Tullahoma FHA Loan Rates, Closing Costs & Stats

Tullahoma-Manchester, 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.

Tullahoma's 87 lenders originated 477 FHA loans during 2023. The total origination value was $115,835,000, with an average FHA loan value of $242,841.

Tullahoma FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Tullahoma averaged 6.08% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

Tullahoma's average FHA mortgage closing costs are $7,860.

The average rate for the prior week (2024-10-04) was 5.6% and one month ago for the week of 2024-09-06, the average rate was 6.03%.

The average rate one year ago was 7.05%.

For refis of the same type during the week of 2024-10-11, the average rate was 5.83%.

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

Tullahoma 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 Tullahoma level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 64 6.14% $11,105
FIRST COMMUNITY MORTGAGE, INC. 40 6.40% $10,335
First Vision Bank of Tennessee 30 6.42% $10,456
CMG MORTGAGE, INC. 30 6.71% $12,872
SeaTrust Mortgage Company 27 6.45% $10,934
UNITED WHOLESALE MORTGAGE, LLC 18 6.19% $12,551
BROKER SOLUTIONS, INC. 18 6.79% $12,222
FirstBank 13 6.52% $10,893
PENNYMAC LOAN SERVICES, LLC 9 6.04% $12,329
MORTGAGE INVESTORS GROUP, INC. 8 6.14% $9,127
LOANDEPOT.COM, LLC 8 5.67% $10,875
STOCKTON MORTGAGE CORPORATION 8 6.52% $9,498
SmartBank 8 6.11% $7,201
Renasant Bank 8 6.95% $8,437
ACOPIA, LLC 8 6.61% $11,114
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.54% $13,988
ISERVE RESIDENTIAL LENDING, LLC 6 6.48% $12,023
CROSSCOUNTRY MORTGAGE, LLC 6 6.89% $11,290
FREEDOM MORTGAGE CORPORATION 5 7.05% $11,987
Mr. Cooper ( Nationstar Mortgage ) 5 5.88% $14,292
AMERISAVE MORTGAGE CORPORATION 5 6.13% $17,703
The First National Bank of Middle Tennessee 5 6.43% $10,563
MOVEMENT MORTGAGE, LLC 4 6.88% $15,101
Legacy Home Loans, LLC 4 6.47% $10,348
C & F Mortgage Corporation 3 6.58% $8,389
CARDINAL FINANCIAL 3 6.25% $11,634
Nations Lending Corporation 3 7.08% $9,639
LAKEVIEW LOAN SERVICING, LLC 3 6.08% $13,240
FirstTrust Home Loans, Inc. 3 6.21% $10,385
Carrington Mortgage Services, LLC 3 6.46% $10,826
U.S. Bank 3 6.50% $7,860
EVANSVILLE TEACHERS 2 6.88% $10,093
AMCAP MORTGAGE, LTD. 2 6.44% $10,196
