Tennessee USDA Loan Rates, Closing Costs & Stats

Tennessee

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    • USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

    Tennessee USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Tennessee averaged 6.84% for the week of 2023-09-22, compared to the national average (all USDA variants) of 7.021% for the same period.

    Tennessee's average USDA mortgage closing costs are $5,112.

    The average rate for the prior week (2023-09-15) was 6.4% and one month ago for the week of 2023-08-18, the average rate was 6.6%.

    The average rate one year ago was 5.73%.

    For refis of the same type during the week of 2023-09-22, the average rate was 5.68%.

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

    Tennessee USDA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Tennessee level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    MORTGAGE INVESTORS GROUP, INC. 329 4.61% $6,171
    FIRST COMMUNITY MORTGAGE, INC. 184 4.70% $6,636
    CARDINAL FINANCIAL 90 5.15% $8,997
    UNITED WHOLESALE MORTGAGE, LLC 88 4.86% $8,072
    CMG MORTGAGE, INC. 74 4.84% $7,809
    CALIBER HOME LOANS, INC. 70 4.30% $7,148
    Leaders Credit Union 68 4.94% $3,122
    FirstBank 63 4.41% $5,736
    EVERETT FINANCIAL, INC. 61 5.09% $3,354
    Renasant Bank 54 4.56% $6,146
    HOME POINT FINANCIAL CORPORATION 45 4.20% $7,112
    Regions Bank 44 4.90% $4,593
    First Citizens National Bank 44 4.25% $4,715
    MOVEMENT MORTGAGE, LLC 43 4.92% $6,913
    Simmons Bank 43 4.88% $5,039
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 42 4.44% $6,189
    Sierra Pacific Mortgage Company, Inc. 35 4.66% $7,771
    GUARANTY HOME MORTGAGE CORPORATION 34 4.16% $6,626
    AMERICAN FINANCIAL RESOURCES, INC. 34 4.90% $7,888
    Patriot Bank 31 4.33% $5,651
    STOCKTON MORTGAGE CORPORATION 29 5.03% $6,686
    LOANDEPOT.COM, LLC 27 4.50% $6,466
    MID AMERICA MORTGAGE, INC. 27 5.31% $5,841
    Citizens Bank 26 4.22% $6,369
    UNION HOME MORTGAGE CORP. 26 5.03% $7,208
    The First National Bank of Middle Tennessee 26 4.02% $6,162
    First Horizon Bank 26 4.01% $5,879
    SUCCESS MORTGAGE PARTNERS, INC. 25 4.71% $7,188
    Hometown Lenders, Inc. 25 4.36% $5,993
    CROSSCOUNTRY MORTGAGE, LLC 24 5.01% $7,306
    COMMUNITY MORTGAGE CORPORATION 24 4.07% $6,228
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 23 5.05% $3,330
    Gateway First Bank 23 4.73% $3,373
    PENNYMAC LOAN SERVICES, LLC 22 3.06% $5,551
    Flagstar Bank, FSB 22 4.54% $5,596
    Legends Bank 21 4.48% $5,036
    PRIMARY RESIDENTIAL MORTGAGE, INC. 21 4.43% $7,199
    AMCAP MORTGAGE, LTD. 20 4.76% $6,990
    DHI MORTGAGE COMPANY, LTD. 19 3.67% $5,920
    BROKER SOLUTIONS, INC. 19 5.23% $7,006
    Bank of England 18 4.75% $7,231
    First Federal Bank 18 3.66% $7,195
    NVR Mortgage Finance, Inc. 18 3.37% $8,579
    CapStar Bank 17 4.24% $5,962
    ACOPIA, LLC 16 3.87% $6,393
    Pinnacle Bank 15 4.42% $6,055
    First Vision Bank of Tennessee 15 4.65% $7,121
    GUARANTEED RATE, INC. 14 4.83% $7,823
    HANCOCK MORTGAGE PARTNERS, LLC 14 5.60% $7,344
    First Guaranty Mortgage Corporation 13 3.63% $4,750
    GUARANTY MORTGAGE SERVICES, L.L.C. 13 5.31% $7,796
