Nashville FHA Loan Rates, Closing Costs & Stats
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, 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.
Nashville's 254 lenders originated 7,005 FHA loans during 2023. The total origination value was $2,543,525,000, with an average FHA loan value of $363,101.
Nashville FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Nashville
averaged
6.43%
for the week of 2024-11-08, compared to the national average (all FHA variants) of
6.425% for the same period.
Nashville's average FHA mortgage closing costs are $9,373.
The average rate for the prior week (2024-11-01) was
6.3% and
one month ago for the week of 2024-10-04, the
average rate was 5.62%.
The average rate one year ago was 7.27%.
For refis of the same type during the week of 2024-11-08, the average rate
was 6.34%.
Nashville 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 Nashville level.
The top Nashville FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
612 FHA loans originated. Their average total fees are
$15,363, which is $1,508
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Nashville FHA lenders (with over 10 loans originated) are
Wilson Bank And Trust ($7,961), JPMorgan Chase Bank ($8,540), DHI MORTGAGE COMPANY, LTD. ($8,717), Mortgage Research Center, LLC ($9,013) and PULTE MORTGAGE LLC ($9,055).
The lowest rate Nashville FHA lenders (with over 10 loans originated) are
HOMEAMERICAN MORTGAGE CORPORATION (5.15%), EAGLE HOME MORTGAGE, LLC (5.26%), DHI MORTGAGE COMPANY, LTD. (5.41%), INSPIRE HOME LOANS INC. (5.57%) and PLANET HOME LENDING, LLC (5.59%).
Nashville FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | CANNON | 2022 | $694,600 | $889,200 | $1,074,850 | $1,335,800 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | CHEATHAM | 2022 | $694,600 | $889,200 | $1,074,850 | $1,335,800 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | DAVIDSON | 2022 | $694,600 | $889,200 | $1,074,850 | $1,335,800 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | DICKSON | 2022 | $694,600 | $889,200 | $1,074,850 | $1,335,800 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | MACON | 2022 | $694,600 | $889,200 | $1,074,850 | $1,335,800 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | MAURY | 2022 | $694,600 | $889,200 | $1,074,850 | $1,335,800 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | ROBERTSON | 2022 | $694,600 | $889,200 | $1,074,850 | $1,335,800 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | RUTHERFORD | 2022 | $694,600 | $889,200 | $1,074,850 | $1,335,800 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | SMITH | 2022 | $694,600 | $889,200 | $1,074,850 | $1,335,800 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | SUMNER | 2022 | $694,600 | $889,200 | $1,074,850 | $1,335,800 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | TROUSDALE | 2022 | $694,600 | $889,200 | $1,074,850 | $1,335,800 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | WILLIAMSON | 2022 | $694,600 | $889,200 | $1,074,850 | $1,335,800 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | WILSON | 2022 | $694,600 | $889,200 | $1,074,850 | $1,335,800 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | CANNON | 2023 | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | CHEATHAM | 2023 | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | DAVIDSON | 2023 | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | DICKSON | 2023 | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | MACON | 2023 | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | MAURY | 2023 | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | ROBERTSON | 2023 | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | RUTHERFORD | 2023 | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | SMITH | 2023 | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | SUMNER | 2023 | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | TROUSDALE | 2023 | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | WILLIAMSON | 2023 | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | WILSON | 2023 | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Nashville (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 | $383,919 (13.0%) | $528,839 (12.1%) | 1.42 | 5,897 |
| 2018-02-01 | $382,445 (10.0%) | $526,076 (10.2%) | 1.39 | 5,916 |
| 2018-03-01 | $385,000 (9.5%) | $534,819 (10.0%) | 1.35 | 5,928 |
| 2018-04-01 | $389,377 (8.8%) | $540,070 (8.7%) | 1.32 | 6,322 |
| 2018-05-01 | $385,000 (-1.3%) | $537,693 (-4.7%) | 1.29 | 6,839 |
| 2018-06-01 | $379,900 (-2.6%) | $531,125 (-5.5%) | 1.27 | 7,339 |
| 2018-07-01 | $374,335 (-3.6%) | $524,918 (-4.9%) | 1.25 | 7,910 |
| 2018-08-01 | $369,450 (-5.0%) | $517,990 (-4.8%) | 1.24 | 8,138 |
| 2018-09-01 | $365,000 (-6.2%) | $508,242 (-5.9%) | 1.23 | 8,783 |
| 2018-10-01 | $359,888 (-6.4%) | $504,088 (-5.2%) | 1.22 | 9,142 |
| 2018-11-01 | $354,900 (-6.6%) | $501,349 (-5.2%) | 1.20 | 9,077 |
| 2018-12-01 | $355,900 (-7.3%) | $504,444 (-5.0%) | 1.23 | 8,459 |
| 2019-01-01 | $356,818 (-7.1%) | $503,943 (-4.7%) | 1.23 | 7,996 |
| 2019-02-01 | $359,899 (-5.9%) | $507,320 (-3.6%) | 1.22 | 7,771 |
| 2019-03-01 | $364,237 (-5.4%) | $521,348 (-2.5%) | 1.19 | 7,572 |
| 2019-04-01 | $369,945 (-5.0%) | $533,099 (-1.3%) | 1.17 | 7,503 |
| 2019-05-01 | $374,575 (-2.7%) | $539,227 (0.3%) | 1.17 | 7,779 |
| 2019-06-01 | $378,000 (-0.5%) | $548,216 (3.2%) | 1.18 | 7,786 |
| 2019-07-01 | $375,000 (0.2%) | $544,535 (3.7%) | 1.17 | 7,884 |
| 2019-08-01 | $373,691 (1.2%) | $545,650 (5.3%) | 1.18 | 7,845 |
| 2019-09-01 | $371,615 (1.8%) | $547,416 (7.7%) | 1.19 | 7,780 |
| 2019-10-01 | $369,950 (2.8%) | $546,752 (8.5%) | 1.19 | 7,811 |
| 2019-11-01 | $369,900 (4.2%) | $545,306 (8.8%) | 1.21 | 7,678 |
| 2019-12-01 | $367,524 (3.3%) | $542,721 (7.6%) | 1.23 | 7,085 |
| 2020-01-01 | $366,450 (2.7%) | $540,612 (7.3%) | 1.22 | 6,378 |
| 2020-02-01 | $369,900 (2.8%) | $545,436 (7.5%) | 1.21 | 5,922 |
| 2020-03-01 | $379,700 (4.3%) | $550,681 (5.6%) | 1.19 | 5,826 |
| 2020-04-01 | $376,415 (1.8%) | $538,980 (1.1%) | 1.18 | 6,557 |
| 2020-05-01 | $385,000 (2.8%) | $559,814 (3.8%) | 1.17 | 6,556 |
| 2020-06-01 | $392,300 (3.8%) | $578,798 (5.6%) | 1.16 | 6,091 |
| 2020-07-01 | $391,995 (4.5%) | $590,848 (8.5%) | 1.14 | 6,086 |
| 2020-08-01 | $394,990 (5.7%) | $610,364 (11.9%) | 1.13 | 5,342 |
| 2020-09-01 | $399,900 (7.6%) | $606,626 (10.8%) | 1.15 | 4,810 |
| 2020-10-01 | $399,900 (8.1%) | $620,251 (13.4%) | 1.15 | 4,529 |
| 2020-11-01 | $398,375 (7.7%) | $620,681 (13.8%) | 1.16 | 4,182 |
| 2020-12-01 | $395,175 (7.5%) | $624,692 (15.1%) | 1.18 | 3,706 |
