Memphis FHA Loan Rates, Closing Costs & Stats

MEMPHIS, TN-MS-AR

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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.

    Memphis's 187 lenders originated 4,464 FHA loans during 2022. The total origination value was $1,052,490,000, with an average FHA loan value of $235,773.

    Memphis FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Memphis averaged 6.47% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Memphis's average FHA mortgage closing costs are $7,155.

    The average rate for the prior week (2023-05-19) was 6.34% and one month ago for the week of 2023-04-21, the average rate was 5.89%.

    The average rate one year ago was 5.2%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.56%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 439 4.57% $9,793
    COMMUNITY MORTGAGE CORPORATION 308 4.84% $9,227
    CROSSCOUNTRY MORTGAGE, LLC 145 5.26% $11,892
    FREEDOM MORTGAGE CORPORATION 134 4.85% $10,208
    Nations Lending Corporation 129 5.19% $10,276
    UNITED WHOLESALE MORTGAGE, LLC 128 4.89% $10,346
    Eagle Bank and Trust Company 120 4.89% $7,762
    Trustmark National Bank 101 4.72% $8,862
    SOUTHWEST FUNDING, LP 91 5.23% $12,926
    LOANDEPOT.COM, LLC 91 5.06% $9,733
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 89 5.05% $8,524
    BARTLETT MORTGAGE, INC. 87 4.70% $8,427
    EVERETT FINANCIAL, INC. 83 5.19% $6,069
    MORTGAGE INVESTORS GROUP, INC. 82 4.93% $8,510
    Mr. Cooper ( Nationstar Mortgage ) 80 4.81% $10,853
    Bank of England 78 4.91% $10,746
    BROKER SOLUTIONS, INC. 76 5.23% $10,488
    PENNYMAC LOAN SERVICES, LLC 73 4.31% $9,632
    CARDINAL FINANCIAL 71 4.87% $11,535
    BancorpSouth Bank 66 4.81% $8,161
    PRIMELENDING, A PLAINSCAPITAL COMPANY 66 4.70% $10,918
    AMERISAVE MORTGAGE CORPORATION 66 4.52% $9,130
    Patriot Bank 64 4.86% $8,429
    DHI MORTGAGE COMPANY, LTD. 64 4.56% $7,469
    GUARANTEED RATE, INC. 61 5.32% $11,660
    Regions Bank 50 5.17% $8,769
    FirstTrust Home Loans, Inc. 46 5.40% $7,223
    Flagstar Bank, FSB 45 4.56% $8,986
    STOCKTON MORTGAGE CORPORATION 43 5.67% $10,912
    Pinnacle Bank 42 4.83% $8,041
    Plains Commerce Bank 41 4.82% $10,524
    Carrington Mortgage Services, LLC 40 4.82% $10,998
    LAKEVIEW LOAN SERVICING, LLC 38 4.22% $6,845
    CALIBER HOME LOANS, INC. 33 4.48% $9,384
    HOMESTAR FINANCIAL CORPORATION 31 5.09% $10,499
    The Home Loan Expert LLC 31 4.29% $8,310
    Evolve Bank & Trust 31 4.64% $8,666
    Equity Prime Mortgage LLC 31 5.92% $12,461
    Wolfe Financial, Inc 30 5.19% $13,288
    Community Bank of Mississippi 27 4.51% $9,398
    NEWREZ LLC 27 4.56% $7,657
    Hometown Equity Mortgage, LLC 26 5.21% $12,238
    Hometown Lenders, Inc. 25 4.31% $11,044
    GUILD MORTGAGE COMPANY 23 4.72% $10,698
    Renasant Bank 23 4.47% $9,240
    First Horizon Bank 22 4.30% $7,953
    PLANET HOME LENDING, LLC 22 4.83% $8,705
    Sierra Pacific Mortgage Company, Inc. 22 3.85% $9,785
    VILLAGE CAPITAL MORTGAGE 20 3.82% $5,105
    FINANCE OF AMERICA MORTGAGE LLC 20 4.38% $9,300
    Independent Bank 20 4.64% $7,308
