Chattanooga FHA Loan Rates, Closing Costs & Stats

CHATTANOOGA, TN-GA

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Chattanooga's 150 lenders originated 1,912 FHA loans during 2022. The total origination value was $408,220,000, with an average FHA loan value of $213,504.

    Chattanooga FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Chattanooga averaged -0.38% for the week of 2023-06-02, compared to the national average (all FHA variants) of 0% for the same period.

    Chattanooga's average FHA mortgage closing costs are $7,072.

    The average rate for the prior week (2023-05-26) was 6.25% and one month ago for the week of 2023-04-28, the average rate was 6.1%.

    The average rate one year ago was 4.86%.

    For refis of the same type during the week of 2023-06-02, the average rate was -1.14%.

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

    Chattanooga FHA Loan Lenders by Rates & Fees

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

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 187 4.45% $9,433
    CALIBER HOME LOANS, INC. 102 5.00% $8,805
    MOVEMENT MORTGAGE, LLC 83 5.25% $9,341
    TJC Mortgage, Inc. 80 5.03% $10,292
    MORTGAGE INVESTORS GROUP, INC. 69 4.93% $8,357
    UNITED WHOLESALE MORTGAGE, LLC 60 4.80% $10,376
    SUMMIT FUNDING, INC. 59 5.65% $10,263
    FirstBank 56 4.93% $9,062
    FREEDOM MORTGAGE CORPORATION 51 5.07% $9,855
    CMG MORTGAGE, INC. 49 5.53% $9,557
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 40 4.93% $8,759
    CARDINAL FINANCIAL 40 4.95% $10,396
    Mr. Cooper ( Nationstar Mortgage ) 39 4.49% $12,048
    LOANDEPOT.COM, LLC 37 4.86% $11,416
    PENNYMAC LOAN SERVICES, LLC 29 4.59% $10,602
    AMERISAVE MORTGAGE CORPORATION 28 4.67% $11,099
    BROKER SOLUTIONS, INC. 27 4.58% $9,079
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 27 5.25% $10,121
    LEADERONE FINANCIAL CORPORATION 24 5.45% $9,517
    Carrington Mortgage Services, LLC 23 5.11% $9,773
    PRIMELENDING, A PLAINSCAPITAL COMPANY 21 5.12% $8,711
    STOCKTON MORTGAGE CORPORATION 21 4.75% $9,526
    MEMBER FIRST MORTGAGE, LLC 20 4.61% $8,386
    GENEVA FINANCIAL, LLC 19 4.22% $10,498
    DHI MORTGAGE COMPANY, LTD. 18 4.03% $10,135
    LAKEVIEW LOAN SERVICING, LLC 18 4.38% $7,119
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 4.73% $8,176
    HOME POINT FINANCIAL CORPORATION 15 4.30% $9,553
    DAS Acquisition Company, LLC 15 5.42% $9,509
    PANORAMA MORTGAGE GROUP, LLC 13 4.97% $10,166
    LAND HOME FINANCIAL SERVICES, INC. 12 5.83% $10,580
    PRIMARY RESIDENTIAL MORTGAGE, INC. 12 5.11% $10,356
    Truist 12 4.57% $8,359
