Martin FHA Loan Rates, Closing Costs & Stats

Martin, 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.

    Martin's 31 lenders originated 78 FHA loans during 2024. The total origination value was $14,130,000, with an average FHA loan value of $181,154.

    Martin FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Martin averaged 6.45% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Martin's average FHA mortgage closing costs are $6,545.

    The average rate for the prior week (2025-03-28) was 6.44% and one month ago for the week of 2025-02-28, the average rate was 6.73%.

    The average rate one year ago was 6.75%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.16%.

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

    Martin 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 Martin level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 9 6.00% $10,158
    Regions Bank 5 6.78% $6,173
    FIRST COMMUNITY MORTGAGE, INC. 5 7.12% $7,930
    Simmons Bank 4 6.28% $6,446
    FREEDOM MORTGAGE CORPORATION 4 6.75% $7,380
    Leaders Credit Union 3 6.37% $5,390
    UNITED WHOLESALE MORTGAGE, LLC 3 6.33% $15,475
    MORTGAGE INVESTORS GROUP, INC. 3 5.92% $11,929
    BancorpSouth 2 6.50% $6,189
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.00% $16,624
    First Citizens National Bank 2 6.38% $7,379
    PENNYMAC LOAN SERVICES, LLC 2 5.38% $7,324
    MOVEMENT MORTGAGE, LLC 1 6.75% $10,557
    RUOFF MORTGAGE COMPANY, INC. 1 6.63% $7,297
    SUMMIT FUNDING, INC. 1 6.38% $11,200
    TOWNE MORTGAGE COMPANY 1 6.75% $7,793
    VILLAGE CAPITAL MORTGAGE 1 6.75% $3,192
    Wells Fargo Bank 1 5.75% $8,998
    AMERICAN FINANCING CORPORATION 1 7.13% $3,284
    ZILLOW HOME LOANS, LLC 1 6.75% $5,318
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $10,190
    Carrington Mortgage Services, LLC 1 6.88% $11,256
    Citizens Bank 1 6.63% $5,690
    ENVOY MORTGAGE, LTD 1 6.63% $9,801
    Equity Prime Mortgage LLC 1 6.75% $8,710
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.75% $12,948
    LAKEVIEW LOAN SERVICING, LLC 1 5.63% $10,997
    Legends Bank 1 6.88% $5,704
    LOANDEPOT.COM, LLC 1 5.25% $15,287
    LOANPAL, LLC 1 5.88% $9,096
    Mortgage Research Center, LLC 1 5.63% $6,140

    The top Martin FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 9 FHA loans originated. Their average total fees are $10,158, which is $3,985 higher than the next largest lender, Regions Bank.

    The lowest fee Martin FHA lenders (with over 10 loans originated) are .

    The lowest rate Martin FHA lenders (with over 10 loans originated) are .