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 19 5.68% $8,755
    FirstBank 18 4.81% $8,970
    Paramount Residential Mortgage Group, Inc. 17 4.74% $9,814
    Citizens Bank 17 4.79% $10,239
    RELIANCE FIRST CAPITAL, LLC 15 4.93% $11,177
    FIRST COMMUNITY MORTGAGE, INC. 14 4.63% $8,268
    SECURITYNATIONAL MORTGAGE COMPANY 14 4.82% $8,178
    MUTUAL OF OMAHA MORTGAGE, INC. 14 4.96% $11,425
    AMERICAN FINANCING CORPORATION 14 4.55% $8,259
    HOMEBRIDGE FINANCIAL SERVICES, INC. 12 4.42% $12,387
    Mortgage Research Center, LLC 12 5.44% $7,342
    T2 FINANCIAL LLC 12 5.39% $12,333
    Orion Federal Credit Union 11 5.59% $8,881
    UNITED SECURITY FINANCIAL CORP 10 5.51% $10,637
    DRAPER AND KRAMER MORTGAGE CORP. 10 5.40% $10,898
    CRESCENT MORTGAGE COMPANY 10 5.39% $8,577
    Ixonia Bank 9 4.99% $10,215
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 9 5.29% $10,100
    HOMESIDE FINANCIAL, LLC 8 5.11% $9,040
    TruHome Solutions, LLC 8 4.48% $7,709
    AMERICAN MORTGAGE SERVICE COMPANY 8 4.56% $8,974
    MORTGAGE FINANCIAL SERVICES, LLC 7 5.75% $12,230
    AMERICAN PACIFIC MORTGAGE CORPORATION 7 4.96% $10,805
    HOME POINT FINANCIAL CORPORATION 7 3.93% $8,947
    Lakeview Community Capital, LLC 7 3.55% $5,433
    CHURCHILL MORTGAGE CORPORATION 6 5.13% $10,346
    ACOPIA, LLC 6 5.10% $10,203
    MORIA DEVELOPMENT, INC. 5 4.65% $12,623
    PANORAMA MORTGAGE GROUP, LLC 5 6.63% $9,795
    EMBRACE HOME LOANS, INC. 5 5.30% $8,571
    DAS Acquisition Company, LLC 5 5.75% $7,869
    The Federal Savings Bank 5 4.83% $13,456
    KELLER MORTGAGE, LLC 5 4.40% $9,232
    Truist 5 5.83% $7,530
    MILEND, INC. 5 5.03% $14,997
    PRIMARY RESIDENTIAL MORTGAGE, INC. 5 4.78% $9,166
    NFM, INC. 4 5.31% $14,113
    CMG MORTGAGE, INC. 4 4.41% $13,335
    AMERICAN FINANCIAL RESOURCES, INC. 4 4.66% $9,433
    First Citizens National Bank 4 4.91% $7,523
    TOP FLITE FINANCIAL, INC. 4 6.06% $16,281
    First Guaranty Mortgage Corporation 4 4.16% $8,087
    HANCOCK MORTGAGE PARTNERS, LLC 4 6.47% $17,559
    RUOFF MORTGAGE COMPANY, INC. 4 5.09% $7,578
    Bank of America 4 4.28% $8,460
    Simmons Bank 4 4.34% $8,010
    VANDERBILT MORTGAGE AND FINANCE, INC. 4 5.59% $10,420
    LAND HOME FINANCIAL SERVICES, INC. 3 6.00% $10,863
    LEADERONE FINANCIAL CORPORATION 3 5.29% $9,568
    MOVEMENT MORTGAGE, LLC 3 4.46% $10,140
    ZILLOW HOME LOANS, LLC 3 5.00% $8,913
    AmeriHome Mortgage Company, LLC 3 5.96% $11,386
    BECKAM FUNDING CORP. 3 4.79% $16,262
    JPMorgan Chase Bank 3 3.33% $8,456
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 5.96% $15,527
    NETWORK CAPITAL FUNDING CORPORATION 3 6.17% $8,136
    LADERA LENDING, INC. 3 5.21% $10,142
    PREMIA MORTGAGE, LLC 3 4.58% $8,496
    The First National Bank of Middle Tennessee 3 5.33% $8,528
    PLAZA HOME MORTGAGE, INC. 2 5.81% $7,018
    Amerifirst Financial, Inc. 2 5.75% $9,310
    Barrington Bank & Trust Company, N.A. 2 4.81% $10,256
    CIS Financial Services, Inc. 2 3.75% $10,449
    East Coast Capital Corp. 2 6.69% $12,605
    First Federal Bank 2 4.00% $4,821
    Gateway First Bank 2 5.63% $8,133
