Tennessee VA Loan Rates, Closing Costs & Stats

Tennessee

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 not 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.

Tennessee VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Tennessee averaged -0.1% for the week of 2024-06-21, compared to the national average (all VA variants) of 0% for the same period.

Tennessee's average VA mortgage closing costs are $6,255.

The average rate for the prior week (2024-06-14) was 6.5% and one month ago for the week of 2024-05-17, the average rate was 6.69%.

The average rate one year ago was 6.6%.

For refis of the same type during the week of 2024-06-21, the average rate was 0.17%.

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

Tennessee VA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for VA 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
Mortgage Research Center, LLC 2,265 6.52% $6,460
UNITED WHOLESALE MORTGAGE, LLC 751 6.25% $9,827
QUICKEN LOANS, LLC 722 6.13% $11,804
NAVY FEDERAL CREDIT UNION 455 5.76% $6,734
PENNYMAC LOAN SERVICES, LLC 318 5.59% $9,936
GUARANTEED RATE, INC. 287 6.18% $6,040
CMG MORTGAGE, INC. 279 6.43% $12,140
FREEDOM MORTGAGE CORPORATION 276 6.42% $15,329
FIRST COMMUNITY MORTGAGE, INC. 250 6.17% $9,654
USAA Federal Savings Bank 245 6.17% $9,310
MORTGAGE INVESTORS GROUP, INC. 245 6.30% $7,635
DHI MORTGAGE COMPANY, LTD. 215 5.72% $6,570
MOVEMENT MORTGAGE, LLC 215 6.46% $8,838
LOANDEPOT.COM, LLC 207 6.12% $13,421
NEW DAY FINANCIAL, LLC 196 7.44% $13,579
The Federal Savings Bank 166 6.24% $17,289
CARDINAL FINANCIAL 134 6.47% $14,681
CROSSCOUNTRY MORTGAGE, LLC 126 6.69% $8,988
F&M Bank 116 5.87% $11,572
COMMUNITY MORTGAGE CORPORATION 116 6.07% $12,169
BROKER SOLUTIONS, INC. 106 6.40% $11,188
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 102 6.45% $9,752
PENTAGON FEDERAL CREDIT UNION 88 5.54% $10,323
FirstBank 86 6.19% $8,755
STOCKTON MORTGAGE CORPORATION 85 6.39% $10,906
MORTGAGE SOLUTIONS OF COLORADO, LLC 85 7.44% $5,446
Mr. Cooper ( Nationstar Mortgage ) 84 5.96% $14,467
Flagstar Bank, FSB 81 6.49% $9,374
VILLAGE CAPITAL MORTGAGE 81 6.09% $10,352
UNION HOME MORTGAGE CORP. 75 6.46% $10,514
ARK-LA-TEX FINANCIAL SERVICES, LLC. 70 6.60% $9,298
NEWREZ LLC 67 6.37% $11,024
AMERISAVE MORTGAGE CORPORATION 66 5.74% $19,398
Regions Bank 62 6.14% $6,789
NVR Mortgage Finance, Inc. 62 5.42% $8,348
SeaTrust Mortgage Company 59 6.51% $10,511
Legacy Home Loans, LLC 56 6.40% $10,473
ROSS MORTGAGE CORPORATION 53 6.60% $11,057
VAN DYK MORTGAGE CORPORATION 52 6.62% $7,327
HOMESIDE FINANCIAL, LLC 51 6.42% $8,166
AMERICAN PACIFIC MORTGAGE CORPORATION 49 6.36% $13,235
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 49 6.32% $7,942
MUTUAL OF OMAHA MORTGAGE, INC. 47 6.27% $11,328
Citizens Bank 47 6.35% $10,705
THRIVE MORTGAGE, LLC 47 6.17% $11,886
Equity Prime Mortgage LLC 46 6.88% $9,592
