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 6.76% for the week of 2024-05-24, compared to the national average (all FHA variants) of 6.746% for the same period.

Memphis's average FHA mortgage closing costs are $7,646.

The average rate for the prior week (2024-05-17) was 6.65% and one month ago for the week of 2024-04-19, the average rate was 6.67%.

The average rate one year ago was 6.5%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.66%.

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

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.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 438 6.20% $10,427
COMMUNITY MORTGAGE CORPORATION 299 6.35% $10,195
UNITED WHOLESALE MORTGAGE, LLC 184 6.23% $12,608
CROSSCOUNTRY MORTGAGE, LLC 161 6.78% $11,506
GUARANTEED RATE, INC. 137 6.47% $12,243
Trustmark National Bank 122 6.37% $9,384
DHI MORTGAGE COMPANY, LTD. 120 5.27% $7,209
Eagle Bank and Trust Company 110 6.57% $9,161
Patriot Bank 108 6.15% $9,113
Regions Bank 98 6.17% $8,791
MORTGAGE INVESTORS GROUP, INC. 94 6.49% $10,335
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 93 6.61% $9,600
Nations Lending Corporation 92 6.76% $8,481
BARTLETT MORTGAGE, INC. 91 6.27% $10,310
CARDINAL FINANCIAL 85 6.36% $13,414
FREEDOM MORTGAGE CORPORATION 76 6.61% $13,492
STOCKTON MORTGAGE CORPORATION 73 6.64% $12,919
FirstTrust Home Loans, Inc. 73 6.86% $8,310
BROKER SOLUTIONS, INC. 70 6.68% $11,972
Evolve Bank & Trust 68 6.62% $10,532
BancorpSouth 68 6.24% $9,556
LOANDEPOT.COM, LLC 63 6.28% $11,149
Mr. Cooper ( Nationstar Mortgage ) 51 6.05% $14,847
Bank of England 47 6.37% $11,009
PENNYMAC LOAN SERVICES, LLC 45 6.02% $13,004
Pinnacle Bank 45 6.38% $10,011
Paramount Residential Mortgage Group, Inc. 44 6.59% $11,729
SWBC MORTGAGE CORPORATION 40 6.48% $8,838
Renasant Bank 39 6.43% $10,286
Equity Prime Mortgage LLC 37 6.75% $13,044
NEWREZ LLC 35 6.35% $9,648
Wolfe Financial, Inc 33 6.44% $13,600
Carrington Mortgage Services, LLC 31 6.09% $12,806
AMERICAN FINANCIAL NETWORK, INC. 28 7.15% $12,463
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 27 6.60% $9,528
AMERISAVE MORTGAGE CORPORATION 26 6.05% $12,954
EVERETT FINANCIAL, INC. 26 6.72% $10,381
FIRST COMMUNITY MORTGAGE, INC. 24 6.74% $10,289
Independent Bank 23 6.44% $10,801
PRIMELENDING, A PLAINSCAPITAL COMPANY 21 6.86% $11,296
First Horizon Bank 20 6.64% $8,699
Flagstar Bank, FSB 20 6.33% $9,167
Plains Commerce Bank 17 6.60% $11,507
MUTUAL OF OMAHA MORTGAGE, INC. 17 6.62% $11,493
Mortgage Research Center, LLC 17 6.61% $6,909
GUILD MORTGAGE COMPANY 16 6.20% $12,604
LAKEVIEW LOAN SERVICING, LLC 15 6.04% $12,576
RELIANCE FIRST CAPITAL, LLC 15 6.55% $12,789
Hometown Equity Mortgage, LLC 15 6.50% $11,719
SUN WEST MORTGAGE COMPANY, INC. 15 6.71% $9,427
Citizens Bank 14 6.17% $9,177
Simmons Bank 14 6.43% $10,418
GMFS LLC 13 6.38% $11,463
Century Mortgage Company DBA Century Lending Company 12 6.07% $11,973
BankPlus 12 6.32% $6,751
AmeriHome Mortgage Company, LLC 11 5.95% $7,933
