Shelbyville FHA Loan Rates, Closing Costs & Stats
Shelbyville, 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.
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
0.11%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Shelbyville's average FHA mortgage closing costs are $8,214.
The average rate for the prior week (2024-11-22) was
6.2% and
one month ago for the week of 2024-10-25, the
average rate was 6.28%.
The average rate one year ago was 7.17%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0.35%.
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.
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. LouisDate | 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 |
2024-04-01 | $395,000 (-1.2%) | $531,063 (-14.1%) | 0.00 | 157 |
2024-05-01 | $381,890 (-12.7%) | $527,620 (-15.8%) | 0.00 | 161 |
2024-06-01 | $388,780 (-7.3%) | $545,529 (-3.8%) | 0.00 | 170 |
2024-07-01 | $399,000 (0.0%) | $572,116 (5.5%) | 0.00 | 176 |
2024-08-01 | $404,900 (-4.5%) | $633,639 (12.3%) | 0.00 | 196 |
2024-09-01 | $399,000 (1.0%) | $608,454 (8.4%) | 0.00 | 226 |
2024-10-01 | $399,000 (13.7%) | $593,509 (12.0%) | 0.00 | 213 |
Shelbyville's median listing price comes in at 0% of the national average.
Shelbyville's average listing price for 2024-10-01 was $593,509, a difference of $63,704 (12.0%) versus the prior year and $-14,945 versus the prior month.
For the 2024-10-01 period, Shelbyville had 213 MLS listings, a difference of -13 listings (-6%) versus the prior month and 14 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. LouisDate | 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 |
2024-04-01 | 0 days | 1,766 sqft |
2024-05-01 | 0 days | 1,824 sqft |
2024-06-01 | 0 days | 1,865 sqft |
2024-07-01 | 0 days | 1,884 sqft |
2024-08-01 | 0 days | 1,886 sqft |
2024-09-01 | 0 days | 1,869 sqft |
2024-10-01 | 0 days | 1,850 sqft |
Shelbyville's median square footage for active listings during the 2024-10-01 period was 1,850 sqft. One year prior, the average listing was 1,849 sqft.