Morristown FHA Loan Rates, Closing Costs & Stats

MORRISTOWN, TN

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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.

    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 6.78% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.37% and one month ago for the week of 2024-03-15, the average rate was 6.64%.

    The average rate one year ago was 6.07%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.51%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Morristown (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 $224,900 (28.6%) $310,620 (25.4%) 0.00 589
    2018-02-01 $228,450 (29.8%) $315,569 (27.9%) 0.00 559
    2018-03-01 $229,900 (27.8%) $318,865 (27.4%) 0.00 563
    2018-04-01 $235,000 (18.8%) $322,461 (23.4%) 0.00 559
    2018-05-01 $237,200 (17.2%) $315,681 (15.2%) 0.00 586
    2018-06-01 $237,813 (15.6%) $312,233 (11.4%) 0.00 587
    2018-07-01 $229,900 (15.0%) $303,625 (5.9%) 0.00 611
    2018-08-01 $229,975 (11.6%) $299,570 (1.0%) 0.00 607
    2018-09-01 $229,900 (7.0%) $300,457 (-0.5%) 0.00 633
    2018-10-01 $217,400 (-0.2%) $291,761 (-3.0%) 0.00 634
    2018-11-01 $212,425 (-1.4%) $286,210 (-6.9%) 0.00 596
    2018-12-01 $214,900 (0.0%) $279,023 (-9.2%) 0.00 549
    2019-01-01 $215,000 (-4.4%) $279,381 (-10.1%) 0.00 498
    2019-02-01 $219,900 (-3.7%) $284,995 (-9.7%) 0.00 476
    2019-03-01 $231,386 (0.7%) $305,404 (-4.2%) 0.00 451
    2019-04-01 $239,900 (2.1%) $322,426 (0.0%) 0.00 449
    2019-05-01 $249,450 (5.2%) $334,485 (6.0%) 0.00 475
    2019-06-01 $249,900 (5.1%) $341,872 (9.5%) 0.00 498
    2019-07-01 $237,400 (3.3%) $334,237 (10.1%) 0.00 516
    2019-08-01 $233,536 (1.6%) $330,007 (10.2%) 0.00 511
    2019-09-01 $231,491 (0.7%) $324,584 (8.0%) 0.00 506
    2019-10-01 $235,127 (8.2%) $323,112 (10.8%) 0.00 501
    2019-11-01 $235,000 (10.6%) $325,764 (13.8%) 0.00 484
    2019-12-01 $237,200 (10.4%) $325,462 (16.6%) 0.00 438
    2020-01-01 $225,000 (4.7%) $309,086 (10.6%) 0.00 414
    2020-02-01 $232,210 (5.6%) $312,914 (9.8%) 0.00 393
    2020-03-01 $229,900 (-0.6%) $310,395 (1.6%) 0.00 380
    2020-04-01 $237,165 (-1.1%) $311,566 (-3.4%) 0.00 352
    2020-05-01 $249,900 (0.2%) $324,581 (-3.0%) 0.00 332
    2020-06-01 $270,725 (8.3%) $355,835 (4.1%) 0.00 286
    2020-07-01 $278,700 (17.4%) $365,537 (9.4%) 0.00 270
    2020-08-01 $279,900 (19.9%) $372,456 (12.9%) 0.00 250
    2020-09-01 $294,675 (27.3%) $376,851 (16.1%) 0.00 214
    2020-10-01 $255,450 (8.6%) $385,075 (19.2%) 0.00 215
