8%) 0.94 673
2021-05-01 $344,586 (9.4%) $492,189 (12.8%) 0.91 765
2021-06-01 $349,900 (7.7%) $491,077 (9.5%) 0.91 924
2021-07-01 $327,450 (-0.7%) $469,511 (3.2%) 0.85 1,053
2021-08-01 $329,900 (0.0%) $474,909 (5.6%) 0.87 1,161
2021-09-01 $326,178 (0.4%) $475,868 (6.3%) 0.86 1,172
2021-10-01 $325,000 (0.0%) $477,496 (6.5%) 0.86 1,188
2021-11-01 $332,450 (5.4%) $500,668 (11.1%) 0.88 1,074
2021-12-01 $337,450 (8.9%) $510,773 (14.4%) 0.90 874
2022-01-01 $349,900 (9.3%) $540,987 (15.2%) 0.93 727
2022-02-01 $375,000 (13.7%) $558,719 (12.7%) 0.96 618
2022-03-01 $372,400 (18.2%) $548,147 (14.0%) 0.92 690
2022-04-01 $395,000 (12.9%) $552,914 (9.6%) 0.93 783
Knoxville's median listing price for 2022-04-01 was $395,000, a difference of $45,100 (12.9%) versus the prior year and $22,600 versus the prior month.

Knoxville's median listing price comes in at 93% of the national average.

Knoxville's average listing price for 2022-04-01 was $552,914, a difference of $48,445 (9.6%) versus the prior year and $4,767 versus the prior month.

For the 2022-04-01 period, Knoxville had 783 MLS listings, a difference of 93 listings (13%) versus the prior month and 110 listings (16%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Knoxville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 91 days 2,159 sqft
2018-02-01 89 days 2,174 sqft
2018-03-01 72 days 2,232 sqft
2018-04-01 60 days 2,269 sqft
2018-05-01 57 days 2,301 sqft
2018-06-01 59 days 2,291 sqft
2018-07-01 60 days 2,299 sqft
2018-08-01 62 days 2,262 sqft
2018-09-01 65 days 2,244 sqft
2018-10-01 71 days 2,247 sqft
2018-11-01 74 days 2,259 sqft
2018-12-01 82 days 2,231 sqft
2019-01-01 88 days 2,218 sqft
2019-02-01 83 days 2,206 sqft
2019-03-01 65 days 2,246 sqft
2019-04-01 60 days 2,310 sqft
2019-05-01 56 days 2,322 sqft
2019-06-01 58 days 2,369 sqft
2019-07-01 63 days 2,383 sqft
2019-08-01 63 days 2,338 sqft
2019-09-01 61 days 2,262 sqft
2019-10-01 64 days 2,243 sqft
2019-11-01 69 days 2,229 sqft
2019-12-01 75 days 2,211 sqft
2020-01-01 85 days 2,203 sqft
2020-02-01 84 days 2,215 sqft
2020-03-01 60 days 2,251 sqft
2020-04-01 59 days 2,272 sqft
2020-05-01 64 days 2,296 sqft
2020-06-01 64 days 2,302 sqft
2020-07-01 59 days 2,329 sqft
2020-08-01 56 days 2,262 sqft
2020-09-01 52 days 2,237 sqft
2020-10-01 48 days 2,200 sqft
2020-11-01 48 days 2,143 sqft
2020-12-01 55 days 2,093 sqft
2021-01-01 66 days 2,086 sqft
2021-02-01 66 days 2,094 sqft
2021-03-01 49 days 1,996 sqft
2021-04-01 43 days 2,098 sqft
2021-05-01 36 days 2,058 sqft
2021-06-01 35 days 2,100 sqft
2021-07-01 37 days 2,018 sqft
2021-08-01 37 days 1,996 sqft
2021-09-01 42 days 1,977 sqft
2021-10-01 42 days 1,983 sqft
2021-11-01 44 days 1,986 sqft
2021-12-01 48 days 1,973 sqft
2022-01-01 52 days 2,000 sqft
2022-02-01 42 days 2,015 sqft
2022-03-01 34 days 1,990 sqft
2022-04-01 30 days 2,033 sqft
Knoxville's median listing age (time on market) for 2022-04-01 was 30 days. This is -30% shorter than the same period one year ago.

Knoxville's median square footage for active listings during the 2022-04-01 period was 2,033 sqft. One year prior, the average listing was 2,098 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.