AMERICAN FINANCIAL RESOURCES, INC. 2 6.00% $14,096
AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.50% $11,180
F&M Bank 2 5.94% $8,450
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.38% $11,954
GUARANTEED RATE, INC. 2 5.98% $10,298
INTERLINC MORTGAGE SERVICES, LLC 2 6.31% $11,609
LEADERONE FINANCIAL CORPORATION 2 7.13% $11,279
LOANPAL, LLC 2 5.63% $10,125
Magnolia Bank 2 6.94% $8,681
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.13% $12,505
NATIONS RELIABLE LENDING, LLC 2 6.69% $15,100
NEWREZ LLC 2 7.00% $11,347
NFM, INC. 2 7.13% $14,756
Paramount Residential Mortgage Group, Inc. 2 7.38% $13,337
PLANET HOME LENDING, LLC 2 6.00% $9,417
SWBC MORTGAGE CORPORATION 2 6.38% $12,022
Franklin Loan Corporation 1 6.50% $22,638
Mortgage Research Center, LLC 1 5.38% $10,141
FLAT BRANCH MORTGAGE, INC. 1 6.25% $10,919
Flagstar Bank, FSB 1 7.13% $13,941
THE MORTGAGE FIRM, INC. 1 4.99% $12,528
Fifth Third Bank 1 7.13% $5,152
TJC Mortgage, Inc. 1 6.75% $10,291
TOP FLITE FINANCIAL, INC. 1 6.75% $9,191
TOWNE MORTGAGE COMPANY 1 5.99% $7,879
OCMBC, INC. 1 7.00% $6,124
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $16,101
Equity Prime Mortgage LLC 1 7.25% $13,651
PHH Mortgage Corporation 1 6.13% $11,449
Pinnacle Bank 1 5.75% $13,521
AMERICAN FINANCIAL NETWORK, INC. 1 5.63% $10,380
Prosperity Home Mortgage, LLC 1 6.99% $10,434
COMMUNITY MORTGAGE CORPORATION 1 7.25% $9,251
REDSTONE Federal Credit Union 1 5.25% $13,825
Regions Bank 1 7.25% $5,854
CHURCHILL MORTGAGE CORPORATION 1 6.99% $7,204
ROSS MORTGAGE CORPORATION 1 6.13% $9,448
RUOFF MORTGAGE COMPANY, INC. 1 6.75% $8,012
Century Mortgage Company DBA Century Lending Company 1 6.75% $5,769
Semper Home Loans, Inc. 1 7.63% $11,235
CapStar Bank 1 6.75% $10,785
SOVEREIGN LENDING GROUP INCORPORATED 1 5.38% $13,522
Barrington Bank & Trust Company, N.A. 1 5.75% $8,428
SUMMIT FUNDING, INC. 1 7.25% $18,647
HOMESIDE FINANCIAL, LLC 1 5.63% $11,793
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.25% $6,104
VILLAGE CAPITAL MORTGAGE 1 5.63% $11,618
Leaders Credit Union 1 5.88% $12,751
GUARANTY HOME MORTGAGE CORPORATION 1 6.25% $9,278
Legends Bank 1 6.50% $9,896
GARDNER FINANCIAL SERVICES, LTD. 1 6.75% $11,633
T2 FINANCIAL LLC 1 5.88% $5,413
AXIA FINANCIAL, LLC 1 6.75% $16,296
MID AMERICA MORTGAGE, INC. 1 6.00% $7,671

