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 6.57% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.86% and one month ago for the week of 2024-03-15, the average rate was 6.53%.

    The average rate one year ago was 6.36%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.1%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Shelbyville (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 $229,900 (17.2%) $398,936 (15.3%) 0.00 137
    2018-02-01 $234,550 (18.6%) $393,905 (21.1%) 0.00 135
    2018-03-01 $247,900 (21.1%) $409,458 (37.4%) 0.00 122
    2018-04-01 $229,500 (6.7%) $394,580 (28.6%) 0.00 129
    2018-05-01 $239,000 (0.2%) $381,327 (-3.9%) 0.00 150
    2018-06-01 $239,250 (-6.2%) $382,090 (-4.7%) 0.00 142
    2018-07-01 $244,900 (2.1%) $420,737 (8.9%) 0.00 136
    2018-08-01 $251,700 (4.9%) $422,274 (5.7%) 0.00 147
    2018-09-01 $269,900 (12.8%) $401,422 (-7.4%) 0.00 151
    2018-10-01 $268,075 (18.5%) $392,625 (-2.0%) 0.00 155
    2018-11-01 $270,700 (18.4%) $414,908 (4.9%) 0.00 146
    2018-12-01 $265,000 (6.2%) $411,439 (-0.5%) 0.00 146
    2019-01-01 $269,125 (17.1%) $403,669 (1.2%) 0.00 140
    2019-02-01 $257,400 (9.7%) $384,184 (-2.5%) 0.00 139
    2019-03-01 $259,900 (4.8%) $387,867 (-5.3%) 0.00 140
    2019-04-01 $259,900 (13.3%) $395,013 (0.1%) 0.00 139
    2019-05-01 $269,900 (12.9%) $394,824 (3.5%) 0.00 143
    2019-06-01 $270,000 (12.9%) $407,951 (6.8%) 0.00 146
    2019-07-01 $273,650 (11.7%) $407,886 (-3.1%) 0.00 144
    2019-08-01 $272,627 (8.3%) $401,434 (-4.9%) 0.00 152
    2019-09-01 $276,718 (2.5%) $393,646 (-1.9%) 0.00 163
    2019-10-01 $275,695 (2.8%) $382,397 (-2.6%) 0.00 172
    2019-11-01 $269,900 (-0.3%) $391,771 (-5.6%) 0.00 176
    2019-12-01 $264,900 (0.0%) $436,480 (6.1%) 0.00 168
    2020-01-01 $245,380 (-8.8%) $401,408 (-0.6%) 0.00 165
    2020-02-01 $254,900 (-1.0%) $409,505 (6.6%) 0.00 165
    2020-03-01 $273,450 (5.2%) $410,463 (5.8%) 0.00 160
    2020-04-01 $249,900 (-3.9%) $399,493 (1.1%) 0.00 163
    2020-05-01 $284,900 (5.6%) $420,358 (6.5%) 0.00 148
    2020-06-01 $308,650 (14.3%) $483,377 (18.5%) 0.00 110
    2020-07-01 $321,150 (17.4%) $496,614 (21.8%) 0.00 102
    2020-08-01 $304,900 (11.8%) $559,386 (39.4%) 0.00 91
    2020-09-01 $297,400 (7.5%) $573,240 (45.6%) 0.00 94
    2020-10-01 $299,900 (8.8%) $561,395 (46.8%) 0.00 100
    2020-11-01 $286,150 (6.0%) $524,578 (33.9%) 0.00 110
    2020-12-01 $299,900 (13.2%) $539,239 (23.5%) 0.00 101