    2020-11-01 $254,900 (8.5%) $373,221 (14.6%) 0.00 238
    2020-12-01 $251,175 (5.9%) $388,901 (19.5%) 0.00 223
    2021-01-01 $249,900 (11.1%) $376,602 (21.8%) 0.00 203
    2021-02-01 $287,450 (23.8%) $384,904 (23.0%) 0.00 163
    2021-03-01 $332,450 (44.6%) $444,308 (43.1%) 0.00 147
    2021-04-01 $336,450 (41.9%) $467,511 (50.1%) 0.00 149
    2021-05-01 $344,900 (38.0%) $506,156 (55.9%) 0.00 150
    2021-06-01 $322,200 (19.0%) $457,727 (28.6%) 0.00 167
    2021-07-01 $339,900 (22.0%) $476,263 (30.3%) 0.00 196
    2021-08-01 $334,800 (19.6%) $485,406 (30.3%) 0.00 217
    2021-09-01 $312,450 (6.0%) $467,009 (23.9%) 0.00 237
    2021-10-01 $314,900 (23.3%) $469,791 (22.0%) 0.00 253
    2021-11-01 $329,000 (29.1%) $466,999 (25.1%) 0.00 244
    2021-12-01 $334,711 (33.3%) $488,153 (25.5%) 0.00 205
    2022-01-01 $329,900 (32.0%) $467,361 (24.1%) 0.00 173
    2022-02-01 $359,675 (25.1%) $517,271 (34.4%) 0.00 149
    2022-03-01 $369,900 (11.3%) $524,227 (18.0%) 0.00 177
    2022-04-01 $359,000 (6.7%) $505,669 (8.2%) 0.00 201
    2022-05-01 $379,900 (10.2%) $501,771 (-0.9%) 0.00 237
    2022-06-01 $381,925 (18.5%) $512,633 (12.0%) 0.00 265
    2022-07-01 $375,000 (10.3%) $505,341 (6.1%) 0.00 307
    2022-08-01 $364,450 (8.9%) $500,143 (3.0%) 0.00 299
    2022-09-01 $370,925 (18.7%) $495,957 (6.2%) 0.00 285
    2022-10-01 $359,000 (14.0%) $491,454 (4.6%) 0.00 307
    2022-11-01 $349,536 (6.2%) $492,586 (5.5%) 0.00 337
    2022-12-01 $350,000 (4.6%) $505,753 (3.6%) 0.00 298
    2023-01-01 $347,559 (5.4%) $471,006 (0.8%) 0.00 268
    2023-02-01 $352,675 (-2.0%) $476,851 (-7.8%) 0.00 278
    2023-03-01 $386,175 (4.4%) $509,692 (-2.8%) 0.00 284
    2023-04-01 $399,900 (11.4%) $520,300 (2.9%) 0.00 257
    2023-05-01 $449,925 (18.4%) $565,455 (12.7%) 0.00 255
    2023-06-01 $451,225 (18.1%) $563,321 (9.9%) 0.00 277
    2023-07-01 $462,500 (23.3%) $680,561 (34.7%) 0.00 286
    2023-08-01 $454,675 (24.8%) $682,377 (36.4%) 0.00 298
    2023-09-01 $454,500 (22.5%) $611,972 (23.4%) 0.00 303
    2023-10-01 $449,900 (25.3%) $599,079 (21.9%) 0.00 328
    2023-11-01 $449,900 (28.7%) $610,857 (24.0%) 0.00 338
    2023-12-01 $449,900 (28.5%) $609,376 (20.5%) 0.00 333
    2024-01-01 $452,450 (30.2%) $612,081 (30.0%) 0.00 318
    2024-02-01 $465,950 (32.1%) $607,392 (27.4%) 0.00 313
    2024-03-01 $449,789 (16.5%) $597,323 (17.2%) 0.00 316
    Morristown's median listing price for 2024-03-01 was $449,789, a difference of $63,614 (16.5%) versus the prior year and $-16,161 versus the prior month.