The top Tullahoma FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 64 FHA loans originated. Their average total fees are $11,105, which is $770 higher than the next largest lender, FIRST COMMUNITY MORTGAGE, INC..

The lowest fee Tullahoma FHA lenders (with over 10 loans originated) are FIRST COMMUNITY MORTGAGE, INC. ($10,335), First Vision Bank of Tennessee ($10,456), FirstBank ($10,893), SeaTrust Mortgage Company ($10,934) and QUICKEN LOANS, LLC ($11,105).

The lowest rate Tullahoma FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.14%), UNITED WHOLESALE MORTGAGE, LLC (6.19%), FIRST COMMUNITY MORTGAGE, INC. (6.40%), First Vision Bank of Tennessee (6.42%) and SeaTrust Mortgage Company (6.45%).

Tullahoma FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
TULLAHOMA-MANCHESTER, TN COFFEE 2022 $420,680 $538,650 $651,050 $809,150
TULLAHOMA-MANCHESTER, TN FRANKLIN 2022 $420,680 $538,650 $651,050 $809,150
TULLAHOMA-MANCHESTER, TN MOORE 2022 $420,680 $538,650 $651,050 $809,150
TULLAHOMA-MANCHESTER, TN COFFEE 2023 $472,030 $604,400 $730,525 $907,900
TULLAHOMA-MANCHESTER, TN FRANKLIN 2023 $472,030 $604,400 $730,525 $907,900
TULLAHOMA-MANCHESTER, TN MOORE 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Tullahoma (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 $249,950 (16.8%) $370,871 (16.9%) 0.00 342
2018-02-01 $272,450 (32.9%) $385,937 (22.8%) 0.00 331
2018-03-01 $274,750 (29.0%) $384,268 (20.6%) 0.00 336
2018-04-01 $289,925 (31.8%) $384,252 (16.1%) 0.00 332
2018-05-01 $299,900 (11.1%) $396,499 (2.0%) 0.00 334
2018-06-01 $299,900 (13.4%) $396,066 (3.7%) 0.00 359
2018-07-01 $290,725 (2.0%) $394,660 (-0.2%) 0.00 363
2018-08-01 $282,400 (2.7%) $385,054 (-0.1%) 0.00 366
2018-09-01 $269,000 (1.6%) $368,345 (-2.2%) 0.00 373
2018-10-01 $273,500 (2.3%) $372,273 (-2.0%) 0.00 376
2018-11-01 $267,475 (7.1%) $361,724 (-2.8%) 0.00 374
2018-12-01 $256,682 (0.7%) $341,417 (-9.9%) 0.00 368
2019-01-01 $256,900 (2.8%) $339,364 (-8.5%) 0.00 345
2019-02-01 $259,900 (-4.6%) $346,588 (-10.2%) 0.00 347
2019-03-01 $276,329 (0.6%) $365,215 (-5.0%) 0.00 322
2019-04-01 $282,079 (-2.7%) $375,686 (-2.2%) 0.00 302
2019-05-01 $299,950 (0.0%) $388,965 (-1.9%) 0.00 316
2019-06-01 $291,950 (-2.7%) $378,016 (-4.6%) 0.00 334
2019-07-01 $298,450 (2.7%) $398,529 (1.0%) 0.00 341
2019-08-01 $294,109 (4.2%) $396,035 (2.9%) 0.00 344
2019-09-01 $288,423 (7.2%) $396,558 (7.7%) 0.00 357
2019-10-01 $284,250 (3.9%) $396,907 (6.6%) 0.00 364
2019-11-01 $269,500 (0.8%) $391,024 (8.1%) 0.00 348
2019-12-01 $259,900 (1.3%) $368,098 (7.8%) 0.00 343
2020-01-01 $256,900 (0.0%) $366,151 (7.9%) 0.00 317
2020-02-01 $258,750 (-0.4%) $360,313 (4.0%) 0.00 302
2020-03-01 $286,175 (3.6%) $385,580 (5.6%) 0.00 286
2020-04-01 $279,900 (-0.8%) $379,841 (1.1%) 0.00 284
2020-05-01 $306,990 (2.4%) $403,399 (3.7%) 0.00 255
2020-06-01 $319,900 (9.6%) $404,349 (7.0%) 0.00 217
