Memphis FHA Loan Rates, Closing Costs & Stats
MEMPHIS, TN-MS-AR
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.
Memphis's 177 lenders originated 4,276 FHA loans during 2023. The total origination value was $1,064,920,000, with an average FHA loan value of $249,046.
Memphis FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Memphis
averaged
6.38%
for the week of 2024-12-06, compared to the national average (all FHA variants) of
6.363% for the same period.
Memphis's average FHA mortgage closing costs are $7,646.
The average rate for the prior week (2024-11-29) was
6.32% and
one month ago for the week of 2024-11-01, the
average rate was 6.51%.
The average rate one year ago was 7.04%.
For refis of the same type during the week of 2024-12-06, the average rate
was 6.58%.
Memphis 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 Memphis level.
The top Memphis FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
438 FHA loans originated. Their average total fees are
$10,427, which is $231
higher than the next largest lender,
COMMUNITY MORTGAGE CORPORATION.
The lowest fee Memphis FHA lenders (with over 10 loans originated) are
BankPlus ($6,751), Mortgage Research Center, LLC ($6,909), DHI MORTGAGE COMPANY, LTD. ($7,209), Orion Federal Credit Union ($7,716) and AmeriHome Mortgage Company, LLC ($7,933).
The lowest rate Memphis FHA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (5.27%), AmeriHome Mortgage Company, LLC (5.95%), PENNYMAC LOAN SERVICES, LLC (6.02%), LAKEVIEW LOAN SERVICING, LLC (6.04%) and AMERISAVE MORTGAGE CORPORATION (6.05%).
Memphis FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
MEMPHIS, TN-MS-AR | CRITTENDEN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
MEMPHIS, TN-MS-AR | DESOTO | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
MEMPHIS, TN-MS-AR | MARSHALL | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
MEMPHIS, TN-MS-AR | TATE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
MEMPHIS, TN-MS-AR | TUNICA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
MEMPHIS, TN-MS-AR | FAYETTE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
MEMPHIS, TN-MS-AR | SHELBY | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
MEMPHIS, TN-MS-AR | TIPTON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
MEMPHIS, TN-MS-AR | CRITTENDEN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
MEMPHIS, TN-MS-AR | DESOTO | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
MEMPHIS, TN-MS-AR | MARSHALL | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
MEMPHIS, TN-MS-AR | TATE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
MEMPHIS, TN-MS-AR | TUNICA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
MEMPHIS, TN-MS-AR | FAYETTE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
MEMPHIS, TN-MS-AR | SHELBY | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
