Tullahoma FHA Loans

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 83 lenders originated 469 FHA loans during 2021. The total origination value was $91,355,000, with an average FHA loan value of $194,787.

Tullahoma FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Tullahoma averaged 5.34% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

The average rate for the prior week (2022-07-29) was 5.48% and one month ago for the week of 2022-07-01, the average rate was 5.37%.

The average rate one year ago was 3.08%.

For refis of the same type during the week of 2022-08-05, the average rate was 4.81%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Tullahoma level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 60 2.73% $6,198
FIRST COMMUNITY MORTGAGE, INC. 41 3.38% $6,906
STOCKTON MORTGAGE CORPORATION 18 3.17% $6,151
CMG MORTGAGE, INC. 16 3.25% $9,186
ISERVE RESIDENTIAL LENDING, LLC 15 3.31% $8,710
PENNYMAC LOAN SERVICES, LLC 11 2.85% $5,388
LOANDEPOT.COM, LLC 11 3.25% $6,570
First Horizon Bank 10 2.85% $7,466
FREEDOM MORTGAGE CORPORATION 10 2.76% $4,666
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 3.30% $7,997
Mr. Cooper ( Nationstar Mortgage ) 9 3.24% $5,482
UNITED WHOLESALE MORTGAGE, LLC 9 2.92% $6,914
ACOPIA, LLC 8 3.48% $9,281
FirstBank 8 3.00% $7,404
LAKEVIEW LOAN SERVICING, LLC 8 3.22% $3,580
Renasant Bank 8 3.48% $6,326
BROKER SOLUTIONS, INC. 8 3.29% $7,519
SWBC MORTGAGE CORPORATION 7 3.43% $6,888
INTERLINC MORTGAGE SERVICES, LLC 7 3.46% $6,222
CALIBER HOME LOANS, INC. 7 2.71% $5,439
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 3.31% $7,361
GENEVA FINANCIAL, LLC 6 3.17% $7,816
HOMEBRIDGE FINANCIAL SERVICES, INC. 6 2.54% $5,287
PRIMARY RESIDENTIAL MORTGAGE, INC. 5 3.45% $8,099
AmeriHome Mortgage Company, LLC 5 2.93% $4,396
CHURCHILL MORTGAGE CORPORATION 4 3.03% $7,971
Carrington Mortgage Services, LLC 4 3.44% $6,761
The First National Bank of Middle Tennessee 4 2.84% $5,997
NEWREZ LLC 3 2.88% $3,626
AMERISAVE MORTGAGE CORPORATION 3 3.33% $8,030
Ameris Bank 3 2.63% $7,202
A Mortgage Boutique, LLC 3 2.46% $5,867
F&M Bank 3 2.83% $6,048
Hometown Lenders, Inc. 3 3.67% $8,473
MID AMERICA MORTGAGE, INC. 3 2.83% $1,349
Nations Lending Corporation 3 3.50% $10,310
Regions Bank 3 3.04% $7,770
RELIANCE FIRST CAPITAL, LLC 3 2.79% $10,680
SmartBank 3 2.79% $6,074
VILLAGE CAPITAL & INVESTMENT LLC 3 3.08% $1,828
CROSSCOUNTRY MORTGAGE, LLC 2 2.87% $7,262
SOUTHWEST FUNDING, LP 2 3.19% $8,578
SOVEREIGN LENDING GROUP INCORPORATED 2 2.88% $7,891
MORTGAGE INVESTORS GROUP, INC. 2 3.50% $6,890
First Guaranty Mortgage Corporation 2 2.94% $6,903
MOVEMENT MORTGAGE, LLC 1 3.50% $7,638
EVANSVILLE TEACHERS 1 3.00% $7,968
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.25% $5,142
NATIONS DIRECT MORTGAGE, LLC 1 3.25% $14,990
TOP FLITE FINANCIAL, INC. 1 3.50% $13,334
ACADEMY MORTGAGE CORPORATION 1 3.75% $7,677
NFM, INC. 1 3.38% $3,378
Northpointe Bank 1 2.88% $8,399
PLANET HOME LENDING, LLC 1 2.75% $9,638
POLARIS HOME FUNDING CORP. 1 3.13% $7,815
PREMIA MORTGAGE, LLC 1 2.50% $8,198
Colten Mortgage, LLC 1 3.88% $8,425
CELEBRITY HOME LOANS, LLC 1 3.25% $7,228
UNION HOME MORTGAGE CORP. 1 3.88% $8,604
AMERICAN FINANCIAL NETWORK, INC. 1 3.50% $13,284
Bank of England 1 3.00% $5,474
RUOFF MORTGAGE COMPANY, INC. 1 2.63% $7,300
SECURITYNATIONAL MORTGAGE COMPANY 1 3.38% $6,294
Simmons Bank 1 3.00% $7,789
ZILLOW HOME LOANS, LLC 1 3.00% $7,450
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 4.38% $7,041
SUCCESS MORTGAGE PARTNERS, INC. 1 3.75% $8,470
SUMMIT FUNDING, INC. 1 3.38% $7,481
AMERIFIRST FINANCIAL CORPORATION 1 3.88% $8,465
Synovus Bank 1 2.63% $9,008
T2 FINANCIAL LLC 1 2.50% $5,849
The Federal Savings Bank 1 2.75% $16,567
GUARANTY HOME MORTGAGE CORPORATION 1 3.00% $5,820
Legends Bank 1 2.75% $6,176
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $6,159
InterContinental Capital Group, Inc 1 3.38% $5,802
GREAT WESTERN FINANCIAL SERVICES, INC. 1 3.75% $5,111
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 2.75% $10,037
HOMESIDE FINANCIAL, LLC 1 3.00% $6,980
EVERETT FINANCIAL, INC. 1 3.00% $6,514
MICHIGAN MUTUAL, INC. 1 2.88% $7,440
THE MORTGAGE FIRM, INC. 1 3.25% $11,784
MIDLAND MORTGAGE CORPORATION 1 3.25% $12,303