PLANET HOME LENDING, LLC 10 6.13% $10,822
Orion Federal Credit Union 10 6.25% $7,716
CMG MORTGAGE, INC. 10 6.46% $13,389
MORTGAGE FINANCIAL SERVICES, LLC 10 6.89% $12,200
MILEND, INC. 10 6.75% $16,350
CHURCHILL MORTGAGE CORPORATION 10 6.10% $11,000
Community Bank of Mississippi 9 6.40% $10,017
TruHome Solutions, LLC 9 6.07% $10,221
AMERICAN FINANCING CORPORATION 8 6.06% $10,984
ACOPIA, LLC 8 7.33% $15,098
DAS Acquisition Company, LLC 8 6.44% $9,723
The Federal Savings Bank 8 6.69% $17,620
ZILLOW HOME LOANS, LLC 8 6.53% $11,424
FBC MORTGAGE, LLC 7 5.69% $10,240
SECURITYNATIONAL MORTGAGE COMPANY 7 6.95% $12,547
VILLAGE CAPITAL MORTGAGE 6 5.90% $12,955
PENTAGON FEDERAL CREDIT UNION 6 5.50% $9,590
PANORAMA MORTGAGE GROUP, LLC 6 6.67% $12,804
U.S. Bank 5 6.55% $9,360
Prosperity Home Mortgage, LLC 5 6.35% $11,669
ROYAL UNITED MORTGAGE LLC 5 7.00% $9,130
UNION HOME MORTGAGE CORP. 5 6.53% $11,806
Wells Fargo Bank 5 6.45% $10,433
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 6.03% $10,839
LAND HOME FINANCIAL SERVICES, INC. 5 6.98% $7,984
MOVEMENT MORTGAGE, LLC 5 6.88% $8,817
Cornerstone First Mortgage, Inc 4 6.69% $11,833
MORTGAGE SOLUTIONS OF COLORADO, LLC 4 7.19% $11,024
Leaders Credit Union 4 6.69% $6,113
FirstBank 4 6.84% $10,142
OCMBC, INC. 4 6.75% $14,796
Truist 4 6.41% $7,563
Lakeview Community Capital, LLC 4 5.59% $11,706
AMERICAN FINANCIAL RESOURCES, INC. 4 5.78% $12,741
BECKAM FUNDING CORP. 4 6.50% $20,090
The First National Bank of Middle Tennessee 4 6.38% $10,818
Arvest Bank 3 5.83% $9,838
AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.54% $9,826
LOANPAL, LLC 3 5.83% $6,641
BAYSHORE MORTGAGE FUNDING, LLC 3 7.17% $16,228
First Citizens National Bank 3 6.67% $7,766
UNITED SECURITY FINANCIAL CORP 3 7.17% $17,733
TOP FLITE FINANCIAL, INC. 3 6.83% $15,585
M&T Bank 3 6.33% $8,352
THRIVE MORTGAGE, LLC 3 6.58% $8,507
NBKC BANK 3 6.08% $7,121
T2 FINANCIAL LLC 3 7.08% $16,648
EMM LOANS LLC 3 6.42% $17,865
COMPASS MORTGAGE, INC. 3 6.83% $9,025
CONTOUR MORTGAGE CORPORATION 3 6.21% $13,379
Bank of America 3 6.29% $10,712
SeaTrust Mortgage Company 3 6.71% $14,764
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.71% $6,462
PLAZA HOME MORTGAGE, INC. 3 6.75% $9,840
HOMESIDE FINANCIAL, LLC 3 6.21% $14,129
First Federal Bank 2 5.31% $7,986
PILGRIM MORTGAGE LLC 2 6.31% $11,668
POLARIS HOME FUNDING CORP. 2 6.19% $11,205
RUOFF MORTGAGE COMPANY, INC. 2 6.19% $6,166
TJC Mortgage, Inc. 2 6.75% $9,018
Northpointe Bank 2 6.19% $10,126
MICHIGAN MUTUAL, INC. 2 6.81% $9,556
BEST FINANCE CAPITAL, INC. 2 7.38% $11,946
PHH Mortgage Corporation 2 7.13% $11,246
HOMESTAR FINANCIAL CORPORATION 2 7.44% $7,753
NEXERA HOLDING LLC 2 6.31% $9,182
SOUTHPOINT FINANCIAL SERVICES, INC. 2 7.13% $10,406
SIRVA MORTGAGE, INC. 2 6.69% $5,147
NJ LENDERS CORP. 1 6.75% $10,002
Allied First Bank,sb 1 6.75% $9,110
AMERICAN MORTGAGE SERVICES INCORPORATED 1 6.25% $2,025
Ameris Bank 1 5.75% $11,018
Barrington Bank & Trust Company, N.A. 1 6.25% $9,612
BAY EQUITY LLC 1 7.75% $12,644
Bell Bank 1 6.75% $7,547
