Dayton FHA Loan Rates, Closing Costs & Stats

Dayton, TN

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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.

    Dayton's 44 lenders originated 111 FHA loans during 2023. The total origination value was $24,485,000, with an average FHA loan value of $220,586.

    Dayton FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Dayton averaged 0.27% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Dayton's average FHA mortgage closing costs are $7,584.

    The average rate for the prior week (2024-11-08) was 6.48% and one month ago for the week of 2024-10-11, the average rate was 6.18%.

    The average rate one year ago was 7.62%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0%.

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

    Dayton 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 Dayton level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 18 6.87% $11,098
    MORTGAGE INVESTORS GROUP, INC. 9 6.28% $9,097
    FIRST COMMUNITY MORTGAGE, INC. 6 6.46% $11,946
    QUICKEN LOANS, LLC 6 6.58% $11,698
    LOANDEPOT.COM, LLC 3 6.66% $11,139
    Nations Lending Corporation 3 6.29% $11,698
    SUMMIT FUNDING, INC. 3 6.88% $11,370
    Renasant Bank 2 6.19% $11,576
    MID AMERICA MORTGAGE, INC. 2 7.94% $6,435
    TJC Mortgage, Inc. 2 6.88% $9,647
    UNION HOME MORTGAGE CORP. 2 7.00% $12,870
    CARDINAL FINANCIAL 2 6.75% $14,575
    Mr. Cooper ( Nationstar Mortgage ) 2 5.94% $9,381
    MOVEMENT MORTGAGE, LLC 2 6.00% $10,268
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.75% $7,772
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.50% $12,232
    CMG MORTGAGE, INC. 2 6.94% $7,777
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.13% $10,226
    Flagstar Bank, FSB 2 7.00% $11,884
    Regions Bank 2 6.88% $6,000
    The First National Bank of Middle Tennessee 1 7.63% $6,118
    United Community Bank 1 5.75% $12,513
    U.S. Bank 1 6.00% $6,288
    VAN DYK MORTGAGE CORPORATION 1 7.13% $4,155
    NBKC BANK 1 6.63% $6,663
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $10,988
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $10,850
    Bank of America 1 7.25% $9,789
    Blue Ridge Bank 1 6.50% $8,500
    BROKER SOLUTIONS, INC. 1 7.25% $11,163
    ENDEAVOR CAPITAL, LLC. 1 7.00% $8,823
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $5,779
    FirstBank 1 6.88% $9,309
    First Citizens National Bank 1 5.25% $4,614
    FREEDOM MORTGAGE CORPORATION 1 6.25% $14,430
    GUARANTY HOME MORTGAGE CORPORATION 1 6.50% $10,247
    LEADERONE FINANCIAL CORPORATION 1 5.88% $6,316
    MICHIGAN MUTUAL, INC. 1 6.13% $7,928
    MILEND, INC. 1 6.13% $14,530
    NEWREZ LLC 1 7.25% $10,068
    NFM, INC. 1 7.13% $7,462
    Pinnacle Bank 1 5.50% $7,244
    Plains Commerce Bank 1 6.13% $8,647
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.38% $4,741

    The top Dayton FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 18 FHA loans originated. Their average total fees are $11,098, which is $2,000 higher than the next largest lender, MORTGAGE INVESTORS GROUP, INC..

    The lowest fee Dayton FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($11,098), .

    The lowest rate Dayton FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.87%), .

