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%.

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).