MEMPHIS, TN-MS-AR | TIPTON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Memphis (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $186,375 (9.7%) | $245,918 (5.7%) | 0.69 | 3,814 |
2018-02-01 | $184,350 (8.5%) | $242,774 (5.0%) | 0.67 | 3,798 |
2018-03-01 | $185,000 (6.5%) | $248,291 (5.6%) | 0.65 | 3,799 |
2018-04-01 | $193,450 (7.5%) | $255,176 (3.6%) | 0.66 | 3,202 |
2018-05-01 | $199,950 (8.1%) | $265,105 (5.2%) | 0.67 | 3,161 |
2018-06-01 | $210,875 (8.5%) | $267,469 (5.0%) | 0.70 | 3,415 |
2018-07-01 | $212,700 (8.1%) | $266,363 (4.4%) | 0.71 | 3,759 |
2018-08-01 | $212,900 (9.2%) | $265,195 (4.9%) | 0.71 | 3,759 |
2018-09-01 | $212,000 (7.1%) | $264,535 (4.2%) | 0.71 | 3,761 |
2018-10-01 | $215,000 (11.2%) | $267,139 (7.0%) | 0.73 | 3,768 |
2018-11-01 | $210,000 (10.6%) | $262,223 (5.1%) | 0.71 | 3,732 |
2018-12-01 | $209,900 (12.9%) | $256,634 (3.4%) | 0.72 | 3,470 |
2019-01-01 | $204,925 (10.0%) | $254,140 (3.3%) | 0.71 | 3,141 |
2019-02-01 | $208,244 (13.0%) | $257,728 (6.2%) | 0.70 | 3,034 |
2019-03-01 | $214,186 (15.8%) | $269,000 (8.3%) | 0.70 | 2,968 |
2019-04-01 | $222,325 (14.9%) | $280,584 (10.0%) | 0.71 | 2,987 |
2019-05-01 | $230,000 (15.0%) | $285,812 (7.8%) | 0.72 | 3,001 |
2019-06-01 | $230,000 (9.1%) | $288,883 (8.0%) | 0.72 | 3,102 |
2019-07-01 | $231,075 (8.6%) | $289,796 (8.8%) | 0.72 | 3,245 |
2019-08-01 | $232,845 (9.4%) | $289,702 (9.2%) | 0.74 | 3,227 |
2019-09-01 | $231,189 (9.1%) | $290,408 (9.8%) | 0.74 | 3,194 |
2019-10-01 | $230,134 (7.0%) | $291,712 (9.2%) | 0.74 | 3,162 |
2019-11-01 | $232,700 (10.8%) | $294,661 (12.4%) | 0.76 | 3,093 |
2019-12-01 | $232,450 (10.7%) | $292,234 (13.9%) | 0.78 | 2,936 |
2020-01-01 | $228,200 (11.4%) | $289,871 (14.1%) | 0.76 | 2,744 |
2020-02-01 | $230,000 (10.5%) | $295,406 (14.6%) | 0.75 | 2,508 |
2020-03-01 | $242,735 (13.3%) | $306,363 (13.9%) | 0.76 | 2,390 |
2020-04-01 | $249,073 (12.0%) | $312,663 (11.4%) | 0.78 | 2,396 |
2020-05-01 | $249,900 (8.7%) | $319,737 (11.9%) | 0.76 | 2,225 |
2020-06-01 | $258,138 (12.2%) | $330,546 (14.4%) | 0.76 | 1,991 |
2020-07-01 | $261,900 (13.3%) | $342,121 (18.1%) | 0.76 | 1,811 |
2020-08-01 | $264,950 (13.8%) | $339,364 (17.1%) | 0.76 | 1,722 |
2020-09-01 | $259,906 (12.4%) | $337,050 (16.1%) | 0.74 | 1,614 |
2020-10-01 | $259,900 (12.9%) | $339,376 (16.3%) | 0.74 | 1,615 |
2020-11-01 | $257,500 (10.7%) | $331,667 (12.6%) | 0.75 | 1,552 |
2020-12-01 | $249,950 (7.5%) | $320,577 (9.7%) | 0.74 | 1,434 |
2021-01-01 | $240,000 (5.2%) | $317,478 (9.5%) | 0.72 | 1,261 |
2021-02-01 | $234,800 (2.1%) | $320,566 (8.5%) | 0.68 | 1,107 |
2021-03-01 | $238,900 (-1.6%) | $328,999 (7.4%) | 0.68 | 1,037 |
2021-04-01 | $239,950 (-3.7%) | $331,027 (5.9%) | 0.65 | 1,024 |
2021-05-01 | $239,900 (-4.0%) | $325,602 (1.8%) | 0.64 | 1,071 |
2021-06-01 | $242,875 (-5.9%) | $322,398 (-2.5%) | 0.64 | 1,189 |