    Morristown's median listing price comes in at 0% of the national average.

    Morristown's average listing price for 2024-03-01 was $597,323, a difference of $87,631 (17.2%) versus the prior year and $-10,069 versus the prior month.

    For the 2024-03-01 period, Morristown had 316 MLS listings, a difference of 3 listings (1%) versus the prior month and 32 listings (11%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Morristown (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,892 sqft
    2018-02-01 0 days 1,907 sqft
    2018-03-01 0 days 1,920 sqft
    2018-04-01 0 days 1,969 sqft
    2018-05-01 0 days 1,972 sqft
    2018-06-01 0 days 1,980 sqft
    2018-07-01 0 days 1,942 sqft
    2018-08-01 0 days 1,950 sqft
    2018-09-01 0 days 1,968 sqft
    2018-10-01 0 days 1,961 sqft
    2018-11-01 0 days 1,947 sqft
    2018-12-01 0 days 1,936 sqft
    2019-01-01 0 days 1,940 sqft
    2019-02-01 0 days 1,943 sqft
    2019-03-01 0 days 2,015 sqft
    2019-04-01 0 days 2,039 sqft
    2019-05-01 0 days 2,009 sqft
    2019-06-01 0 days 2,048 sqft
    2019-07-01 0 days 2,000 sqft
    2019-08-01 0 days 1,997 sqft
    2019-09-01 0 days 2,017 sqft
    2019-10-01 0 days 2,045 sqft
    2019-11-01 0 days 2,000 sqft
    2019-12-01 0 days 1,973 sqft
    2020-01-01 0 days 1,883 sqft
    2020-02-01 0 days 1,914 sqft
    2020-03-01 0 days 1,881 sqft
    2020-04-01 0 days 1,904 sqft
    2020-05-01 0 days 1,944 sqft
    2020-06-01 0 days 1,992 sqft
    2020-07-01 0 days 1,965 sqft
    2020-08-01 0 days 2,016 sqft
    2020-09-01 0 days 2,037 sqft
    2020-10-01 0 days 1,900 sqft
    2020-11-01 0 days 1,859 sqft
    2020-12-01 0 days 1,876 sqft
    2021-01-01 0 days 1,820 sqft
    2021-02-01 0 days 1,842 sqft
    2021-03-01 0 days 1,963 sqft
    2021-04-01 0 days 2,047 sqft
    2021-05-01 0 days 2,007 sqft
    2021-06-01 0 days 1,967 sqft
    2021-07-01 0 days 2,022 sqft
    2021-08-01 0 days 1,983 sqft
    2021-09-01 0 days 2,031 sqft
    2021-10-01 0 days 2,112 sqft
    2021-11-01 0 days 2,024 sqft
    2021-12-01 0 days 2,046 sqft
    2022-01-01 0 days 1,920 sqft
    2022-02-01 0 days 1,903 sqft
    2022-03-01 0 days 1,967 sqft
    2022-04-01 0 days 1,821 sqft
    2022-05-01 0 days 1,928 sqft
    2022-06-01 0 days 1,971 sqft
    2022-07-01 0 days 1,980 sqft
    2022-08-01 0 days 1,984 sqft
    2022-09-01 0 days 2,008 sqft
    2022-10-01 0 days 1,971 sqft
    2022-11-01 0 days 1,907 sqft
    2022-12-01 0 days 1,948 sqft
    2023-01-01 0 days 1,861 sqft
    2023-02-01 0 days 1,966 sqft
    2023-03-01 0 days 2,001 sqft
    2023-04-01 0 days 2,048 sqft
    2023-05-01 0 days 2,171 sqft
    2023-06-01 0 days 2,082 sqft
    2023-07-01 0 days 2,200 sqft
    2023-08-01 0 days 2,146 sqft
    2023-09-01 0 days 2,088 sqft
    2023-10-01 0 days 2,078 sqft
    2023-11-01 0 days 2,091 sqft
    2023-12-01 0 days 2,099 sqft
    2024-01-01 0 days 2,088 sqft
    2024-02-01 0 days 2,087 sqft
    2024-03-01 0 days 2,014 sqft
    Morristown's median listing age (time on market) for 2024-03-01 was 0 days.

    Morristown's median square footage for active listings during the 2024-03-01 period was 2,014 sqft. One year prior, the average listing was 2,001 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).