| 2021-01-01 | $392,915 (7.2%) | $623,251 (15.3%) | 1.17 | 3,148 |
| 2021-02-01 | $397,400 (7.4%) | $651,751 (19.5%) | 1.16 | 2,504 |
| 2021-03-01 | $399,900 (5.3%) | $663,517 (20.5%) | 1.13 | 2,214 |
| 2021-04-01 | $411,943 (9.4%) | $692,613 (28.5%) | 1.12 | 2,049 |
| 2021-05-01 | $415,000 (7.8%) | $724,694 (29.5%) | 1.10 | 1,994 |
| 2021-06-01 | $428,000 (9.1%) | $759,730 (31.3%) | 1.13 | 2,132 |
| 2021-07-01 | $449,000 (14.5%) | $781,510 (32.3%) | 1.18 | 2,557 |
| 2021-08-01 | $442,025 (11.9%) | $767,224 (25.7%) | 1.18 | 2,664 |
| 2021-09-01 | $447,245 (11.8%) | $770,786 (27.1%) | 1.19 | 2,809 |
| 2021-10-01 | $456,900 (14.3%) | $779,808 (25.7%) | 1.22 | 2,876 |
| 2021-11-01 | $459,945 (15.5%) | $793,667 (27.9%) | 1.23 | 2,559 |
| 2021-12-01 | $459,950 (16.4%) | $825,520 (32.2%) | 1.25 | 2,036 |
| 2022-01-01 | $459,600 (17.0%) | $842,380 (35.2%) | 1.24 | 1,623 |
| 2022-02-01 | $475,891 (19.8%) | $826,952 (26.9%) | 1.24 | 1,519 |
| 2022-03-01 | $499,900 (25.0%) | $869,720 (31.1%) | 1.25 | 1,598 |
| 2022-04-01 | $525,000 (27.4%) | $899,874 (29.9%) | 1.25 | 1,966 |
| 2022-05-01 | $549,900 (32.5%) | $919,840 (26.9%) | 1.26 | 2,689 |
| 2022-06-01 | $562,450 (31.4%) | $886,474 (16.7%) | 1.25 | 3,933 |
| 2022-07-01 | $549,999 (22.5%) | $848,183 (8.5%) | 1.24 | 5,391 |
| 2022-08-01 | $534,722 (21.0%) | $812,752 (5.9%) | 1.24 | 6,070 |
| 2022-09-01 | $529,450 (18.4%) | $816,834 (6.0%) | 1.24 | 6,352 |
| 2022-10-01 | $525,000 (14.9%) | $816,453 (4.7%) | 1.24 | 7,066 |
| 2022-11-01 | $524,425 (14.0%) | $806,923 (1.7%) | 1.26 | 7,270 |
| 2022-12-01 | $519,000 (12.8%) | $806,894 (-2.3%) | 1.28 | 6,628 |
| 2023-01-01 | $509,200 (10.8%) | $785,882 (-6.7%) | 1.26 | 6,420 |
| 2023-02-01 | $517,700 (8.8%) | $799,067 (-3.4%) | 1.25 | 6,072 |
| 2023-03-01 | $527,495 (5.5%) | $820,130 (-5.7%) | 1.24 | 5,643 |
| 2023-04-01 | $564,025 (7.4%) | $867,295 (-3.6%) | 1.31 | 5,750 |
| 2023-05-01 | $580,000 (5.5%) | $920,875 (0.1%) | 1.32 | 6,042 |
| 2023-06-01 | $590,695 (5.0%) | $938,703 (5.9%) | 1.33 | 6,423 |
| 2023-07-01 | $594,900 (8.2%) | $942,855 (11.2%) | 1.35 | 6,597 |
| 2023-08-01 | $583,495 (9.1%) | $920,370 (13.2%) | 1.34 | 6,834 |
| 2023-09-01 | $579,000 (9.4%) | $924,643 (13.2%) | 1.35 | 6,884 |
| 2023-10-01 | $573,430 (9.2%) | $925,905 (13.4%) | 1.35 | 6,991 |
| 2023-11-01 | $562,500 (7.3%) | $911,240 (12.9%) | 1.34 | 7,338 |
| 2023-12-01 | $559,000 (7.7%) | $901,460 (11.7%) | 1.36 | 6,916 |
| 2024-01-01 | $559,926 (10.0%) | $901,165 (14.7%) | 1.37 | 6,120 |
| 2024-02-01 | $560,243 (8.2%) | $900,001 (12.6%) | 1.35 | 5,903 |
| 2024-03-01 | $558,990 (6.0%) | $907,206 (10.6%) | 1.32 | 6,166 |
| 2024-04-01 | $573,475 (1.7%) | $919,909 (6.1%) | 1.33 | 6,733 |
| 2024-05-01 | $588,450 (1.5%) | $936,713 (1.7%) | 1.33 | 7,116 |
| 2024-06-01 | $575,000 (-2.7%) | $914,771 (-2.6%) | 1.29 | 7,706 |
| 2024-07-01 | $566,945 (-4.7%) | $901,544 (-4.4%) | 1.30 | 8,347 |
| 2024-08-01 | $550,000 (-5.7%) | $884,768 (-3.9%) | 1.28 | 8,550 |
| 2024-09-01 | $547,865 (-5.4%) | $862,742 (-6.7%) | 1.29 | 8,990 |
| 2024-10-01 | $542,447 (-5.4%) | $856,166 (-7.5%) | 1.28 | 9,051 |
Nashville's median listing price comes in at 128% of the national average.
Nashville's average listing price for 2024-10-01 was $856,166, a difference of $-69,739 (-7.5%) versus the prior year and $-6,576 versus the prior month.