    Martin FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Martin (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 $121,000 (-4.2%) $139,450 (-0.3%) 0.00 135
    2018-02-01 $119,600 (-7.1%) $137,446 (-3.1%) 0.00 136
    2018-03-01 $119,900 (-4.4%) $138,134 (-1.5%) 0.00 136
    2018-04-01 $119,900 (-5.4%) $135,724 (-4.1%) 0.00 137
    2018-05-01 $128,850 (1.6%) $138,890 (-1.0%) 0.00 132
    2018-06-01 $126,900 (0.2%) $141,116 (3.2%) 0.00 134
    2018-07-01 $128,025 (5.5%) $143,516 (6.8%) 0.00 131
    2018-08-01 $135,925 (8.8%) $149,135 (6.5%) 0.00 125
    2018-09-01 $139,500 (12.1%) $156,894 (11.5%) 0.00 120
    2018-10-01 $138,000 (15.3%) $154,453 (12.3%) 0.00 112
    2018-11-01 $139,925 (17.1%) $156,642 (16.3%) 0.00 111
    2018-12-01 $139,900 (25.7%) $158,480 (19.9%) 0.00 103
    2019-01-01 $137,450 (13.6%) $161,006 (15.5%) 0.00 100
    2019-02-01 $134,995 (12.9%) $158,739 (15.5%) 0.00 103
    2019-03-01 $139,583 (16.4%) $163,382 (18.3%) 0.00 91
    2019-04-01 $139,785 (16.6%) $167,088 (23.1%) 0.00 77
    2019-05-01 $145,850 (13.2%) $171,128 (23.2%) 0.00 74
    2019-06-01 $139,500 (9.9%) $160,259 (13.6%) 0.00 77
    2019-07-01 $142,250 (11.1%) $165,360 (15.2%) 0.00 71
    2019-08-01 $147,727 (8.7%) $166,116 (11.4%) 0.00 67
    2019-09-01 $151,818 (8.8%) $167,202 (6.6%) 0.00 67
    2019-10-01 $152,045 (10.2%) $166,740 (8.0%) 0.00 67
    2019-11-01 $151,250 (8.1%) $165,011 (5.3%) 0.00 69
    2019-12-01 $129,950 (-7.1%) $163,603 (3.2%) 0.00 70
    2020-01-01 $128,450 (-6.6%) $152,075 (-5.6%) 0.00 69
    2020-02-01 $124,450 (-7.8%) $147,023 (-7.4%) 0.00 64
    2020-03-01 $128,225 (-8.1%) $156,636 (-4.1%) 0.00 66
    2020-04-01 $119,900 (-14.2%) $161,817 (-3.2%) 0.00 67
    2020-05-01 $134,900 (-7.5%) $178,616 (4.4%) 0.00 53
    2020-06-01 $157,400 (12.8%) $199,034 (24.2%) 0.00 49
    2020-07-01 $139,900 (-1.7%) $195,049 (18.0%) 0.00 46
    2020-08-01 $129,999 (-12.0%) $191,011 (15.0%) 0.00 48
    2020-09-01 $122,500 (-19.3%) $199,376 (19.2%) 0.00 52
    2020-10-01 $129,900 (-14.6%) $217,455 (30.4%) 0.00 51
    2020-11-01 $134,200 (-11.3%) $219,357 (32.9%) 0.00 45
    2020-12-01 $139,450 (7.3%) $251,323 (53.6%) 0.00 34
    2021-01-01 $199,000 (54.9%) $292,773 (92.5%) 0.00 24
    2021-02-01 $209,450 (68.3%) $326,668 (122.2%) 0.00 18
    2021-03-01 $254,600 (98.6%) $333,160 (112.7%) 0.00 16
    2021-04-01 $259,700 (116.6%) $314,111 (94.1%) 0.00 19
    2021-05-01 $249,900 (85.3%) $304,528 (70.5%) 0.00 24
    2021-06-01 $225,750 (43.4%) $326,448 (64.0%) 0.00 22
    2021-07-01 $250,000 (78.7%) $326,904 (67.6%) 0.00 24
    2021-08-01 $225,000 (73.1%) $293,517 (53.7%) 0.00 37