2020-07-01 $316,950 (6.2%) $394,084 (-1.1%) 0.00 201
2020-08-01 $329,900 (12.2%) $402,355 (1.6%) 0.00 178
2020-09-01 $309,475 (7.3%) $407,296 (2.7%) 0.00 151
2020-10-01 $314,500 (10.6%) $415,086 (4.6%) 0.00 149
2020-11-01 $295,000 (9.5%) $424,355 (8.5%) 0.00 140
2020-12-01 $279,900 (7.7%) $403,655 (9.7%) 0.00 139
2021-01-01 $264,900 (3.1%) $382,155 (4.4%) 0.00 135
2021-02-01 $289,900 (12.0%) $398,589 (10.6%) 0.00 119
2021-03-01 $296,925 (3.8%) $414,898 (7.6%) 0.00 107
2021-04-01 $346,225 (23.7%) $492,318 (29.6%) 0.00 100
2021-05-01 $409,900 (33.5%) $478,188 (18.5%) 0.00 117
2021-06-01 $382,425 (19.6%) $515,365 (27.5%) 0.00 119
2021-07-01 $369,400 (16.6%) $497,886 (26.3%) 0.00 148
2021-08-01 $382,450 (15.9%) $505,060 (25.5%) 0.00 171
2021-09-01 $386,950 (25.0%) $511,043 (25.5%) 0.00 186
2021-10-01 $379,450 (20.7%) $552,163 (33.0%) 0.00 174
2021-11-01 $389,450 (32.0%) $570,183 (34.4%) 0.00 178
2021-12-01 $374,900 (33.9%) $568,604 (40.9%) 0.00 159
2022-01-01 $374,900 (41.5%) $560,458 (46.7%) 0.00 135
2022-02-01 $394,625 (36.1%) $570,936 (43.2%) 0.00 132
2022-03-01 $381,675 (28.5%) $583,347 (40.6%) 0.00 147
2022-04-01 $429,000 (23.9%) $574,105 (16.6%) 0.00 177
2022-05-01 $432,400 (5.5%) $601,859 (25.9%) 0.00 219
2022-06-01 $449,900 (17.6%) $599,590 (16.3%) 0.00 276
2022-07-01 $446,700 (20.9%) $588,737 (18.3%) 0.00 319
2022-08-01 $457,400 (19.6%) $606,590 (20.1%) 0.00 344
2022-09-01 $467,425 (20.8%) $637,291 (24.7%) 0.00 346
2022-10-01 $399,900 (5.4%) $593,989 (7.6%) 0.00 421
2022-11-01 $399,900 (2.7%) $567,578 (-0.5%) 0.00 419
2022-12-01 $399,900 (6.7%) $570,546 (0.3%) 0.00 397
2023-01-01 $384,925 (2.7%) $569,514 (1.6%) 0.00 378
2023-02-01 $384,950 (-2.5%) $580,838 (1.7%) 0.00 351
2023-03-01 $389,675 (2.1%) $583,695 (0.1%) 0.00 349
2023-04-01 $479,900 (11.9%) $636,215 (10.8%) 0.00 328
2023-05-01 $479,900 (11.0%) $622,138 (3.4%) 0.00 351
2023-06-01 $479,450 (6.6%) $610,798 (1.9%) 0.00 384
2023-07-01 $474,900 (6.3%) $584,930 (-0.7%) 0.00 360
2023-08-01 $456,675 (-0.2%) $574,452 (-5.3%) 0.00 374
2023-09-01 $449,900 (-3.8%) $588,262 (-7.7%) 0.00 392
2023-10-01 $441,475 (10.4%) $566,677 (-4.6%) 0.00 413
2023-11-01 $399,900 (0.0%) $524,203 (-7.6%) 0.00 461
2023-12-01 $399,500 (-0.1%) $505,530 (-11.4%) 0.00 476
2024-01-01 $398,500 (3.5%) $507,002 (-11.0%) 0.00 424
2024-02-01 $409,925 (6.5%) $522,481 (-10.1%) 0.00 421
2024-03-01 $434,900 (11.6%) $539,739 (-7.5%) 0.00 397
2024-04-01 $446,650 (-6.9%) $572,564 (-10.0%) 0.00 398
2024-05-01 $444,425 (-7.4%) $591,292 (-5.0%) 0.00 430
2024-06-01 $440,000 (-8.2%) $579,546 (-5.1%) 0.00 477
2024-07-01 $427,575 (-10.0%) $562,420 (-3.9%) 0.00 480
2024-08-01 $409,900 (-10.2%) $539,556 (-6.1%) 0.00 494
2024-09-01 $399,450 (-11.2%) $530,989 (-9.7%) 0.00 530
Tullahoma's median listing price for 2024-09-01 was $399,450, a difference of $-50,450 (-11.2%) versus the prior year and $-10,450 versus the prior month.

