Paris FHA Loan Rates, Closing Costs & Stats

Paris, TN

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    • 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.

    Paris's 28 lenders originated 68 FHA loans during 2023. The total origination value was $12,640,000, with an average FHA loan value of $185,882.

    Paris FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Paris averaged 0.15% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Paris's average FHA mortgage closing costs are $6,716.

    The average rate for the prior week (2024-11-08) was 6.56% and one month ago for the week of 2024-10-11, the average rate was 6.16%.

    The average rate one year ago was 7.51%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.2%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Paris 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 Paris level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FirstBank 9 6.90% $8,006
    QUICKEN LOANS, LLC 8 6.61% $8,810
    Regions Bank 7 6.25% $6,716
    FIRST COMMUNITY MORTGAGE, INC. 5 6.28% $12,714
    CMG MORTGAGE, INC. 4 7.03% $7,936
    Carrington Mortgage Services, LLC 2 6.56% $7,168
    PENNYMAC LOAN SERVICES, LLC 2 5.75% $9,384
    CARDINAL FINANCIAL 2 6.50% $8,189
    LOANDEPOT.COM, LLC 2 5.81% $10,925
    UNITED WHOLESALE MORTGAGE, LLC 2 5.62% $10,430
    MORTGAGE INVESTORS GROUP, INC. 1 5.50% $7,203
    Mortgage Research Center, LLC 1 6.25% $4,494
    NFM, INC. 1 7.25% $8,503
    PLANET HOME LENDING, LLC 1 6.75% $5,668
    Simmons Bank 1 6.13% $5,487
    STOCKTON MORTGAGE CORPORATION 1 8.00% $13,495
    U.S. Bank 1 6.75% $4,886
    AMERICAN FINANCING CORPORATION 1 6.50% $8,236
    VAN DYK MORTGAGE CORPORATION 1 6.25% $5,572
    BROKER SOLUTIONS, INC. 1 6.75% $10,702
    COMMUNITY MORTGAGE CORPORATION 1 6.25% $5,979
    Equity Prime Mortgage LLC 1 6.38% $8,703
    EVERETT FINANCIAL, INC. 1 5.50% $12,521
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $19,955
    FREEDOM MORTGAGE CORPORATION 1 6.00% $8,934
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.75% $7,191
    Leaders Credit Union 1 7.13% $11,459
    MANN FINANCIAL INC. 1 7.00% $8,070

    The top Paris FHA lender as defined by loan originations is FirstBank, with 9 FHA loans originated. Their average total fees are $8,006, which is $803 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Paris FHA lenders (with over 10 loans originated) are .

    The lowest rate Paris FHA lenders (with over 10 loans originated) are .

