Morristown FHA Loans
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
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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.