Chattanooga FHA Loan Rates, Closing Costs & Stats

CHATTANOOGA, TN-GA

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 146 lenders originated 1,792 FHA loans during 2023. The total origination value was $453,060,000, with an average FHA loan value of $252,824.

Chattanooga FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Chattanooga averaged 6.91% for the week of 2024-06-14, compared to the national average (all FHA variants) of 6.712% for the same period.

Chattanooga's average FHA mortgage closing costs are $7,620.

The average rate for the prior week (2024-06-07) was 6.7% and one month ago for the week of 2024-05-10, the average rate was 6.88%.

The average rate one year ago was 6.44%.

For refis of the same type during the week of 2024-06-14, the average rate was 7.12%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 183 6.19% $10,728
UNION HOME MORTGAGE CORP. 90 6.72% $11,878
MOVEMENT MORTGAGE, LLC 86 6.62% $10,978
MORTGAGE INVESTORS GROUP, INC. 81 6.53% $10,355
CMG MORTGAGE, INC. 80 6.73% $10,883
UNITED WHOLESALE MORTGAGE, LLC 71 6.14% $13,869
LEADERONE FINANCIAL CORPORATION 71 6.58% $11,633
FirstBank 66 6.45% $11,133
SUMMIT FUNDING, INC. 65 6.78% $11,774
TJC Mortgage, Inc. 45 6.40% $10,855
ARK-LA-TEX FINANCIAL SERVICES, LLC. 30 6.69% $8,742
FREEDOM MORTGAGE CORPORATION 29 6.87% $12,887
PENNYMAC LOAN SERVICES, LLC 25 5.91% $13,259
ALAMEDA MORTGAGE CORPORATION 25 6.86% $12,172
BROKER SOLUTIONS, INC. 24 6.66% $10,456
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 22 6.66% $9,435
LOANDEPOT.COM, LLC 21 6.50% $12,307
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 20 6.81% $9,322
DHI MORTGAGE COMPANY, LTD. 19 5.42% $9,099
FIRST COMMUNITY MORTGAGE, INC. 18 6.62% $12,058
Equity Prime Mortgage LLC 18 6.53% $13,294
CARDINAL FINANCIAL 17 6.65% $11,442
Cornerstone First Mortgage, Inc 17 6.93% $14,399
GUARANTEED RATE, INC. 16 6.56% $10,883
Mr. Cooper ( Nationstar Mortgage ) 16 5.98% $14,664
AMERISAVE MORTGAGE CORPORATION 15 6.18% $12,891
CROSSCOUNTRY MORTGAGE, LLC 13 6.50% $12,398
Carrington Mortgage Services, LLC 13 6.12% $13,672
MEMBER FIRST MORTGAGE, LLC 13 6.05% $9,614
LAKEVIEW LOAN SERVICING, LLC 12 6.02% $11,271
STOCKTON MORTGAGE CORPORATION 12 6.70% $13,187
Regions Bank 12 6.64% $8,126
NEWREZ LLC 12 6.30% $10,947
ISERVE RESIDENTIAL LENDING, LLC 11 6.66% $15,939
RELIANCE FIRST CAPITAL, LLC 11 6.61% $12,070
SUCCESS MORTGAGE PARTNERS, INC. 10 6.29% $12,895
Mortgage Research Center, LLC 10 7.19% $7,020
FIRST COLONY MORTGAGE CORPORATION 10 7.05% $11,940
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 9 6.75% $9,886
COMMUNITY MORTGAGE CORPORATION 9 6.53% $8,943
GUARANTY HOME MORTGAGE CORPORATION 9 6.38% $11,688
LAND HOME FINANCIAL SERVICES, INC. 9 5.96% $10,692
United Community Bank 8 6.17% $11,262
MUTUAL OF OMAHA MORTGAGE, INC. 8 6.58% $14,276
NFM, INC. 8 7.28% $11,649
PRIMELENDING, A PLAINSCAPITAL COMPANY 7 6.80% $10,636
DAS Acquisition Company, LLC 7 7.14% $11,079
BancorpSouth 7 6.29% $8,969
Truist 6 6.25% $10,177
MILEND, INC. 6 6.73% $10,551
AMERICAN FINANCIAL NETWORK, INC. 6 7.21% $14,640
SeaTrust Mortgage Company 6 6.46% $12,671
PANORAMA MORTGAGE GROUP, LLC 6 6.90% $11,688
ZILLOW HOME LOANS, LLC 5 6.50% $11,307
BAYSHORE MORTGAGE FUNDING, LLC 5 6.08% $13,060
First Citizens National Bank 5 6.10% $7,309
Pinnacle Bank 5 6.13% $8,838
SWBC MORTGAGE CORPORATION 5 6.63% $6,751
TOP FLITE FINANCIAL, INC. 5 6.88% $12,166
PENTAGON FEDERAL CREDIT UNION 4 5.63% $11,313
EVERETT FINANCIAL, INC. 4 6.84% $9,482