    Dayton FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    DAYTON, TN RHEA 2022 $420,680 $538,650 $651,050 $809,150
    DAYTON, TN RHEA 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Dayton (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 $182,500 (7.3%) $282,940 (8.9%) 0.00 184
    2018-02-01 $182,100 (4.1%) $266,430 (0.2%) 0.00 197
    2018-03-01 $178,900 (3.5%) $275,056 (1.8%) 0.00 183
    2018-04-01 $193,875 (9.5%) $284,019 (0.7%) 0.00 186
    2018-05-01 $198,500 (2.8%) $296,069 (3.2%) 0.00 190
    2018-06-01 $195,500 (-5.8%) $298,635 (-0.3%) 0.00 187
    2018-07-01 $213,038 (-4.1%) $305,936 (0.6%) 0.00 181
    2018-08-01 $216,075 (-8.5%) $306,385 (-2.1%) 0.00 185
    2018-09-01 $219,000 (-0.3%) $309,101 (0.1%) 0.00 176
    2018-10-01 $202,475 (3.0%) $306,205 (3.4%) 0.00 173
    2018-11-01 $213,725 (11.8%) $310,112 (7.2%) 0.00 167
    2018-12-01 $225,000 (20.6%) $304,844 (7.9%) 0.00 152
    2019-01-01 $223,625 (22.5%) $307,982 (8.9%) 0.00 142
    2019-02-01 $226,225 (24.2%) $314,776 (18.2%) 0.00 133
    2019-03-01 $231,200 (29.2%) $320,188 (16.4%) 0.00 127
    2019-04-01 $226,038 (16.6%) $313,414 (10.4%) 0.00 130
    2019-05-01 $238,125 (20.0%) $339,029 (14.5%) 0.00 141
    2019-06-01 $224,500 (14.8%) $317,062 (6.2%) 0.00 147
    2019-07-01 $239,000 (12.2%) $324,206 (6.0%) 0.00 147
    2019-08-01 $227,509 (5.3%) $315,968 (3.1%) 0.00 150
    2019-09-01 $220,473 (0.7%) $310,559 (0.5%) 0.00 148
    2019-10-01 $214,975 (6.2%) $306,106 (0.0%) 0.00 146
    2019-11-01 $199,900 (-6.5%) $300,333 (-3.2%) 0.00 135
    2019-12-01 $199,925 (-11.1%) $305,521 (0.2%) 0.00 128
    2020-01-01 $209,950 (-6.1%) $316,459 (2.8%) 0.00 113
    2020-02-01 $219,950 (-2.8%) $330,768 (5.1%) 0.00 108
    2020-03-01 $233,325 (0.9%) $345,515 (7.9%) 0.00 93
    2020-04-01 $236,950 (4.8%) $341,104 (8.8%) 0.00 94
    2020-05-01 $249,900 (4.9%) $342,218 (0.9%) 0.00 92
    2020-06-01 $239,000 (6.5%) $330,209 (4.2%) 0.00 85
    2020-07-01 $219,275 (-8.3%) $326,521 (0.7%) 0.00 67
    2020-08-01 $249,000 (9.5%) $391,193 (23.8%) 0.00 65
    2020-09-01 $244,750 (11.0%) $396,923 (27.8%) 0.00 52
    2020-10-01 $277,400 (29.0%) $421,411 (37.7%) 0.00 54
    2020-11-01 $325,000 (62.6%) $430,667 (43.4%) 0.00 51
    2020-12-01 $325,000 (62.6%) $465,034 (52.2%) 0.00 46
    2021-01-01 $294,500 (40.3%) $476,656 (50.6%) 0.00 49
    2021-02-01 $312,450 (42.1%) $480,687 (45.3%) 0.00 47
    2021-03-01 $305,620 (31.0%) $474,638 (37.4%) 0.00 44
    2021-04-01 $295,500 (24.7%) $484,013 (41.9%) 0.00 38