2021-07-01 | $245,000 (-6.5%) | $320,679 (-6.3%) | 0.65 | 1,333 |
2021-08-01 | $249,900 (-5.7%) | $325,344 (-4.1%) | 0.67 | 1,441 |
2021-09-01 | $248,975 (-4.2%) | $322,490 (-4.3%) | 0.66 | 1,412 |
2021-10-01 | $265,000 (2.0%) | $338,544 (-0.2%) | 0.71 | 1,335 |
2021-11-01 | $257,500 (0.0%) | $337,716 (1.8%) | 0.69 | 1,283 |
2021-12-01 | $243,375 (-2.6%) | $326,952 (2.0%) | 0.66 | 1,235 |
2022-01-01 | $219,900 (-8.4%) | $323,754 (2.0%) | 0.59 | 1,089 |
2022-02-01 | $226,450 (-3.6%) | $331,601 (3.4%) | 0.59 | 960 |
2022-03-01 | $227,450 (-4.8%) | $326,620 (-0.7%) | 0.57 | 1,055 |
2022-04-01 | $246,700 (2.8%) | $340,862 (3.0%) | 0.59 | 1,152 |
2022-05-01 | $292,500 (21.9%) | $366,848 (12.7%) | 0.67 | 1,308 |
2022-06-01 | $305,000 (25.6%) | $376,587 (16.8%) | 0.68 | 1,586 |
2022-07-01 | $319,900 (30.6%) | $376,112 (17.3%) | 0.72 | 2,048 |
2022-08-01 | $313,000 (25.3%) | $369,982 (13.7%) | 0.72 | 2,207 |
2022-09-01 | $316,748 (27.2%) | $370,822 (15.0%) | 0.74 | 2,330 |
2022-10-01 | $319,950 (20.7%) | $367,511 (8.6%) | 0.75 | 2,586 |
2022-11-01 | $324,950 (26.2%) | $369,171 (9.3%) | 0.78 | 2,770 |
2022-12-01 | $325,000 (33.5%) | $370,937 (13.5%) | 0.80 | 2,658 |
2023-01-01 | $324,950 (47.8%) | $364,778 (12.7%) | 0.80 | 2,408 |
2023-02-01 | $323,190 (42.7%) | $362,229 (9.2%) | 0.78 | 2,267 |
2023-03-01 | $319,000 (40.3%) | $355,899 (9.0%) | 0.75 | 2,293 |
2023-04-01 | $324,900 (31.7%) | $365,244 (7.2%) | 0.76 | 2,334 |
2023-05-01 | $325,000 (11.1%) | $369,570 (0.7%) | 0.74 | 2,405 |
2023-06-01 | $327,138 (7.3%) | $375,526 (-0.3%) | 0.74 | 2,529 |
2023-07-01 | $325,000 (1.6%) | $369,793 (-1.7%) | 0.74 | 2,727 |
2023-08-01 | $320,950 (2.5%) | $368,137 (-0.5%) | 0.74 | 2,886 |
2023-09-01 | $310,000 (-2.1%) | $360,107 (-2.9%) | 0.72 | 3,159 |
2023-10-01 | $318,500 (-0.5%) | $365,974 (-0.4%) | 0.75 | 3,370 |
2023-11-01 | $319,925 (-1.6%) | $368,490 (-0.2%) | 0.76 | 3,464 |
2023-12-01 | $318,900 (-1.9%) | $366,710 (-1.1%) | 0.78 | 3,412 |
2024-01-01 | $320,450 (-1.4%) | $369,275 (1.2%) | 0.78 | 3,101 |
2024-02-01 | $324,500 (0.4%) | $373,827 (3.2%) | 0.78 | 3,070 |
2024-03-01 | $326,900 (2.5%) | $377,008 (5.9%) | 0.77 | 3,169 |
2024-04-01 | $339,450 (4.5%) | $390,749 (7.0%) | 0.79 | 3,248 |
2024-05-01 | $349,900 (7.7%) | $407,429 (10.2%) | 0.79 | 3,503 |
2024-06-01 | $347,935 (6.4%) | $399,876 (6.5%) | 0.78 | 3,876 |
2024-07-01 | $341,498 (5.1%) | $395,880 (7.1%) | 0.78 | 4,063 |
2024-08-01 | $339,000 (5.6%) | $393,935 (7.0%) | 0.79 | 4,176 |
2024-09-01 | $336,225 (8.5%) | $390,577 (8.5%) | 0.79 | 4,314 |
2024-10-01 | $334,900 (5.2%) | $389,477 (6.4%) | 0.79 | 4,402 |
2024-11-01 | $333,845 (4.4%) | $388,264 (5.4%) | 0.00 | 4,454 |
Memphis's median listing price comes in at 0% of the national average.
Memphis's average listing price for 2024-11-01 was $388,264, a difference of $19,774 (5.4%) versus the prior year and $-1,213 versus the prior month.