AMERICAN PACIFIC MORTGAGE CORPORATION 4 6.59% $14,607
Renasant Bank 4 6.84% $7,700
ROYAL UNITED MORTGAGE LLC 4 6.84% $13,242
Magnolia Bank 4 6.88% $9,634
Prosperity Home Mortgage, LLC 4 6.75% $10,901
Princeton Mortgage Corporation 4 7.09% $9,165
TOWNE MORTGAGE COMPANY 4 6.47% $10,608
PLANET HOME LENDING, LLC 4 6.56% $12,047
Barrington Bank & Trust Company, N.A. 3 6.44% $8,296
Independent Bank 3 7.21% $12,237
NBKC BANK 3 5.54% $8,632
MIDLAND MORTGAGE CORPORATION 3 7.13% $5,920
HOMESTAR FINANCIAL CORPORATION 3 6.25% $7,461
SUN WEST MORTGAGE COMPANY, INC. 3 6.50% $18,574
Synovus Bank 3 6.54% $8,621
PHH Mortgage Corporation 3 6.75% $10,887
PLAZA HOME MORTGAGE, INC. 3 6.50% $12,056
LOANPAL, LLC 3 6.13% $10,214
Flagstar Bank, FSB 3 6.25% $12,361
CHURCHILL MORTGAGE CORPORATION 2 6.37% $11,450
Wells Fargo Bank 2 6.56% $11,165
Sierra Pacific Mortgage Company, Inc. 2 6.63% $12,460
CANOPY MORTGAGE, LLC 2 6.94% $10,694
Century Mortgage Company DBA Century Lending Company 2 6.69% $10,882
RUOFF MORTGAGE COMPANY, INC. 2 5.81% $7,819
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.75% $8,812
ABSOLUTE HOME MORTGAGE CORPORATION 2 7.44% $10,776
Loan Simple, Inc. 2 6.37% $11,632
SOUTHEAST MORTGAGE OF GEORGIA, INC. 2 6.13% $13,130
HOMEOWNERS FINANCIAL GROUP USA, LLC 2 6.69% $10,239
SmartBank 2 6.25% $8,999
NEW DAY FINANCIAL, LLC 2 7.50% $5,871
MID AMERICA MORTGAGE, INC. 2 6.63% $7,564
THRIVE MORTGAGE, LLC 2 5.75% $20,669
AmeriHome Mortgage Company, LLC 1 5.63% $14,937
Wolfe Financial, Inc 1 6.75% $11,194
The Federal Savings Bank 1 5.63% $12,761
American Mortgage & Equity Consultants, Inc. 1 7.25% $21,736
1ST SIGNATURE LENDING, LLC 1 7.25% $12,650
Towne Bank 1 6.88% $10,129
AMERICAN FINANCING CORPORATION 1 6.63% $10,438
AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $7,518
ACOPIA, LLC 1 6.25% $11,374
U.S. Bank 1 5.75% $10,215
VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.50% $6,385
VAN DYK MORTGAGE CORPORATION 1 7.13% $2,634
VERITAS FUNDING, LLC 1 6.25% $17,265
Franklin Loan Corporation 1 7.13% $14,519
GUILD MORTGAGE COMPANY 1 5.88% $8,587
First Vision Bank of Tennessee 1 6.13% $12,924
FirstTrust Home Loans, Inc. 1 7.13% $12,822
INTERLINC MORTGAGE SERVICES, LLC 1 7.00% $20,750
First Federal Bank 1 5.63% $16,110
Kwik Mortgage Corporation 1 6.75% $9,592
First-Citizens Bank & Trust Company 1 6.13% $9,677
FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.00% $13,601
LEGEND LENDING CORPORATION 1 6.50% $17,574
Legends Bank 1 5.88% $10,622
LIBERTY HOME MORTGAGE CORPORATION 1 6.50% $7,350
Encompass Lending Group, LP 1 6.50% $9,798
EMM LOANS LLC 1 6.75% $14,210
MICHIGAN MUTUAL, INC. 1 6.63% $5,870
CRESCENT MORTGAGE COMPANY 1 7.00% $7,440
CONTOUR MORTGAGE CORPORATION 1 5.75% $10,893
Citizens Bank 1 6.63% $5,920
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $7,903
Centennial Bank 1 7.50% $8,389
NATIONWIDE MORTGAGE BANKERS, INC. 1 6.63% $16,679
Capital City Home Loans, LLC 1 6.63% $13,047
Northpointe Bank 1 6.13% $8,601
OCEANSIDE MORTGAGE COMPANY 1 7.00% $5,675
CALCON MUTUAL MORTGAGE LLC 1 7.25% $23,964
BNC National Bank 1 5.00% $11,819
PREMIA MORTGAGE, LLC 1 6.13% $7,431
BECKAM FUNDING CORP. 1 6.63% $20,936
BAY EQUITY LLC 1 6.75% $6,574
RANLIFE, INC. 1 6.38% $13,694
Bank of Tennessee 1 6.99% $7,765
RESIDENTIAL BANCORP 1 8.25% $8,204
Residential Mortgage Solutions, Inc. 1 5.75% $10,599
S1L, Inc. 1 6.25% $13,839
Bank of England 1 6.13% $11,502
SECURITYNATIONAL MORTGAGE COMPANY 1 7.63% $11,521
SIRVA MORTGAGE, INC. 1 6.63% $7,895
Arvest Bank 1 7.00% $7,958