    FIRST COMMUNITY MORTGAGE, INC. 11 5.60% $10,590
    Flagstar Bank, FSB 10 5.16% $9,424
    UNION HOME MORTGAGE CORP. 10 5.75% $9,426
    COMMUNITY MORTGAGE CORPORATION 10 4.95% $7,475
    CROSSCOUNTRY MORTGAGE, LLC 10 5.16% $10,506
    MUTUAL OF OMAHA MORTGAGE, INC. 10 4.95% $12,287
    TOP FLITE FINANCIAL, INC. 10 5.66% $13,264
    RELIANCE FIRST CAPITAL, LLC 9 4.61% $9,459
    NFM, INC. 9 6.22% $11,422
    VILLAGE CAPITAL MORTGAGE 8 4.09% $6,118
    PLAZA HOME MORTGAGE, INC. 8 5.56% $13,840
    Bank of England 8 5.25% $10,635
    Regions Bank 8 5.08% $7,831
    Equity Prime Mortgage LLC 7 5.55% $8,792
    PLANET HOME LENDING, LLC 7 3.95% $8,285
    Princeton Mortgage Corporation 6 5.25% $10,760
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 6 5.15% $8,866
    BancorpSouth Bank 6 5.79% $7,885
    SUCCESS MORTGAGE PARTNERS, INC. 6 5.50% $10,920
    M&T Bank 5 4.33% $6,911
    SeaTrust Mortgage Company 5 5.13% $10,178
    MICHIGAN MUTUAL, INC. 5 6.23% $9,481
    Nations Lending Corporation 5 5.00% $10,682
    CHURCHILL MORTGAGE CORPORATION 5 5.55% $9,516
    Pinnacle Bank 4 4.81% $8,264
    Independent Bank 4 5.34% $7,130
    Wolfe Financial, Inc 4 5.78% $11,377
    Peoples Bank 4 4.75% $11,617
    TOWNE MORTGAGE COMPANY 4 5.31% $8,591
    Magnolia Bank 4 4.19% $7,489
    HOMESTAR FINANCIAL CORPORATION 4 5.19% $6,431
    HOMESIDE FINANCIAL, LLC 4 5.09% $9,029
    Renasant Bank 4 4.78% $7,186
    Amerifirst Financial, Inc. 4 5.69% $7,930
    First Citizens National Bank 4 4.41% $7,502
    United Community Bank 4 4.97% $8,837
    VANDERBILT MORTGAGE AND FINANCE, INC. 4 4.34% $10,615
    NEWREZ LLC 4 4.53% $6,522
    Mortgage Research Center, LLC 4 5.03% $6,977
    ALAMEDA MORTGAGE CORPORATION 3 6.67% $12,254
    First Guaranty Mortgage Corporation 3 4.21% $8,969
    Gateway First Bank 3 5.00% $6,203
    EVERETT FINANCIAL, INC. 3 4.71% $7,652
    Wells Fargo Bank 3 4.83% $4,797
    GUARANTEED RATE, INC. 3 6.90% $10,746
    GUILD MORTGAGE COMPANY 3 5.29% $8,978
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 5.04% $11,525
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 5.96% $11,460
    ROYAL UNITED MORTGAGE LLC 3 5.29% $13,373
    KELLER MORTGAGE, LLC 3 4.00% $6,974
    Colten Mortgage, LLC 3 5.54% $11,852
    Century Mortgage Company DBA Century Lending Company 3 5.79% $12,292
    LIBERTY HOME MORTGAGE CORPORATION 3 6.04% $9,462
    VAN DYK MORTGAGE CORPORATION 3 5.04% $6,034
    The Federal Savings Bank 3 5.00% $10,044
    Loan Simple, Inc. 3 5.88% $9,682
    PHH Mortgage Corporation 3 5.50% $11,480
    POLARIS HOME FUNDING CORP. 3 5.79% $12,985