    2021-01-01 $259,900 (5.9%) $475,689 (18.5%) 0.00 94
    2021-02-01 $277,185 (8.7%) $504,390 (23.2%) 0.00 76
    2021-03-01 $280,230 (2.5%) $564,186 (37.5%) 0.00 68
    2021-04-01 $332,225 (32.9%) $660,609 (65.4%) 0.00 51
    2021-05-01 $394,900 (38.6%) $753,930 (79.4%) 0.00 55
    2021-06-01 $454,800 (47.4%) $761,268 (57.5%) 0.00 63
    2021-07-01 $449,900 (40.1%) $703,315 (41.6%) 0.00 75
    2021-08-01 $396,450 (30.0%) $714,006 (27.6%) 0.00 80
    2021-09-01 $388,725 (30.7%) $674,971 (17.8%) 0.00 77
    2021-10-01 $394,690 (31.6%) $690,673 (23.0%) 0.00 72
    2021-11-01 $387,358 (35.4%) $708,919 (35.1%) 0.00 77
    2021-12-01 $389,239 (29.8%) $763,762 (41.6%) 0.00 64
    2022-01-01 $387,500 (49.1%) $732,766 (54.0%) 0.00 56
    2022-02-01 $321,750 (16.1%) $652,808 (29.4%) 0.00 62
    2022-03-01 $357,450 (27.6%) $651,229 (15.4%) 0.00 60
    2022-04-01 $424,999 (27.9%) $694,265 (5.1%) 0.00 76
    2022-05-01 $392,375 (-0.6%) $641,421 (-14.9%) 0.00 94
    2022-06-01 $395,200 (-13.1%) $637,480 (-16.3%) 0.00 124
    2022-07-01 $439,000 (-2.4%) $651,593 (-7.4%) 0.00 142
    2022-08-01 $402,450 (1.5%) $583,565 (-18.3%) 0.00 170
    2022-09-01 $399,450 (2.8%) $571,122 (-15.4%) 0.00 200
    2022-10-01 $399,000 (1.1%) $589,318 (-14.7%) 0.00 208
    2022-11-01 $391,400 (1.0%) $565,910 (-20.2%) 0.00 198
    2022-12-01 $396,450 (1.9%) $567,705 (-25.7%) 0.00 187
    2023-01-01 $393,000 (1.4%) $561,630 (-23.4%) 0.00 176
    2023-02-01 $377,425 (17.3%) $569,150 (-12.8%) 0.00 181
    2023-03-01 $389,225 (8.9%) $560,883 (-13.9%) 0.00 168
    2023-04-01 $399,900 (-5.9%) $618,241 (-11.0%) 0.00 145
    2023-05-01 $437,450 (11.5%) $626,348 (-2.4%) 0.00 150
    2023-06-01 $419,150 (6.1%) $566,919 (-11.1%) 0.00 160
    2023-07-01 $399,000 (-9.1%) $542,556 (-16.7%) 0.00 182
    2023-08-01 $423,750 (5.3%) $564,110 (-3.3%) 0.00 192
    2023-09-01 $395,000 (-1.1%) $561,149 (-1.8%) 0.00 199
    2023-10-01 $350,920 (-12.1%) $529,805 (-10.1%) 0.00 199
    2023-11-01 $367,425 (-6.1%) $542,192 (-4.2%) 0.00 208
    2023-12-01 $356,495 (-10.1%) $534,996 (-5.8%) 0.00 195
    2024-01-01 $362,450 (-7.8%) $533,199 (-5.1%) 0.00 170
    2024-02-01 $382,150 (1.3%) $519,544 (-8.7%) 0.00 163
    2024-03-01 $359,900 (-7.5%) $517,901 (-7.7%) 0.00 157
    Shelbyville's median listing price for 2024-03-01 was $359,900, a difference of $-29,325 (-7.5%) versus the prior year and $-22,250 versus the prior month.