The top Chattanooga FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 183 FHA loans originated. Their average total fees are $10,728, which is $1,151 lower than the next largest lender, UNION HOME MORTGAGE CORP..

The lowest fee Chattanooga FHA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($7,020), Regions Bank ($8,126), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($8,742), DHI MORTGAGE COMPANY, LTD. ($9,099) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,322).

The lowest rate Chattanooga FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.42%), PENNYMAC LOAN SERVICES, LLC (5.91%), Mr. Cooper ( Nationstar Mortgage ) (5.98%), LAKEVIEW LOAN SERVICING, LLC (6.02%) and MEMBER FIRST MORTGAGE, LLC (6.05%).

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 (6.6%) 0.87 1,816
2018-02-01 $242,200 (9.5%) $320,468 (9.0%) 0.88 1,777
2018-03-01 $250,000 (10.3%) $334,458 (10.9%) 0.88 1,760
2018-04-01 $264,900 (15.2%) $345,917 (11.6%) 0.90 1,752
2018-05-01 $277,500 (15.7%) $355,545 (11.2%) 0.93 1,832
2018-06-01 $274,950 (12.8%) $350,493 (2.8%) 0.92 2,029
2018-07-01 $270,550 (10.4%) $347,369 (2.1%) 0.90 2,174
2018-08-01 $274,600 (14.2%) $347,879 (9.7%) 0.92 2,215
2018-09-01 $269,900 (10.2%) $343,019 (6.2%) 0.91 2,266
2018-10-01 $270,000 (10.9%) $342,753 (6.2%) 0.91 2,277
2018-11-01 $274,975 (17.0%) $344,837 (9.4%) 0.93 2,309
2018-12-01 $270,000 (12.6%) $341,780 (8.6%) 0.93 2,225
2019-01-01 $269,900 (14.9%) $338,737 (9.9%) 0.93 2,083
2019-02-01 $271,500 (12.1%) $338,840 (5.7%) 0.92 2,061
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 (9.0%) $354,482 (2.1%) 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 (10.5%) $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 $350,000 (10.8%) $470,351 (23.7%) 0.95 527
2021-05-01 $349,900 (6.1%) $496,480 (23.0%) 0.93 549
2021-06-01 $350,000 (3.7%) $496,799 (15.4%) 0.92 643
2021-07-01 $335,000 (-1.4%) $459,406 (4.5%) 0.88 748
2021-08-01 $324,900 (-3.0%) $459,580 (6.8%) 0.87 863
2021-09-01 $341,800 (3.8%) $460,030 (5.9%) 0.91 851
2021-10-01 $350,000 (9.4%) $482,500 (13.0%) 0.93 759
2021-11-01 $360,000 (13.2%) $492,456 (15.5%) 0.96 657
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 (20.0%) $579,378 (23.2%) 1.00 524
2022-05-01 $437,450 (25.0%) $576,212 (16.1%) 1.00 708
2022-06-01 $419,975 (20.0%) $557,807 (12.3%) 0.94 894
2022-07-01 $399,000 (19.1%) $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 (16.9%) $522,478 (13.6%) 0.93 1,242
2022-10-01 $399,000 (14.0%) $530,089 (9.9%) 0.94 1,307
2022-11-01 $395,000 (9.7%) $520,857 (5.8%) 0.95 1,377
2022-12-01 $395,000 (11.3%) $520,532 (5.7%) 0.98 1,258
2023-01-01 $398,675 (15.6%) $507,517 (3.2%) 0.99 1,136
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%) $572,673 (-1.2%) 1.02 1,021
2023-05-01 $438,950 (0.3%) $567,581 (-1.5%) 1.00 1,098
2023-06-01 $438,783 (4.5%) $560,013 (0.4%) 0.99 1,160
2023-07-01 $437,500 (9.7%) $560,011 (3.6%) 0.99 1,250
2023-08-01 $437,500 (10.2%) $563,449 (8.8%) 1.00 1,281
2023-09-01 $430,000 (7.7%) $553,637 (6.0%) 1.00 1,338
2023-10-01 $418,700 (4.9%) $531,571 (0.3%) 0.99 1,474
2023-11-01 $415,000 (5.1%) $530,721 (1.9%) 0.99 1,533
2023-12-01 $409,900 (3.8%) $526,634 (1.2%) 1.00 1,519
2024-01-01 $399,923 (0.3%) $526,969 (3.8%) 0.98 1,430
2024-02-01 $402,498 (1.0%) $529,830 (4.6%) 0.97 1,444
2024-03-01 $425,000 (4.1%) $547,972 (1.7%) 1.00 1,442
2024-04-01 $425,000 (-3.4%) $559,037 (-2.4%) 0.99 1,486
2024-05-01 $429,550 (-2.1%) $560,051 (-1.3%) 0.97 1,530
Chattanooga's median listing price for 2024-05-01 was $429,550, a difference of $-9,400 (-2.1%) versus the prior year and $4,550 versus the prior month.

