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 253 lenders originated 9,967 FHA loans during 2021. The total origination value was $2,964,325,000, with an average FHA loan value of $297,414.
Nashville FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Nashville
averaged
6%
for the week of 2023-01-27, compared to the national average (all FHA variants) of
6.186% for the same period.
Nashville's average FHA mortgage closing costs are $8,127.
The average rate for the prior week (2023-01-20) was
6.27% and
one month ago for the week of 2022-12-23, the
average rate was 6.16%.
The average rate one year ago was 3.85%.
For refis of the same type during the week of 2023-01-27, the average rate
was 5.8%.
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 QUICKEN LOANS, LLC, with
810 FHA loans originated. Their average total fees are
$7,079, which is $1,612
higher than the next largest lender,
LAKEVIEW LOAN SERVICING, LLC.
The lowest fee Nashville FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($3,137), MID AMERICA MORTGAGE, INC. ($3,982), LAKEVIEW LOAN SERVICING, LLC ($5,466), Mr. Cooper ( Nationstar Mortgage ) ($5,474) and AmeriHome Mortgage Company, LLC ($5,567).
The lowest rate Nashville FHA lenders (with over 10 loans originated) are
The Farmers Bank (2.50%), TENNESSEE TRUST MORTGAGE, INC (2.55%), HOMEBRIDGE FINANCIAL SERVICES, INC. (2.64%), F&M Bank (2.65%) and Bell Bank (2.65%).
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 |
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 | $383,900 (12.9%) | $528,729 (12.1%) | 1.42 | 5,900 |
| 2018-02-01 | $381,920 (9.9%) | $525,957 (10.2%) | 1.39 | 5,919 |
| 2018-03-01 | $385,000 (9.6%) | $534,563 (10.0%) | 1.35 | 5,935 |
| 2018-04-01 | $388,248 (8.5%) | $539,826 (8.7%) | 1.32 | 6,329 |
| 2018-05-01 | $385,000 (-1.3%) | $537,554 (-4.6%) | 1.29 | 6,843 |
| 2018-06-01 | $379,900 (-2.6%) | $530,903 (-5.5%) | 1.27 | 7,345 |
| 2018-07-01 | $373,968 (-3.6%) | $524,753 (-4.9%) | 1.25 | 7,915 |
| 2018-08-01 | $369,450 (-5.0%) | $517,856 (-4.8%) | 1.24 | 8,142 |
| 2018-09-01 | $365,000 (-6.2%) | $508,219 (-5.8%) | 1.22 | 8,784 |
| 2018-10-01 | $359,888 (-6.3%) | $504,061 (-5.1%) | 1.22 | 9,144 |
| 2018-11-01 | $354,900 (-6.6%) | $501,328 (-5.1%) | 1.20 | 9,078 |
| 2018-12-01 | $355,900 (-7.2%) | $504,425 (-5.0%) | 1.23 | 8,460 |
| 2019-01-01 | $356,678 (-7.1%) | $503,911 (-4.7%) | 1.23 | 7,999 |
| 2019-02-01 | $359,900 (-5.8%) | $507,277 (-3.6%) | 1.22 | 7,775 |
| 2019-03-01 | $364,237 (-5.4%) | $521,324 (-2.5%) | 1.19 | 7,575 |
| 2019-04-01 | $369,945 (-4.7%) | $533,187 (-1.2%) | 1.17 | 7,507 |
| 2019-05-01 | $374,575 (-2.7%) | $539,243 (0.3%) | 1.17 | 7,790 |
| 2019-06-01 | $377,945 (-0.5%) | $548,017 (3.2%) | 1.18 | 7,801 |
| 2019-07-01 | $375,000 (0.3%) | $544,329 (3.7%) | 1.17 | 7,902 |
