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 68 lenders originated 300 FHA loans during 2024. The total origination value was $87,210,000, with an average FHA loan value of $290,700.

    Shelbyville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Shelbyville averaged 6.26% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Shelbyville's average FHA mortgage closing costs are $8,962.

    The average rate for the prior week (2025-03-28) was 6.56% and one month ago for the week of 2025-02-28, the average rate was 6.24%.

    The average rate one year ago was 6.86%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    FIRST COMMUNITY MORTGAGE, INC. 74 6.33% $14,825
    QUICKEN LOANS, LLC 32 6.12% $12,525
    CMG MORTGAGE, INC. 20 6.71% $13,776
    SeaTrust Mortgage Company 18 6.56% $11,045
    UNITED WHOLESALE MORTGAGE, LLC 16 6.12% $12,199
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.72% $11,483
    FirstBank 8 6.42% $12,589
    Ixonia Bank 7 6.64% $12,073
    The First National Bank of Middle Tennessee 6 6.40% $10,012
    PENNYMAC LOAN SERVICES, LLC 6 6.06% $12,320
    GUARANTEED RATE, INC. 6 6.29% $13,453
    Carrington Mortgage Services, LLC 4 6.16% $10,098
    T2 FINANCIAL LLC 4 5.50% $18,093
    FREEDOM MORTGAGE CORPORATION 4 6.37% $9,424
    MOVEMENT MORTGAGE, LLC 4 6.31% $11,894
    BROKER SOLUTIONS, INC. 3 6.83% $11,806
    CROSSCOUNTRY MORTGAGE, LLC 3 6.50% $13,908
    Legacy Home Loans, LLC 3 6.50% $11,302
    MORTGAGE INVESTORS GROUP, INC. 3 6.46% $11,138
    LOANPAL, LLC 2 5.63% $14,553
    CHURCHILL MORTGAGE CORPORATION 2 7.00% $12,260
    AmeriHome Mortgage Company, LLC 2 6.31% $6,885
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.94% $14,076
    RELIANCE FIRST CAPITAL, LLC 2 6.50% $12,358
    GUILD MORTGAGE COMPANY 2 6.88% $8,431
    COMPASS MORTGAGE, INC. 2 6.69% $9,368
    LAKEVIEW LOAN SERVICING, LLC 2 6.75% $9,724
    SWBC MORTGAGE CORPORATION 2 6.50% $15,404
    U.S. Bank 2 6.25% $10,645
    LOANDEPOT.COM, LLC 2 6.56% $11,224
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 6.25% $12,862
    ROYAL UNITED MORTGAGE LLC 1 7.00% $12,634
    SmartBank 1 6.13% $7,760
    SOUTHWEST FUNDING, LP 1 7.00% $15,095
    STOCKTON MORTGAGE CORPORATION 1 6.75% $13,730
    United Community Bank 1 6.13% $9,407
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.49% $14,222
    ACOPIA, LLC 1 6.75% $11,983
    Waterstone Mortgage Corporation 1 6.25% $16,059
    AMERICAN FINANCIAL NETWORK, INC. 1 6.25% $14,229
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $18,575
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $7,097
    Ameris Bank 1 6.00% $11,031
    ASCEND FEDERAL CREDIT UNION 1 7.13% $5,659
    BAY EQUITY LLC 1 6.50% $9,895
    Blue Ridge Bank 1 6.63% $11,259
    CARDINAL FINANCIAL 1 6.25% $14,737
    Century Mortgage Company DBA Century Lending Company 1 5.63% $12,193
    CIS Financial Services, Inc. 1 5.63% $16,013
    COMMUNITY MORTGAGE CORPORATION 1 6.63% $10,063
    Equity Prime Mortgage LLC 1 7.75% $17,633
    EVERETT FINANCIAL, INC. 1 7.13% $14,109
    FIRST COLONY MORTGAGE CORPORATION 1 6.50% $13,209
    Flagstar Bank, FSB 1 5.88% $14,104
    GARDNER FINANCIAL SERVICES, LTD. 1 6.63% $11,866
    HOMESIDE FINANCIAL, LLC 1 6.13% $19,873
    JMAC LENDING, INC. 1 7.13% $9,291
    JMJ FINANCIAL GROUP 1 7.13% $10,726
    Mortgage Research Center, LLC 1 6.75% $8,764
    Mr. Cooper ( Nationstar Mortgage ) 1 6.63% $14,267
    Network Funding, L.P. 1 6.75% $12,603
    NEWREZ LLC 1 6.25% $17,454
    Pacific Lending LLC 1 6.50% $15,333
    Paramount Residential Mortgage Group, Inc. 1 7.13% $12,268
    Pinnacle Bank 1 6.13% $9,679
    PLANET HOME LENDING, LLC 1 6.13% $5,841
    PREMIA MORTGAGE, LLC 1 6.63% $4,986
    Renasant Bank 1 6.13% $13,195