U.S. Bank 46 6.10% $9,474
Barrington Bank & Trust Company, N.A. 44 6.49% $8,922
PLANET HOME LENDING, LLC 44 6.01% $8,068
Paramount Residential Mortgage Group, Inc. 43 6.32% $9,833
Legends Bank 42 6.20% $11,469
SWBC MORTGAGE CORPORATION 42 6.16% $8,290
Mid-Continent Funding, Inc. 40 6.24% $10,284
CHURCHILL MORTGAGE CORPORATION 39 6.43% $13,132
Patriot Bank 39 5.97% $8,812
EAGLE HOME MORTGAGE, LLC 36 5.46% $4,738
Renasant Bank 35 6.42% $9,472
RELIANCE FIRST CAPITAL, LLC 35 6.63% $12,256
Magnolia Bank 34 6.18% $16,079
NBKC BANK 34 5.94% $6,243
EVERETT FINANCIAL, INC. 33 6.93% $8,825
LAKEVIEW LOAN SERVICING, LLC 32 5.89% $11,761
ACOPIA, LLC 32 6.11% $9,008
VANDERBILT MORTGAGE AND FINANCE, INC. 30 6.28% $8,459
Pinnacle Bank 29 5.98% $10,906
Wells Fargo Bank 25 5.92% $9,486
SUN WEST MORTGAGE COMPANY, INC. 25 6.27% $11,703
PRIMELENDING, A PLAINSCAPITAL COMPANY 24 6.46% $10,370
Plains Commerce Bank 24 5.97% $11,077
LEADERONE FINANCIAL CORPORATION 23 6.36% $12,322
ISERVE RESIDENTIAL LENDING, LLC 23 6.59% $13,652
GUILD MORTGAGE COMPANY 21 6.47% $12,569
INTERLINC MORTGAGE SERVICES, LLC 21 6.74% $12,045
CapStar Bank 20 6.38% $9,667
ALAMEDA MORTGAGE CORPORATION 20 6.78% $10,141
Nations Lending Corporation 20 6.54% $10,562
Gateway First Bank 20 6.63% $7,721
Sierra Pacific Mortgage Company, Inc. 20 6.53% $9,743
PULTE MORTGAGE LLC 20 5.66% $9,597
AMERICAN FINANCIAL NETWORK, INC. 18 6.63% $11,085
Leaders Credit Union 18 6.74% $6,973
AMCAP MORTGAGE, LTD. 18 6.57% $11,067
Bank of England 17 6.38% $11,350
PRIMARY RESIDENTIAL MORTGAGE, INC. 16 6.31% $10,022
Truist 16 6.22% $5,608
MILEND, INC. 16 6.78% $13,993
First Horizon Bank 16 6.57% $6,956
Wolfe Financial, Inc 15 6.49% $8,016
Ameris Bank 15 6.16% $10,156
VERITAS FUNDING, LLC 15 6.43% $17,600
Trustmark National Bank 14 6.10% $8,333
CORNERSTONE HOME LENDING, INC. 14 6.23% $11,728
INSPIRE HOME LOANS INC. 14 5.37% $9,918
United Community Bank 13 6.05% $9,613
Prosperity Home Mortgage, LLC 12 6.69% $10,943
LOANPAL, LLC 12 5.85% $15,929
JPMorgan Chase Bank 12 6.13% $4,055
TOWNE MORTGAGE COMPANY 12 6.98% $9,144
Century Mortgage Company DBA Century Lending Company 12 6.26% $9,363
SUCCESS MORTGAGE PARTNERS, INC. 12 6.12% $15,444
SUMMIT FUNDING, INC. 12 6.57% $15,182
BancorpSouth 12 6.33% $8,516
First Federal Bank 12 6.28% $7,800
FirstTrust Home Loans, Inc. 12 6.70% $9,424
GERSHMAN INVESTMENT CORP. 12 6.73% $7,824
CONTOUR MORTGAGE CORPORATION 11 6.73% $18,047
The First National Bank of Middle Tennessee 11 6.15% $9,599
Evolve Bank & Trust 11 6.32% $7,111
DAS Acquisition Company, LLC 11 6.63% $7,797
NFM, INC. 11 6.33% $9,787
Simmons Bank 10 6.28% $9,315
HomePromise Corporation 10 7.36% $11,655
GVC MORTGAGE, INC. 10 6.44% $6,870
GUARANTY MORTGAGE SERVICES, L.L.C. 10 6.84% $11,334
BNC National Bank 9 5.40% $8,969
Bank of Tennessee 9 6.05% $8,485
CANOPY MORTGAGE, LLC 9 6.28% $14,095