    2021-09-01 $225,000 (83.7%) $282,864 (41.9%) 0.00 50
    2021-10-01 $227,500 (75.1%) $288,264 (32.6%) 0.00 45
    2021-11-01 $243,750 (81.6%) $308,720 (40.7%) 0.00 39
    2021-12-01 $222,500 (59.6%) $267,556 (6.5%) 0.00 35
    2022-01-01 $199,000 (0.0%) $245,629 (-16.1%) 0.00 30
    2022-02-01 $229,900 (9.8%) $370,874 (13.5%) 0.00 28
    2022-03-01 $225,000 (-11.6%) $347,143 (4.2%) 0.00 33
    2022-04-01 $257,400 (-0.9%) $450,344 (43.4%) 0.00 29
    2022-05-01 $267,000 (6.8%) $427,567 (40.4%) 0.00 32
    2022-06-01 $289,950 (28.4%) $430,720 (31.9%) 0.00 39
    2022-07-01 $299,450 (19.8%) $416,836 (27.5%) 0.00 40
    2022-08-01 $272,175 (21.0%) $390,942 (33.2%) 0.00 42
    2022-09-01 $219,625 (-2.4%) $407,136 (43.9%) 0.00 46
    2022-10-01 $209,950 (-7.7%) $378,945 (31.5%) 0.00 54
    2022-11-01 $234,725 (-3.7%) $368,742 (19.4%) 0.00 52
    2022-12-01 $240,000 (7.9%) $358,104 (33.8%) 0.00 50
    2023-01-01 $233,425 (17.3%) $238,238 (-3.0%) 0.00 48
    2023-02-01 $204,900 (-10.9%) $232,299 (-37.4%) 0.00 49
    2023-03-01 $212,450 (-5.6%) $244,178 (-29.7%) 0.00 48
    2023-04-01 $215,000 (-16.5%) $253,595 (-43.7%) 0.00 56
    2023-05-01 $220,950 (-17.3%) $262,996 (-38.5%) 0.00 51
    2023-06-01 $250,975 (-13.4%) $329,651 (-23.5%) 0.00 45
    2023-07-01 $249,900 (-16.6%) $325,012 (-22.0%) 0.00 44
    2023-08-01 $268,975 (-1.2%) $328,238 (-16.0%) 0.00 39
    2023-09-01 $268,500 (22.3%) $316,513 (-22.3%) 0.00 44
    2023-10-01 $268,625 (28.0%) $333,027 (-12.1%) 0.00 58
    2023-11-01 $269,100 (14.6%) $332,738 (-9.8%) 0.00 64
    2023-12-01 $252,000 (5.0%) $316,695 (-11.6%) 0.00 62
    2024-01-01 $266,975 (14.4%) $347,495 (45.9%) 0.00 50
    2024-02-01 $262,200 (28.0%) $336,832 (45.0%) 0.00 50
    2024-03-01 $254,950 (20.0%) $331,827 (35.9%) 0.00 56
    2024-04-01 $249,750 (16.2%) $338,838 (33.6%) 0.00 59
    2024-05-01 $249,925 (13.1%) $341,642 (29.9%) 0.00 62
    2024-06-01 $239,950 (-4.4%) $332,243 (0.8%) 0.00 70
    2024-07-01 $253,700 (1.5%) $336,888 (3.7%) 0.00 80
    2024-08-01 $275,000 (2.2%) $342,645 (4.4%) 0.00 83
    2024-09-01 $250,000 (-6.9%) $329,399 (4.1%) 0.00 84
    2024-10-01 $251,225 (-6.5%) $313,592 (-5.8%) 0.00 89
    2024-11-01 $254,900 (-5.3%) $320,345 (-3.7%) 0.00 85
    2024-12-01 $250,000 (-0.8%) $307,716 (-2.8%) 0.00 87
    2025-01-01 $249,900 (-6.4%) $290,885 (-16.3%) 0.00 82
    2025-02-01 $253,750 (-3.2%) $294,960 (-12.4%) 0.00 79
    2025-03-01 $265,000 (3.9%) $306,020 (-7.8%) 0.00 73
    Martin's median listing price for 2025-03-01 was $265,000, a difference of $10,050 (3.9%) versus the prior year and $11,250 versus the prior month.

