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%.

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
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 for 2024-10-01 was $399,000, a difference of $48,080 (13.7%) versus the prior year and $0 versus the prior month.

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. 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
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 listing age (time on market) for 2024-10-01 was 0 days.

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.

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).