Mcminnville FHA Loan Rates, Closing Costs & Stats

McMinnville, 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.

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 6.61% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

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

The average rate for the prior week (2024-05-10) was 6.45% and one month ago for the week of 2024-04-12, the average rate was 6.42%.

The average rate one year ago was 6.17%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.84%.

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Mcminnville (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 $182,300 (48.9%) $280,673 (37.5%) 0.00 119
2018-02-01 $189,125 (44.2%) $290,380 (33.6%) 0.00 114
2018-03-01 $197,400 (65.4%) $286,217 (34.2%) 0.00 116
2018-04-01 $191,200 (51.5%) $284,010 (30.3%) 0.00 127
2018-05-01 $194,900 (45.3%) $290,202 (24.5%) 0.00 129
2018-06-01 $190,950 (41.5%) $276,310 (13.3%) 0.00 136
2018-07-01 $199,925 (33.4%) $294,114 (17.4%) 0.00 127
2018-08-01 $201,200 (28.1%) $284,237 (12.3%) 0.00 141
2018-09-01 $185,000 (19.4%) $272,848 (8.0%) 0.00 148
2018-10-01 $193,100 (18.8%) $274,616 (2.6%) 0.00 152
2018-11-01 $199,900 (12.7%) $282,686 (1.1%) 0.00 154
2018-12-01 $199,900 (2.9%) $280,774 (-2.6%) 0.00 151
2019-01-01 $199,900 (9.7%) $283,183 (0.9%) 0.00 138
2019-02-01 $197,725 (4.6%) $281,519 (-3.1%) 0.00 132
2019-03-01 $207,071 (4.9%) $283,122 (-1.1%) 0.00 119
2019-04-01 $200,846 (5.1%) $279,418 (-1.6%) 0.00 117
2019-05-01 $234,400 (20.3%) $295,143 (1.7%) 0.00 126
2019-06-01 $229,900 (20.4%) $295,917 (7.1%) 0.00 115
2019-07-01 $237,075 (18.6%) $301,351 (2.5%) 0.00 112
2019-08-01 $262,564 (30.5%) $316,042 (11.2%) 0.00 110
2019-09-01 $247,734 (33.9%) $310,485 (13.8%) 0.00 120
2019-10-01 $234,350 (21.4%) $303,744 (10.6%) 0.00 128
2019-11-01 $215,000 (7.6%) $290,941 (2.9%) 0.00 129
2019-12-01 $212,000 (6.1%) $294,831 (5.0%) 0.00 116
2020-01-01 $193,225 (-3.3%) $270,442 (-4.5%) 0.00 114
2020-02-01 $188,250 (-4.8%) $265,448 (-5.7%) 0.00 102
2020-03-01 $190,725 (-7.9%) $283,860 (0.3%) 0.00 96
2020-04-01 $194,500 (-3.2%) $288,346 (3.2%) 0.00 97
2020-05-01 $199,000 (-15.1%) $299,984 (1.6%) 0.00 98
2020-06-01 $203,675 (-11.4%) $323,598 (9.4%) 0.00 77
2020-07-01 $212,225 (-10.5%) $342,755 (13.7%) 0.00 76
2020-08-01 $229,900 (-12.4%) $347,617 (10.0%) 0.00 71
2020-09-01 $236,750 (-4.4%) $366,626 (18.1%) 0.00 74
2020-10-01 $245,000 (4.5%) $395,846 (30.3%) 0.00 64
2020-11-01 $247,450 (15.1%) $397,157 (36.5%) 0.00 69
2020-12-01 $264,613 (24.8%) $421,261 (42.9%) 0.00 62
2021-01-01 $249,500 (29.1%) $439,105 (62.4%) 0.00 56
2021-02-01 $251,888 (33.8%) $425,426 (60.3%) 0.00 50
2021-03-01 $309,800 (62.4%) $550,072 (93.8%) 0.00 39
2021-04-01 $349,900 (79.9%) $543,012 (88.3%) 0.00 34
2021-05-01 $339,000 (70.4%) $494,339 (64.8%) 0.00 42
2021-06-01 $307,450 (51.0%) $488,593 (51.0%) 0.00 52
2021-07-01 $294,500 (38.8%) $399,565 (16.6%) 0.00 67
2021-08-01 $321,575 (39.9%) $428,526 (23.3%) 0.00 76
2021-09-01 $349,900 (47.8%) $454,100 (23.9%) 0.00 76
2021-10-01 $329,900 (34.7%) $425,948 (7.6%) 0.00 80
2021-11-01 $256,980 (3.9%) $345,166 (-13.1%) 0.00 83
2021-12-01 $259,675 (-1.9%) $329,154 (-21.9%) 0.00 75
2022-01-01 $269,900 (8.2%) $327,498 (-25.4%) 0.00 69
2022-02-01 $287,175 (14.0%) $378,377 (-11.1%) 0.00 58
2022-03-01 $297,100 (-4.1%) $370,372 (-32.7%) 0.00 60
2022-04-01 $299,900 (-14.3%) $406,669 (-25.1%) 0.00 70
2022-05-01 $307,450 (-9.3%) $442,497 (-10.5%) 0.00 72
2022-06-01 $312,450 (1.6%) $515,228 (5.5%) 0.00 102
2022-07-01 $299,900 (1.8%) $520,660 (30.3%) 0.00 118
2022-08-01 $319,908 (-0.5%) $521,188 (21.6%) 0.00 119
2022-09-01 $321,150 (-8.2%) $511,639 (12.7%) 0.00 124
2022-10-01 $344,900 (4.6%) $522,023 (22.6%) 0.00 132
2022-11-01 $307,475 (19.7%) $470,818 (36.4%) 0.00 164
2022-12-01 $310,000 (19.4%) $463,081 (40.7%) 0.00 148
2023-01-01 $309,450 (14.7%) $447,998 (36.8%) 0.00 143
2023-02-01 $307,400 (7.0%) $419,175 (10.8%) 0.00 138
2023-03-01 $313,975 (5.7%) $404,049 (9.1%) 0.00 120
2023-04-01 $344,900 (15.0%) $428,762 (5.4%) 0.00 122
2023-05-01 $372,425 (21.1%) $448,104 (1.3%) 0.00 119
2023-06-01 $376,150 (20.4%) $452,628 (-12.2%) 0.00 127
2023-07-01 $356,200 (18.8%) $503,772 (-3.2%) 0.00 127
2023-08-01 $359,675 (12.4%) $494,398 (-5.1%) 0.00 133
2023-09-01 $349,700 (8.9%) $478,377 (-6.5%) 0.00 148
2023-10-01 $345,900 (0.3%) $466,752 (-10.6%) 0.00 155
2023-11-01 $345,224 (12.3%) $460,916 (-2.1%) 0.00 159
2023-12-01 $345,450 (11.4%) $459,391 (-0.8%) 0.00 149
2024-01-01 $347,600 (12.3%) $453,389 (1.2%) 0.00 140
2024-02-01 $327,425 (6.5%) $436,010 (4.0%) 0.00 131
2024-03-01 $325,000 (3.5%) $434,148 (7.5%) 0.00 141
2024-04-01 $333,625 (-3.3%) $431,744 (0.7%) 0.00 160
Mcminnville's median listing price for 2024-04-01 was $333,625, a difference of $-11,275 (-3.3%) versus the prior year and $8,625 versus the prior month.