First Citizens National Bank 9 6.10% $6,661
HOMEAMERICAN MORTGAGE CORPORATION 9 5.40% $4,077
HOMEBRIDGE FINANCIAL SERVICES, INC. 9 6.76% $6,112
MORTGAGEONE, INC. 9 7.22% $2,898
Northpointe Bank 9 6.18% $6,687
Wilson Bank And Trust 9 5.99% $8,314
Fifth Third Bank 8 6.20% $4,125
Armed Forces Bank 8 5.91% $12,782
T2 FINANCIAL LLC 8 6.94% $11,118
TJC Mortgage, Inc. 8 6.22% $13,877
ACADEMY MORTGAGE CORPORATION 8 6.66% $5,543
LADERA LENDING, INC. 8 6.67% $12,793
AMERICAN FINANCIAL RESOURCES, INC. 8 6.86% $7,458
NexBank 8 5.83% $5,517
AMERICAN FINANCING CORPORATION 8 6.28% $11,285
EMBRACE HOME LOANS, INC. 8 6.29% $10,202
First Federal Bank 8 6.20% $10,642
CASTLE & COOKE MORTGAGE, LLC 7 6.32% $16,163
First Vision Bank of Tennessee 7 6.23% $13,136
Waterstone Mortgage Corporation 7 6.05% $8,165
GUARANTEED RATE AFFINITY, LLC 7 6.11% $10,040
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 7 6.32% $13,204
SIRVA MORTGAGE, INC. 7 6.96% $4,864
BARTLETT MORTGAGE, INC. 7 6.18% $9,112
BAY EQUITY LLC 7 5.62% $9,559
RUOFF MORTGAGE COMPANY, INC. 7 6.25% $7,797
ROYAL UNITED MORTGAGE LLC 7 6.95% $10,975
PLAZA HOME MORTGAGE, INC. 7 6.45% $9,623
Franklin Loan Corporation 7 6.43% $13,313
EUSTIS AND AMERICAN MORTGAGE COMPANY 7 6.96% $14,022
COMPASS MORTGAGE, INC. 7 6.71% $14,642
MID AMERICA MORTGAGE, INC. 7 6.68% $5,613
Citizens Tri-County Bank 6 6.38% $6,467
Independent Bank 6 7.00% $8,985
Bell Bank 6 5.98% $8,170
Carrington Mortgage Services, LLC 6 5.58% $4,306
Fortera Federal Credit Union 6 6.63% $5,544
THE MORTGAGE FIRM, INC. 6 6.08% $5,966
TOP FLITE FINANCIAL, INC. 6 6.38% $14,355
MANN FINANCIAL INC. 6 7.13% $7,551
SOUTHWEST STAGE FUNDING, LLC 6 6.35% $2,144
PREMIA MORTGAGE, LLC 6 5.90% $7,914
FLAT BRANCH MORTGAGE, INC. 6 6.88% $6,025
GUARANTY HOME MORTGAGE CORPORATION 6 6.58% $12,493
EVANSVILLE TEACHERS 6 6.21% $9,462
SECURITYNATIONAL MORTGAGE COMPANY 6 6.58% $13,375
GoPrime Mortgage, Inc. 6 6.48% $7,984
PHH Mortgage Corporation 5 6.22% $7,745
FIRST COLONY MORTGAGE CORPORATION 5 7.23% $10,778
EASTMAN 5 7.03% $6,040
MEMBER FIRST MORTGAGE, LLC 5 6.13% $8,542
MORTGAGE ACCESS CORP. 5 5.65% $11,973
Countybank 5 6.73% $7,427
NATIONS DIRECT MORTGAGE, LLC 5 6.58% $16,972
CALIBER HOME LOANS, INC. 5 5.83% $14,134
REDSTONE Federal Credit Union 5 6.05% $9,537
1ST SIGNATURE LENDING, LLC 5 6.63% $11,448
SOVEREIGN LENDING GROUP INCORPORATED 5 6.35% $15,451
The Central Trust Bank 5 5.80% $11,969
AmeriHome Mortgage Company, LLC 5 6.13% $11,417
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 6.32% $10,240
HOMESTAR FINANCIAL CORPORATION 4 6.38% $2,050
ASCEND FEDERAL CREDIT UNION 4 6.72% $4,654
RESIDENTIAL HOME FUNDING CORP. 4 5.34% $9,345
ABSOLUTE HOME MORTGAGE CORPORATION 4 7.31% $15,695
The Loan Store, Inc. 4 6.37% $9,117
Princeton Mortgage Corporation 4 6.63% $6,809
Sunflower Bank 4 5.68% $9,410
Strong Home Mortgage, LLC 4 6.69% $9,686
ALTRA 4 5.84% $14,992