    GREAT WESTERN FINANCIAL SERVICES, INC. 2 4.94% $9,799
    INTERLINC MORTGAGE SERVICES, LLC 2 4.00% $9,436
    LIBERTY HOME MORTGAGE CORPORATION 2 7.00% $6,450
    LOANPAL, LLC 2 3.75% $9,835
    MICHIGAN MUTUAL, INC. 2 6.63% $14,072
    MID AMERICA MORTGAGE, INC. 2 5.19% $2,811
    M&T Bank 2 5.19% $9,720
    North American Savings Bank, F.S.B. 2 5.63% $7,521
    Origin Bank 2 4.81% $5,597
    POLARIS HOME FUNDING CORP. 2 4.50% $9,447
    ROYAL UNITED MORTGAGE LLC 2 5.25% $15,374
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 6.00% $11,764
    SOUTHWEST STAGE FUNDING, LLC 2 3.81% $5,584
    SUN WEST MORTGAGE COMPANY, INC. 2 6.50% $10,218
    SWBC MORTGAGE CORPORATION 2 5.44% $7,739
    Wells Fargo Bank 2 4.56% $11,039
    Leaders Credit Union 1 6.25% $8,495
    PENTAGON FEDERAL CREDIT UNION 1 6.63% $7,457
    Peoples Bank 1 5.49% $11,505
    PILGRIM MORTGAGE LLC 1 5.13% $9,173
    KEESLER 1 3.00% $9,108
    JLB CORPORATION 1 4.63% $9,281
    INTERCOASTAL MORTGAGE COMPANY 1 5.63% $11,940
    GUARANTY HOME MORTGAGE CORPORATION 1 5.00% $6,986
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.38% $7,979
    GMFS LLC 1 4.63% $11,460
    FLAT BRANCH MORTGAGE, INC. 1 5.75% $6,298
    Financial Federal Bank 1 5.13% $6,512
    Princeton Mortgage Corporation 1 3.38% $12,105
    Fifth Third Bank 1 3.38% $8,933
    RAPID MORTGAGE COMPANY 1 5.63% $9,090
    FAY SERVICING, LLC 1 5.50% $7,560
    ENVOY MORTGAGE, LTD 1 5.25% $8,260
    ENDEAVOR CAPITAL, LLC. 1 6.00% $7,071
    RESIDENTIAL BANCORP. 1 4.99% $15,663
    RESIDENTIAL HOME FUNDING CORP. 1 5.25% $11,088
    VERITAS FUNDING, LLC 1 5.62% $14,557
    ENCORE BANK 1 5.25% $7,336
    EMM LOANS LLC 1 6.63% $15,380
    DEVELOPER'S MORTGAGE COMPANY 1 6.50% $12,513
    DELMAR FINANCIAL COMPANY 1 4.75% $11,397
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 4.63% $14,906
    DATA MORTGAGE, INC. 1 6.13% $15,090
    AMCAP MORTGAGE, LTD. 1 4.13% $7,255
    SOVEREIGN LENDING GROUP INCORPORATED 1 4.62% $8,620
    Colten Mortgage, LLC 1 3.00% $3,780
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.00% $20,112
    Sunflower Bank 1 4.75% $9,377
    American Bank of Oklahoma 1 4.50% $14,997
    Wyndham Capital Mortgage, Inc. 1 5.63% $7,188
    CityWorth Mortgage LLC 1 3.75% $10,311
    Century Mortgage Company DBA Century Lending Company 1 4.13% $11,620
    CB&S Bank, Inc. 1 3.88% $10,845
    CASTLE & COOKE MORTGAGE, LLC 1 5.38% $13,653
    The Huntington National Bank 1 4.38% $16,971
    BNC National Bank 1 6.38% $8,622
    TOWNE MORTGAGE COMPANY 1 6.00% $6,635
    BAY EQUITY LLC 1 6.13% $12,494
    BankPlus 1 5.25% $9,106
    Austin Capital Bank SSB 1 5.62% $23,227
    Assurance Financial Group, L.L.C. 1 4.99% $15,429
    Arvest Bank 1 3.00% $8,080
    NORWICH COMMERCIAL GROUP, INC. 1 5.50% $14,989
    OCMBC, INC. 1 6.25% $16,644
    US MORTGAGE CORPORATION 1 3.63% $8,524
    NBKC BANK 1 4.25% $12,395
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.25% $14,244
    Paramount Bank 1 3.13% $12,088
    NATIONS DIRECT MORTGAGE, LLC 1 6.63% $12,800
    MORTGAGE ACCESS CORP. 1 5.25% $12,841

