Lawrenceburg FHA Loan Rates, Closing Costs & Stats

Lawrenceburg, TN

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.

Lawrenceburg's 44 lenders originated 149 FHA loans during 2023. The total origination value was $32,285,000, with an average FHA loan value of $216,678.

Lawrenceburg FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Lawrenceburg averaged 5.84% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

Lawrenceburg's average FHA mortgage closing costs are $7,106.

The average rate for the prior week (2024-10-04) was 5.56% and one month ago for the week of 2024-09-06, the average rate was 5.89%.

The average rate one year ago was 7.22%.

For refis of the same type during the week of 2024-10-11, the average rate was 5.9%.

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

Lawrenceburg 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 Lawrenceburg level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 48 6.33% $10,834
QUICKEN LOANS, LLC 18 6.43% $10,334
UNITED WHOLESALE MORTGAGE, LLC 7 6.23% $8,844
FirstBank 6 6.35% $8,108
AMERISAVE MORTGAGE CORPORATION 4 5.88% $12,525
FIRST COMMUNITY MORTGAGE, INC. 4 6.97% $8,868
AMCAP MORTGAGE, LTD. 3 6.75% $7,613
CMG MORTGAGE, INC. 3 6.25% $10,441
KELLEY MORTGAGE, LLC 2 6.13% $6,558
HOMESIDE FINANCIAL, LLC 2 6.13% $8,506
LOANDEPOT.COM, LLC 2 6.12% $12,044
PLANET HOME LENDING, LLC 2 6.13% $12,579
BROKER SOLUTIONS, INC. 2 7.06% $7,433
Carrington Mortgage Services, LLC 2 6.81% $9,919
Century Mortgage Company DBA Century Lending Company 2 6.69% $11,274
LAKEVIEW LOAN SERVICING, LLC 1 5.75% $21,486
MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $10,244
Nations Lending Corporation 1 7.25% $5,376
NEWREZ LLC 1 7.25% $5,886
NFM, INC. 1 6.13% $9,725
OCEANSIDE MORTGAGE COMPANY 1 6.25% $3,322
PLAZA HOME MORTGAGE, INC. 1 6.13% $10,952
Regions Bank 1 5.25% $9,519
RELIANCE FIRST CAPITAL, LLC 1 6.00% $10,135
SeaTrust Mortgage Company 1 7.50% $16,032
SUCCESS MORTGAGE PARTNERS, INC. 1 6.25% $3,626
The First National Bank of Middle Tennessee 1 5.63% $7,887
Truist 1 6.75% $6,274
VAN DYK MORTGAGE CORPORATION 1 5.88% $3,359
ZILLOW HOME LOANS, LLC 1 5.63% $10,650
AMERICAN FINANCIAL RESOURCES, INC. 1 7.00% $11,784
American Mortgage Bank, LLC 1 7.13% $10,352
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.75% $5,716
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.00% $12,929
BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 6.13% $8,341
CARDINAL FINANCIAL 1 7.50% $10,141
CROSSCOUNTRY MORTGAGE, LLC 1 5.88% $11,629
Fifth Third Bank 1 6.50% $7,232
FirstTrust Home Loans, Inc. 1 5.88% $6,878
Gateway First Bank 1 7.00% $7,573
GUARANTEED RATE, INC. 1 6.75% $7,273
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.63% $10,949
INTERLINC MORTGAGE SERVICES, LLC 1 6.75% $6,288
JPMorgan Chase Bank 1 5.75% $6,757

The top Lawrenceburg FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 48 FHA loans originated. Their average total fees are $10,834, which is $500 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Lawrenceburg FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($10,334), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,834), .

The lowest rate Lawrenceburg FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.33%), QUICKEN LOANS, LLC (6.43%), .