    The top Shelbyville FHA lender as defined by loan originations is FIRST COMMUNITY MORTGAGE, INC., with 74 FHA loans originated. Their average total fees are $14,825, which is $2,300 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Shelbyville FHA lenders (with over 10 loans originated) are SeaTrust Mortgage Company ($11,045), UNITED WHOLESALE MORTGAGE, LLC ($12,199), QUICKEN LOANS, LLC ($12,525), CMG MORTGAGE, INC. ($13,776) and FIRST COMMUNITY MORTGAGE, INC. ($14,825).

    The lowest rate Shelbyville FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.12%), QUICKEN LOANS, LLC (6.12%), FIRST COMMUNITY MORTGAGE, INC. (6.33%), SeaTrust Mortgage Company (6.56%) and CMG MORTGAGE, INC. (6.71%).

    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 $232,450 (18.5%) $401,092 (16.0%) 0.00 136
    2018-02-01 $234,900 (18.8%) $396,043 (21.7%) 0.00 134
    2018-03-01 $247,900 (21.2%) $411,744 (38.2%) 0.00 121
    2018-04-01 $229,750 (6.9%) $395,791 (28.4%) 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 $246,150 (2.6%) $422,072 (8.7%) 0.00 136
    2018-08-01 $251,700 (4.9%) $422,274 (5.4%) 0.00 147
    2018-09-01 $269,900 (12.8%) $401,422 (-7.4%) 0.00 151
    2018-10-01 $269,075 (17.2%) $393,520 (-2.3%) 0.00 155
    2018-11-01 $271,325 (18.0%) $414,367 (4.2%) 0.00 147
    2018-12-01 $269,000 (7.6%) $413,170 (-0.6%) 0.00 146
    2019-01-01 $269,475 (15.9%) $403,401 (0.6%) 0.00 140
    2019-02-01 $257,400 (9.6%) $384,184 (-3.0%) 0.00 139
    2019-03-01 $259,900 (4.8%) $387,867 (-5.8%) 0.00 140
    2019-04-01 $259,900 (13.1%) $393,707 (-0.5%) 0.00 138
    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 (11.2%) $407,886 (-3.4%) 0.00 144
    2019-08-01 $272,627 (8.3%) $401,376 (-5.0%) 0.00 151
    2019-09-01 $276,718 (2.5%) $393,501 (-2.0%) 0.00 163
    2019-10-01 $275,695 (2.5%) $382,291 (-2.9%) 0.00 171
    2019-11-01 $272,400 (0.4%) $393,317 (-5.1%) 0.00 175
    2019-12-01 $264,900 (-1.5%) $436,480 (5.6%) 0.00 168
    2020-01-01 $245,380 (-8.9%) $401,408 (-0.5%) 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 (1.5%) 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 (45.7%) 0.00 94
    2020-10-01 $299,900 (8.8%) $561,395 (46.9%) 0.00 100
    2020-11-01 $286,150 (5.1%) $524,578 (33.4%) 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 $280,294 (2.5%) $563,693 (37.3%) 0.00 68
    2021-04-01 $333,450 (33.4%) $659,595 (65.1%) 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%) $677,123 (18.1%) 0.00 75
    2021-10-01 $389,480 (29.9%) $692,202 (23.3%) 0.00 71
    2021-11-01 $385,231 (34.6%) $710,863 (35.5%) 0.00 76
    2021-12-01 $388,541 (29.6%) $766,573 (42.2%) 0.00 63
    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 (27.5%) $651,229 (15.5%) 0.00 60
    2022-04-01 $424,999 (27.5%) $694,265 (5.3%) 0.00 76
    2022-05-01 $393,250 (-0.4%) $642,381 (-14.8%) 0.00 94
    2022-06-01 $395,725 (-13.0%) $638,385 (-16.1%) 0.00 124
    2022-07-01 $439,450 (-2.3%) $652,849 (-7.2%) 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 (-15.7%) 0.00 200
    2022-10-01 $399,000 (2.4%) $589,318 (-14.9%) 0.00 208
    2022-11-01 $391,400 (1.6%) $565,910 (-20.4%) 0.00 198
    2022-12-01 $396,450 (2.0%) $567,705 (-25.9%) 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 $399,400 (-6.0%) $618,241 (-11.0%) 0.00 144
    2023-05-01 $437,450 (11.2%) $626,830 (-2.4%) 0.00 150
    2023-06-01 $419,150 (5.9%) $566,919 (-11.2%) 0.00 160
    2023-07-01 $399,000 (-9.2%) $542,556 (-16.9%) 0.00 182
    2023-08-01 $422,500 (5.0%) $564,403 (-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 $365,075 (-6.7%) $541,219 (-4.4%) 0.00 207
    2023-12-01 $353,990 (-10.7%) $533,910 (-6.0%) 0.00 194
    2024-01-01 $359,950 (-8.4%) $531,972 (-5.3%) 0.00 169
    2024-02-01 $378,175 (0.2%) $518,486 (-8.9%) 0.00 162
    2024-03-01 $359,900 (-7.5%) $516,763 (-7.9%) 0.00 156
    2024-04-01 $393,725 (-1.4%) $530,538 (-14.2%) 0.00 156
    2024-05-01 $368,658 (-15.7%) $520,444 (-17.0%) 0.00 161
    2024-06-01 $387,999 (-7.4%) $543,852 (-4.1%) 0.00 170
    2024-07-01 $399,000 (0.0%) $573,077 (5.6%) 0.00 175
    2024-08-01 $404,900 (-4.2%) $634,831 (12.5%) 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
    2024-11-01 $375,000 (2.7%) $568,797 (5.1%) 0.00 236
    2024-12-01 $364,800 (3.1%) $559,763 (4.8%) 0.00 237
    2025-01-01 $364,945 (1.4%) $534,846 (0.5%) 0.00 226
    2025-02-01 $368,920 (-2.5%) $513,862 (-0.9%) 0.00 244
    2025-03-01 $375,000 (4.2%) $533,312 (3.2%) 0.00 248
    Shelbyville's median listing price for 2025-03-01 was $375,000, a difference of $15,100 (4.2%) versus the prior year and $6,080 versus the prior month.

