Paris FHA Loan Rates, Closing Costs & Stats

Paris, 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.

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 6.95% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

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

The average rate for the prior week (2024-03-15) was 6.77% and one month ago for the week of 2024-02-16, the average rate was 6.79%.

The average rate one year ago was 6.68%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.6%.

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
Paris's median listing price for 2024-02-01 was $335,000, a difference of $250 (0.1%) versus the prior year and $-14,000 versus the prior month.

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

Paris's average listing price for 2024-02-01 was $450,408, a difference of $5,191 (1.2%) versus the prior year and $-2,794 versus the prior month.

For the 2024-02-01 period, Paris had 103 MLS listings, a difference of -3 listings (-3%) versus the prior month and 27 listings (36%) 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 2,016 sqft
Paris's median listing age (time on market) for 2024-02-01 was 0 days.

Paris's median square footage for active listings during the 2024-02-01 period was 2,016 sqft. One year prior, the average listing was 2,100 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).