Tennessee USDA Loan Rates, Closing Costs & Stats

Tennessee

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 -0.49% for the week of 2024-02-23, compared to the national average (all USDA variants) of 0% for the same period.

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

The average rate for the prior week (2024-02-16) was 6.29% and one month ago for the week of 2024-01-19, the average rate was 6.18%.

The average rate one year ago was 5.78%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.24%.

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%).