    THE MORTGAGE FIRM, INC. 3 5.38% $11,319
    ZILLOW HOME LOANS, LLC 2 4.81% $9,213
    Alcova Mortgage LLC 2 6.19% $10,774
    Ameris Bank 2 6.13% $10,774
    Barrington Bank & Trust Company, N.A. 2 6.25% $8,779
    CRESCENT MORTGAGE COMPANY 2 4.75% $8,257
    Encompass Lending Group, LP 2 6.63% $10,830
    GREAT WESTERN FINANCIAL SERVICES, INC. 2 4.50% $7,349
    Legends Bank 2 4.88% $10,055
    LOANPAL, LLC 2 4.19% $9,652
    MILEND, INC. 2 5.50% $12,856
    RESIDENTIAL BANCORP. 2 3.81% $10,193
    RUOFF MORTGAGE COMPANY, INC. 2 5.75% $7,554
    SECURITYNATIONAL MORTGAGE COMPANY 2 4.75% $11,818
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 4.50% $11,426
    SOUTHWEST STAGE FUNDING, LLC 2 4.38% $10,482
    SWBC MORTGAGE CORPORATION 2 4.88% $5,364
    Synovus Bank 2 5.38% $6,204
    Texana Bank 2 4.81% $10,657
    The First National Bank of Middle Tennessee 2 3.69% $8,228
    VERITAS FUNDING, LLC 2 3.99% $12,737
    ACOPIA, LLC 2 5.00% $11,209
    Citizens Bank 1 5.25% $7,925
    Residential Mortgage Solutions, Inc. 1 5.88% $15,367
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.75% $8,888
    ISERVE RESIDENTIAL LENDING, LLC 1 4.63% $10,164
    UNITED MORTGAGE CORP. 1 2.88% $6,720
    Hometown Lenders, Inc. 1 3.50% $7,557
    CASTLE & COOKE MORTGAGE, LLC 1 4.13% $6,778
    Sierra Pacific Mortgage Company, Inc. 1 3.50% $10,294
    US MORTGAGE CORPORATION 1 6.13% $18,856
    SOUTHWEST FUNDING, LP 1 5.25% $11,602
    Capital City Home Loans, LLC 1 4.50% $10,687
    HomePromise Corporation 1 5.25% $13,327
    GUARANTY HOME MORTGAGE CORPORATION 1 2.88% $8,025
    GSF Mortgage Corporation 1 5.88% $17,766
    BETTER MORTGAGE CORPORATION 1 3.75% $8,043
    ALLIED MORTGAGE GROUP, INC. 1 3.50% $9,478
    Austin Capital Bank SSB 1 5.25% $21,392
    First Vision Bank of Tennessee 1 4.75% $8,266
    AmeriHome Mortgage Company, LLC 1 5.75% $9,122
    FIRST MORTGAGE COMPANY, INC. 1 4.63% $16,048
    THRIVE MORTGAGE, LLC 1 6.75% $6,733
    First Federal Bank 1 2.38% $8,626
    ENDEAVOR CAPITAL, LLC. 1 4.38% $10,710
    EMM LOANS LLC 1 4.38% $26,755
    DELMAR FINANCIAL COMPANY 1 5.13% $7,198
    Colony Bank 1 3.38% $5,265
    Paramount Bank 1 3.88% $9,071
    Orion Federal Credit Union 1 4.63% $9,740
    OCMBC, INC. 1 7.13% $10,433
    North American Savings Bank, F.S.B. 1 3.00% $6,880
    NEW DAY FINANCIAL, LLC 1 6.25% $13,275
    NETWORK CAPITAL FUNDING CORPORATION 1 3.75% $4,581
    Prosperity Home Mortgage, LLC 1 5.49% $13,565
    NBKC BANK 1 4.75% $10,836
    MID AMERICA MORTGAGE, INC. 1 7.25% $6,018
    LADERA LENDING, INC. 1 5.25% $11,202
    JPMorgan Chase Bank 1 3.25% $6,490