Chattanooga's median listing price comes in at 97% of the national average.

Chattanooga's average listing price for 2024-05-01 was $560,051, a difference of $-7,530 (-1.3%) versus the prior year and $1,014 versus the prior month.

For the 2024-05-01 period, Chattanooga had 1,530 MLS listings, a difference of 44 listings (3%) versus the prior month and 432 listings (39%) 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 2,231 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 2,160 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 2,219 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 61 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 2,070 sqft
2020-12-01 56 days 2,029 sqft
2021-01-01 66 days 2,063 sqft
2021-02-01 44 days 2,073 sqft
2021-03-01 34 days 2,097 sqft
2021-04-01 33 days 2,100 sqft
2021-05-01 23 days 2,100 sqft
2021-06-01 25 days 2,068 sqft
2021-07-01 24 days 2,032 sqft
2021-08-01 28 days 2,001 sqft
2021-09-01 34 days 2,028 sqft
2021-10-01 39 days 2,063 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 2,145 sqft
2022-05-01 22 days 2,212 sqft
2022-06-01 26 days 2,206 sqft
2022-07-01 31 days 2,130 sqft
2022-08-01 38 days 2,102 sqft
2022-09-01 44 days 2,111 sqft
2022-10-01 47 days 2,121 sqft
2022-11-01 52 days 2,094 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 2,084 sqft
2023-04-01 44 days 2,125 sqft
2023-05-01 43 days 2,130 sqft
2023-06-01 42 days 2,137 sqft
2023-07-01 40 days 2,088 sqft
2023-08-01 44 days 2,065 sqft
2023-09-01 46 days 2,073 sqft
2023-10-01 49 days 2,050 sqft
2023-11-01 52 days 2,021 sqft
2023-12-01 57 days 1,980 sqft
2024-01-01 66 days 1,927 sqft
2024-02-01 53 days 1,935 sqft
2024-03-01 44 days 1,999 sqft
2024-04-01 50 days 2,000 sqft
2024-05-01 45 days 2,008 sqft
Chattanooga's median listing age (time on market) for 2024-05-01 was 45 days. This is 5% longer than the same period one year ago.

Chattanooga's median square footage for active listings during the 2024-05-01 period was 2,008 sqft. One year prior, the average listing was 2,130 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).