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

Tullahoma's average listing price for 2024-09-01 was $530,989, a difference of $-57,273 (-9.7%) versus the prior year and $-8,567 versus the prior month.

For the 2024-09-01 period, Tullahoma had 530 MLS listings, a difference of 36 listings (7%) versus the prior month and 138 listings (35%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Tullahoma (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,220 sqft
2018-02-01 0 days 2,289 sqft
2018-03-01 0 days 2,279 sqft
2018-04-01 0 days 2,297 sqft
2018-05-01 0 days 2,420 sqft
2018-06-01 0 days 2,421 sqft
2018-07-01 0 days 2,419 sqft
2018-08-01 0 days 2,308 sqft
2018-09-01 0 days 2,280 sqft
2018-10-01 0 days 2,242 sqft
2018-11-01 0 days 2,255 sqft
2018-12-01 0 days 2,149 sqft
2019-01-01 0 days 2,153 sqft
2019-02-01 0 days 2,176 sqft
2019-03-01 0 days 2,273 sqft
2019-04-01 0 days 2,364 sqft
2019-05-01 0 days 2,453 sqft
2019-06-01 0 days 2,400 sqft
2019-07-01 0 days 2,405 sqft
2019-08-01 0 days 2,345 sqft
2019-09-01 0 days 2,295 sqft
2019-10-01 0 days 2,262 sqft
2019-11-01 0 days 2,240 sqft
2019-12-01 0 days 2,109 sqft
2020-01-01 0 days 2,088 sqft
2020-02-01 0 days 2,061 sqft
2020-03-01 0 days 2,220 sqft
2020-04-01 0 days 2,200 sqft
2020-05-01 0 days 2,269 sqft
2020-06-01 0 days 2,285 sqft
2020-07-01 0 days 2,259 sqft
2020-08-01 0 days 2,226 sqft
2020-09-01 0 days 2,166 sqft
2020-10-01 0 days 2,181 sqft
2020-11-01 0 days 2,099 sqft
2020-12-01 0 days 1,988 sqft
2021-01-01 0 days 1,938 sqft
2021-02-01 0 days 1,920 sqft
2021-03-01 0 days 1,859 sqft
2021-04-01 0 days 1,888 sqft
2021-05-01 0 days 1,915 sqft
2021-06-01 0 days 1,987 sqft
2021-07-01 0 days 1,959 sqft
2021-08-01 0 days 2,057 sqft
2021-09-01 0 days 2,080 sqft
2021-10-01 0 days 2,180 sqft
2021-11-01 0 days 2,140 sqft
2021-12-01 0 days 2,069 sqft
2022-01-01 0 days 2,019 sqft
2022-02-01 0 days 2,030 sqft
2022-03-01 0 days 2,008 sqft
2022-04-01 0 days 2,040 sqft
2022-05-01 0 days 2,118 sqft
2022-06-01 0 days 2,223 sqft
2022-07-01 0 days 2,187 sqft
2022-08-01 0 days 2,090 sqft
2022-09-01 0 days 2,114 sqft
2022-10-01 0 days 2,010 sqft
2022-11-01 0 days 2,002 sqft
2022-12-01 0 days 1,968 sqft
2023-01-01 0 days 1,972 sqft
2023-02-01 0 days 1,928 sqft
2023-03-01 0 days 1,947 sqft
2023-04-01 0 days 2,121 sqft
2023-05-01 0 days 2,174 sqft
2023-06-01 0 days 2,200 sqft
2023-07-01 0 days 2,214 sqft
2023-08-01 0 days 2,159 sqft
2023-09-01 0 days 2,159 sqft
2023-10-01 0 days 2,091 sqft
2023-11-01 0 days 1,925 sqft
2023-12-01 0 days 1,917 sqft
2024-01-01 0 days 1,953 sqft
2024-02-01 0 days 1,967 sqft
2024-03-01 0 days 2,044 sqft
2024-04-01 0 days 2,102 sqft
2024-05-01 0 days 2,068 sqft
2024-06-01 0 days 2,043 sqft
2024-07-01 0 days 2,004 sqft
2024-08-01 0 days 1,961 sqft
2024-09-01 0 days 1,950 sqft
Tullahoma's median listing age (time on market) for 2024-09-01 was 0 days.

Tullahoma's median square footage for active listings during the 2024-09-01 period was 1,950 sqft. One year prior, the average listing was 2,159 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).