    The top Chattanooga FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 187 FHA loans originated. Their average total fees are $9,433, which is $628 higher than the next largest lender, CALIBER HOME LOANS, INC..

    The lowest fee Chattanooga FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($7,119), COMMUNITY MORTGAGE CORPORATION ($7,475), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,176), MORTGAGE INVESTORS GROUP, INC. ($8,357) and Truist ($8,359).

    The lowest rate Chattanooga FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (4.03%), GENEVA FINANCIAL, LLC (4.22%), HOME POINT FINANCIAL CORPORATION (4.30%), LAKEVIEW LOAN SERVICING, LLC (4.38%) and QUICKEN LOANS, LLC (4.45%).

    Chattanooga FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CHATTANOOGA, TN-GA CATOOSA 2022 $420,680 $538,650 $651,050 $809,150
    CHATTANOOGA, TN-GA DADE 2022 $420,680 $538,650 $651,050 $809,150
    CHATTANOOGA, TN-GA WALKER 2022 $420,680 $538,650 $651,050 $809,150
    CHATTANOOGA, TN-GA HAMILTON 2022 $420,680 $538,650 $651,050 $809,150
    CHATTANOOGA, TN-GA MARION 2022 $420,680 $538,650 $651,050 $809,150
    CHATTANOOGA, TN-GA SEQUATCHIE 2022 $420,680 $538,650 $651,050 $809,150
    CHATTANOOGA, TN-GA CATOOSA 2023 $472,030 $604,400 $730,525 $907,900
    CHATTANOOGA, TN-GA DADE 2023 $472,030 $604,400 $730,525 $907,900
    CHATTANOOGA, TN-GA WALKER 2023 $472,030 $604,400 $730,525 $907,900
    CHATTANOOGA, TN-GA HAMILTON 2023 $472,030 $604,400 $730,525 $907,900
    CHATTANOOGA, TN-GA MARION 2023 $472,030 $604,400 $730,525 $907,900
    CHATTANOOGA, TN-GA SEQUATCHIE 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Chattanooga (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $235,000 (9.3%) $308,169 (6.7%) 0.87 1,816
    2018-02-01 $242,200 (9.5%) $320,468 (9.1%) 0.88 1,777
    2018-03-01 $250,000 (10.4%) $334,458 (11.0%) 0.88 1,760
    2018-04-01 $264,900 (15.2%) $345,917 (11.7%) 0.90 1,752
    2018-05-01 $277,500 (15.7%) $355,524 (11.3%) 0.93 1,833
    2018-06-01 $275,000 (13.0%) $350,477 (2.9%) 0.92 2,030
    2018-07-01 $270,950 (10.6%) $347,392 (2.2%) 0.90 2,174
    2018-08-01 $274,700 (14.4%) $347,864 (9.8%) 0.92 2,216
    2018-09-01 $269,900 (10.2%) $343,006 (6.3%) 0.91 2,267
    2018-10-01 $270,000 (10.9%) $342,740 (6.3%) 0.91 2,278
    2018-11-01 $274,987 (17.0%) $344,823 (9.5%) 0.93 2,310
    2018-12-01 $270,000 (12.6%) $341,767 (8.6%) 0.93 2,226
    2019-01-01 $269,900 (14.9%) $338,725 (9.9%) 0.93 2,084
    2019-02-01 $271,750 (12.2%) $338,827 (5.7%) 0.92 2,062
    2019-03-01 $283,871 (13.6%) $347,651 (3.9%) 0.93 2,001
    2019-04-01 $296,750 (12.0%) $356,381 (3.0%) 0.94 1,997
    2019-05-01 $295,000 (6.3%) $362,204 (1.9%) 0.92 2,082
    2019-06-01 $294,800 (7.2%) $358,176 (2.2%) 0.92 2,096
    2019-07-01 $295,000 (8.9%) $354,482 (2.0%) 0.92 2,180