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

    Shelbyville's average listing price for 2024-03-01 was $517,901, a difference of $-42,982 (-7.7%) versus the prior year and $-1,643 versus the prior month.

    For the 2024-03-01 period, Shelbyville had 157 MLS listings, a difference of -6 listings (-4%) versus the prior month and -11 listings (-7%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Shelbyville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,100 sqft
    2018-02-01 0 days 2,032 sqft
    2018-03-01 0 days 2,014 sqft
    2018-04-01 0 days 1,989 sqft
    2018-05-01 0 days 1,958 sqft
    2018-06-01 0 days 1,992 sqft
    2018-07-01 0 days 2,041 sqft
    2018-08-01 0 days 1,946 sqft
    2018-09-01 0 days 2,055 sqft
    2018-10-01 0 days 2,096 sqft
    2018-11-01 0 days 2,097 sqft
    2018-12-01 0 days 2,007 sqft
    2019-01-01 0 days 2,042 sqft
    2019-02-01 0 days 1,863 sqft
    2019-03-01 0 days 1,920 sqft
    2019-04-01 0 days 1,990 sqft
    2019-05-01 0 days 2,093 sqft
    2019-06-01 0 days 2,124 sqft
    2019-07-01 0 days 2,055 sqft
    2019-08-01 0 days 1,969 sqft
    2019-09-01 0 days 2,040 sqft
    2019-10-01 0 days 2,076 sqft
    2019-11-01 0 days 2,024 sqft
    2019-12-01 0 days 1,950 sqft
    2020-01-01 0 days 1,838 sqft
    2020-02-01 0 days 1,955 sqft
    2020-03-01 0 days 1,979 sqft
    2020-04-01 0 days 1,953 sqft
    2020-05-01 0 days 1,979 sqft
    2020-06-01 0 days 2,059 sqft
    2020-07-01 0 days 2,156 sqft
    2020-08-01 0 days 2,204 sqft
    2020-09-01 0 days 2,135 sqft
    2020-10-01 0 days 1,981 sqft
    2020-11-01 0 days 1,929 sqft
    2020-12-01 0 days 1,937 sqft
    2021-01-01 0 days 1,845 sqft
    2021-02-01 0 days 1,891 sqft
    2021-03-01 0 days 1,979 sqft
    2021-04-01 0 days 1,982 sqft
    2021-05-01 0 days 2,125 sqft
    2021-06-01 0 days 2,381 sqft
    2021-07-01 0 days 2,247 sqft
    2021-08-01 0 days 2,035 sqft
    2021-09-01 0 days 1,978 sqft
    2021-10-01 0 days 1,989 sqft
    2021-11-01 0 days 2,109 sqft
    2021-12-01 0 days 2,130 sqft
    2022-01-01 0 days 1,973 sqft
    2022-02-01 0 days 1,675 sqft
    2022-03-01 0 days 1,955 sqft
    2022-04-01 0 days 1,973 sqft
    2022-05-01 0 days 1,932 sqft
    2022-06-01 0 days 1,973 sqft
    2022-07-01 0 days 2,036 sqft
    2022-08-01 0 days 1,961 sqft
    2022-09-01 0 days 1,970 sqft
    2022-10-01 0 days 1,973 sqft
    2022-11-01 0 days 1,963 sqft
    2022-12-01 0 days 1,973 sqft
    2023-01-01 0 days 1,976 sqft
    2023-02-01 0 days 1,933 sqft
    2023-03-01 0 days 1,973 sqft
    2023-04-01 0 days 1,959 sqft
    2023-05-01 0 days 1,995 sqft
    2023-06-01 0 days 1,973 sqft
    2023-07-01 0 days 1,951 sqft
    2023-08-01 0 days 1,956 sqft
    2023-09-01 0 days 1,883 sqft
    2023-10-01 0 days 1,849 sqft
    2023-11-01 0 days 1,833 sqft
    2023-12-01 0 days 1,736 sqft
    2024-01-01 0 days 1,744 sqft
    2024-02-01 0 days 1,797 sqft
    2024-03-01 0 days 1,810 sqft
    Shelbyville's median listing age (time on market) for 2024-03-01 was 0 days.

    Shelbyville's median square footage for active listings during the 2024-03-01 period was 1,810 sqft. One year prior, the average listing was 1,973 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).