    CRESCENT MORTGAGE COMPANY 13 4.56% $4,585
    AMERICAN MORTGAGE SERVICE COMPANY 12 4.53% $6,119
    VAN DYK MORTGAGE CORPORATION 12 4.98% $3,195
    FINANCE OF AMERICA MORTGAGE LLC 11 4.37% $5,614
    Wilson Bank And Trust 11 4.24% $3,515
    Wolfe Financial, Inc 11 5.05% $8,027
    INTERLINC MORTGAGE SERVICES, LLC 11 4.64% $3,495
    CB&S Bank, Inc. 11 4.88% $4,885
    Magnolia Bank 11 4.43% $6,275
    United Community Bank 10 4.10% $4,973
    DAS Acquisition Company, LLC 10 3.84% $7,012
    PLAZA HOME MORTGAGE, INC. 10 5.63% $5,397
    GUILD MORTGAGE COMPANY 10 4.63% $6,627
    NATIONS DIRECT MORTGAGE, LLC 9 3.94% $12,502
    LEADERONE FINANCIAL CORPORATION 9 5.58% $6,948
    KELLEY MORTGAGE, LLC 9 4.21% $3,451
    SECURITYNATIONAL MORTGAGE COMPANY 8 4.75% $6,725
    TJC Mortgage, Inc. 8 5.13% $7,479
    U.S. Bank 8 5.14% $6,339
    HOMESIDE FINANCIAL, LLC 8 6.19% $8,549
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 7 4.12% $8,196
    SWBC MORTGAGE CORPORATION 7 4.96% $6,358
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 6 4.63% $7,433
    Evolve Bank & Trust 6 5.02% $6,596
    Equity Prime Mortgage LLC 6 5.46% $5,420
    Colten Mortgage, LLC 6 4.29% $6,427
    MORTGAGE SOLUTIONS OF COLORADO, LLC 6 4.00% $5,258
    SOUTHWEST FUNDING, LP 6 5.48% $9,339
    F&M Bank 6 5.08% $7,605
    VANDERBILT MORTGAGE AND FINANCE, INC. 6 3.94% $7,789
    Northpointe Bank 6 5.00% $6,905
    EUSTIS AND AMERICAN MORTGAGE COMPANY 5 5.18% $7,417
    The Home Loan Expert LLC 5 5.05% $7,281
    GENEVA FINANCIAL, LLC 5 4.45% $9,716
    The Farmers Bank 5 3.65% $6,140
    BARTLETT MORTGAGE, INC. 5 3.97% $5,575
    NEWREZ LLC 5 5.92% $11,394
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 5.22% $8,998
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 4 5.00% $7,691
    Legacy Home Loans, LLC 4 3.78% $6,445
    Atlantic Union Bank 4 4.63% $7,960
    ACADEMY MORTGAGE CORPORATION 4 4.22% $10,095
    Ameris Bank 4 5.19% $7,106
    THE MORTGAGE FIRM, INC. 4 4.66% $7,107
    PLANET HOME LENDING, LLC 4 3.75% $7,805
    Countybank 3 4.33% $5,319
    CANOPY MORTGAGE, LLC 3 4.54% $6,845
    T2 FINANCIAL LLC 3 4.33% $7,666
    LAND HOME FINANCIAL SERVICES, INC. 3 5.04% $5,090
    Shamrock Home Loans, Inc. 3 4.21% $7,592
    Mortgage Research Center, LLC 3 3.62% $1,835
    TOWNE MORTGAGE COMPANY 3 3.83% $5,391
    Nations Lending Corporation 3 4.38% $7,312
    Princeton Mortgage Corporation 3 4.96% $8,085
    Truist 3 4.88% $5,188
    PANORAMA MORTGAGE GROUP, LLC 3 4.38% $8,986
    AmRes Corporation 3 3.33% $8,706
    CU COMMUNITY, LLC 2 6.00% $6,804
    Bank of Tennessee 2 4.81% $5,723
    Plains Commerce Bank 2 4.25% $6,335
    SeaTrust Mortgage Company 2 6.63% $8,678
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 6.25% $7,154
    BAYSHORE MORTGAGE FUNDING, LLC 2 6.38% $8,741
    NATIONS RELIABLE LENDING, LLC 2 4.94% $7,917
    BancorpSouth 2 4.13% $7,544
    Wells Fargo Bank 2 5.13% $4,007
    CHURCHILL MORTGAGE CORPORATION 2 4.81% $6,763
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 4.50% $8,568
    EAGLE HOME MORTGAGE, LLC 2 5.06% $9,276
    POLARIS HOME FUNDING CORP. 2 5.56% $7,324
    FREEDOM MORTGAGE CORPORATION 2 5.19% $9,418
    Paramount Residential Mortgage Group, Inc. 2 5.31% $9,356
