Nashville FHA Loans
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
5.12%
for the week of 2022-08-05, compared to the national average (all FHA variants) of
5.305% for the same period.
The average rate for the prior week (2022-07-29) was
5.46% and
one month ago for the week of 2022-07-01, the
average rate was 5.65%.
The average rate one year ago was 3.25%.
For refis of the same type during the week of 2022-08-05, the average rate
was 5.22%.
Nashville 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 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 & INVESTMENT LLC ($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 | $380,000 (11.8%) | $528,157 (11.0%) | 1.40 | 5,996 |
| 2018-02-01 | $379,995 (9.8%) | $526,531 (9.7%) | 1.37 | 5,964 |
| 2018-03-01 | $384,483 (9.4%) | $535,384 (9.4%) | 1.33 | 5,991 |
| 2018-04-01 | $387,450 (8.3%) | $539,706 (8.0%) | 1.30 | 6,377 |
| 2018-05-01 | $382,900 (-1.8%) | $537,435 (-5.2%) | 1.28 | 6,921 |
| 2018-06-01 | $378,000 (-3.0%) | $531,443 (-5.8%) | 1.26 | 7,468 |
| 2018-07-01 | $369,950 (-4.6%) | $527,091 (-4.9%) | 1.23 | 8,000 |
| 2018-08-01 | $369,450 (-4.4%) | $520,521 (-4.5%) | 1.23 | 8,244 |
| 2018-09-01 | $364,900 (-5.5%) | $509,331 (-5.5%) | 1.22 | 8,946 |
| 2018-10-01 | $359,550 (-6.0%) | $505,923 (-4.7%) | 1.20 | 9,286 |
| 2018-11-01 | $350,125 (-7.8%) | $502,001 (-4.9%) | 1.17 | 9,221 |
| 2018-12-01 | $354,900 (-6.6%) | $506,632 (-4.4%) | 1.22 | 8,632 |
| 2019-01-01 | $355,589 (-6.4%) | $505,506 (-4.3%) | 1.23 | 8,107 |
| 2019-02-01 | $357,520 (-5.9%) | $508,229 (-3.5%) | 1.20 | 7,852 |
| 2019-03-01 | $364,186 (-5.3%) | $524,392 (-2.1%) | 1.19 | 7,623 |
| 2019-04-01 | $369,900 (-4.5%) | $536,902 (-0.5%) | 1.16 | 7,501 |
| 2019-05-01 | $371,428 (-3.0%) | $538,755 (0.3%) | 1.14 | 7,857 |
| 2019-06-01 | $375,000 (-0.8%) | $549,169 (3.3%) | 1.15 | 7,831 |
| 2019-07-01 | $375,500 (1.5%) | $548,314 (4.0%) | 1.17 | 7,933 |
| 2019-08-01 | $375,100 (1.5%) | $548,917 (5.5%) | 1.18 | 7,717 |
| 2019-09-01 | $373,400 (2.3%) | $548,907 (7.8%) | 1.19 | 7,503 |
| 2019-10-01 | $369,900 (2.9%) | $545,241 (7.8%) | 1.18 | 7,868 |
| 2019-11-01 | $369,900 (5.7%) | $546,161 (8.8%) | 1.19 | 7,744 |
| 2019-12-01 | $367,700 (3.6%) | $548,213 (8.2%) | 1.23 | 7,167 |
| 2020-01-01 | $365,450 (2.8%) | $547,694 (8.4%) | 1.22 | 6,447 |
| 2020-02-01 | $369,900 (3.5%) | $554,679 (9.1%) | 1.19 | 5,912 |
| 2020-03-01 | $378,700 (4.0%) | $558,260 (6.5%) | 1.18 | 5,836 |
| 2020-04-01 | $374,995 (1.4%) | $544,041 (1.3%) | 1.17 | 6,626 |
| 2020-05-01 | $385,000 (3.7%) | $564,918 (4.9%) | 1.17 | 6,498 |
| 2020-06-01 | $390,000 (4.0%) | $582,703 (6.1%) | 1.14 | 6,012 |
| 2020-07-01 | $389,945 (3.9%) | $592,991 (8.2%) | 1.12 | 6,225 |
| 2020-08-01 | $395,418 (5.4%) | $609,514 (11.0%) | 1.13 | 5,347 |
| 2020-09-01 | $399,900 (7.1%) | $605,249 (10.3%) | 1.14 | 4,698 |
| 2020-10-01 | $399,900 (8.1%) | $619,953 (13.7%) | 1.14 | 4,474 |
| 2020-11-01 | $397,218 (7.4%) | $618,919 (13.3%) | 1.14 | 4,070 |
| 2020-12-01 | $395,900 (7.7%) | $620,901 (13.3%) | 1.16 | 3,676 |
| 2021-01-01 | $398,187 (9.0%) | $622,966 (13.7%) | 1.17 | 3,135 |
| 2021-02-01 | $397,450 (7.5%) | $650,958 (17.4%) | 1.14 | 2,450 |
| 2021-03-01 | $399,900 (5.6%) | $664,141 (19.0%) | 1.12 | 2,145 |
| 2021-04-01 | $413,805 (10.4%) | $695,623 (27.9%) | 1.11 | 1,961 |
| 2021-05-01 | $415,000 (7.8%) | $728,675 (29.0%) | 1.09 | 1,899 |
| 2021-06-01 | $429,450 (10.1%) | $753,562 (29.3%) | 1.12 | 2,100 |
| 2021-07-01 | $446,000 (14.4%) | $783,640 (32.2%) | 1.16 | 2,411 |
| 2021-08-01 | $439,900 (11.3%) | $761,839 (25.0%) | 1.16 | 2,618 |
| 2021-09-01 | $445,413 (11.4%) | $768,294 (26.9%) | 1.17 | 2,716 |
| 2021-10-01 | $450,000 (12.5%) | $773,902 (24.8%) | 1.18 | 2,819 |
| 2021-11-01 | $455,450 (14.7%) | $797,105 (28.8%) | 1.20 | 2,525 |
| 2021-12-01 | $459,900 (16.2%) | $834,725 (34.4%) | 1.23 | 1,985 |
| 2022-01-01 | $453,000 (13.8%) | $841,599 (35.1%) | 1.21 | 1,606 |
| 2022-02-01 | $472,450 (18.9%) | $832,315 (27.9%) | 1.20 | 1,489 |
| 2022-03-01 | $499,900 (25.0%) | $875,195 (31.8%) | 1.23 | 1,497 |
| 2022-04-01 | $524,900 (26.9%) | $904,674 (30.1%) | 1.24 | 1,778 |
| 2022-05-01 | $549,700 (32.5%) | $918,786 (26.1%) | 1.23 | 2,622 |
| 2022-06-01 | $560,950 (30.6%) | $887,924 (17.8%) | 1.25 | 3,897 |
Nashville's median listing price comes in at 125% of the national average.