    Paris FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    PARIS, TN HENRY 2022 $420,680 $538,650 $651,050 $809,150
    PARIS, TN HENRY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Paris (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 $139,900 (0.9%) $224,013 (9.6%) 0.00 139
    2018-02-01 $131,643 (3.9%) $216,098 (6.8%) 0.00 145
    2018-03-01 $139,000 (15.3%) $204,624 (5.5%) 0.00 162
    2018-04-01 $140,775 (18.3%) $206,546 (13.2%) 0.00 164
    2018-05-01 $145,375 (19.0%) $215,763 (11.6%) 0.00 169
    2018-06-01 $157,000 (17.9%) $227,981 (16.8%) 0.00 171
    2018-07-01 $149,900 (11.3%) $227,543 (17.3%) 0.00 170
    2018-08-01 $149,600 (10.8%) $226,489 (21.5%) 0.00 178
    2018-09-01 $149,999 (11.1%) $234,583 (25.5%) 0.00 168
    2018-10-01 $149,974 (7.4%) $231,537 (15.9%) 0.00 160
    2018-11-01 $158,225 (11.6%) $229,447 (9.6%) 0.00 155
    2018-12-01 $159,900 (12.1%) $218,397 (4.7%) 0.00 156
    2019-01-01 $159,000 (13.7%) $212,905 (-5.0%) 0.00 160
    2019-02-01 $163,950 (24.5%) $219,869 (1.8%) 0.00 159
    2019-03-01 $161,671 (16.3%) $222,223 (8.6%) 0.00 157
    2019-04-01 $160,121 (13.7%) $224,539 (8.7%) 0.00 159
    2019-05-01 $163,850 (12.7%) $231,075 (7.1%) 0.00 162
    2019-06-01 $159,900 (1.9%) $226,804 (-0.5%) 0.00 168
    2019-07-01 $162,125 (8.2%) $224,085 (-1.5%) 0.00 158
    2019-08-01 $163,882 (9.6%) $229,033 (1.1%) 0.00 146
    2019-09-01 $171,655 (14.4%) $234,887 (0.1%) 0.00 143
    2019-10-01 $178,350 (18.9%) $237,581 (2.6%) 0.00 142
    2019-11-01 $168,500 (6.5%) $227,341 (-0.9%) 0.00 139
    2019-12-01 $168,875 (5.6%) $221,195 (1.3%) 0.00 126
    2020-01-01 $171,350 (7.8%) $222,906 (4.7%) 0.00 127
    2020-02-01 $172,500 (5.2%) $239,564 (9.0%) 0.00 119
    2020-03-01 $173,500 (7.3%) $249,817 (12.4%) 0.00 103
    2020-04-01 $169,900 (6.1%) $240,523 (7.1%) 0.00 101
    2020-05-01 $172,500 (5.3%) $265,809 (15.0%) 0.00 102
    2020-06-01 $187,100 (17.0%) $272,092 (20.0%) 0.00 89
    2020-07-01 $174,075 (7.4%) $255,234 (13.9%) 0.00 84
    2020-08-01 $175,000 (6.8%) $259,802 (13.4%) 0.00 76
    2020-09-01 $167,875 (-2.2%) $251,852 (7.2%) 0.00 70
    2020-10-01 $169,700 (-4.9%) $272,105 (14.5%) 0.00 65
    2020-11-01 $165,350 (-1.9%) $255,577 (12.4%) 0.00 69
    2020-12-01 $164,100 (-2.8%) $256,253 (15.9%) 0.00 59
    2021-01-01 $162,500 (-5.2%) $255,731 (14.7%) 0.00 51
    2021-02-01 $189,900 (10.1%) $272,023 (13.6%) 0.00 39
    2021-03-01 $189,900 (9.5%) $219,118 (-12.3%) 0.00 40
    2021-04-01 $189,900 (11.8%) $307,934 (28.0%) 0.00 41
    2021-05-01 $227,500 (31.9%) $347,100 (30.6%) 0.00 41
    2021-06-01 $243,475 (30.1%) $358,258 (31.7%) 0.00 54
    2021-07-01 $244,250 (40.3%) $385,610 (51.1%) 0.00 61
    2021-08-01 $240,750 (37.6%) $417,759 (60.8%) 0.00 60
    2021-09-01 $240,000 (43.0%) $379,631 (50.7%) 0.00 71
    2021-10-01 $230,000 (35.5%) $361,338 (32.8%) 0.00 67
    2021-11-01 $217,125 (31.3%) $353,290 (38.2%) 0.00 53
    2021-12-01 $194,800 (18.7%) $350,778 (36.9%) 0.00 49
    2022-01-01 $215,000 (32.3%) $379,039 (48.2%) 0.00 44
    2022-02-01 $224,500 (18.2%) $362,632 (33.3%) 0.00 49
    2022-03-01 $221,750 (16.8%) $347,925 (58.8%) 0.00 55
    2022-04-01 $254,850 (34.2%) $347,377 (12.8%) 0.00 55
    2022-05-01 $246,450 (8.3%) $385,209 (11.0%) 0.00 53
    2022-06-01 $262,900 (8.0%) $410,156 (14.5%) 0.00 66
    2022-07-01 $280,000 (14.6%) $460,346 (19.4%) 0.00 85
    2022-08-01 $297,000 (23.4%) $465,816 (11.5%) 0.00 81
    2022-09-01 $284,300 (18.5%) $458,928 (20.9%) 0.00 87
    2022-10-01 $325,000 (41.3%) $477,378 (32.1%) 0.00 86
    2022-11-01 $310,000 (42.8%) $455,242 (28.9%) 0.00 86
    2022-12-01 $341,500 (75.3%) $455,376 (29.8%) 0.00 86
    2023-01-01 $329,250 (53.1%) $451,473 (19.1%) 0.00 83
    2023-02-01 $334,750 (49.1%) $445,217 (22.8%) 0.00 76
    2023-03-01 $352,500 (59.0%) $450,226 (29.4%) 0.00 78
    2023-04-01 $346,450 (35.9%) $451,798 (30.1%) 0.00 78
    2023-05-01 $335,250 (36.0%) $441,263 (14.6%) 0.00 85
    2023-06-01 $342,950 (30.5%) $438,292 (6.9%) 0.00 69
    2023-07-01 $349,900 (25.0%) $396,898 (-13.8%) 0.00 75
    2023-08-01 $349,900 (17.8%) $382,623 (-17.9%) 0.00 88
    2023-09-01 $312,000 (9.7%) $392,257 (-14.5%) 0.00 88
    2023-10-01 $305,250 (-6.1%) $388,721 (-18.6%) 0.00 94
    2023-11-01 $314,500 (1.5%) $402,348 (-11.6%) 0.00 103
    2023-12-01 $328,200 (-3.9%) $443,821 (-2.5%) 0.00 105
    2024-01-01 $349,000 (6.0%) $453,202 (0.4%) 0.00 106
    2024-02-01 $335,000 (0.1%) $450,408 (1.2%) 0.00 103
    2024-03-01 $335,000 (-5.0%) $434,949 (-3.4%) 0.00 107
    2024-04-01 $325,750 (-6.0%) $435,665 (-3.6%) 0.00 110
    2024-05-01 $325,000 (-3.1%) $436,352 (-1.1%) 0.00 103
    2024-06-01 $299,250 (-12.7%) $419,835 (-4.2%) 0.00 125
    2024-07-01 $298,750 (-14.6%) $405,218 (2.1%) 0.00 136
    2024-08-01 $299,000 (-14.6%) $432,708 (13.1%) 0.00 133
    2024-09-01 $320,425 (2.7%) $459,196 (17.1%) 0.00 139
    2024-10-01 $315,475 (3.4%) $448,063 (15.3%) 0.00 135
    Paris's median listing price for 2024-10-01 was $315,475, a difference of $10,225 (3.4%) versus the prior year and $-4,950 versus the prior month.

