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 6.53% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    Tennessee's average USDA mortgage closing costs are $5,241.

    The average rate for the prior week (2024-04-12) was 6.68% and one month ago for the week of 2024-03-15, the average rate was 6.56%.

    The average rate one year ago was 6%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.8%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FIRST COMMUNITY MORTGAGE, INC. 139 6.33% $7,292
    MORTGAGE INVESTORS GROUP, INC. 119 6.24% $6,820
    UNITED WHOLESALE MORTGAGE, LLC 86 6.09% $9,756
    Leaders Credit Union 60 6.32% $4,208
    CMG MORTGAGE, INC. 56 6.16% $9,069
    FirstBank 41 6.43% $6,728
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 38 6.24% $7,908
    CARDINAL FINANCIAL 33 6.37% $9,997
    STOCKTON MORTGAGE CORPORATION 32 6.58% $7,861
    NEWREZ LLC 31 6.25% $7,313
    AMERICAN FINANCIAL RESOURCES, INC. 30 6.46% $7,682
    MID AMERICA MORTGAGE, INC. 29 6.66% $5,851
    First Citizens National Bank 28 6.18% $5,347
    DHI MORTGAGE COMPANY, LTD. 28 5.41% $5,261
    Renasant Bank 28 6.40% $6,276
    UNION HOME MORTGAGE CORP. 27 6.52% $8,306
    Regions Bank 25 6.46% $5,677
    Equity Prime Mortgage LLC 25 6.46% $9,394
    EVERETT FINANCIAL, INC. 24 6.55% $6,686
    MOVEMENT MORTGAGE, LLC 23 6.59% $7,591
    First Vision Bank of Tennessee 20 6.21% $8,475
    SeaTrust Mortgage Company 18 5.94% $8,765
    HOMESIDE FINANCIAL, LLC 17 6.40% $7,680
    CROSSCOUNTRY MORTGAGE, LLC 16 6.60% $9,026
    Legends Bank 15 6.96% $6,016
    COMMUNITY MORTGAGE CORPORATION 14 6.04% $7,713
    BROKER SOLUTIONS, INC. 13 6.31% $8,522
    Simmons Bank 12 6.53% $4,966
    Patriot Bank 12 6.09% $5,842
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 11 6.73% $6,601
    NVR Mortgage Finance, Inc. 11 5.75% $7,690
    Citizens Bank 11 6.56% $7,965
    THRIVE MORTGAGE, LLC 11 5.95% $7,150
    GUARANTEED RATE, INC. 11 6.10% $7,903
    The First National Bank of Middle Tennessee 11 6.00% $7,474
    Bank of England 10 6.46% $8,275
    AMERICAN FINANCIAL NETWORK, INC. 10 6.49% $4,502
    Sierra Pacific Mortgage Company, Inc. 10 6.46% $9,490
    VAN DYK MORTGAGE CORPORATION 9 6.94% $2,805
    AMCAP MORTGAGE, LTD. 9 6.44% $7,470
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 8 6.78% $8,001
    Magnolia Bank 8 6.34% $7,222
    GVC MORTGAGE, INC. 8 6.69% $8,228
    Northpointe Bank 7 5.75% $7,748
    CRESCENT MORTGAGE COMPANY 7 6.64% $5,431
    ISERVE RESIDENTIAL LENDING, LLC 7 6.20% $8,394
    GUARANTY MORTGAGE SERVICES, L.L.C. 7 7.04% $9,466
    LOANDEPOT.COM, LLC 6 6.33% $6,663
    U.S. Bank 6 6.17% $6,239
    ACOPIA, LLC 6 5.98% $7,907
    Mortgage Research Center, LLC 6 6.06% $3,748
    LEADERONE FINANCIAL CORPORATION 5 6.60% $8,566
    CapStar Bank 5 6.05% $7,015
    INTERLINC MORTGAGE SERVICES, LLC 5 6.47% $3,748
    CB&S Bank, Inc. 5 6.55% $5,735
    Gateway First Bank 5 6.58% $7,073
    DAS Acquisition Company, LLC 4 7.09% $8,221
    Bank of Tennessee 4 6.84% $7,589
    CHURCHILL MORTGAGE CORPORATION 4 6.37% $8,036
    Citizens Tri-County Bank 4 6.00% $6,905
    First Horizon Bank 4 5.88% $5,819
    MUTUAL OF OMAHA MORTGAGE, INC. 4 5.59% $8,532
    Nations Lending Corporation 4 6.88% $4,479
    PLANET HOME LENDING, LLC 4 6.03% $6,567
    PLAZA HOME MORTGAGE, INC. 4 6.28% $7,099
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 6.41% $6,647
    SWBC MORTGAGE CORPORATION 4 6.38% $4,741
    Truist 4 6.00% $6,671
    United Community Bank 4 6.09% $5,978
    Wilson Bank And Trust 4 6.34% $5,534
    Paramount Residential Mortgage Group, Inc. 3 6.96% $7,904
    NFM, INC. 3 6.08% $4,968
    GUILD MORTGAGE COMPANY 3 6.38% $6,048
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 6.29% $8,083
    TOWNE MORTGAGE COMPANY 3 7.08% $5,895
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.04% $7,634