Lawrenceburg FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Lawrenceburg (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 $169,900 (21.4%) $221,637 (10.2%) 0.00 108
2018-02-01 $165,475 (15.2%) $213,378 (7.0%) 0.00 116
2018-03-01 $168,500 (16.3%) $219,198 (10.0%) 0.00 114
2018-04-01 $174,900 (17.4%) $238,578 (18.0%) 0.00 107
2018-05-01 $177,675 (10.0%) $238,035 (11.5%) 0.00 113
2018-06-01 $179,900 (20.0%) $239,190 (13.6%) 0.00 113
2018-07-01 $184,900 (15.6%) $236,504 (18.1%) 0.00 117
2018-08-01 $170,425 (-1.1%) $222,943 (4.7%) 0.00 123
2018-09-01 $186,000 (3.6%) $229,494 (9.1%) 0.00 127
2018-10-01 $172,825 (-3.9%) $242,658 (5.0%) 0.00 139
2018-11-01 $167,875 (-6.7%) $245,114 (6.7%) 0.00 139
2018-12-01 $184,900 (5.7%) $254,582 (12.8%) 0.00 128
2019-01-01 $195,700 (15.2%) $259,477 (17.1%) 0.00 109
2019-02-01 $185,975 (12.4%) $255,726 (19.9%) 0.00 103
2019-03-01 $188,243 (11.7%) $260,135 (18.7%) 0.00 103
2019-04-01 $193,450 (10.6%) $254,924 (6.9%) 0.00 104
2019-05-01 $233,750 (31.6%) $294,801 (23.9%) 0.00 100
2019-06-01 $235,000 (30.6%) $294,066 (22.9%) 0.00 114
2019-07-01 $231,225 (25.1%) $284,766 (20.4%) 0.00 123
2019-08-01 $230,359 (35.2%) $285,097 (27.9%) 0.00 125
2019-09-01 $224,223 (20.6%) $281,348 (22.6%) 0.00 130
2019-10-01 $218,725 (26.6%) $277,850 (14.5%) 0.00 138
2019-11-01 $215,000 (28.1%) $265,003 (8.1%) 0.00 142
2019-12-01 $217,450 (17.6%) $267,354 (5.0%) 0.00 134
2020-01-01 $219,450 (12.1%) $269,590 (3.9%) 0.00 125
2020-02-01 $222,450 (19.6%) $277,073 (8.4%) 0.00 119
2020-03-01 $234,925 (24.8%) $284,975 (9.6%) 0.00 113
2020-04-01 $225,161 (16.4%) $279,046 (9.5%) 0.00 106
2020-05-01 $216,000 (-7.6%) $289,979 (-1.6%) 0.00 104
2020-06-01 $222,175 (-5.5%) $304,627 (3.6%) 0.00 93
2020-07-01 $232,350 (0.5%) $302,352 (6.2%) 0.00 90
2020-08-01 $235,000 (2.0%) $328,189 (15.1%) 0.00 71
2020-09-01 $237,450 (5.9%) $315,472 (12.1%) 0.00 69
2020-10-01 $230,950 (5.6%) $316,379 (13.9%) 0.00 71
2020-11-01 $236,000 (9.8%) $318,444 (20.2%) 0.00 77
2020-12-01 $230,850 (6.2%) $312,985 (17.1%) 0.00 72
2021-01-01 $239,900 (9.3%) $331,577 (23.0%) 0.00 65
2021-02-01 $244,900 (10.1%) $340,176 (22.8%) 0.00 51
2021-03-01 $249,225 (6.1%) $356,459 (25.1%) 0.00 47
2021-04-01 $254,500 (13.0%) $365,316 (30.9%) 0.00 48
2021-05-01 $294,000 (36.1%) $400,070 (38.0%) 0.00 43
