Lewisburg FHA Loan Rates, Closing Costs & Stats

Lewisburg, 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.

Lewisburg's 65 lenders originated 234 FHA loans during 2023. The total origination value was $64,780,000, with an average FHA loan value of $276,838.

Lewisburg FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Lewisburg averaged 6.04% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

Lewisburg's average FHA mortgage closing costs are $8,053.

The average rate for the prior week (2024-07-12) was 6.39% and one month ago for the week of 2024-06-14, the average rate was 6.24%.

The average rate one year ago was 6.33%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.79%.

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

Lewisburg 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 Lewisburg level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
DHI MORTGAGE COMPANY, LTD. 29 5.29% $7,393
QUICKEN LOANS, LLC 25 6.13% $13,139
UNITED WHOLESALE MORTGAGE, LLC 15 6.16% $12,723
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.28% $13,640
SeaTrust Mortgage Company 10 6.40% $13,655
FIRST COMMUNITY MORTGAGE, INC. 10 6.11% $10,435
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 6 6.27% $12,762
MORTGAGE INVESTORS GROUP, INC. 6 6.88% $10,511
SWBC MORTGAGE CORPORATION 6 6.25% $8,025
CMG MORTGAGE, INC. 6 6.75% $11,995
LOANDEPOT.COM, LLC 5 6.77% $10,372
PENNYMAC LOAN SERVICES, LLC 5 5.97% $12,778
FirstBank 4 6.09% $10,621
FREEDOM MORTGAGE CORPORATION 4 6.72% $13,559
NEWREZ LLC 3 6.92% $6,778
Flagstar Bank, FSB 3 7.04% $9,783
AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.63% $9,753
KELLEY MORTGAGE, LLC 3 6.08% $6,380
BROKER SOLUTIONS, INC. 3 6.41% $10,606
CHURCHILL MORTGAGE CORPORATION 3 6.33% $10,907
CROSSCOUNTRY MORTGAGE, LLC 3 6.38% $14,910
Mr. Cooper ( Nationstar Mortgage ) 2 6.75% $14,666
CapStar Bank 2 5.50% $10,447
Ameris Bank 2 5.56% $10,736
PLANET HOME LENDING, LLC 2 4.31% $3,997
Bank of England 2 6.50% $10,887
INTERLINC MORTGAGE SERVICES, LLC 2 6.13% $9,011
T2 FINANCIAL LLC 2 6.69% $9,562
AMERISAVE MORTGAGE CORPORATION 2 6.13% $11,570
GUARANTY HOME MORTGAGE CORPORATION 2 6.63% $9,789
SUCCESS MORTGAGE PARTNERS, INC. 1 6.38% $10,867
Synovus Bank 1 5.75% $9,920
The Federal Savings Bank 1 6.50% $18,257
THE MORTGAGE FIRM, INC. 1 5.75% $7,146
Truist 1 6.75% $9,189
Legends Bank 1 6.38% $8,720
AMCAP MORTGAGE, LTD. 1 6.75% $13,700
AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $12,837
AmRes Corporation 1 6.25% $11,608
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $10,138
ASCEND FEDERAL CREDIT UNION 1 6.63% $6,217
CALCON MUTUAL MORTGAGE LLC 1 7.50% $9,291
CANOPY MORTGAGE, LLC 1 6.75% $15,304
Century Mortgage Company DBA Century Lending Company 1 5.75% $17,700
Citizens Bank 1 6.88% $13,986
COMMUNITY MORTGAGE CORPORATION 1 6.25% $8,285
DAS Acquisition Company, LLC 1 6.63% $15,534
EVANSVILLE TEACHERS 1 6.25% $7,929
Fifth Third Bank 1 6.63% $6,328
FIRST COLONY MORTGAGE CORPORATION 1 5.88% $9,577
First Federal Bank 1 5.50% $17,815
FirstTrust Home Loans, Inc. 1 6.38% $11,023
FLAT BRANCH MORTGAGE, INC. 1 5.25% $14,903
GUILD MORTGAGE COMPANY 1 6.63% $6,136
HOMESIDE FINANCIAL, LLC 1 6.63% $7,369
Legacy Home Loans, LLC 1 6.13% $10,584
ACOPIA, LLC 1 5.50% $10,294
Magnolia Bank 1 6.75% $11,333
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $33,835
Nations Lending Corporation 1 5.75% $17,657
NEW DAY FINANCIAL, LLC 1 7.50% $3,711
NexBank 1 6.63% $11,144
PLAZA HOME MORTGAGE, INC. 1 6.75% $20,168
REDSTONE Federal Credit Union 1 6.25% $8,676
S1L, Inc. 1 6.25% $17,155

The top Lewisburg FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 29 FHA loans originated. Their average total fees are $7,393, which is $5,746 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Lewisburg FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($7,393), FIRST COMMUNITY MORTGAGE, INC. ($10,435), UNITED WHOLESALE MORTGAGE, LLC ($12,723), QUICKEN LOANS, LLC ($13,139) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($13,640).

The lowest rate Lewisburg FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.29%), FIRST COMMUNITY MORTGAGE, INC. (6.11%), QUICKEN LOANS, LLC (6.13%), UNITED WHOLESALE MORTGAGE, LLC (6.16%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.28%).

Lewisburg FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
LEWISBURG, TN MARSHALL 2022 $420,680 $538,650 $651,050 $809,150
LEWISBURG, TN MARSHALL 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).