| 2019-08-01 | $373,636 (1.1%) | $545,376 (5.3%) | 1.18 | 7,864 |
| 2019-09-01 | $371,591 (1.8%) | $547,054 (7.6%) | 1.19 | 7,801 |
| 2019-10-01 | $369,950 (2.8%) | $546,341 (8.4%) | 1.19 | 7,832 |
| 2019-11-01 | $369,900 (4.2%) | $544,889 (8.7%) | 1.21 | 7,699 |
| 2019-12-01 | $367,253 (3.2%) | $542,241 (7.5%) | 1.22 | 7,107 |
| 2020-01-01 | $366,450 (2.7%) | $540,088 (7.2%) | 1.22 | 6,399 |
| 2020-02-01 | $369,900 (2.8%) | $544,866 (7.4%) | 1.21 | 5,942 |
| 2020-03-01 | $379,000 (4.1%) | $550,016 (5.5%) | 1.19 | 5,847 |
| 2020-04-01 | $376,020 (1.6%) | $538,438 (1.0%) | 1.18 | 6,579 |
| 2020-05-01 | $385,000 (2.8%) | $559,278 (3.7%) | 1.17 | 6,577 |
| 2020-06-01 | $391,993 (3.7%) | $578,103 (5.5%) | 1.15 | 6,112 |
| 2020-07-01 | $391,950 (4.5%) | $590,115 (8.4%) | 1.14 | 6,107 |
| 2020-08-01 | $394,900 (5.7%) | $609,426 (11.7%) | 1.13 | 5,365 |
| 2020-09-01 | $399,894 (7.6%) | $605,709 (10.7%) | 1.15 | 4,832 |
| 2020-10-01 | $399,900 (8.1%) | $619,132 (13.3%) | 1.15 | 4,552 |
| 2020-11-01 | $397,450 (7.5%) | $619,515 (13.7%) | 1.16 | 4,204 |
| 2020-12-01 | $394,950 (7.5%) | $623,314 (15.0%) | 1.17 | 3,728 |
| 2021-01-01 | $391,945 (7.0%) | $621,791 (15.1%) | 1.17 | 3,169 |
| 2021-02-01 | $396,228 (7.1%) | $649,883 (19.3%) | 1.15 | 2,524 |
| 2021-03-01 | $399,900 (5.5%) | $661,392 (20.3%) | 1.13 | 2,234 |
| 2021-04-01 | $410,500 (9.2%) | $690,318 (28.2%) | 1.11 | 2,069 |
| 2021-05-01 | $414,941 (7.8%) | $721,559 (29.0%) | 1.10 | 2,014 |
| 2021-06-01 | $427,500 (9.1%) | $756,772 (30.9%) | 1.13 | 2,150 |
| 2021-07-01 | $445,533 (13.7%) | $778,535 (31.9%) | 1.17 | 2,576 |
| 2021-08-01 | $439,950 (11.4%) | $765,123 (25.6%) | 1.17 | 2,682 |
| 2021-09-01 | $445,974 (11.5%) | $768,482 (26.9%) | 1.19 | 2,828 |
| 2021-10-01 | $455,000 (13.8%) | $778,030 (25.7%) | 1.21 | 2,892 |
| 2021-11-01 | $459,900 (15.7%) | $791,380 (27.7%) | 1.23 | 2,577 |
| 2021-12-01 | $459,900 (16.5%) | $821,974 (31.9%) | 1.25 | 2,055 |
| 2022-01-01 | $455,719 (16.3%) | $837,969 (34.8%) | 1.23 | 1,608 |
| 2022-02-01 | $472,400 (19.2%) | $822,441 (26.6%) | 1.23 | 1,539 |
| 2022-03-01 | $499,450 (24.9%) | $865,003 (30.8%) | 1.25 | 1,617 |
| 2022-04-01 | $524,999 (27.9%) | $896,232 (29.8%) | 1.25 | 1,985 |
| 2022-05-01 | $549,900 (32.5%) | $917,318 (27.1%) | 1.26 | 2,709 |
| 2022-06-01 | $561,500 (31.4%) | $884,586 (16.9%) | 1.25 | 3,951 |
| 2022-07-01 | $549,990 (23.5%) | $847,119 (8.8%) | 1.24 | 5,410 |
| 2022-08-01 | $533,167 (21.2%) | $811,682 (6.1%) | 1.23 | 6,090 |
| 2022-09-01 | $528,913 (18.6%) | $816,327 (6.2%) | 1.24 | 6,370 |
| 2022-10-01 | $525,000 (15.4%) | $816,584 (5.0%) | 1.24 | 7,087 |
| 2022-11-01 | $523,875 (13.9%) | $806,260 (1.9%) | 1.26 | 7,289 |
| 2022-12-01 | $515,000 (12.0%) | $802,014 (-2.4%) | 1.29 | 6,697 |
Nashville's median listing price comes in at 129% of the national average.