2021-06-01 $263,700 (18.7%) $389,944 (28.0%) 0.00 47
2021-07-01 $299,000 (28.7%) $389,214 (28.7%) 0.00 70
2021-08-01 $294,675 (25.4%) $390,947 (19.1%) 0.00 89
2021-09-01 $270,850 (14.1%) $332,644 (5.4%) 0.00 94
2021-10-01 $269,000 (16.5%) $331,738 (4.9%) 0.00 98
2021-11-01 $279,475 (18.4%) $356,375 (11.9%) 0.00 95
2021-12-01 $280,000 (21.3%) $368,874 (17.9%) 0.00 89
2022-01-01 $274,900 (14.6%) $341,931 (3.1%) 0.00 75
2022-02-01 $279,900 (14.3%) $347,708 (2.2%) 0.00 52
2022-03-01 $327,000 (31.2%) $476,903 (33.8%) 0.00 54
2022-04-01 $307,000 (20.6%) $479,753 (31.3%) 0.00 70
2022-05-01 $339,950 (15.6%) $467,348 (16.8%) 0.00 83
2022-06-01 $345,975 (31.2%) $460,902 (18.2%) 0.00 95
2022-07-01 $342,450 (14.5%) $428,391 (10.1%) 0.00 112
2022-08-01 $324,450 (10.1%) $435,295 (11.3%) 0.00 115
2022-09-01 $320,950 (18.5%) $412,567 (24.0%) 0.00 126
2022-10-01 $327,450 (21.7%) $402,908 (21.5%) 0.00 139
2022-11-01 $345,817 (23.7%) $415,511 (16.6%) 0.00 144
2022-12-01 $335,000 (19.6%) $410,606 (11.3%) 0.00 141
2023-01-01 $331,225 (20.5%) $401,024 (17.3%) 0.00 137
2023-02-01 $339,700 (21.4%) $407,713 (17.3%) 0.00 122
2023-03-01 $349,800 (7.0%) $413,403 (-13.3%) 0.00 104
2023-04-01 $341,250 (11.2%) $411,087 (-14.3%) 0.00 92
2023-05-01 $337,500 (-0.7%) $431,574 (-7.7%) 0.00 84
2023-06-01 $349,950 (1.2%) $438,517 (-4.9%) 0.00 85
2023-07-01 $342,450 (0.0%) $438,619 (2.4%) 0.00 103
2023-08-01 $372,375 (14.8%) $458,816 (5.4%) 0.00 121
2023-09-01 $361,000 (12.5%) $439,932 (6.6%) 0.00 116
2023-10-01 $350,000 (6.9%) $413,118 (2.5%) 0.00 118
2023-11-01 $348,000 (0.6%) $399,001 (-4.0%) 0.00 128
2023-12-01 $349,450 (4.3%) $409,646 (-0.2%) 0.00 127
2024-01-01 $347,000 (4.8%) $401,462 (0.1%) 0.00 125
2024-02-01 $359,000 (5.7%) $397,012 (-2.6%) 0.00 120
2024-03-01 $359,999 (2.9%) $397,008 (-4.0%) 0.00 128
2024-04-01 $354,450 (3.9%) $388,408 (-5.5%) 0.00 131
2024-05-01 $349,000 (3.4%) $395,182 (-8.4%) 0.00 145
2024-06-01 $347,000 (-0.8%) $379,231 (-13.5%) 0.00 154
2024-07-01 $339,900 (-0.7%) $390,292 (-11.0%) 0.00 164
2024-08-01 $339,000 (-9.0%) $385,589 (-16.0%) 0.00 176
2024-09-01 $339,675 (-5.9%) $387,199 (-12.0%) 0.00 182
Lawrenceburg's median listing price for 2024-09-01 was $339,675, a difference of $-21,325 (-5.9%) versus the prior year and $675 versus the prior month.