    TJC Mortgage, Inc. 3 6.38% $12,044
    FirstTrust Home Loans, Inc. 3 6.17% $9,243
    FIRST COLONY MORTGAGE CORPORATION 3 6.54% $7,155
    The Farmers Bank 3 5.63% $6,772
    SUCCESS MORTGAGE PARTNERS, INC. 3 6.25% $9,293
    SECURITYNATIONAL MORTGAGE COMPANY 3 6.50% $9,486
    POLARIS HOME FUNDING CORP. 3 7.13% $8,666
    Century Mortgage Company DBA Century Lending Company 3 6.46% $6,384
    ACADEMY MORTGAGE CORPORATION 2 7.31% $8,552
    First Federal Bank 2 5.94% $5,288
    LAND HOME FINANCIAL SERVICES, INC. 2 6.25% $7,380
    EUSTIS AND AMERICAN MORTGAGE COMPANY 2 7.00% $10,102
    MORTGAGE FINANCIAL SERVICES, LLC 2 7.06% $7,942
    EMBRACE HOME LOANS, INC. 2 7.37% $10,426
    Pinnacle Bank 2 5.56% $5,912
    Plains Commerce Bank 2 7.19% $8,878
    ALAMEDA MORTGAGE CORPORATION 2 7.00% $9,489
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 6.75% $8,513
    BARTLETT MORTGAGE, INC. 2 6.06% $5,282
    ROSS MORTGAGE CORPORATION 2 6.94% $9,900
    AXIA FINANCIAL, LLC 2 6.13% $6,674
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 6.19% $8,119
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 6.00% $6,990
    SUN WEST MORTGAGE COMPANY, INC. 2 6.56% $8,271
    HomeTrust Bank 2 6.38% $4,782
    Synovus Bank 2 5.75% $6,970
    TENNESSEE TRUST MORTGAGE, INC 2 6.19% $6,245
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 2 6.44% $8,737
    Trustmark National Bank 2 6.56% $5,679
    GENEVA FINANCIAL, LLC 2 7.06% $12,260
    Flagstar Bank, FSB 2 6.25% $7,635
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.13% $9,331
    F&M Bank 1 6.00% $4,481
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.13% $8,024
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.13% $10,004
    KELLEY MORTGAGE, LLC 1 6.75% $3,318
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 5.63% $7,058
    KELLER MORTGAGE, LLC 1 5.63% $6,247
    Wells Fargo Bank 1 6.63% $3,936
    FBC MORTGAGE, LLC 1 6.49% $7,631
    SHELTER LENDING SERVICES, L.L.C. 1 6.75% $10,890
    FLAT BRANCH MORTGAGE, INC. 1 6.25% $6,025
    Assurance Financial Group, L.L.C. 1 5.63% $9,371
    SmartBank 1 5.88% $4,746
    Ixonia Bank 1 6.63% $11,646
    AmRes Corporation 1 6.75% $9,028
    Legacy Home Loans, LLC 1 5.63% $6,454
    HOMESTAR FINANCIAL CORPORATION 1 5.63% $2,359
    GUARANTY HOME MORTGAGE CORPORATION 1 6.25% $6,492
    FREEDOM MORTGAGE CORPORATION 1 6.75% $8,663
    EAGLE HOME MORTGAGE, LLC 1 4.99% $9,049
    EASTMAN 1 6.88% $6,304
    Wolfe Financial, Inc 1 5.75% $10,556
    ABSOLUTE HOME MORTGAGE CORPORATION 1 7.38% $6,641
    MICHIGAN MUTUAL, INC. 1 5.25% $14,606
    CU COMMUNITY, LLC 1 6.50% $2,424
    NP, Inc. 1 7.13% $6,889
    CORNERSTONE HOME LENDING, INC. 1 6.13% $1,924
    OPEN MORTGAGE, LLC 1 6.13% $12,375
    PANORAMA MORTGAGE GROUP, LLC 1 6.25% $10,788
    EVANSVILLE TEACHERS 1 6.13% $5,692
    Evolve Bank & Trust 1 6.50% $6,290
    Independent Bank 1 6.88% $6,444
    Fifth Third Bank 1 5.38% $10,707
    Ameris Bank 1 6.50% $8,156
    Affiliated Bank 1 6.25% $6,136
    LIBERTY HOME MORTGAGE CORPORATION 1 7.25% $1,866

    The top Tennessee USDA lender as defined by loan originations is FIRST COMMUNITY MORTGAGE, INC., with 139 USDA loans originated. Their average total fees are $7,292, which is $472 higher than the next largest lender, MORTGAGE INVESTORS GROUP, INC..

    The lowest fee Tennessee USDA lenders (with over 10 loans originated) are Leaders Credit Union ($4,208), AMERICAN FINANCIAL NETWORK, INC. ($4,502), Simmons Bank ($4,966), DHI MORTGAGE COMPANY, LTD. ($5,261) and First Citizens National Bank ($5,347).

    The lowest rate Tennessee USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.41%), NVR Mortgage Finance, Inc. (5.75%), SeaTrust Mortgage Company (5.94%), THRIVE MORTGAGE, LLC (5.95%) and The First National Bank of Middle Tennessee (6.00%).