Morristown FHA Loans

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 690 FHA loans during 2021. The total origination value was $119,730,000, with an average FHA loan value of $173,522.

    Morristown FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Morristown averaged 5.29% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.42% and one month ago for the week of 2022-04-08, the average rate was 4.99%.

    The average rate one year ago was 3.3%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.82%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Morristown level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    MORTGAGE INVESTORS GROUP, INC. 114 3.02% $6,725
    QUICKEN LOANS, LLC 64 2.70% $5,678
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 39 3.38% $9,255
    CMG MORTGAGE, INC. 30 3.22% $7,254
    INTERLINC MORTGAGE SERVICES, LLC 22 3.18% $5,440
    FREEDOM MORTGAGE CORPORATION 21 2.96% $3,498
    LAKEVIEW LOAN SERVICING, LLC 20 3.06% $3,705
    DHI MORTGAGE COMPANY, LTD. 14 2.72% $6,620
    MOVEMENT MORTGAGE, LLC 14 3.38% $5,380
    PENNYMAC LOAN SERVICES, LLC 14 3.18% $3,761
    BROKER SOLUTIONS, INC. 14 3.21% $6,220
    FIRST COMMUNITY MORTGAGE, INC. 12 2.78% $9,184
    ACADEMY MORTGAGE CORPORATION 10 3.49% $6,673
    CALIBER HOME LOANS, INC. 9 2.93% $6,456
    STOCKTON MORTGAGE CORPORATION 9 2.96% $7,089
    Paramount Residential Mortgage Group, Inc. 8 3.37% $7,252
    HOME POINT FINANCIAL CORPORATION 8 2.91% $7,422
    Mr. Cooper ( Nationstar Mortgage ) 7 3.05% $3,861
    AMERICAN FINANCIAL RESOURCES, INC. 7 3.55% $8,940
    BAY EQUITY LLC 7 2.91% $7,924
    1ST SIGNATURE LENDING, LLC 6 3.35% $9,887
    NEWREZ LLC 6 3.00% $4,691
    Gateway First Bank 6 3.21% $5,971
    VILLAGE CAPITAL & INVESTMENT LLC 6 2.93% $2,052
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 3.33% $6,740
    LOANDEPOT.COM, LLC 5 3.32% $8,095
    AMERICAN FINANCING CORPORATION 5 2.85% $8,073
    A Mortgage Boutique, LLC 4 2.41% $6,178
    Regions Bank 4 2.84% $6,914
    CROSSCOUNTRY MORTGAGE, LLC 4 3.44% $9,778
    First Guaranty Mortgage Corporation 4 3.28% $4,958
    ISERVE RESIDENTIAL LENDING, LLC 4 3.38% $8,599
    Hometown Lenders, Inc. 4 3.28% $7,379
    FirstBank 3 2.71% $7,035
    Sierra Pacific Mortgage Company, Inc. 3 2.50% $9,519
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.63% $5,647
    UNITED WHOLESALE MORTGAGE, LLC 3 2.62% $8,131
