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 48 lenders originated 174 FHA loans during 2023. The total origination value was $37,990,000, with an average FHA loan value of $218,333.

    Mcminnville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mcminnville averaged 6.39% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Mcminnville's average FHA mortgage closing costs are $7,526.

    The average rate for the prior week (2024-11-01) was 6.07% and one month ago for the week of 2024-10-04, the average rate was 5.79%.

    The average rate one year ago was 7.33%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.23%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 25 6.30% $10,775
    Renasant Bank 19 6.48% $8,391
    SeaTrust Mortgage Company 15 5.94% $9,042
    FIRST COMMUNITY MORTGAGE, INC. 9 6.80% $8,379
    The First National Bank of Middle Tennessee 8 6.58% $11,136
    CMG MORTGAGE, INC. 8 7.20% $12,752
    MORTGAGE INVESTORS GROUP, INC. 7 6.41% $8,959
    UNITED WHOLESALE MORTGAGE, LLC 6 5.71% $11,885
    PENNYMAC LOAN SERVICES, LLC 5 6.10% $11,164
    Magnolia Bank 4 6.16% $10,198
    BROKER SOLUTIONS, INC. 3 6.92% $10,259
    First Vision Bank of Tennessee 3 6.54% $8,626
    Mr. Cooper ( Nationstar Mortgage ) 3 6.21% $14,815
    FirstBank 3 6.08% $11,092
    MILEND, INC. 2 6.88% $11,403
    CapStar Bank 2 7.38% $8,285
    Carrington Mortgage Services, LLC 2 6.38% $10,744
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.13% $11,183
    GUILD MORTGAGE COMPANY 2 6.50% $10,059
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.87% $11,997
    Pinnacle Bank 2 6.56% $11,343
    F&M Bank 1 5.25% $11,917
    FREEDOM MORTGAGE CORPORATION 1 7.25% $13,657
    THE MORTGAGE FIRM, INC. 1 6.00% $6,583
    TOP FLITE FINANCIAL, INC. 1 6.63% $9,220
    ISERVE RESIDENTIAL LENDING, LLC 1 7.13% $10,114
    JLB CORPORATION 1 6.63% $6,205
    LOANDEPOT.COM, LLC 1 6.99% $10,337
    EVERETT FINANCIAL, INC. 1 7.75% $6,185
    MID AMERICA MORTGAGE, INC. 1 7.25% $14,000
    AMCAP MORTGAGE, LTD. 1 7.13% $7,021
    Equity Prime Mortgage LLC 1 7.75% $18,101
    ENDEAVOR CAPITAL, LLC. 1 6.99% $8,164
    Nations Lending Corporation 1 6.00% $8,182
    OCMBC, INC. 1 7.63% $11,772
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $13,834
    AmRes Corporation 1 6.25% $14,127
    Plains Commerce Bank 1 8.25% $7,850
    COMMUNITY MORTGAGE CORPORATION 1 6.75% $7,915
    CIBM Bank 1 7.13% $9,295
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 6.63% $11,324
    CHURCHILL MORTGAGE CORPORATION 1 6.75% $9,185
    SUMMIT FUNDING, INC. 1 7.63% $9,509
    SWBC MORTGAGE CORPORATION 1 6.00% $3,448
    CARDINAL FINANCIAL 1 6.75% $9,130
    First Horizon Bank 1 7.00% $8,435
    FirstTrust Home Loans, Inc. 1 6.25% $11,300
    FIRST COLONY MORTGAGE CORPORATION 1 7.13% $9,714

    The top Mcminnville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 25 FHA loans originated. Their average total fees are $10,775, which is $2,384 higher than the next largest lender, Renasant Bank.

    The lowest fee Mcminnville FHA lenders (with over 10 loans originated) are Renasant Bank ($8,391), SeaTrust Mortgage Company ($9,042), QUICKEN LOANS, LLC ($10,775), .

    The lowest rate Mcminnville FHA lenders (with over 10 loans originated) are SeaTrust Mortgage Company (5.94%), QUICKEN LOANS, LLC (6.30%), Renasant Bank (6.48%), .

    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).