For the 2024-10-01 period, Nashville had 9,051 MLS listings, a difference of 61 listings (1%) versus the prior month and 2,060 listings (29%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Nashville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 51 days | 2,408 sqft |
| 2018-02-01 | 39 days | 2,403 sqft |
| 2018-03-01 | 36 days | 2,410 sqft |
| 2018-04-01 | 33 days | 2,411 sqft |
| 2018-05-01 | 33 days | 2,399 sqft |
| 2018-06-01 | 34 days | 2,400 sqft |
| 2018-07-01 | 36 days | 2,382 sqft |
| 2018-08-01 | 37 days | 2,345 sqft |
| 2018-09-01 | 38 days | 2,310 sqft |
| 2018-10-01 | 42 days | 2,287 sqft |
| 2018-11-01 | 43 days | 2,280 sqft |
| 2018-12-01 | 50 days | 2,289 sqft |
| 2019-01-01 | 54 days | 2,302 sqft |
| 2019-02-01 | 44 days | 2,303 sqft |
| 2019-03-01 | 39 days | 2,350 sqft |
| 2019-04-01 | 34 days | 2,393 sqft |
| 2019-05-01 | 33 days | 2,409 sqft |
| 2019-06-01 | 36 days | 2,415 sqft |
| 2019-07-01 | 37 days | 2,406 sqft |
| 2019-08-01 | 37 days | 2,398 sqft |
| 2019-09-01 | 37 days | 2,379 sqft |
| 2019-10-01 | 37 days | 2,358 sqft |
| 2019-11-01 | 40 days | 2,326 sqft |
| 2019-12-01 | 46 days | 2,320 sqft |
| 2020-01-01 | 48 days | 2,306 sqft |
| 2020-02-01 | 36 days | 2,308 sqft |
| 2020-03-01 | 33 days | 2,323 sqft |
| 2020-04-01 | 35 days | 2,305 sqft |
| 2020-05-01 | 36 days | 2,333 sqft |
| 2020-06-01 | 33 days | 2,332 sqft |
| 2020-07-01 | 31 days | 2,288 sqft |
| 2020-08-01 | 31 days | 2,237 sqft |
| 2020-09-01 | 31 days | 2,170 sqft |
| 2020-10-01 | 30 days | 2,124 sqft |
| 2020-11-01 | 31 days | 2,088 sqft |
| 2020-12-01 | 36 days | 2,055 sqft |
| 2021-01-01 | 34 days | 2,000 sqft |
| 2021-02-01 | 25 days | 1,998 sqft |
| 2021-03-01 | 18 days | 1,962 sqft |
| 2021-04-01 | 16 days | 1,959 sqft |
| 2021-05-01 | 11 days | 2,000 sqft |
| 2021-06-01 | 12 days | 1,987 sqft |
| 2021-07-01 | 15 days | 2,020 sqft |
| 2021-08-01 | 16 days | 2,029 sqft |
| 2021-09-01 | 19 days | 2,033 sqft |
| 2021-10-01 | 19 days | 2,055 sqft |
| 2021-11-01 | 22 days | 2,057 sqft |
| 2021-12-01 | 28 days | 2,055 sqft |
| 2022-01-01 | 26 days | 2,052 sqft |
| 2022-02-01 | 14 days | 2,038 sqft |
| 2022-03-01 | 11 days | 2,040 sqft |
| 2022-04-01 | 10 days | 2,106 sqft |
| 2022-05-01 | 12 days | 2,184 sqft |
| 2022-06-01 | 15 days | 2,246 sqft |
| 2022-07-01 | 21 days | 2,219 sqft |
| 2022-08-01 | 26 days | 2,214 sqft |
| 2022-09-01 | 31 days | 2,200 sqft |
| 2022-10-01 | 31 days | 2,196 sqft |
| 2022-11-01 | 38 days | 2,191 sqft |
| 2022-12-01 | 48 days | 2,198 sqft |
| 2023-01-01 | 52 days | 2,178 sqft |
| 2023-02-01 | 38 days | 2,184 sqft |
| 2023-03-01 | 35 days | 2,205 sqft |
| 2023-04-01 | 32 days | 2,251 sqft |
| 2023-05-01 | 30 days | 2,288 sqft |
| 2023-06-01 | 34 days | 2,303 sqft |
| 2023-07-01 | 33 days | 2,298 sqft |
| 2023-08-01 | 37 days | 2,282 sqft |
| 2023-09-01 | 37 days | 2,273 sqft |
| 2023-10-01 | 37 days | 2,259 sqft |
| 2023-11-01 | 39 days | 2,234 sqft |
| 2023-12-01 | 44 days | 2,210 sqft |
| 2024-01-01 | 46 days | 2,201 sqft |
| 2024-02-01 | 38 days | 2,189 sqft |
| 2024-03-01 | 32 days | 2,170 sqft |
| 2024-04-01 | 31 days | 2,180 sqft |
| 2024-05-01 | 30 days | 2,204 sqft |
| 2024-06-01 | 32 days | 2,194 sqft |
| 2024-07-01 | 36 days | 2,170 sqft |
| 2024-08-01 | 38 days | 2,151 sqft |
| 2024-09-01 | 52 days | 2,146 sqft |
| 2024-10-01 | 54 days | 2,137 sqft |
Nashville's median square footage for active listings during the 2024-10-01 period was 2,137 sqft. One year prior, the average listing was 2,259 sqft.