    2019-08-01 $293,573 (6.9%) $348,480 (0.2%) 0.93 2,191
    2019-09-01 $291,507 (8.0%) $349,588 (1.9%) 0.93 2,167
    2019-10-01 $289,900 (7.4%) $349,260 (1.9%) 0.94 2,166
    2019-11-01 $290,000 (5.5%) $349,839 (1.5%) 0.95 2,096
    2019-12-01 $295,117 (9.3%) $352,651 (3.2%) 0.98 1,916
    2020-01-01 $293,375 (8.7%) $350,435 (3.5%) 0.98 1,725
    2020-02-01 $299,900 (10.4%) $363,132 (7.2%) 0.98 1,568
    2020-03-01 $309,800 (9.1%) $370,905 (6.7%) 0.97 1,583
    2020-04-01 $316,000 (6.5%) $380,228 (6.7%) 0.99 1,584
    2020-05-01 $329,800 (11.8%) $403,602 (11.4%) 1.00 1,514
    2020-06-01 $337,500 (14.5%) $430,525 (20.2%) 0.99 1,345
    2020-07-01 $339,900 (15.2%) $439,484 (24.0%) 0.99 1,221
    2020-08-01 $334,900 (14.1%) $430,254 (23.5%) 0.96 1,142
    2020-09-01 $329,450 (13.0%) $434,227 (24.2%) 0.94 1,117
    2020-10-01 $320,000 (10.4%) $426,935 (22.2%) 0.92 1,042
    2020-11-01 $317,950 (9.6%) $426,505 (21.9%) 0.93 1,013
    2020-12-01 $312,450 (5.9%) $425,865 (20.8%) 0.93 952
    2021-01-01 $319,000 (8.7%) $436,061 (24.4%) 0.95 768
    2021-02-01 $331,175 (10.4%) $464,678 (28.0%) 0.96 565
    2021-03-01 $347,225 (12.1%) $464,436 (25.2%) 0.99 539
    2021-04-01 $350,725 (11.0%) $470,594 (23.8%) 0.95 528
    2021-05-01 $349,900 (6.1%) $496,777 (23.1%) 0.93 550
    2021-06-01 $350,000 (3.7%) $497,067 (15.5%) 0.92 644
    2021-07-01 $335,450 (-1.3%) $459,256 (4.5%) 0.89 749
    2021-08-01 $324,925 (-3.0%) $459,822 (6.9%) 0.87 864
    2021-09-01 $341,875 (3.8%) $460,272 (6.0%) 0.91 852
    2021-10-01 $350,000 (9.4%) $482,744 (13.1%) 0.93 759
    2021-11-01 $361,250 (13.6%) $492,589 (15.5%) 0.97 657
    2021-12-01 $354,900 (13.6%) $492,361 (15.6%) 0.96 578
    2022-01-01 $345,000 (8.2%) $491,856 (12.8%) 0.93 522
    2022-02-01 $358,720 (8.3%) $523,569 (12.7%) 0.93 460
    2022-03-01 $350,000 (0.8%) $544,116 (17.2%) 0.88 471
    2022-04-01 $419,900 (19.7%) $579,378 (23.1%) 1.00 524
    2022-05-01 $437,450 (25.0%) $576,212 (16.0%) 1.00 708
    2022-06-01 $419,975 (20.0%) $557,807 (12.2%) 0.94 894
    2022-07-01 $399,000 (18.9%) $540,630 (17.7%) 0.90 1,107
    2022-08-01 $396,900 (22.2%) $517,976 (12.7%) 0.92 1,213
    2022-09-01 $399,450 (16.8%) $522,478 (13.5%) 0.93 1,242
    2022-10-01 $399,250 (14.1%) $530,330 (9.9%) 0.94 1,307
    2022-11-01 $396,000 (9.6%) $521,091 (5.8%) 0.95 1,376
    2022-12-01 $395,000 (11.3%) $520,776 (5.8%) 0.98 1,257
    2023-01-01 $399,000 (15.7%) $507,785 (3.2%) 0.99 1,135
    2023-02-01 $398,400 (11.1%) $506,652 (-3.2%) 0.96 1,066
    2023-03-01 $408,450 (16.7%) $538,999 (-0.9%) 0.96 1,018
    2023-04-01 $439,900 (4.8%) $571,997 (-1.3%) 1.02 1,021
    2023-05-01 $438,950 (0.3%) $566,578 (-1.7%) 0.99 1,099
    Chattanooga's median listing price for 2023-05-01 was $438,950, a difference of $1,500 (0.3%) versus the prior year and $-950 versus the prior month.