Nashville's average listing price for 2022-12-01 was $802,014, a difference of $-19,960 (-2.4%) versus the prior year and $-4,246 versus the prior month.
For the 2022-12-01 period, Nashville had 6,697 MLS listings, a difference of -592 listings (-8%) versus the prior month and 4,642 listings (226%) 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 | 34 days | 2,411 sqft |
| 2018-05-01 | 33 days | 2,399 sqft |
| 2018-06-01 | 35 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 | 43 days | 2,287 sqft |
| 2018-11-01 | 44 days | 2,280 sqft |
| 2018-12-01 | 51 days | 2,289 sqft |
| 2019-01-01 | 55 days | 2,302 sqft |
| 2019-02-01 | 45 days | 2,304 sqft |
| 2019-03-01 | 40 days | 2,351 sqft |
| 2019-04-01 | 35 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 | 38 days | 2,379 sqft |
| 2019-10-01 | 38 days | 2,357 sqft |
| 2019-11-01 | 41 days | 2,323 sqft |
| 2019-12-01 | 47 days | 2,317 sqft |
| 2020-01-01 | 49 days | 2,304 sqft |
| 2020-02-01 | 36 days | 2,308 sqft |
| 2020-03-01 | 34 days | 2,319 sqft |
| 2020-04-01 | 35 days | 2,303 sqft |
| 2020-05-01 | 37 days | 2,333 sqft |
| 2020-06-01 | 34 days | 2,329 sqft |
| 2020-07-01 | 32 days | 2,286 sqft |
| 2020-08-01 | 31 days | 2,235 sqft |
| 2020-09-01 | 32 days | 2,169 sqft |
| 2020-10-01 | 31 days | 2,121 sqft |
| 2020-11-01 | 32 days | 2,086 sqft |
| 2020-12-01 | 37 days | 2,054 sqft |
| 2021-01-01 | 35 days | 2,000 sqft |
| 2021-02-01 | 26 days | 1,997 sqft |
| 2021-03-01 | 19 days | 1,960 sqft |
| 2021-04-01 | 16 days | 1,957 sqft |
| 2021-05-01 | 12 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 | 2,028 sqft |
| 2021-09-01 | 19 days | 2,033 sqft |
| 2021-10-01 | 20 days | 2,051 sqft |
| 2021-11-01 | 22 days | 2,056 sqft |
| 2021-12-01 | 28 days | 2,054 sqft |
| 2022-01-01 | 26 days | 2,045 sqft |
| 2022-02-01 | 15 days | 2,038 sqft |
| 2022-03-01 | 11 days | 2,039 sqft |
| 2022-04-01 | 11 days | 2,104 sqft |
| 2022-05-01 | 12 days | 2,178 sqft |
| 2022-06-01 | 16 days | 2,243 sqft |
| 2022-07-01 | 21 days | 2,218 sqft |
| 2022-08-01 | 27 days | 2,213 sqft |
| 2022-09-01 | 31 days | 2,200 sqft |
| 2022-10-01 | 31 days | 2,194 sqft |
| 2022-11-01 | 38 days | 2,190 sqft |
| 2022-12-01 | 50 days | 2,193 sqft |
Nashville's median square footage for active listings during the 2022-12-01 period was 2,193 sqft. One year prior, the average listing was 2,054 sqft.