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%.
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
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. LouisDate | 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 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. LouisDate | 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 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.