    The top Memphis FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 439 FHA loans originated. Their average total fees are $9,793, which is $566 higher than the next largest lender, COMMUNITY MORTGAGE CORPORATION.

    The lowest fee Memphis FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($5,105), EVERETT FINANCIAL, INC. ($6,069), LAKEVIEW LOAN SERVICING, LLC ($6,845), FirstTrust Home Loans, Inc. ($7,223) and Independent Bank ($7,308).

    The lowest rate Memphis FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE (3.82%), Sierra Pacific Mortgage Company, Inc. (3.85%), LAKEVIEW LOAN SERVICING, LLC (4.22%), The Home Loan Expert LLC (4.29%) and First Horizon Bank (4.30%).

    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 $186,800 (10.0%) $245,984 (5.7%) 0.69 3,814
    2018-02-01 $184,500 (8.6%) $242,839 (5.0%) 0.67 3,798
    2018-03-01 $185,000 (6.5%) $248,356 (5.6%) 0.65 3,799
    2018-04-01 $193,650 (7.6%) $255,251 (3.6%) 0.66 3,202
    2018-05-01 $199,950 (8.1%) $265,181 (5.2%) 0.67 3,161
    2018-06-01 $210,950 (8.6%) $267,513 (5.0%) 0.70 3,414
    2018-07-01 $212,900 (8.1%) $266,404 (4.4%) 0.71 3,758
    2018-08-01 $212,900 (9.2%) $265,195 (4.9%) 0.71 3,759
    2018-09-01 $212,000 (7.0%) $264,535 (4.1%) 0.71 3,761
    2018-10-01 $215,000 (11.0%) $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 (12.6%) $256,634 (3.4%) 0.72 3,470
    2019-01-01 $204,925 (9.7%) $254,140 (3.3%) 0.71 3,141
    2019-02-01 $208,238 (12.9%) $257,700 (6.1%) 0.70 3,034
    2019-03-01 $210,000 (13.5%) $266,467 (7.3%) 0.70 2,935
    2019-04-01 $222,375 (14.8%) $280,596 (9.9%) 0.71 2,975
    2019-05-01 $230,000 (15.0%) $285,744 (7.8%) 0.72 3,002
    2019-06-01 $230,000 (9.0%) $288,824 (8.0%) 0.72 3,103
    2019-07-01 $231,075 (8.5%) $289,765 (8.8%) 0.72 3,245
    2019-08-01 $239,000 (12.3%) $300,056 (13.2%) 0.75 3,180
    2019-09-01 $239,450 (13.0%) $300,858 (13.7%) 0.76 2,932
    2019-10-01 $229,950 (7.0%) $291,712 (9.2%) 0.74 3,157
    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 (15.6%) $306,363 (15.0%) 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 (14.5%) 0.76 1,991
    2020-07-01 $261,900 (13.3%) $342,121 (18.1%) 0.76 1,811
    2020-08-01 $264,950 (10.9%) $339,364 (13.1%) 0.76 1,722
    2020-09-01 $259,906 (8.5%) $337,050 (12.0%) 0.74 1,614
    2020-10-01 $259,900 (13.0%) $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%) $330,975 (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%) $322,418 (-4.3%) 0.66 1,413
    2021-10-01 $265,000 (2.0%) $338,460 (-0.3%) 0.71 1,336
    2021-11-01 $257,500 (0.0%) $337,654 (1.8%) 0.69 1,283
    2021-12-01 $243,500 (-2.6%) $326,922 (2.0%) 0.66 1,236
    2022-01-01 $219,900 (-8.4%) $323,719 (2.0%) 0.59 1,090
    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%) $366,864 (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%) $370,059 (13.7%) 0.72 2,207
    2022-09-01 $316,748 (27.2%) $370,859 (15.0%) 0.74 2,330
    2022-10-01 $319,950 (20.7%) $367,554 (8.6%) 0.75 2,586
    2022-11-01 $324,950 (26.2%) $369,180 (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 $323,095 (42.7%) $362,245 (9.2%) 0.78 2,267
    2023-03-01 $319,000 (40.3%) $355,932 (9.0%) 0.75 2,293
    2023-04-01 $324,900 (31.7%) $365,264 (7.2%) 0.76 2,334
    Memphis's median listing price for 2023-04-01 was $324,900, a difference of $78,200 (31.7%) versus the prior year and $5,900 versus the prior month.

