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 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).