    Bell Bank 2 4.44% $6,874
    Carrington Mortgage Services, LLC 2 5.63% $6,102
    Citizens Tri-County Bank 2 5.38% $7,000
    Austin Capital Bank SSB 2 3.63% $6,787
    CASTLE & COOKE MORTGAGE, LLC 2 4.88% $7,020
    RANLIFE, INC. 2 5.12% $7,875
    MIDLAND MORTGAGE CORPORATION 2 3.94% $4,368
    Midwest Mortgage Associates Corporation 2 3.94% $3,290
    TOP FLITE FINANCIAL, INC. 2 4.75% $10,988
    Y-12 Federal Credit Union 1 6.88% $5,285
    AMERIFIRST FINANCIAL CORPORATION 1 4.50% $5,604
    Assurance Financial Group, L.L.C. 1 5.13% $5,761
    BAY EQUITY LLC 1 6.75% $8,143
    Capital City Home Loans, LLC 1 4.00% $5,317
    Century Mortgage Company DBA Century Lending Company 1 3.75% $5,376
    CERTAINTY HOME LOANS, LLC 1 3.75% $5,891
    Christensen Financial, Inc. 1 3.38% $10,152
    CIS Financial Services, Inc. 1 4.50% $6,025
    DELMAR FINANCIAL COMPANY 1 4.63% $6,718
    EVANSVILLE TEACHERS 1 3.50% $7,550
    Fifth Third Bank 1 3.75% $5,676
    First Federal Bank 1 3.50% $4,469
    First Palmetto Bank 1 4.75% $5,533
    First Western Trust Bank 1 3.75% $2,815
    FLAT BRANCH MORTGAGE, INC. 1 7.13% $5,078
    GREAT WESTERN FINANCIAL SERVICES, INC. 1 6.63% $6,735
    HAMILTON HOME LOANS, INC. 1 3.63% $8,890
    HERITAGE SOUTH COMMUNITY CU 1 2.75% $6,315
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.63% $5,902
    HOMESTAR FINANCIAL CORPORATION 1 3.00% $7,714
    Home State Bank 1 5.75% $4,644
    Hometown Equity Mortgage, LLC 1 6.50% $14,180
    HomeTrust Bank 1 4.99% $6,446
    INSPIRE HOME LOANS INC. 1 3.25% $12,009
    ISERVE RESIDENTIAL LENDING, LLC 1 3.25% $6,183
    Ixonia Bank 1 5.63% $10,295
    Lend Smart Mortgage, LLC 1 5.63% $6,303
    Meridian Bank Corporation 1 4.63% $6,566
    MORTGAGE FINANCIAL SERVICES, LLC 1 4.13% $9,793
    NATIONWIDE MORTGAGE BANKERS, INC. 1 5.75% $8,042
    NFM, INC. 1 5.63% $11,626
    Paramount Bank 1 2.75% $8,084
    PNC Bank 1 5.63% $3,476
    RELIANCE FIRST CAPITAL, LLC 1 3.25% $2,534
    RUOFF MORTGAGE COMPANY, INC. 1 4.50% $2,747
    SHELTER LENDING SERVICES, L.L.C. 1 5.75% $8,443
    SmartBank 1 4.75% $4,611
    SOUTH CENTRAL BANK, INC. 1 3.50% $4,981
    SUN WEST MORTGAGE COMPANY, INC. 1 4.38% $5,923
    Synovus Bank 1 2.75% $6,310
    TENNESSEE TRUST MORTGAGE, INC 1 6.00% $8,203
    THRIVE MORTGAGE, LLC 1 6.25% $6,075
    TOTAL MORTGAGE SERVICES, LLC 1 6.63% $4,111
    Tyndall Federal Credit Union 1 5.88% $8,343
    VERITAS FUNDING, LLC 1 5.38% $9,802

    The top Tennessee USDA lender as defined by loan originations is MORTGAGE INVESTORS GROUP, INC., with 329 USDA loans originated. Their average total fees are $6,171, which is $465 lower than the next largest lender, FIRST COMMUNITY MORTGAGE, INC..

    The lowest fee Tennessee USDA lenders (with over 10 loans originated) are Leaders Credit Union ($3,122), VAN DYK MORTGAGE CORPORATION ($3,195), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($3,330), EVERETT FINANCIAL, INC. ($3,354) and Gateway First Bank ($3,373).

    The lowest rate Tennessee USDA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.06%), NVR Mortgage Finance, Inc. (3.37%), First Guaranty Mortgage Corporation (3.63%), First Federal Bank (3.66%) and DHI MORTGAGE COMPANY, LTD. (3.67%).