Shelbyville FHA Loan Rates, Closing Costs & Stats

Shelbyville, 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.

    Shelbyville's 56 lenders originated 294 FHA loans during 2023. The total origination value was $77,330,000, with an average FHA loan value of $263,027.

    Shelbyville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Shelbyville averaged 6.44% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Shelbyville's average FHA mortgage closing costs are $8,214.

    The average rate for the prior week (2024-11-01) was 6.51% and one month ago for the week of 2024-10-04, the average rate was 5.83%.

    The average rate one year ago was 7.28%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.67%.

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

    Shelbyville 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 Shelbyville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FIRST COMMUNITY MORTGAGE, INC. 73 6.46% $11,786
    CMG MORTGAGE, INC. 24 6.70% $13,614
    QUICKEN LOANS, LLC 23 6.09% $12,423
    SeaTrust Mortgage Company 13 6.52% $12,104
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 6.18% $14,451
    UNITED WHOLESALE MORTGAGE, LLC 12 6.26% $12,817
    The First National Bank of Middle Tennessee 11 6.68% $10,698
    MOVEMENT MORTGAGE, LLC 6 6.25% $10,939
    FirstBank 6 6.50% $10,153
    BROKER SOLUTIONS, INC. 5 7.15% $9,732
    MORTGAGE INVESTORS GROUP, INC. 5 7.13% $10,680
    NEWREZ LLC 4 6.31% $12,315
    LOANDEPOT.COM, LLC 4 5.97% $13,084
    PENNYMAC LOAN SERVICES, LLC 4 6.12% $13,907
    CROSSCOUNTRY MORTGAGE, LLC 3 7.02% $12,173
    Mr. Cooper ( Nationstar Mortgage ) 3 5.75% $12,628
    FirstTrust Home Loans, Inc. 3 6.04% $9,865
    Pinnacle Bank 3 5.88% $8,175
    FREEDOM MORTGAGE CORPORATION 3 7.08% $13,026
    The Federal Savings Bank 3 6.08% $12,311
    CARDINAL FINANCIAL 2 6.00% $11,433
    Carrington Mortgage Services, LLC 2 6.38% $8,571
    CapStar Bank 2 6.31% $9,299
    Legacy Home Loans, LLC 2 5.88% $7,513
    RELIANCE FIRST CAPITAL, LLC 2 6.13% $12,348
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.81% $13,984
    U.S. Bank 2 6.31% $4,316
    COMMUNITY MORTGAGE CORPORATION 2 6.38% $10,553
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.25% $10,612
    STOCKTON MORTGAGE CORPORATION 1 5.88% $9,402
    AMCAP MORTGAGE, LTD. 1 7.13% $17,140
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $9,099
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $10,094
    Ameris Bank 1 7.13% $8,401
    BancorpSouth 1 4.63% $17,476
    CALCON MUTUAL MORTGAGE LLC 1 5.25% $11,802
    CANOPY MORTGAGE, LLC 1 7.13% $8,530
    GARDNER FINANCIAL SERVICES, LTD. 1 8.00% $9,101
    GUARANTEED RATE, INC. 1 5.75% $13,359
    HOMESIDE FINANCIAL, LLC 1 7.13% $14,286
    ISERVE RESIDENTIAL LENDING, LLC 1 6.75% $9,750
    JLB CORPORATION 1 5.75% $10,416
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $9,636
    LAND HOME FINANCIAL SERVICES, INC. 1 5.50% $8,767
    LOANPAL, LLC 1 5.63% $12,469
    Midwest BankCentre 1 6.63% $8,820
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $13,638
    OCMBC, INC. 1 7.25% $12,530
    PLANET HOME LENDING, LLC 1 6.38% $14,769
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.88% $11,735
    Regions Bank 1 5.75% $11,558
    ROSS MORTGAGE CORPORATION 1 6.50% $8,394
    ACOPIA, LLC 1 7.63% $16,036
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.00% $8,442
    SWBC MORTGAGE CORPORATION 1 6.75% $7,637
    TENNESSEE TRUST MORTGAGE, INC 1 7.50% $8,059

    The top Shelbyville FHA lender as defined by loan originations is FIRST COMMUNITY MORTGAGE, INC., with 73 FHA loans originated. Their average total fees are $11,786, which is $1,828 lower than the next largest lender, CMG MORTGAGE, INC..

    The lowest fee Shelbyville FHA lenders (with over 10 loans originated) are The First National Bank of Middle Tennessee ($10,698), FIRST COMMUNITY MORTGAGE, INC. ($11,786), SeaTrust Mortgage Company ($12,104), QUICKEN LOANS, LLC ($12,423) and UNITED WHOLESALE MORTGAGE, LLC ($12,817).

    The lowest rate Shelbyville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.09%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.18%), UNITED WHOLESALE MORTGAGE, LLC (6.26%), FIRST COMMUNITY MORTGAGE, INC. (6.46%) and SeaTrust Mortgage Company (6.52%).

    Shelbyville FHA Loan Limits

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

    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).