    Paris's median listing price comes in at 0% of the national average.

    Paris's average listing price for 2024-10-01 was $448,063, a difference of $59,342 (15.3%) versus the prior year and $-11,133 versus the prior month.

    For the 2024-10-01 period, Paris had 135 MLS listings, a difference of -4 listings (-3%) versus the prior month and 41 listings (44%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Paris (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,176 sqft
    2018-02-01 0 days 2,143 sqft
    2018-03-01 0 days 2,302 sqft
    2018-04-01 0 days 2,242 sqft
    2018-05-01 0 days 2,217 sqft
    2018-06-01 0 days 2,212 sqft
    2018-07-01 0 days 1,780 sqft
    2018-08-01 0 days 1,798 sqft
    2018-09-01 0 days 1,799 sqft
    2018-10-01 0 days 1,855 sqft
    2018-11-01 0 days 1,890 sqft
    2018-12-01 0 days 1,819 sqft
    2019-01-01 0 days 1,817 sqft
    2019-02-01 0 days 1,844 sqft
    2019-03-01 0 days 1,957 sqft
    2019-04-01 0 days 2,140 sqft
    2019-05-01 0 days 2,151 sqft
    2019-06-01 0 days 2,130 sqft
    2019-07-01 0 days 2,135 sqft
    2019-08-01 0 days 2,108 sqft
    2019-09-01 0 days 2,061 sqft
    2019-10-01 0 days 2,038 sqft
    2019-11-01 0 days 1,901 sqft
    2019-12-01 0 days 1,885 sqft
    2020-01-01 0 days 1,875 sqft
    2020-02-01 0 days 1,847 sqft
    2020-03-01 0 days 1,744 sqft
    2020-04-01 0 days 1,669 sqft
    2020-05-01 0 days 1,750 sqft
    2020-06-01 0 days 1,847 sqft
    2020-07-01 0 days 1,898 sqft
    2020-08-01 0 days 1,782 sqft
    2020-09-01 0 days 1,701 sqft
    2020-10-01 0 days 1,700 sqft
    2020-11-01 0 days 1,644 sqft
    2020-12-01 0 days 1,617 sqft
    2021-01-01 0 days 1,580 sqft
    2021-02-01 0 days 1,525 sqft
    2021-03-01 0 days 1,575 sqft
    2021-04-01 0 days 1,769 sqft
    2021-05-01 0 days 1,800 sqft
    2021-06-01 0 days 1,800 sqft
    2021-07-01 0 days 1,800 sqft
    2021-08-01 0 days 1,810 sqft
    2021-09-01 0 days 1,800 sqft
    2021-10-01 0 days 1,795 sqft
    2021-11-01 0 days 1,800 sqft
    2021-12-01 0 days 1,691 sqft
    2022-01-01 0 days 1,682 sqft
    2022-02-01 0 days 1,740 sqft
    2022-03-01 0 days 1,715 sqft
    2022-04-01 0 days 1,714 sqft
    2022-05-01 0 days 1,729 sqft
    2022-06-01 0 days 1,746 sqft
    2022-07-01 0 days 1,792 sqft
    2022-08-01 0 days 1,783 sqft
    2022-09-01 0 days 1,914 sqft
    2022-10-01 0 days 2,072 sqft
    2022-11-01 0 days 2,109 sqft
    2022-12-01 0 days 2,102 sqft
    2023-01-01 0 days 2,102 sqft
    2023-02-01 0 days 2,100 sqft
    2023-03-01 0 days 2,056 sqft
    2023-04-01 0 days 2,071 sqft
    2023-05-01 0 days 2,022 sqft
    2023-06-01 0 days 2,014 sqft
    2023-07-01 0 days 2,010 sqft
    2023-08-01 0 days 2,049 sqft
    2023-09-01 0 days 2,006 sqft
    2023-10-01 0 days 2,001 sqft
    2023-11-01 0 days 1,989 sqft
    2023-12-01 0 days 2,001 sqft
    2024-01-01 0 days 2,001 sqft
    2024-02-01 0 days 2,012 sqft
    2024-03-01 0 days 2,028 sqft
    2024-04-01 0 days 2,014 sqft
    2024-05-01 0 days 1,903 sqft
    2024-06-01 0 days 1,917 sqft
    2024-07-01 0 days 1,837 sqft
    2024-08-01 0 days 1,824 sqft
    2024-09-01 0 days 1,888 sqft
    2024-10-01 0 days 1,870 sqft
    Paris's median listing age (time on market) for 2024-10-01 was 0 days.

    Paris's median square footage for active listings during the 2024-10-01 period was 1,870 sqft. One year prior, the average listing was 2,001 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).