    RELIANCE FIRST CAPITAL, LLC 3 2.88% $7,592
    Equity Prime Mortgage LLC 3 3.38% $10,645
    SECURITYNATIONAL MORTGAGE COMPANY 3 3.04% $7,483
    Bank of England 3 3.25% $6,906
    Barrington Bank & Trust Company, N.A. 2 4.06% $5,915
    Carrington Mortgage Services, LLC 2 3.50% $5,717
    Citizens Bank 2 2.44% $8,221
    GUILD MORTGAGE COMPANY 2 4.00% $8,949
    Nations Lending Corporation 2 3.19% $9,843
    SOUTHWEST FUNDING, LP 2 3.50% $7,848
    SOVEREIGN LENDING GROUP INCORPORATED 2 3.38% $8,212
    The Federal Savings Bank 2 3.25% $6,054
    UNION HOME MORTGAGE CORP. 2 2.88% $7,000
    LEADERONE FINANCIAL CORPORATION 1 3.25% $6,038
    FAIRWAY FUNDING GROUP, INC. 1 3.00% $8,043
    MID AMERICA MORTGAGE, INC. 1 2.75% $9,944
    EVERETT FINANCIAL, INC. 1 3.88% $7,932
    Mortgage Research Center, LLC 1 2.75% $3,993
    ENDEAVOR CAPITAL, LLC. 1 3.13% $2,509
    CRESCENT MORTGAGE COMPANY 1 2.50% $6,118
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.00% $6,014
    NATIONS DIRECT MORTGAGE, LLC 1 2.25% $16,244
    U.S. Bank 1 2.75% $4,982
    CORNERSTONE HOME LENDING, INC. 1 3.75% $8,497
    Old Second National Bank 1 2.75% $7,627
    Commerce Home Mortgage, Inc. 1 3.63% $4,973
    Colten Mortgage, LLC 1 2.88% $4,750
    Plains Commerce Bank 1 2.63% $4,619
    PLANET HOME LENDING, LLC 1 2.75% $3,212
    Prime Choice Funding Inc. 1 2.75% $9,279
    Prosperity Home Mortgage, LLC 1 3.13% $9,103
    CIS Financial Services, Inc. 1 2.63% $8,872
    CHURCHILL MORTGAGE CORPORATION 1 2.88% $7,640
    BETTER MORTGAGE CORPORATION 1 2.50% $7,987
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 3.00% $6,473
    ROYAL UNITED MORTGAGE LLC 1 2.88% $6,698
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 4.63% $8,304
    Ameris Bank 1 3.13% $6,754
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 4.00% $6,824
    SOUTHWEST STAGE FUNDING, LLC 1 3.38% $3,456
    VAN DYK MORTGAGE CORPORATION 1 3.25% $3,743
    AMERICAN MORTGAGE SERVICE COMPANY 1 3.25% $6,942
    SUN WEST MORTGAGE COMPANY, INC. 1 4.63% $6,235
    Alcova Mortgage LLC 1 3.00% $4,112
    THRIVE MORTGAGE, LLC 1 3.25% $14,001
    Wolfe Financial, Inc 1 3.25% $6,920
    AMERICAN FINANCIAL NETWORK, INC. 1 4.25% $8,818
    HOMESIDE FINANCIAL, LLC 1 3.88% $5,978
    InterContinental Capital Group, Inc 1 2.75% $5,965
    GUARANTEED RATE, INC. 1 2.75% $14,170
    Flagstar Bank, FSB 1 3.00% $7,941
    First Home Bank 1 3.88% $8,360