Presidential Bank, FSB 4 6.38% $7,932
HOMEOWNERS FINANCIAL GROUP USA, LLC 4 6.16% $16,258
Ixonia Bank 4 6.84% $11,363
Community First National Bank 4 7.09% $8,069
KELLEY MORTGAGE, LLC 3 6.25% $2,517
FIRST EQUITY MORTGAGE INCORPORATED 3 5.62% $10,950
DELMAR FINANCIAL COMPANY 3 6.42% $12,645
BAYSHORE MORTGAGE FUNDING, LLC 3 6.71% $14,756
ZILLOW HOME LOANS, LLC 3 6.29% $3,890
INTERCOASTAL MORTGAGE COMPANY 3 6.33% $5,821
NP, Inc. 3 7.75% $11,171
Capital City Home Loans, LLC 3 6.75% $11,149
M&T Bank 3 6.38% $9,069
OCEANSIDE MORTGAGE COMPANY 3 6.17% $8,320
Cornerstone First Mortgage, Inc 3 6.33% $13,951
Eagle Bank and Trust Company 3 5.96% $12,144
Atlantic Coast Mortgage, LLC 3 5.92% $6,129
Synovus Bank 3 6.17% $7,900
GENEVA FINANCIAL, LLC 3 6.42% $16,915
Credence Funding Corporation 3 5.79% $7,516
CB&S Bank, Inc. 3 7.08% $2,837
NATIONS RELIABLE LENDING, LLC 3 7.63% $2,447
NATIONWIDE MORTGAGE BANKERS, INC. 3 6.88% $20,924
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 6.50% $8,533
ENDEAVOR CAPITAL, LLC. 3 6.71% $12,332
Hometown Equity Mortgage, LLC 3 6.67% $5,200
CBM Mortgage, Inc. 3 6.71% $13,971
LAND HOME FINANCIAL SERVICES, INC. 3 6.42% $15,591
TruHome Solutions, LLC 2 6.25% $4,325
Shamrock Home Loans, Inc. 2 6.06% $6,244
CIS Financial Services, Inc. 2 6.19% $9,112
PINNACLE LENDING GROUP, INC. 2 7.31% $8,859
SOUTHERN TRUST MORTGAGE, LLC 2 6.81% $6,688
Willamette Valley Bank 2 6.75% $11,322
CRESCENT MORTGAGE COMPANY 2 5.94% $9,614
Bank of America 2 7.00% $2,279
KELLER MORTGAGE, LLC 2 5.69% $10,606
Financial Federal Bank 2 5.69% $6,308
POLARIS HOME FUNDING CORP. 2 6.94% $17,109
North American Savings Bank, F.S.B. 2 5.63% $13,644
Wyndham Capital Mortgage, Inc. 2 5.50% $7,357
V.I.P. MORTGAGE, INC. 2 6.75% $4,109
TOTAL MORTGAGE SERVICES, LLC 2 5.25% $12,447
CALCON MUTUAL MORTGAGE LLC 2 6.56% $14,861
Neighborhood Loans, Inc. 2 6.63% $9,250
AmRes Corporation 2 6.68% $8,625
GMFS LLC 2 5.94% $9,099
American Security Mortgage Corp. 2 6.06% $7,138
RESIDENTIAL WHOLESALE MORTGAGE, INC. 2 6.37% $13,930
American Mortgage & Equity Consultants, Inc. 2 6.94% $10,001
PANORAMA MORTGAGE GROUP, LLC 2 6.13% $5,387
Meridian Bank Corporation 2 6.38% $4,236
MICHIGAN MUTUAL, INC. 2 6.88% $173
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.75% $11,366
UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 6.13% $6,957
First Savings Bank 1 5.50% $22,850
American National Bank 1 7.25% $6,334
US MORTGAGE CORPORATION 1 6.25% $23,483
GSF Mortgage Corporation 1 7.13% $11,461
ENCORE BANK 1 6.63% $4,882
EMM LOANS LLC 1 6.25% $15,441
Vellum Mortgage, Inc. 1 6.75% $10,589
DRAPER AND KRAMER MORTGAGE CORP. 1 7.13% $5,817
ENVOY MORTGAGE, LTD 1 6.13% $10,518
DIRECT LENDERS, LLC 1 6.50% $9,359
KINECTA 1 5.88% $13,977
Midwest BankCentre 1 6.50% $9,279
ALLIED MORTGAGE GROUP, INC. 1 7.63% $3,785
MORTGAGE FINANCIAL SERVICES, LLC 1 6.63% $2,196