    Memphis's median listing price comes in at 76% of the national average.

    Memphis's average listing price for 2023-04-01 was $365,264, a difference of $24,402 (7.2%) versus the prior year and $9,332 versus the prior month.

    For the 2023-04-01 period, Memphis had 2,334 MLS listings, a difference of 41 listings (2%) versus the prior month and 1,182 listings (103%) 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 83 days 2,120 sqft
    2018-02-01 76 days 2,106 sqft
    2018-03-01 56 days 2,094 sqft
    2018-04-01 57 days 2,132 sqft
    2018-05-01 55 days 2,159 sqft
    2018-06-01 52 days 2,174 sqft
    2018-07-01 52 days 2,168 sqft
    2018-08-01 59 days 2,213 sqft
    2018-09-01 64 days 2,231 sqft
    2018-10-01 64 days 2,241 sqft
    2018-11-01 67 days 2,265 sqft
    2018-12-01 73 days 2,259 sqft
    2019-01-01 81 days 2,229 sqft
    2019-02-01 76 days 2,234 sqft
    2019-03-01 57 days 2,279 sqft
    2019-04-01 57 days 2,319 sqft
    2019-05-01 53 days 2,341 sqft
    2019-06-01 54 days 2,300 sqft
    2019-07-01 55 days 2,247 sqft
    2019-08-01 65 days 2,286 sqft
    2019-09-01 70 days 2,319 sqft
    2019-10-01 60 days 2,290 sqft
    2019-11-01 63 days 2,300 sqft
    2019-12-01 71 days 2,297 sqft
    2020-01-01 78 days 2,291 sqft
    2020-02-01 79 days 2,303 sqft
    2020-03-01 59 days 2,408 sqft
    2020-04-01 57 days 2,390 sqft
    2020-05-01 60 days 2,374 sqft
    2020-06-01 56 days 2,410 sqft
    2020-07-01 51 days 2,347 sqft
    2020-08-01 48 days 2,444 sqft
    2020-09-01 47 days 2,444 sqft
    2020-10-01 46 days 2,463 sqft
    2020-11-01 49 days 2,455 sqft
    2020-12-01 56 days 2,468 sqft
    2021-01-01 61 days 2,471 sqft
    2021-02-01 61 days 2,297 sqft
    2021-03-01 52 days 2,346 sqft
    2021-04-01 40 days 2,269 sqft
    2021-05-01 37 days 2,396 sqft
    2021-06-01 35 days 2,236 sqft
    2021-07-01 35 days 2,261 sqft
    2021-08-01 40 days 2,286 sqft
    2021-09-01 42 days 2,272 sqft
    2021-10-01 34 days 2,232 sqft
    2021-11-01 39 days 2,254 sqft
    2021-12-01 45 days 2,365 sqft
    2022-01-01 47 days 2,291 sqft
    2022-02-01 40 days 2,242 sqft
    2022-03-01 37 days 2,199 sqft
    2022-04-01 33 days 2,283 sqft
    2022-05-01 31 days 2,450 sqft
    2022-06-01 31 days 2,500 sqft
    2022-07-01 31 days 2,425 sqft
    2022-08-01 39 days 2,393 sqft
    2022-09-01 43 days 2,300 sqft
    2022-10-01 46 days 2,286 sqft
    2022-11-01 50 days 2,251 sqft
    2022-12-01 61 days 2,270 sqft
    2023-01-01 71 days 2,264 sqft
    2023-02-01 69 days 2,248 sqft
    2023-03-01 54 days 2,248 sqft
    2023-04-01 49 days 2,231 sqft
    Memphis's median listing age (time on market) for 2023-04-01 was 49 days. This is 48% longer than the same period one year ago.

    Memphis's median square footage for active listings during the 2023-04-01 period was 2,231 sqft. One year prior, the average listing was 2,283 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).