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 6.6% for the week of 2024-07-05, compared to the national average (all USDA variants) of 6.738% for the same period.

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

The average rate for the prior week (2024-06-28) was 6.48% and one month ago for the week of 2024-05-31, the average rate was 6.55%.

The average rate one year ago was 6.33%.

For refis of the same type during the week of 2024-07-05, the average rate was 6.88%.

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%).