Nashville's average listing price for 2022-06-01 was $887,924, a difference of $134,362 (17.8%) versus the prior year and $-30,862 versus the prior month.
For the 2022-06-01 period, Nashville had 3,897 MLS listings, a difference of 1,275 listings (49%) versus the prior month and 1,797 listings (86%) 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 | 52 days | 2,405 sqft |
| 2018-02-01 | 39 days | 2,401 sqft |
| 2018-03-01 | 36 days | 2,400 sqft |
| 2018-04-01 | 35 days | 2,408 sqft |
| 2018-05-01 | 35 days | 2,396 sqft |
| 2018-06-01 | 35 days | 2,390 sqft |
| 2018-07-01 | 36 days | 2,376 sqft |
| 2018-08-01 | 37 days | 2,334 sqft |
| 2018-09-01 | 38 days | 2,308 sqft |
| 2018-10-01 | 42 days | 2,285 sqft |
| 2018-11-01 | 43 days | 2,273 sqft |
| 2018-12-01 | 50 days | 2,280 sqft |
| 2019-01-01 | 54 days | 2,301 sqft |
| 2019-02-01 | 45 days | 2,304 sqft |
| 2019-03-01 | 39 days | 2,341 sqft |
| 2019-04-01 | 35 days | 2,392 sqft |
| 2019-05-01 | 34 days | 2,406 sqft |
| 2019-06-01 | 36 days | 2,415 sqft |
| 2019-07-01 | 37 days | 2,407 sqft |
| 2019-08-01 | 39 days | 2,404 sqft |
| 2019-09-01 | 38 days | 2,389 sqft |
| 2019-10-01 | 37 days | 2,360 sqft |
| 2019-11-01 | 42 days | 2,327 sqft |
| 2019-12-01 | 46 days | 2,322 sqft |
| 2020-01-01 | 49 days | 2,307 sqft |
| 2020-02-01 | 36 days | 2,308 sqft |
| 2020-03-01 | 35 days | 2,330 sqft |
| 2020-04-01 | 35 days | 2,305 sqft |
| 2020-05-01 | 37 days | 2,340 sqft |
| 2020-06-01 | 34 days | 2,333 sqft |
| 2020-07-01 | 31 days | 2,291 sqft |
| 2020-08-01 | 32 days | 2,239 sqft |
| 2020-09-01 | 33 days | 2,175 sqft |
| 2020-10-01 | 32 days | 2,137 sqft |
| 2020-11-01 | 32 days | 2,093 sqft |
| 2020-12-01 | 37 days | 2,066 sqft |
| 2021-01-01 | 36 days | 2,003 sqft |
| 2021-02-01 | 26 days | 1,995 sqft |
| 2021-03-01 | 22 days | 1,968 sqft |
| 2021-04-01 | 19 days | 1,955 sqft |
| 2021-05-01 | 15 days | 2,000 sqft |
| 2021-06-01 | 15 days | 1,993 sqft |
| 2021-07-01 | 17 days | 2,026 sqft |
| 2021-08-01 | 19 days | 2,040 sqft |
| 2021-09-01 | 21 days | 2,044 sqft |
| 2021-10-01 | 22 days | 2,056 sqft |
| 2021-11-01 | 24 days | 2,056 sqft |
| 2021-12-01 | 31 days | 2,057 sqft |
| 2022-01-01 | 29 days | 2,041 sqft |
| 2022-02-01 | 16 days | 2,046 sqft |
| 2022-03-01 | 14 days | 2,042 sqft |
| 2022-04-01 | 11 days | 2,112 sqft |
| 2022-05-01 | 14 days | 2,185 sqft |
| 2022-06-01 | 15 days | 2,248 sqft |
Nashville's median square footage for active listings during the 2022-06-01 period was 2,248 sqft. One year prior, the average listing was 1,993 sqft.