    Chattanooga's median listing price comes in at 99% of the national average.

    Chattanooga's average listing price for 2023-05-01 was $566,578, a difference of $-9,634 (-1.7%) versus the prior year and $-5,419 versus the prior month.

    For the 2023-05-01 period, Chattanooga had 1,099 MLS listings, a difference of 78 listings (8%) versus the prior month and 391 listings (55%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Chattanooga (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 78 days 2,080 sqft
    2018-02-01 73 days 2,090 sqft
    2018-03-01 55 days 2,140 sqft
    2018-04-01 53 days 2,194 sqft
    2018-05-01 50 days 2,229 sqft
    2018-06-01 47 days 2,169 sqft
    2018-07-01 50 days 2,175 sqft
    2018-08-01 59 days 2,165 sqft
    2018-09-01 58 days 2,163 sqft
    2018-10-01 64 days 2,164 sqft
    2018-11-01 67 days 2,170 sqft
    2018-12-01 73 days 2,152 sqft
    2019-01-01 83 days 2,154 sqft
    2019-02-01 72 days 2,151 sqft
    2019-03-01 63 days 2,186 sqft
    2019-04-01 51 days 2,220 sqft
    2019-05-01 50 days 2,229 sqft
    2019-06-01 53 days 2,232 sqft
    2019-07-01 56 days 2,237 sqft
    2019-08-01 57 days 2,230 sqft
    2019-09-01 60 days 2,237 sqft
    2019-10-01 63 days 2,236 sqft
    2019-11-01 64 days 2,218 sqft
    2019-12-01 73 days 2,216 sqft
    2020-01-01 79 days 2,200 sqft
    2020-02-01 71 days 2,200 sqft
    2020-03-01 50 days 2,244 sqft
    2020-04-01 52 days 2,247 sqft
    2020-05-01 60 days 2,300 sqft
    2020-06-01 57 days 2,308 sqft
    2020-07-01 58 days 2,260 sqft
    2020-08-01 52 days 2,230 sqft
    2020-09-01 46 days 2,176 sqft
    2020-10-01 49 days 2,100 sqft
    2020-11-01 53 days 2,072 sqft
    2020-12-01 56 days 2,029 sqft
    2021-01-01 66 days 2,063 sqft
    2021-02-01 44 days 2,074 sqft
    2021-03-01 34 days 2,097 sqft
    2021-04-01 33 days 2,100 sqft
    2021-05-01 23 days 2,104 sqft
    2021-06-01 25 days 2,072 sqft
    2021-07-01 25 days 2,032 sqft
    2021-08-01 29 days 2,002 sqft
    2021-09-01 34 days 2,029 sqft
    2021-10-01 39 days 2,065 sqft
    2021-11-01 39 days 2,123 sqft
    2021-12-01 43 days 2,066 sqft
    2022-01-01 49 days 1,980 sqft
    2022-02-01 36 days 2,030 sqft
    2022-03-01 25 days 2,007 sqft
    2022-04-01 20 days 2,150 sqft
    2022-05-01 22 days 2,212 sqft
    2022-06-01 26 days 2,206 sqft
    2022-07-01 31 days 2,133 sqft
    2022-08-01 38 days 2,102 sqft
    2022-09-01 44 days 2,112 sqft
    2022-10-01 46 days 2,125 sqft
    2022-11-01 52 days 2,095 sqft
    2022-12-01 63 days 2,085 sqft
    2023-01-01 73 days 2,085 sqft
    2023-02-01 60 days 2,092 sqft
    2023-03-01 47 days 2,085 sqft
    2023-04-01 44 days 2,125 sqft
    2023-05-01 43 days 2,130 sqft
    Chattanooga's median listing age (time on market) for 2023-05-01 was 43 days. This is 95% longer than the same period one year ago.

    Chattanooga's median square footage for active listings during the 2023-05-01 period was 2,130 sqft. One year prior, the average listing was 2,212 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).