For the 2024-11-01 period, Memphis had 4,454 MLS listings, a difference of 52 listings (1%) versus the prior month and 990 listings (29%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Memphis (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 76 days | 2,115 sqft |
2018-02-01 | 69 days | 2,096 sqft |
2018-03-01 | 50 days | 2,084 sqft |
2018-04-01 | 51 days | 2,102 sqft |
2018-05-01 | 50 days | 2,116 sqft |
2018-06-01 | 47 days | 2,157 sqft |
2018-07-01 | 48 days | 2,147 sqft |
2018-08-01 | 54 days | 2,186 sqft |
2018-09-01 | 57 days | 2,200 sqft |
2018-10-01 | 59 days | 2,223 sqft |
2018-11-01 | 61 days | 2,247 sqft |
2018-12-01 | 67 days | 2,228 sqft |
2019-01-01 | 75 days | 2,200 sqft |
2019-02-01 | 70 days | 2,201 sqft |
2019-03-01 | 60 days | 2,230 sqft |
2019-04-01 | 51 days | 2,265 sqft |
2019-05-01 | 47 days | 2,279 sqft |
2019-06-01 | 51 days | 2,244 sqft |
2019-07-01 | 51 days | 2,193 sqft |
2019-08-01 | 53 days | 2,205 sqft |
2019-09-01 | 54 days | 2,212 sqft |
2019-10-01 | 55 days | 2,234 sqft |
2019-11-01 | 59 days | 2,258 sqft |
2019-12-01 | 67 days | 2,257 sqft |
2020-01-01 | 74 days | 2,240 sqft |
2020-02-01 | 72 days | 2,250 sqft |
2020-03-01 | 55 days | 2,328 sqft |
2020-04-01 | 52 days | 2,303 sqft |
2020-05-01 | 56 days | 2,300 sqft |
2020-06-01 | 52 days | 2,317 sqft |
2020-07-01 | 47 days | 2,278 sqft |
2020-08-01 | 45 days | 2,409 sqft |
2020-09-01 | 44 days | 2,399 sqft |
2020-10-01 | 43 days | 2,403 sqft |
2020-11-01 | 46 days | 2,415 sqft |
2020-12-01 | 52 days | 2,367 sqft |
2021-01-01 | 59 days | 2,400 sqft |
2021-02-01 | 57 days | 2,226 sqft |
2021-03-01 | 50 days | 2,256 sqft |
2021-04-01 | 39 days | 2,196 sqft |
2021-05-01 | 35 days | 2,269 sqft |
2021-06-01 | 34 days | 2,146 sqft |
2021-07-01 | 35 days | 2,170 sqft |
2021-08-01 | 38 days | 2,200 sqft |
2021-09-01 | 40 days | 2,225 sqft |
2021-10-01 | 33 days | 2,186 sqft |
2021-11-01 | 38 days | 2,192 sqft |
2021-12-01 | 44 days | 2,313 sqft |
2022-01-01 | 47 days | 2,249 sqft |
2022-02-01 | 39 days | 2,129 sqft |
2022-03-01 | 36 days | 2,090 sqft |
2022-04-01 | 32 days | 2,200 sqft |
2022-05-01 | 31 days | 2,428 sqft |
2022-06-01 | 30 days | 2,500 sqft |
2022-07-01 | 31 days | 2,451 sqft |
2022-08-01 | 38 days | 2,418 sqft |
2022-09-01 | 42 days | 2,312 sqft |
2022-10-01 | 45 days | 2,285 sqft |
2022-11-01 | 50 days | 2,245 sqft |
2022-12-01 | 61 days | 2,274 sqft |
2023-01-01 | 71 days | 2,277 sqft |
2023-02-01 | 67 days | 2,248 sqft |
2023-03-01 | 53 days | 2,248 sqft |
2023-04-01 | 47 days | 2,250 sqft |
2023-05-01 | 43 days | 2,243 sqft |
2023-06-01 | 44 days | 2,262 sqft |
2023-07-01 | 44 days | 2,225 sqft |
2023-08-01 | 46 days | 2,209 sqft |
2023-09-01 | 46 days | 2,169 sqft |
2023-10-01 | 50 days | 2,200 sqft |
2023-11-01 | 56 days | 2,210 sqft |
2023-12-01 | 63 days | 2,250 sqft |
2024-01-01 | 73 days | 2,262 sqft |
2024-02-01 | 68 days | 2,225 sqft |
2024-03-01 | 51 days | 2,236 sqft |
2024-04-01 | 48 days | 2,258 sqft |
2024-05-01 | 47 days | 2,331 sqft |
2024-06-01 | 49 days | 2,376 sqft |
2024-07-01 | 52 days | 2,249 sqft |
2024-08-01 | 59 days | 2,284 sqft |
2024-09-01 | 62 days | 2,217 sqft |
2024-10-01 | 64 days | 2,216 sqft |
2024-11-01 | 0 days | 2,200 sqft |
Memphis's median square footage for active listings during the 2024-11-01 period was 2,200 sqft. One year prior, the average listing was 2,210 sqft.