    2021-05-01 $295,000 (18.1%) $524,444 (53.3%) 0.00 32
    2021-06-01 $276,600 (15.7%) $449,568 (36.2%) 0.00 43
    2021-07-01 $252,500 (15.2%) $442,480 (35.5%) 0.00 58
    2021-08-01 $272,225 (9.3%) $478,178 (22.2%) 0.00 52
    2021-09-01 $279,375 (14.2%) $396,194 (-0.2%) 0.00 57
    2021-10-01 $286,200 (3.2%) $410,946 (-2.5%) 0.00 50
    2021-11-01 $272,200 (-16.3%) $401,248 (-6.8%) 0.00 43
    2021-12-01 $280,500 (-13.7%) $434,124 (-6.7%) 0.00 38
    2022-01-01 $287,450 (-2.4%) $452,404 (-5.1%) 0.00 32
    2022-02-01 $308,070 (-1.4%) $453,731 (-5.6%) 0.00 25
    2022-03-01 $341,795 (11.8%) $493,387 (4.0%) 0.00 31
    2022-04-01 $354,400 (19.9%) $477,424 (-1.4%) 0.00 39
    2022-05-01 $354,900 (20.3%) $453,950 (-13.4%) 0.00 57
    2022-06-01 $363,725 (31.5%) $439,506 (-2.2%) 0.00 66
    2022-07-01 $375,000 (48.5%) $427,084 (-3.5%) 0.00 67
    2022-08-01 $399,450 (46.7%) $455,665 (-4.7%) 0.00 72
    2022-09-01 $429,000 (53.6%) $481,152 (21.4%) 0.00 75
    2022-10-01 $429,000 (49.9%) $492,633 (19.9%) 0.00 78
    2022-11-01 $418,850 (53.9%) $484,121 (20.7%) 0.00 80
    2022-12-01 $374,900 (33.7%) $467,677 (7.7%) 0.00 89
    2023-01-01 $367,850 (28.0%) $458,789 (1.4%) 0.00 74
    2023-02-01 $389,000 (26.3%) $469,860 (3.6%) 0.00 67
    2023-03-01 $399,500 (16.9%) $465,270 (-5.7%) 0.00 57
    2023-04-01 $399,500 (12.7%) $446,678 (-6.4%) 0.00 53
    2023-05-01 $362,500 (2.1%) $439,158 (-3.3%) 0.00 74
    2023-06-01 $393,000 (8.1%) $485,247 (10.4%) 0.00 81
    2023-07-01 $388,500 (3.6%) $529,064 (23.9%) 0.00 87
    2023-08-01 $413,750 (3.6%) $513,934 (12.8%) 0.00 91
    2023-09-01 $420,000 (-2.1%) $515,667 (7.2%) 0.00 87
    2023-10-01 $375,600 (-12.5%) $485,787 (-1.4%) 0.00 84
    2023-11-01 $399,700 (-4.6%) $504,645 (4.2%) 0.00 83
    2023-12-01 $395,700 (5.6%) $506,756 (8.4%) 0.00 76
    2024-01-01 $357,450 (-2.8%) $500,974 (9.2%) 0.00 72
    2024-02-01 $371,000 (-4.6%) $493,374 (5.0%) 0.00 66
    2024-03-01 $404,450 (1.2%) $503,708 (8.3%) 0.00 64
    2024-04-01 $381,477 (-4.5%) $513,836 (15.0%) 0.00 74
    2024-05-01 $399,575 (10.2%) $525,820 (19.7%) 0.00 84
    2024-06-01 $362,500 (-7.8%) $495,421 (2.1%) 0.00 100
    2024-07-01 $346,950 (-10.7%) $472,801 (-10.6%) 0.00 111
    2024-08-01 $355,000 (-14.2%) $462,983 (-9.9%) 0.00 107
    2024-09-01 $376,899 (-10.3%) $496,418 (-3.7%) 0.00 109
    2024-10-01 $381,901 (1.7%) $483,512 (-0.5%) 0.00 108
    Dayton's median listing price for 2024-10-01 was $381,901, a difference of $6,301 (1.7%) versus the prior year and $5,002 versus the prior month.

