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 28 lenders originated 63 FHA loans during 2023. The total origination value was $10,495,000, with an average FHA loan value of $166,587.

    Martin FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Martin averaged 7.12% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Martin's average FHA mortgage closing costs are $6,112.

    The average rate for the prior week (2024-04-12) was 6.71% and one month ago for the week of 2024-03-15, the average rate was 6.88%.

    The average rate one year ago was 6.61%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Leaders Credit Union 6 6.83% $4,582
    QUICKEN LOANS, LLC 6 6.33% $8,080
    Regions Bank 5 6.48% $6,319
    FIRST COMMUNITY MORTGAGE, INC. 4 6.50% $7,417
    FREEDOM MORTGAGE CORPORATION 3 7.08% $11,179
    Simmons Bank 2 5.69% $8,612
    TOWNE MORTGAGE COMPANY 2 6.69% $6,080
    UNITED WHOLESALE MORTGAGE, LLC 2 5.37% $12,038
    CROSSCOUNTRY MORTGAGE, LLC 2 6.00% $10,298
    LIBERTY HOME MORTGAGE CORPORATION 1 6.75% $11,008
    LOANDEPOT.COM, LLC 1 6.25% $13,548
    MORTGAGE INVESTORS GROUP, INC. 1 7.25% $7,068
    Mortgage Research Center, LLC 1 5.99% $4,190
    Mr. Cooper ( Nationstar Mortgage ) 1 6.13% $15,779
    PLANET HOME LENDING, LLC 1 6.75% $8,138
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.25% $6,306
    RELIANCE FIRST CAPITAL, LLC 1 5.88% $13,868
    ROYAL UNITED MORTGAGE LLC 1 6.63% $6,789
    AMERICAN FINANCING CORPORATION 1 7.25% $12,203
    VAN DYK MORTGAGE CORPORATION 1 6.88% $6,778
    BancorpSouth 1 5.75% $8,315
    Bank of England 1 6.75% $10,730
    Barrington Bank & Trust Company, N.A. 1 7.25% $7,663
    BROKER SOLUTIONS, INC. 1 7.75% $11,688
    CMG MORTGAGE, INC. 1 7.13% $9,857
    F&M Bank 1 5.50% $8,006
    LEADERONE FINANCIAL CORPORATION 1 5.50% $6,580
    Legends Bank 1 6.75% $8,138

    The top Martin FHA lender as defined by loan originations is Leaders Credit Union, with 6 FHA loans originated. Their average total fees are $4,582, which is $3,498 lower than the next largest lender, QUICKEN LOANS, LLC.

    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 (-3.6%) $139,717 (0.8%) 0.00 135
    2018-02-01 $119,600 (-6.9%) $137,446 (-2.3%) 0.00 136
    2018-03-01 $119,900 (-4.3%) $138,134 (-0.7%) 0.00 136
    2018-04-01 $119,900 (-5.4%) $135,724 (-3.7%) 0.00 137
    2018-05-01 $128,850 (1.3%) $138,890 (-0.7%) 0.00 132
    2018-06-01 $126,900 (0.2%) $141,116 (3.5%) 0.00 134
    2018-07-01 $128,025 (5.5%) $143,516 (7.2%) 0.00 131
    2018-08-01 $135,925 (8.8%) $149,135 (6.8%) 0.00 125
    2018-09-01 $139,500 (12.1%) $156,894 (11.0%) 0.00 120
    2018-10-01 $138,000 (15.2%) $154,453 (11.7%) 0.00 112
    2018-11-01 $139,925 (17.0%) $156,642 (15.7%) 0.00 111
    2018-12-01 $139,900 (24.9%) $158,480 (19.3%) 0.00 103
    2019-01-01 $137,450 (13.6%) $161,006 (15.2%) 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 $143,375 (12.0%) $166,028 (15.7%) 0.00 71
    2019-08-01 $149,364 (9.9%) $167,088 (12.0%) 0.00 66
    2019-09-01 $152,534 (9.3%) $167,628 (6.8%) 0.00 67
    2019-10-01 $152,148 (10.3%) $166,801 (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 (-2.4%) $195,049 (17.5%) 0.00 46
    2020-08-01 $129,999 (-13.0%) $191,011 (14.3%) 0.00 48
    2020-09-01 $122,500 (-19.7%) $199,376 (18.9%) 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
    Martin's median listing price for 2024-03-01 was $254,950, a difference of $42,500 (20.0%) versus the prior year and $-7,250 versus the prior month.

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

    Martin's average listing price for 2024-03-01 was $331,827, a difference of $87,649 (35.9%) versus the prior year and $-5,005 versus the prior month.

    For the 2024-03-01 period, Martin had 56 MLS listings, a difference of 6 listings (12%) versus the prior month and 8 listings (17%) 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 1,819 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 1,891 sqft
    2019-08-01 0 days 1,875 sqft
    2019-09-01 0 days 1,862 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
    Martin's median listing age (time on market) for 2024-03-01 was 0 days.

    Martin's median square footage for active listings during the 2024-03-01 period was 1,933 sqft. One year prior, the average listing was 1,861 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).