Mcminnville FHA Loan Rates, Closing Costs & Stats

McMinnville, 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.

    Mcminnville's 71 lenders originated 211 FHA loans during 2024. The total origination value was $50,655,000, with an average FHA loan value of $240,071.

    Mcminnville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mcminnville averaged 0.17% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Mcminnville's average FHA mortgage closing costs are $8,157.

    The average rate for the prior week (2025-06-13) was 6.45% and one month ago for the week of 2025-05-16, the average rate was 6.71%.

    The average rate one year ago was 6.96%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.35%.

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

    Mcminnville 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 Mcminnville level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    The First National Bank of Middle Tennessee 21 6.22% $9,259
    Renasant Bank 18 6.22% $10,310
    QUICKEN LOANS, LLC 16 6.05% $11,278
    CMG MORTGAGE, INC. 14 6.27% $15,536
    SeaTrust Mortgage Company 14 6.60% $9,786
    FIRST COMMUNITY MORTGAGE, INC. 12 6.57% $11,195
    MORTGAGE INVESTORS GROUP, INC. 7 6.64% $9,112
    UNITED WHOLESALE MORTGAGE, LLC 6 6.11% $13,580
    PENNYMAC LOAN SERVICES, LLC 6 6.06% $8,456
    FREEDOM MORTGAGE CORPORATION 4 6.47% $10,391
    Flagstar Bank, FSB 3 5.94% $9,992
    CASTLE & COOKE MORTGAGE, LLC 3 6.50% $10,387
    FirstBank 2 6.50% $8,650
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $12,802
    CHURCHILL MORTGAGE CORPORATION 2 7.19% $12,533
    BROKER SOLUTIONS, INC. 2 6.00% $17,355
    NEWREZ LLC 2 6.19% $13,537
    GUARANTEED RATE, INC. 2 6.63% $13,056
    AmeriHome Mortgage Company, LLC 2 6.63% $5,846
    AmRes Corporation 2 6.94% $11,442
    Equity Prime Mortgage LLC 2 5.25% $13,534
    ISERVE RESIDENTIAL LENDING, LLC 2 6.50% $13,236
    LAKEVIEW LOAN SERVICING, LLC 2 7.00% $7,884
    Carrington Mortgage Services, LLC 2 6.13% $10,874
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.00% $8,945
    SOUTHWEST FUNDING, LP 2 7.25% $12,994
    Legends Bank 2 6.44% $8,729
    Old National Bank 1 6.00% $8,247
    Pacific Lending LLC 1 6.50% $10,497
    Plains Commerce Bank 1 6.75% $10,295
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.50% $9,536
    Prosperity Home Mortgage, LLC 1 5.63% $11,699
    Regions Bank 1 7.25% $8,753
    RELIANCE FIRST CAPITAL, LLC 1 5.50% $11,659
    ROYAL UNITED MORTGAGE LLC 1 6.75% $9,810
    STOCKTON MORTGAGE CORPORATION 1 6.75% $11,651
    SUN WEST MORTGAGE COMPANY, INC. 1 6.12% $5,418
    SWBC MORTGAGE CORPORATION 1 6.75% $3,293
    The Loan Store, Inc. 1 5.63% $10,709
    TOP FLITE FINANCIAL, INC. 1 6.50% $10,450
    UNION HOME MORTGAGE CORP. 1 7.13% $8,976
    United Community Bank 1 6.38% $12,019
    U.S. Bank 1 5.13% $13,734
    AMERICAN FINANCIAL NETWORK, INC. 1 6.50% $9,796
    Wilson Bank And Trust 1 6.75% $3,312
    American Mortgage & Equity Consultants, Inc. 1 6.13% $12,149
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.99% $12,619
    Ameris Bank 1 6.75% $7,142
    CapStar Bank 1 6.63% $8,155
    CARDINAL FINANCIAL 1 6.25% $9,568
    Century Mortgage Company DBA Century Lending Company 1 5.75% $7,368
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $14,118
    ENDEAVOR CAPITAL, LLC. 1 6.63% $9,573
    EVANSVILLE TEACHERS 1 6.25% $5,777
    Fifth Third Bank 1 7.25% $9,148
    GARDNER FINANCIAL SERVICES, LTD. 1 6.13% $8,765
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.13% $13,717
    GUILD MORTGAGE COMPANY 1 6.25% $10,689
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.25% $14,011
    HOMESIDE FINANCIAL, LLC 1 5.25% $19,596
    INTERLINC MORTGAGE SERVICES, LLC 1 6.75% $4,609
    LEADERONE FINANCIAL CORPORATION 1 7.13% $7,619
    Legacy Home Loans, LLC 1 6.75% $12,980
    LIBERTY HOME MORTGAGE CORPORATION 1 6.13% $17,005
    LOANPAL, LLC 1 5.50% $9,017
    MID AMERICA MORTGAGE, INC. 1 7.13% $12,827
    MOVEMENT MORTGAGE, LLC 1 6.75% $14,569
    Mr. Cooper ( Nationstar Mortgage ) 1 7.75% $12,662
    Nations Lending Corporation 1 6.63% $15,132
    NATIONS RELIABLE LENDING, LLC 1 7.75% $10,486
    NORWICH COMMERCIAL GROUP, INC. 1 5.50% $3,421

    The top Mcminnville FHA lender as defined by loan originations is The First National Bank of Middle Tennessee, with 21 FHA loans originated. Their average total fees are $9,259, which is $1,050 lower than the next largest lender, Renasant Bank.

    The lowest fee Mcminnville FHA lenders (with over 10 loans originated) are The First National Bank of Middle Tennessee ($9,259), SeaTrust Mortgage Company ($9,786), Renasant Bank ($10,310), FIRST COMMUNITY MORTGAGE, INC. ($11,195) and QUICKEN LOANS, LLC ($11,278).

    The lowest rate Mcminnville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.05%), Renasant Bank (6.22%), The First National Bank of Middle Tennessee (6.22%), CMG MORTGAGE, INC. (6.27%) and FIRST COMMUNITY MORTGAGE, INC. (6.57%).

    Mcminnville FHA Loan Limits

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