    Dayton's median listing price comes in at 0% of the national average.

    Dayton's average listing price for 2024-10-01 was $483,512, a difference of $-2,275 (-0.5%) versus the prior year and $-12,906 versus the prior month.

    For the 2024-10-01 period, Dayton had 108 MLS listings, a difference of -1 listings (-1%) versus the prior month and 24 listings (29%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Dayton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,792 sqft
    2018-02-01 0 days 1,781 sqft
    2018-03-01 0 days 1,692 sqft
    2018-04-01 0 days 1,853 sqft
    2018-05-01 0 days 1,878 sqft
    2018-06-01 0 days 1,888 sqft
    2018-07-01 0 days 1,904 sqft
    2018-08-01 0 days 1,982 sqft
    2018-09-01 0 days 2,000 sqft
    2018-10-01 0 days 1,914 sqft
    2018-11-01 0 days 1,871 sqft
    2018-12-01 0 days 1,955 sqft
    2019-01-01 0 days 1,898 sqft
    2019-02-01 0 days 1,872 sqft
    2019-03-01 0 days 1,974 sqft
    2019-04-01 0 days 2,024 sqft
    2019-05-01 0 days 2,055 sqft
    2019-06-01 0 days 2,056 sqft
    2019-07-01 0 days 2,168 sqft
    2019-08-01 0 days 2,078 sqft
    2019-09-01 0 days 2,012 sqft
    2019-10-01 0 days 1,947 sqft
    2019-11-01 0 days 1,920 sqft
    2019-12-01 0 days 1,960 sqft
    2020-01-01 0 days 1,964 sqft
    2020-02-01 0 days 1,934 sqft
    2020-03-01 0 days 1,940 sqft
    2020-04-01 0 days 1,931 sqft
    2020-05-01 0 days 1,946 sqft
    2020-06-01 0 days 1,884 sqft
    2020-07-01 0 days 1,860 sqft
    2020-08-01 0 days 2,092 sqft
    2020-09-01 0 days 2,083 sqft
    2020-10-01 0 days 2,258 sqft
    2020-11-01 0 days 2,484 sqft
    2020-12-01 0 days 2,560 sqft
    2021-01-01 0 days 2,520 sqft
    2021-02-01 0 days 2,346 sqft
    2021-03-01 0 days 1,989 sqft
    2021-04-01 0 days 2,120 sqft
    2021-05-01 0 days 1,719 sqft
    2021-06-01 0 days 1,829 sqft
    2021-07-01 0 days 1,762 sqft
    2021-08-01 0 days 1,820 sqft
    2021-09-01 0 days 1,888 sqft
    2021-10-01 0 days 1,899 sqft
    2021-11-01 0 days 1,846 sqft
    2021-12-01 0 days 1,748 sqft
    2022-01-01 0 days 1,863 sqft
    2022-02-01 0 days 2,195 sqft
    2022-03-01 0 days 1,896 sqft
    2022-04-01 0 days 1,940 sqft
    2022-05-01 0 days 1,811 sqft
    2022-06-01 0 days 1,838 sqft
    2022-07-01 0 days 1,866 sqft
    2022-08-01 0 days 2,040 sqft
    2022-09-01 0 days 2,040 sqft
    2022-10-01 0 days 1,986 sqft
    2022-11-01 0 days 1,893 sqft
    2022-12-01 0 days 1,893 sqft
    2023-01-01 0 days 1,853 sqft
    2023-02-01 0 days 1,901 sqft
    2023-03-01 0 days 1,893 sqft
    2023-04-01 0 days 1,902 sqft
    2023-05-01 0 days 1,823 sqft
    2023-06-01 0 days 1,965 sqft
    2023-07-01 0 days 1,973 sqft
    2023-08-01 0 days 1,807 sqft
    2023-09-01 0 days 1,918 sqft
    2023-10-01 0 days 1,825 sqft
    2023-11-01 0 days 1,937 sqft
    2023-12-01 0 days 2,016 sqft
    2024-01-01 0 days 1,894 sqft
    2024-02-01 0 days 1,966 sqft
    2024-03-01 0 days 2,022 sqft
    2024-04-01 0 days 2,000 sqft
    2024-05-01 0 days 1,998 sqft
    2024-06-01 0 days 1,992 sqft
    2024-07-01 0 days 1,823 sqft
    2024-08-01 0 days 1,960 sqft
    2024-09-01 0 days 1,988 sqft
    2024-10-01 0 days 1,992 sqft
    Dayton's median listing age (time on market) for 2024-10-01 was 0 days.

    Dayton's median square footage for active listings during the 2024-10-01 period was 1,992 sqft. One year prior, the average listing was 1,825 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).