Morristown FHA Loan Rates, Closing Costs & Stats

MORRISTOWN, TN

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.

Morristown's 89 lenders originated 610 FHA loans during 2023. The total origination value was $139,050,000, with an average FHA loan value of $227,951.

Morristown FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Morristown averaged 6.22% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

Morristown's average FHA mortgage closing costs are $7,529.

The average rate for the prior week (2024-07-12) was 6.67% and one month ago for the week of 2024-06-14, the average rate was 6.43%.

The average rate one year ago was 6.71%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.35%.

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

Morristown 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 Morristown level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
MORTGAGE INVESTORS GROUP, INC. 78 6.32% $9,536
DHI MORTGAGE COMPANY, LTD. 64 5.97% $7,342
QUICKEN LOANS, LLC 63 6.46% $10,814
UNITED WHOLESALE MORTGAGE, LLC 24 6.22% $13,260
CMG MORTGAGE, INC. 22 6.51% $11,255
CARDINAL FINANCIAL 20 6.76% $12,416
FIRST COMMUNITY MORTGAGE, INC. 20 6.24% $10,614
FREEDOM MORTGAGE CORPORATION 13 7.10% $10,473
EVERETT FINANCIAL, INC. 12 6.86% $9,519
AMERICAN FINANCIAL RESOURCES, INC. 12 6.44% $11,245
UNION HOME MORTGAGE CORP. 12 6.34% $9,915
BROKER SOLUTIONS, INC. 11 6.86% $9,964
CROSSCOUNTRY MORTGAGE, LLC 11 6.62% $10,533
MOVEMENT MORTGAGE, LLC 11 6.39% $10,574
Sierra Pacific Mortgage Company, Inc. 10 6.58% $14,853
PENNYMAC LOAN SERVICES, LLC 9 5.83% $14,231
ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 6.81% $8,802
Carrington Mortgage Services, LLC 6 6.54% $13,619
LOANDEPOT.COM, LLC 6 6.46% $12,171
Mr. Cooper ( Nationstar Mortgage ) 5 5.90% $14,716
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.52% $12,732
FirstBank 5 6.72% $9,315
Citizens Bank 5 6.63% $8,472
ACADEMY MORTGAGE CORPORATION 5 6.80% $9,750
Paramount Residential Mortgage Group, Inc. 4 6.47% $9,424
EMBRACE HOME LOANS, INC. 3 6.75% $8,018
AMERICAN FINANCIAL NETWORK, INC. 3 7.21% $9,144
ALAMEDA MORTGAGE CORPORATION 3 6.96% $8,841
NFM, INC. 3 6.50% $10,588
Plains Commerce Bank 3 6.79% $12,078
TOP FLITE FINANCIAL, INC. 3 6.88% $14,859
NEWREZ LLC 3 6.63% $7,394
MUTUAL OF OMAHA MORTGAGE, INC. 3 6.25% $9,889
SUCCESS MORTGAGE PARTNERS, INC. 3 6.66% $11,521
Northpointe Bank 2 6.25% $9,495
ISERVE RESIDENTIAL LENDING, LLC 2 7.69% $13,870
LAKEVIEW LOAN SERVICING, LLC 2 5.62% $13,086
MID AMERICA MORTGAGE, INC. 2 7.50% $5,864
MILEND, INC. 2 7.06% $10,377
SmartBank 2 6.44% $12,642
STOCKTON MORTGAGE CORPORATION 2 6.44% $10,270
ROSS MORTGAGE CORPORATION 2 6.88% $10,807
RELIANCE FIRST CAPITAL, LLC 2 6.94% $13,524
The Federal Savings Bank 2 6.44% $21,527
Equity Prime Mortgage LLC 2 5.94% $13,157
U.S. Bank 2 5.88% $13,701
VANDERBILT MORTGAGE AND FINANCE, INC. 2 5.75% $10,858
Gateway First Bank 2 7.00% $8,303
GUARANTEED RATE, INC. 2 6.25% $8,611