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

Mcminnville's average listing price for 2024-04-01 was $431,744, a difference of $2,982 (0.7%) versus the prior year and $-2,404 versus the prior month.

For the 2024-04-01 period, Mcminnville had 160 MLS listings, a difference of 19 listings (13%) versus the prior month and 38 listings (31%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Mcminnville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,870 sqft
2018-02-01 0 days 1,869 sqft
2018-03-01 0 days 1,908 sqft
2018-04-01 0 days 1,945 sqft
2018-05-01 0 days 1,888 sqft
2018-06-01 0 days 1,832 sqft
2018-07-01 0 days 1,928 sqft
2018-08-01 0 days 1,916 sqft
2018-09-01 0 days 1,730 sqft
2018-10-01 0 days 1,720 sqft
2018-11-01 0 days 1,816 sqft
2018-12-01 0 days 1,864 sqft
2019-01-01 0 days 1,918 sqft
2019-02-01 0 days 2,019 sqft
2019-03-01 0 days 1,912 sqft
2019-04-01 0 days 1,831 sqft
2019-05-01 0 days 2,028 sqft
2019-06-01 0 days 2,074 sqft
2019-07-01 0 days 2,082 sqft
2019-08-01 0 days 2,207 sqft
2019-09-01 0 days 2,178 sqft
2019-10-01 0 days 2,153 sqft
2019-11-01 0 days 2,021 sqft
2019-12-01 0 days 1,988 sqft
2020-01-01 0 days 1,814 sqft
2020-02-01 0 days 1,809 sqft
2020-03-01 0 days 1,811 sqft
2020-04-01 0 days 1,776 sqft
2020-05-01 0 days 1,795 sqft
2020-06-01 0 days 1,790 sqft
2020-07-01 0 days 1,867 sqft
2020-08-01 0 days 1,930 sqft
2020-09-01 0 days 1,862 sqft
2020-10-01 0 days 1,840 sqft
2020-11-01 0 days 1,878 sqft
2020-12-01 0 days 1,920 sqft
2021-01-01 0 days 1,924 sqft
2021-02-01 0 days 1,920 sqft
2021-03-01 0 days 2,127 sqft
2021-04-01 0 days 2,182 sqft
2021-05-01 0 days 2,055 sqft
2021-06-01 0 days 1,849 sqft
2021-07-01 0 days 1,766 sqft
2021-08-01 0 days 1,843 sqft
2021-09-01 0 days 1,920 sqft
2021-10-01 0 days 1,892 sqft
2021-11-01 0 days 1,608 sqft
2021-12-01 0 days 1,700 sqft
2022-01-01 0 days 1,728 sqft
2022-02-01 0 days 1,839 sqft
2022-03-01 0 days 1,849 sqft
2022-04-01 0 days 1,691 sqft
2022-05-01 0 days 1,576 sqft
2022-06-01 0 days 1,779 sqft
2022-07-01 0 days 1,743 sqft
2022-08-01 0 days 1,890 sqft
2022-09-01 0 days 1,822 sqft
2022-10-01 0 days 1,924 sqft
2022-11-01 0 days 1,848 sqft
2022-12-01 0 days 1,825 sqft
2023-01-01 0 days 1,777 sqft
2023-02-01 0 days 1,794 sqft
2023-03-01 0 days 1,778 sqft
2023-04-01 0 days 1,846 sqft
2023-05-01 0 days 1,924 sqft
2023-06-01 0 days 1,949 sqft
2023-07-01 0 days 1,929 sqft
2023-08-01 0 days 1,919 sqft
2023-09-01 0 days 1,819 sqft
2023-10-01 0 days 1,809 sqft
2023-11-01 0 days 1,724 sqft
2023-12-01 0 days 1,750 sqft
2024-01-01 0 days 1,712 sqft
2024-02-01 0 days 1,690 sqft
2024-03-01 0 days 1,660 sqft
2024-04-01 0 days 1,632 sqft
Mcminnville's median listing age (time on market) for 2024-04-01 was 0 days.

Mcminnville's median square footage for active listings during the 2024-04-01 period was 1,632 sqft. One year prior, the average listing was 1,846 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).