DATA MORTGAGE, INC. 1 7.25% $7,027
CU COMMUNITY, LLC 1 6.38% $4,690
Consumer First Mortgage, Inc. 1 6.50% $4,512
COMMUNITY MORTGAGE, LLC 1 6.75% $178
COMMUNITYAMERICA 1 6.63% $2,475
Commerce Home Mortgage, Inc. 1 7.13% $1,229
NTFN, INC. 1 5.75% $9,679
CITYWIDE HOME LOANS, LLC 1 5.75% $6,331
OCMBC, INC. 1 6.50% $18,350
Old National Bank 1 5.63% $16,458
ON Q FINANCIAL, INC. 1 7.25% $18,849
ONY GLO, INC. 1 4.63% $16,902
Pacific Lending LLC 1 6.75% $8,254
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.75% $4,118
JMJ FINANCIAL GROUP 1 6.25% $9,878
Citibank 1 7.75% $4,372
CIBM Bank 1 6.25% $11,890
INTERNATIONAL CITY MORTGAGE, INC. 1 7.13% $10,925
PNC Bank 1 6.75% $7,281
POINT Mortgage 1 6.25% $17,603
Farmers Bank & Trust 1 5.25% $14,077
Preston Home Loans Inc 1 6.63% $17,132
INTERCAP LENDING INC. 1 7.00% $4,718
Capital Bank 1 7.25% $9,629
First Financial Bank 1 6.75% $8,525
RANLIFE, INC. 1 6.38% $14,767
West Gate Bank 1 5.75% $738
BOKF 1 7.00% $37,396
Residential Mortgage Solutions, Inc. 1 7.25% $11,916
RESOURCE FINANCIAL SERVICES, INC. 1 6.75% $7,776
FBC MORTGAGE, LLC 1 7.25% $8,917
HOMESTEAD FUNDING CORP. 1 6.25% $6,997
S1L, Inc. 1 6.25% $4,838
Sandy Spring Bank 1 6.75% $3,148
Semper Home Loans, Inc. 1 5.25% $13,295
SHELTER LENDING SERVICES, L.L.C. 1 6.75% $685
Shore United Bank 1 5.75% $23,163
FIDELITY BANK 1 6.25% $15,404
SmartBank 1 7.50% $7,464
Flanagan State Bank 1 6.75% $1,124
BANKSOUTH MORTGAGE COMPANY, LLC 1 5.13% $8,594
Stride Bank 1 7.13% $5,847
AXIA FINANCIAL, LLC 1 6.75% $5,018
Hawthorn Bank 1 5.75% $3,536
TENNESSEE VALLEY 1 6.63% $2,907
TEXAS TECH 1 5.88% $650
First Internet Bank of Indiana 1 5.75% $2,745
Assurance Financial Group, L.L.C. 1 6.25% $7,593
The Freedom Bank of Virginia 1 5.63% $6,878
The Huntington National Bank 1 6.25% $4,917
Hancock Whitney Bank 1 5.63% $2,372
Arvest Bank 1 6.50% $24,637
TIDEWATER MORTGAGE SERVICES, INC. 1 7.00% $7,031
Hamilton Mortgage Corporation 1 7.25% $6,681
FIRST CONTINENTAL MORTGAGE, LTD. 1 6.75% $5,574
Total Media Management, LLC 1 6.63% $11,907
Towne Bank 1 6.75% $4,075
First United Bank and Trust Company 1 5.88% $4,581

The top Tennessee VA lender as defined by loan originations is Mortgage Research Center, LLC, with 2,265 VA loans originated. Their average total fees are $6,460, which is $3,367 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Tennessee VA lenders (with over 10 loans originated) are JPMorgan Chase Bank ($4,055), EAGLE HOME MORTGAGE, LLC ($4,738), MORTGAGE SOLUTIONS OF COLORADO, LLC ($5,446), Truist ($5,608) and GUARANTEED RATE, INC. ($6,040).

The lowest rate Tennessee VA lenders (with over 10 loans originated) are INSPIRE HOME LOANS INC. (5.37%), NVR Mortgage Finance, Inc. (5.42%), EAGLE HOME MORTGAGE, LLC (5.46%), PENTAGON FEDERAL CREDIT UNION (5.54%) and PENNYMAC LOAN SERVICES, LLC (5.59%).

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.