GVC MORTGAGE, INC. 2 6.94% $9,654
Bank of England 2 7.00% $10,516
ZILLOW HOME LOANS, LLC 1 6.88% $14,109
Alcova Mortgage LLC 1 7.75% $12,482
AMERICAN FINANCING CORPORATION 1 5.99% $10,785
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $12,126
AMERISAVE MORTGAGE CORPORATION 1 5.75% $10,489
BAY EQUITY LLC 1 7.13% $6,174
Century Mortgage Company DBA Century Lending Company 1 5.99% $17,730
Commerce Home Mortgage, Inc. 1 7.13% $9,344
COMMUNITY MORTGAGE CORPORATION 1 6.00% $6,706
COMPASS MORTGAGE, INC. 1 6.50% $7,371
CORNERSTONE HOME LENDING, INC. 1 6.75% $13,266
DAS Acquisition Company, LLC 1 6.00% $13,021
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 7.25% $16,474
First Federal Bank 1 6.50% $9,551
FirstTrust Home Loans, Inc. 1 7.13% $12,270
GSF Mortgage Corporation 1 5.50% $24,545
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $5,262
HOMESIDE FINANCIAL, LLC 1 6.13% $7,096
INTERLINC MORTGAGE SERVICES, LLC 1 5.88% $11,555
LADERA LENDING, INC. 1 6.63% $7,049
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $7,735
Nations Lending Corporation 1 7.00% $11,910
PANORAMA MORTGAGE GROUP, LLC 1 7.13% $11,176
PENTAGON FEDERAL CREDIT UNION 1 6.25% $10,855
Pinnacle Bank 1 5.75% $10,284
Prosperity Home Mortgage, LLC 1 6.63% $7,377
Regions Bank 1 5.75% $7,806
Residential Mortgage Solutions, Inc. 1 6.88% $12,694
RUOFF MORTGAGE COMPANY, INC. 1 4.88% $12,865
SECURITYNATIONAL MORTGAGE COMPANY 1 5.88% $9,966
SOUTHPOINT FINANCIAL SERVICES, INC. 1 7.25% $15,479
SOUTHWEST STAGE FUNDING, LLC 1 6.75% $12,784
SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $5,676
TOWNE MORTGAGE COMPANY 1 5.99% $12,713
Truist 1 6.25% $7,343
VAN DYK MORTGAGE CORPORATION 1 7.13% $9,812
Wolfe Financial, Inc 1 6.88% $23,985
1ST SIGNATURE LENDING, LLC 1 6.13% $20,287

The top Morristown FHA lender as defined by loan originations is MORTGAGE INVESTORS GROUP, INC., with 78 FHA loans originated. Their average total fees are $9,536, which is $2,194 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Morristown FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($7,342), EVERETT FINANCIAL, INC. ($9,519), MORTGAGE INVESTORS GROUP, INC. ($9,536), UNION HOME MORTGAGE CORP. ($9,915) and BROKER SOLUTIONS, INC. ($9,964).

The lowest rate Morristown FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.97%), UNITED WHOLESALE MORTGAGE, LLC (6.22%), FIRST COMMUNITY MORTGAGE, INC. (6.24%), MORTGAGE INVESTORS GROUP, INC. (6.32%) and UNION HOME MORTGAGE CORP. (6.34%).

Morristown FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
MORRISTOWN, TN GRAINGER 2022 $420,680 $538,650 $651,050 $809,150
MORRISTOWN, TN HAMBLEN 2022 $420,680 $538,650 $651,050 $809,150
MORRISTOWN, TN JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
MORRISTOWN, TN GRAINGER 2023 $472,030 $604,400 $730,525 $907,900
MORRISTOWN, TN HAMBLEN 2023 $472,030 $604,400 $730,525 $907,900
MORRISTOWN, TN JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900

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).