    The top Morristown FHA lender as defined by loan originations is MORTGAGE INVESTORS GROUP, INC., with 114 FHA loans originated. Their average total fees are $6,725, which is $1,047 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Morristown FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($3,498), LAKEVIEW LOAN SERVICING, LLC ($3,705), PENNYMAC LOAN SERVICES, LLC ($3,761), MOVEMENT MORTGAGE, LLC ($5,380) and INTERLINC MORTGAGE SERVICES, LLC ($5,440).

    The lowest rate Morristown FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.70%), DHI MORTGAGE COMPANY, LTD. (2.72%), FIRST COMMUNITY MORTGAGE, INC. (2.78%), FREEDOM MORTGAGE CORPORATION (2.96%) and MORTGAGE INVESTORS GROUP, INC. (3.02%).

    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

    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 $266,750 (35.8%) $334,314 (27.0%) 0.00 723
    2018-02-01 $267,250 (37.1%) $341,483 (31.4%) 0.00 684
    2018-03-01 $259,900 (30.3%) $338,704 (29.9%) 0.00 713
    2018-04-01 $266,950 (24.2%) $349,132 (28.0%) 0.00 707
    2018-05-01 $267,450 (18.9%) $342,842 (20.5%) 0.00 704
    2018-06-01 $274,000 (16.6%) $333,743 (12.9%) 0.00 752
    2018-07-01 $254,950 (8.5%) $318,071 (4.1%) 0.00 802
    2018-08-01 $252,450 (1.6%) $308,056 (-4.7%) 0.00 777
    2018-09-01 $249,900 (0.0%) $312,175 (-4.4%) 0.00 777
    2018-10-01 $244,900 (-1.7%) $309,361 (-2.8%) 0.00 774
    2018-11-01 $242,400 (0.0%) $300,521 (-5.9%) 0.00 744
    2018-12-01 $242,400 (-3.0%) $303,846 (-6.8%) 0.00 674
    2019-01-01 $249,450 (-6.5%) $304,807 (-8.8%) 0.00 623
    2019-02-01 $249,900 (-6.5%) $309,667 (-9.3%) 0.00 587
    2019-03-01 $254,186 (-2.2%) $325,913 (-3.8%) 0.00 570
    2019-04-01 $262,400 (-1.7%) $341,377 (-2.2%) 0.00 556
    2019-05-01 $262,325 (-1.9%) $359,835 (5.0%) 0.00 603
    2019-06-01 $262,650 (-4.1%) $366,540 (9.8%) 0.00 657
    2019-07-01 $247,400 (-3.0%) $356,758 (12.2%) 0.00 691
    2019-08-01 $244,900 (-3.0%) $350,000 (13.6%) 0.00 676
    2019-09-01 $244,900 (-2.0%) $345,706 (10.7%) 0.00 653
    2019-10-01 $244,900 (0.0%) $345,476 (11.7%) 0.00 654
    2019-11-01 $239,900 (-1.0%) $347,358 (15.6%) 0.00 635
    2019-12-01 $241,450 (-0.4%) $352,112 (15.9%) 0.00 561
    2020-01-01 $232,450 (-6.8%) $305,769 (0.3%) 0.00 533
    2020-02-01 $239,900 (-4.0%) $309,534 (0.0%) 0.00 501
    2020-03-01 $236,625 (-6.9%) $312,001 (-4.3%) 0.00 466
    2020-04-01 $234,950 (-10.5%) $301,565 (-11.7%) 0.00 448
    2020-05-01 $254,900 (-2.8%) $316,691 (-12.0%) 0.00 399
    2020-06-01 $259,450 (-1.2%) $325,746 (-11.1%) 0.00 340
    2020-07-01 $269,450 (8.9%) $341,778 (-4.2%) 0.00 328
    2020-08-01 $279,900 (14.3%) $356,757 (1.9%) 0.00 297
    2020-09-01 $284,450 (16.2%) $355,143 (2.7%) 0.00 242
    2020-10-01 $255,450 (4.3%) $353,956 (2.5%) 0.00 240
    2020-11-01 $249,900 (4.2%) $357,266 (2.9%) 0.00 264
    2020-12-01 $242,400 (0.4%) $365,188 (3.7%) 0.00 250
    2021-01-01 $244,900 (5.4%) $372,498 (21.8%) 0.00 229
    2021-02-01 $299,900 (25.0%) $400,941 (29.5%) 0.00 194
    2021-03-01 $334,450 (41.3%) $441,790 (41.6%) 0.00 161
    2021-04-01 $325,000 (38.3%) $461,433 (53.0%) 0.00 162
    2021-05-01 $339,900 (33.4%) $498,823 (57.5%) 0.00 181
    2021-06-01 $319,900 (23.3%) $444,717 (36.5%) 0.00 178
    2021-07-01 $334,900 (24.3%) $473,399 (38.5%) 0.00 207
    2021-08-01 $319,700 (14.2%) $499,493 (40.0%) 0.00 228
    2021-09-01 $312,400 (9.8%) $510,055 (43.6%) 0.00 262
    2021-10-01 $314,900 (23.3%) $482,811 (36.4%) 0.00 289
    2021-11-01 $330,450 (32.2%) $484,060 (35.5%) 0.00 283
    2021-12-01 $332,805 (37.3%) $523,274 (43.3%) 0.00 237
    2022-01-01 $329,900 (34.7%) $523,992 (40.7%) 0.00 192
    2022-02-01 $344,950 (15.0%) $533,700 (33.1%) 0.00 174
    2022-03-01 $349,000 (4.4%) $514,082 (16.4%) 0.00 183
    2022-04-01 $369,900 (13.8%) $529,439 (14.7%) 0.00 213
    Morristown's median listing price for 2022-04-01 was $369,900, a difference of $44,900 (13.8%) versus the prior year and $20,900 versus the prior month.

