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 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 6.6% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Morristown's average FHA mortgage closing costs are $6,367.

The average rate for the prior week (2022-11-25) was 6.42% and one month ago for the week of 2022-10-28, the average rate was 6.76%.

The average rate one year ago was 3.29%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.03%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
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 MORTGAGE 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 $224,900 (28.6%) $309,552 (25.2%) 0.00 588
2018-02-01 $226,675 (28.9%) $314,450 (27.6%) 0.00 558
2018-03-01 $229,900 (27.8%) $317,604 (27.0%) 0.00 563
2018-04-01 $237,450 (21.8%) $322,576 (23.7%) 0.00 560
2018-05-01 $237,325 (17.3%) $315,803 (15.3%) 0.00 587
2018-06-01 $239,900 (16.9%) $312,359 (11.5%) 0.00 588
2018-07-01 $229,900 (15.0%) $303,257 (5.9%) 0.00 612
2018-08-01 $229,925 (12.6%) $298,688 (0.8%) 0.00 606
2018-09-01 $229,900 (7.1%) $299,622 (-0.3%) 0.00 632
2018-10-01 $217,400 (0.3%) $290,914 (-2.9%) 0.00 633
2018-11-01 $212,400 (-0.7%) $283,667 (-7.5%) 0.00 595
2018-12-01 $214,900 (0.0%) $278,039 (-9.2%) 0.00 548
2019-01-01 $215,000 (-4.4%) $278,279 (-10.1%) 0.00 497
2019-02-01 $219,675 (-3.1%) $283,942 (-9.7%) 0.00 475
2019-03-01 $231,357 (0.6%) $304,772 (-4.0%) 0.00 450
2019-04-01 $239,900 (1.0%) $322,426 (-0.1%) 0.00 449
2019-05-01 $249,450 (5.1%) $334,501 (5.9%) 0.00 475
2019-06-01 $249,900 (4.2%) $341,872 (9.5%) 0.00 498
2019-07-01 $237,400 (3.3%) $334,237 (10.2%) 0.00 516
2019-08-01 $233,536 (1.6%) $330,007 (10.5%) 0.00 511
2019-09-01 $231,491 (0.7%) $324,584 (8.3%) 0.00 506
2019-10-01 $235,127 (8.2%) $323,112 (11.1%) 0.00 501
2019-11-01 $235,000 (10.6%) $325,764 (14.8%) 0.00 484
2019-12-01 $237,200 (10.4%) $325,462 (17.1%) 0.00 438
2020-01-01 $225,000 (4.7%) $309,086 (11.1%) 0.00 414
2020-02-01 $232,210 (5.7%) $312,914 (10.2%) 0.00 393
2020-03-01 $229,900 (-0.6%) $310,395 (1.8%) 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%) $365,837 (9.5%) 0.00 268
2020-08-01 $279,900 (19.9%) $372,456 (12.9%) 0.00 248
2020-09-01 $293,450 (26.8%) $376,459 (16.0%) 0.00 213
2020-10-01 $255,450 (8.6%) $385,075 (19.2%) 0.00 216
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 $287,425 (23.8%) $383,855 (22.7%) 0.00 165
2021-03-01 $333,675 (45.1%) $444,542 (43.2%) 0.00 148
2021-04-01 $335,000 (41.3%) $464,411 (49.1%) 0.00 148
2021-05-01 $339,950 (36.0%) $502,665 (54.9%) 0.00 148
2021-06-01 $321,950 (18.9%) $455,256 (27.9%) 0.00 166
2021-07-01 $334,450 (20.0%) $473,947 (29.6%) 0.00 193
2021-08-01 $324,900 (16.1%) $476,468 (27.9%) 0.00 209
2021-09-01 $312,450 (6.5%) $467,009 (24.1%) 0.00 231
2021-10-01 $303,900 (19.0%) $465,361 (20.9%) 0.00 248
2021-11-01 $325,225 (27.6%) $462,060 (23.8%) 0.00 239
2021-12-01 $334,225 (33.1%) $486,227 (25.0%) 0.00 197
2022-01-01 $329,000 (31.7%) $465,204 (23.5%) 0.00 160
2022-02-01 $354,450 (23.3%) $507,030 (32.1%) 0.00 138
2022-03-01 $349,000 (4.6%) $489,030 (10.0%) 0.00 163
2022-04-01 $359,000 (7.2%) $505,803 (8.9%) 0.00 184
2022-05-01 $379,900 (11.8%) $503,337 (0.1%) 0.00 221
2022-06-01 $383,950 (19.3%) $514,490 (13.0%) 0.00 251
2022-07-01 $374,950 (12.1%) $504,190 (6.4%) 0.00 309
2022-08-01 $363,425 (11.9%) $496,520 (4.2%) 0.00 300
2022-09-01 $377,000 (20.7%) $498,073 (6.7%) 0.00 285
2022-10-01 $359,000 (18.1%) $491,454 (5.6%) 0.00 307
2022-11-01 $349,859 (7.6%) $493,375 (6.8%) 0.00 337
Morristown's median listing price for 2022-11-01 was $349,859, a difference of $24,634 (7.6%) versus the prior year and $-9,141 versus the prior month.

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

Morristown's average listing price for 2022-11-01 was $493,375, a difference of $31,315 (6.8%) versus the prior year and $1,921 versus the prior month.

For the 2022-11-01 period, Morristown had 337 MLS listings, a difference of 30 listings (10%) versus the prior month and 98 listings (41%) 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 1,883 sqft
2018-02-01 0 days 1,904 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 1,982 sqft
2018-07-01 0 days 1,944 sqft
2018-08-01 0 days 1,954 sqft
2018-09-01 0 days 1,968 sqft
2018-10-01 0 days 1,964 sqft
2018-11-01 0 days 1,944 sqft
2018-12-01 0 days 1,936 sqft
2019-01-01 0 days 1,942 sqft
2019-02-01 0 days 1,944 sqft
2019-03-01 0 days 2,020 sqft
2019-04-01 0 days 2,046 sqft
2019-05-01 0 days 2,009 sqft
2019-06-01 0 days 2,052 sqft
2019-07-01 0 days 2,008 sqft
2019-08-01 0 days 2,009 sqft
2019-09-01 0 days 2,022 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 1,993 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 1,841 sqft
2021-03-01 0 days 1,962 sqft
2021-04-01 0 days 2,014 sqft
2021-05-01 0 days 2,000 sqft
2021-06-01 0 days 1,958 sqft
2021-07-01 0 days 2,018 sqft
2021-08-01 0 days 1,948 sqft
2021-09-01 0 days 2,031 sqft
2021-10-01 0 days 2,040 sqft
2021-11-01 0 days 2,005 sqft
2021-12-01 0 days 2,014 sqft
2022-01-01 0 days 1,892 sqft
2022-02-01 0 days 1,869 sqft
2022-03-01 0 days 1,912 sqft
2022-04-01 0 days 1,848 sqft
2022-05-01 0 days 1,932 sqft
2022-06-01 0 days 1,972 sqft
2022-07-01 0 days 1,980 sqft
2022-08-01 0 days 1,982 sqft
2022-09-01 0 days 2,016 sqft
2022-10-01 0 days 1,970 sqft
2022-11-01 0 days 1,907 sqft
Morristown's median listing age (time on market) for 2022-11-01 was 0 days.

Morristown's median square footage for active listings during the 2022-11-01 period was 1,907 sqft. One year prior, the average listing was 2,005 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).