Lawrenceburg FHA Loan Rates, Closing Costs & Stats

Lawrenceburg, 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.

    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 6.47% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.14% and one month ago for the week of 2024-10-04, the average rate was 5.56%.

    The average rate one year ago was 7.41%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

    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

    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).