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

Lawrenceburg's average listing price for 2024-09-01 was $387,199, a difference of $-52,733 (-12.0%) versus the prior year and $1,610 versus the prior month.

For the 2024-09-01 period, Lawrenceburg had 182 MLS listings, a difference of 6 listings (3%) versus the prior month and 66 listings (57%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Lawrenceburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,904 sqft
2018-02-01 0 days 1,817 sqft
2018-03-01 0 days 1,828 sqft
2018-04-01 0 days 1,841 sqft
2018-05-01 0 days 1,837 sqft
2018-06-01 0 days 1,850 sqft
2018-07-01 0 days 1,882 sqft
2018-08-01 0 days 1,803 sqft
2018-09-01 0 days 1,812 sqft
2018-10-01 0 days 1,792 sqft
2018-11-01 0 days 1,795 sqft
2018-12-01 0 days 1,824 sqft
2019-01-01 0 days 1,873 sqft
2019-02-01 0 days 1,835 sqft
2019-03-01 0 days 1,902 sqft
2019-04-01 0 days 1,917 sqft
2019-05-01 0 days 2,044 sqft
2019-06-01 0 days 2,139 sqft
2019-07-01 0 days 1,944 sqft
2019-08-01 0 days 1,926 sqft
2019-09-01 0 days 1,932 sqft
2019-10-01 0 days 1,929 sqft
2019-11-01 0 days 1,836 sqft
2019-12-01 0 days 1,855 sqft
2020-01-01 0 days 1,887 sqft
2020-02-01 0 days 1,913 sqft
2020-03-01 0 days 1,938 sqft
2020-04-01 0 days 1,874 sqft
2020-05-01 0 days 1,825 sqft
2020-06-01 0 days 1,770 sqft
2020-07-01 0 days 1,743 sqft
2020-08-01 0 days 1,770 sqft
2020-09-01 0 days 1,809 sqft
2020-10-01 0 days 1,731 sqft
2020-11-01 0 days 1,659 sqft
2020-12-01 0 days 1,629 sqft
2021-01-01 0 days 1,750 sqft
2021-02-01 0 days 1,691 sqft
2021-03-01 0 days 1,796 sqft
2021-04-01 0 days 1,749 sqft
2021-05-01 0 days 1,942 sqft
2021-06-01 0 days 1,822 sqft
2021-07-01 0 days 1,880 sqft
2021-08-01 0 days 1,867 sqft
2021-09-01 0 days 1,760 sqft
2021-10-01 0 days 1,776 sqft
2021-11-01 0 days 1,932 sqft
2021-12-01 0 days 1,921 sqft
2022-01-01 0 days 1,861 sqft
2022-02-01 0 days 1,888 sqft
2022-03-01 0 days 1,965 sqft
2022-04-01 0 days 1,904 sqft
2022-05-01 0 days 1,961 sqft
2022-06-01 0 days 1,933 sqft
2022-07-01 0 days 1,784 sqft
2022-08-01 0 days 1,817 sqft
2022-09-01 0 days 1,800 sqft
2022-10-01 0 days 1,838 sqft
2022-11-01 0 days 1,897 sqft
2022-12-01 0 days 1,891 sqft
2023-01-01 0 days 1,859 sqft
2023-02-01 0 days 1,837 sqft
2023-03-01 0 days 1,833 sqft
2023-04-01 0 days 1,726 sqft
2023-05-01 0 days 1,833 sqft
2023-06-01 0 days 1,743 sqft
2023-07-01 0 days 1,682 sqft
2023-08-01 0 days 1,716 sqft
2023-09-01 0 days 1,633 sqft
2023-10-01 0 days 1,723 sqft
2023-11-01 0 days 1,725 sqft
2023-12-01 0 days 1,718 sqft
2024-01-01 0 days 1,668 sqft
2024-02-01 0 days 1,697 sqft
2024-03-01 0 days 1,672 sqft
2024-04-01 0 days 1,714 sqft
2024-05-01 0 days 1,714 sqft
2024-06-01 0 days 1,727 sqft
2024-07-01 0 days 1,727 sqft
2024-08-01 0 days 1,701 sqft
2024-09-01 0 days 1,702 sqft
Lawrenceburg's median listing age (time on market) for 2024-09-01 was 0 days.

Lawrenceburg's median square footage for active listings during the 2024-09-01 period was 1,702 sqft. One year prior, the average listing was 1,633 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).