BETTER MORTGAGE CORPORATION 1 7.25% $14,701
BNC National Bank 1 6.13% $9,663
CANOPY MORTGAGE, LLC 1 5.75% $9,880
Centennial Bank 1 6.00% $9,235
CIS Financial Services, Inc. 1 6.38% $12,587
DRAPER AND KRAMER MORTGAGE CORP. 1 7.13% $8,575
EMBRACE HOME LOANS, INC. 1 6.13% $11,376
Fifth Third Bank 1 5.75% $13,918
Financial Federal Bank 1 7.13% $8,899
FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.13% $13,574
First Financial Bank 1 6.38% $7,364
First National Bank of Pennsylvania 1 5.75% $9,461
First United Bank and Trust Company 1 6.88% $11,851
FLAT BRANCH MORTGAGE, INC. 1 6.75% $11,273
F&M Bank 1 5.63% $7,817
Franklin Loan Corporation 1 5.75% $15,518
GARDNER FINANCIAL SERVICES, LTD. 1 6.50% $23,546
Gateway First Bank 1 7.25% $13,431
GSF Mortgage Corporation 1 8.13% $10,196
Hamilton Mortgage Corporation 1 7.13% $6,590
Hawthorn Bank 1 6.13% $8,308
KELLER MORTGAGE, LLC 1 6.13% $14,385
LIBERTY HOME MORTGAGE CORPORATION 1 7.13% $13,707
Loan Simple, Inc. 1 6.63% $5,206
MID AMERICA MORTGAGE, INC. 1 7.75% $0
MLD MORTGAGE INC. 1 6.13% $11,630
MYCUMORTGAGE, LLC 1 7.13% $7,351
NETWORK CAPITAL FUNDING CORPORATION 1 6.13% $10,217
NFM, INC. 1 7.75% $8,063
NMSI, INC. 1 6.63% $10,382
North American Savings Bank, F.S.B. 1 5.50% $6,614
OPEN MORTGAGE, LLC 1 5.63% $6,967
PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.50% $9,657
RANLIFE, INC. 1 5.38% $12,201
Residential Mortgage Solutions, Inc. 1 6.88% $10,964
Sierra Pacific Mortgage Company, Inc. 1 6.63% $12,721
SOUTHWEST STAGE FUNDING, LLC 1 6.38% $5,760
SOVEREIGN LENDING GROUP INCORPORATED 1 6.25% $11,556
Stride Bank 1 7.13% $11,519
Strong Home Mortgage, LLC 1 6.75% $5,523
SUMMIT FUNDING, INC. 1 5.50% $9,862
The Huntington National Bank 1 7.13% $11,420
Towne Bank 1 6.75% $11,472
TOWNE MORTGAGE COMPANY 1 5.75% $7,908
United Fidelity Funding Corp. 1 6.25% $12,857
Wyndham Capital Mortgage, Inc. 1 5.13% $9,080

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. Louis
Date 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
Memphis's median listing price for 2024-04-01 was $339,450, a difference of $14,550 (4.5%) versus the prior year and $12,550 versus the prior month.

Memphis's median listing price comes in at 79% of the national average.

Memphis's average listing price for 2024-04-01 was $390,749, a difference of $25,505 (7.0%) versus the prior year and $13,741 versus the prior month.

For the 2024-04-01 period, Memphis had 3,248 MLS listings, a difference of 79 listings (2%) versus the prior month and 914 listings (39%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Memphis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date 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
Memphis's median listing age (time on market) for 2024-04-01 was 48 days. This is 1% longer than the same period one year ago.

Memphis's median square footage for active listings during the 2024-04-01 period was 2,258 sqft. One year prior, the average listing was 2,250 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).