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

    Martin's average listing price for 2025-03-01 was $306,020, a difference of $-25,807 (-7.8%) versus the prior year and $11,060 versus the prior month.

    For the 2025-03-01 period, Martin had 73 MLS listings, a difference of -6 listings (-8%) versus the prior month and 17 listings (30%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Martin (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,823 sqft
    2018-02-01 0 days 1,823 sqft
    2018-03-01 0 days 1,806 sqft
    2018-04-01 0 days 1,805 sqft
    2018-05-01 0 days 1,847 sqft
    2018-06-01 0 days 1,857 sqft
    2018-07-01 0 days 1,813 sqft
    2018-08-01 0 days 1,814 sqft
    2018-09-01 0 days 1,831 sqft
    2018-10-01 0 days 1,808 sqft
    2018-11-01 0 days 1,740 sqft
    2018-12-01 0 days 1,791 sqft
    2019-01-01 0 days 1,758 sqft
    2019-02-01 0 days 1,699 sqft
    2019-03-01 0 days 1,753 sqft
    2019-04-01 0 days 1,745 sqft
    2019-05-01 0 days 1,836 sqft
    2019-06-01 0 days 1,797 sqft
    2019-07-01 0 days 1,899 sqft
    2019-08-01 0 days 1,887 sqft
    2019-09-01 0 days 1,867 sqft
    2019-10-01 0 days 1,840 sqft
    2019-11-01 0 days 1,689 sqft
    2019-12-01 0 days 1,788 sqft
    2020-01-01 0 days 1,734 sqft
    2020-02-01 0 days 1,644 sqft
    2020-03-01 0 days 1,649 sqft
    2020-04-01 0 days 1,644 sqft
    2020-05-01 0 days 1,650 sqft
    2020-06-01 0 days 1,658 sqft
    2020-07-01 0 days 1,617 sqft
    2020-08-01 0 days 1,636 sqft
    2020-09-01 0 days 1,638 sqft
    2020-10-01 0 days 1,643 sqft
    2020-11-01 0 days 1,712 sqft
    2020-12-01 0 days 1,655 sqft
    2021-01-01 0 days 2,013 sqft
    2021-02-01 0 days 1,787 sqft
    2021-03-01 0 days 1,619 sqft
    2021-04-01 0 days 2,189 sqft
    2021-05-01 0 days 2,127 sqft
    2021-06-01 0 days 2,128 sqft
    2021-07-01 0 days 2,146 sqft
    2021-08-01 0 days 2,108 sqft
    2021-09-01 0 days 2,034 sqft
    2021-10-01 0 days 2,067 sqft
    2021-11-01 0 days 2,076 sqft
    2021-12-01 0 days 2,072 sqft
    2022-01-01 0 days 2,063 sqft
    2022-02-01 0 days 2,034 sqft
    2022-03-01 0 days 2,055 sqft
    2022-04-01 0 days 2,014 sqft
    2022-05-01 0 days 2,000 sqft
    2022-06-01 0 days 2,050 sqft
    2022-07-01 0 days 2,070 sqft
    2022-08-01 0 days 2,056 sqft
    2022-09-01 0 days 2,136 sqft
    2022-10-01 0 days 1,992 sqft
    2022-11-01 0 days 1,934 sqft
    2022-12-01 0 days 1,833 sqft
    2023-01-01 0 days 1,854 sqft
    2023-02-01 0 days 1,813 sqft
    2023-03-01 0 days 1,861 sqft
    2023-04-01 0 days 1,749 sqft
    2023-05-01 0 days 1,766 sqft
    2023-06-01 0 days 2,098 sqft
    2023-07-01 0 days 2,095 sqft
    2023-08-01 0 days 2,095 sqft
    2023-09-01 0 days 2,000 sqft
    2023-10-01 0 days 1,996 sqft
    2023-11-01 0 days 1,914 sqft
    2023-12-01 0 days 1,868 sqft
    2024-01-01 0 days 1,873 sqft
    2024-02-01 0 days 1,864 sqft
    2024-03-01 0 days 1,933 sqft
    2024-04-01 0 days 1,875 sqft
    2024-05-01 0 days 1,906 sqft
    2024-06-01 0 days 1,900 sqft
    2024-07-01 0 days 1,919 sqft
    2024-08-01 0 days 1,902 sqft
    2024-09-01 0 days 1,838 sqft
    2024-10-01 0 days 1,807 sqft
    2024-11-01 0 days 1,894 sqft
    2024-12-01 0 days 1,871 sqft
    2025-01-01 0 days 1,831 sqft
    2025-02-01 0 days 1,882 sqft
    2025-03-01 0 days 2,050 sqft
    Martin's median listing age (time on market) for 2025-03-01 was 0 days.

    Martin's median square footage for active listings during the 2025-03-01 period was 2,050 sqft. One year prior, the average listing was 1,933 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).