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

    Shelbyville's average listing price for 2025-03-01 was $533,312, a difference of $16,549 (3.2%) versus the prior year and $19,450 versus the prior month.

    For the 2025-03-01 period, Shelbyville had 248 MLS listings, a difference of 4 listings (2%) versus the prior month and 92 listings (59%) 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 2,101 sqft
    2018-02-01 0 days 2,039 sqft
    2018-03-01 0 days 2,026 sqft
    2018-04-01 0 days 1,991 sqft
    2018-05-01 0 days 1,958 sqft
    2018-06-01 0 days 1,992 sqft
    2018-07-01 0 days 2,044 sqft
    2018-08-01 0 days 1,946 sqft
    2018-09-01 0 days 2,055 sqft
    2018-10-01 0 days 2,109 sqft
    2018-11-01 0 days 2,101 sqft
    2018-12-01 0 days 2,015 sqft
    2019-01-01 0 days 2,048 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 2,038 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 1,972 sqft
    2021-04-01 0 days 1,972 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 2,099 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 1,957 sqft
    2023-05-01 0 days 1,997 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 1,831 sqft
    2023-12-01 0 days 1,730 sqft
    2024-01-01 0 days 1,739 sqft
    2024-02-01 0 days 1,780 sqft
    2024-03-01 0 days 1,805 sqft
    2024-04-01 0 days 1,766 sqft
    2024-05-01 0 days 1,815 sqft
    2024-06-01 0 days 1,878 sqft
    2024-07-01 0 days 1,887 sqft
    2024-08-01 0 days 1,887 sqft
    2024-09-01 0 days 1,869 sqft
    2024-10-01 0 days 1,850 sqft
    2024-11-01 0 days 1,813 sqft
    2024-12-01 0 days 1,799 sqft
    2025-01-01 0 days 1,807 sqft
    2025-02-01 0 days 1,802 sqft
    2025-03-01 0 days 1,813 sqft
    Shelbyville's median listing age (time on market) for 2025-03-01 was 0 days.

    Shelbyville's median square footage for active listings during the 2025-03-01 period was 1,813 sqft. One year prior, the average listing was 1,805 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).