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

    Morristown's average listing price for 2022-04-01 was $529,439, a difference of $68,006 (14.7%) versus the prior year and $15,357 versus the prior month.

    For the 2022-04-01 period, Morristown had 213 MLS listings, a difference of 30 listings (16%) versus the prior month and 51 listings (31%) 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 1,984 sqft
    2018-02-01 0 days 2,000 sqft
    2018-03-01 0 days 2,046 sqft
    2018-04-01 0 days 2,091 sqft
    2018-05-01 0 days 2,097 sqft
    2018-06-01 0 days 2,144 sqft
    2018-07-01 0 days 2,041 sqft
    2018-08-01 0 days 2,078 sqft
    2018-09-01 0 days 2,088 sqft
    2018-10-01 0 days 2,140 sqft
    2018-11-01 0 days 2,094 sqft
    2018-12-01 0 days 2,080 sqft
    2019-01-01 0 days 2,091 sqft
    2019-02-01 0 days 2,088 sqft
    2019-03-01 0 days 2,194 sqft
    2019-04-01 0 days 2,198 sqft
    2019-05-01 0 days 2,130 sqft
    2019-06-01 0 days 2,160 sqft
    2019-07-01 0 days 2,091 sqft
    2019-08-01 0 days 2,101 sqft
    2019-09-01 0 days 2,125 sqft
    2019-10-01 0 days 2,149 sqft
    2019-11-01 0 days 2,106 sqft
    2019-12-01 0 days 2,134 sqft
    2020-01-01 0 days 1,955 sqft
    2020-02-01 0 days 1,975 sqft
    2020-03-01 0 days 1,987 sqft
    2020-04-01 0 days 1,960 sqft
    2020-05-01 0 days 2,039 sqft
    2020-06-01 0 days 2,038 sqft
    2020-07-01 0 days 1,961 sqft
    2020-08-01 0 days 2,125 sqft
    2020-09-01 0 days 2,088 sqft
    2020-10-01 0 days 1,991 sqft
    2020-11-01 0 days 1,955 sqft
    2020-12-01 0 days 1,912 sqft
    2021-01-01 0 days 1,900 sqft
    2021-02-01 0 days 1,960 sqft
    2021-03-01 0 days 2,043 sqft
    2021-04-01 0 days 2,042 sqft
    2021-05-01 0 days 1,934 sqft
    2021-06-01 0 days 2,036 sqft
    2021-07-01 0 days 2,129 sqft
    2021-08-01 0 days 1,952 sqft
    2021-09-01 0 days 2,167 sqft
    2021-10-01 0 days 2,162 sqft
    2021-11-01 0 days 2,000 sqft
    2021-12-01 0 days 2,113 sqft
    2022-01-01 0 days 2,000 sqft
    2022-02-01 0 days 2,034 sqft
    2022-03-01 0 days 1,991 sqft
    2022-04-01 0 days 2,000 sqft
    Morristown's median listing age (time on market) for 2022-04-01 was 0 days.

    Morristown's median square footage for active listings during the 2022-04-01 period was 2,000 sqft. One year prior, the average listing was 2,042 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).