The top Tullahoma FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 60 FHA loans originated. Their average total fees are $6,198, which is $708 lower than the next largest lender, FIRST COMMUNITY MORTGAGE, INC..

The lowest fee Tullahoma FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($4,666), PENNYMAC LOAN SERVICES, LLC ($5,388), STOCKTON MORTGAGE CORPORATION ($6,151), QUICKEN LOANS, LLC ($6,198) and LOANDEPOT.COM, LLC ($6,570).

The lowest rate Tullahoma FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.73%), FREEDOM MORTGAGE CORPORATION (2.76%), PENNYMAC LOAN SERVICES, LLC (2.85%), First Horizon Bank (2.85%) and STOCKTON MORTGAGE CORPORATION (3.17%).

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

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 $257,450 (17.3%) $372,126 (17.7%) 0.00 347
2018-02-01 $279,200 (29.9%) $387,922 (24.7%) 0.00 335
2018-03-01 $278,500 (26.9%) $386,757 (22.1%) 0.00 342
2018-04-01 $294,950 (31.2%) $384,139 (16.7%) 0.00 340
2018-05-01 $299,900 (10.7%) $393,970 (2.0%) 0.00 341
2018-06-01 $310,000 (14.9%) $397,035 (4.5%) 0.00 358
2018-07-01 $299,700 (5.2%) $395,704 (1.1%) 0.00 364
2018-08-01 $297,250 (8.1%) $387,679 (0.9%) 0.00 374
2018-09-01 $279,900 (5.7%) $375,034 (-0.1%) 0.00 385
2018-10-01 $279,900 (5.6%) $372,496 (-1.3%) 0.00 390
2018-11-01 $276,750 (10.7%) $362,926 (-2.1%) 0.00 388
2018-12-01 $259,900 (0.0%) $339,904 (-9.9%) 0.00 386
2019-01-01 $259,900 (1.0%) $337,576 (-9.3%) 0.00 362
2019-02-01 $264,900 (-5.1%) $343,858 (-11.4%) 0.00 360
2019-03-01 $276,329 (-0.8%) $359,252 (-7.1%) 0.00 333
2019-04-01 $281,329 (-4.6%) $368,176 (-4.2%) 0.00 309
2019-05-01 $299,900 (0.0%) $383,318 (-2.7%) 0.00 320
2019-06-01 $299,500 (-3.4%) $381,982 (-3.8%) 0.00 337
2019-07-01 $299,945 (0.1%) $405,982 (2.6%) 0.00 345
2019-08-01 $291,380 (-2.0%) $404,688 (4.4%) 0.00 360
2019-09-01 $281,335 (0.5%) $402,371 (7.3%) 0.00 375
2019-10-01 $289,450 (3.4%) $405,538 (8.9%) 0.00 370
2019-11-01 $284,000 (2.6%) $400,545 (10.4%) 0.00 360
2019-12-01 $264,750 (1.9%) $375,806 (10.6%) 0.00 346
2020-01-01 $259,900 (0.0%) $372,832 (10.4%) 0.00 317
2020-02-01 $259,999 (-1.9%) $367,939 (7.0%) 0.00 300
2020-03-01 $296,250 (7.2%) $395,953 (10.2%) 0.00 283
2020-04-01 $279,900 (-0.5%) $386,480 (5.0%) 0.00 282
2020-05-01 $306,990 (2.4%) $402,773 (5.1%) 0.00 252
2020-06-01 $319,900 (6.8%) $405,581 (6.2%) 0.00 210
2020-07-01 $314,900 (5.0%) $396,578 (-2.3%) 0.00 196
2020-08-01 $320,000 (9.8%) $403,922 (-0.2%) 0.00 167
2020-09-01 $309,450 (10.0%) $426,568 (6.0%) 0.00 148
2020-10-01 $319,000 (10.2%) $437,031 (7.8%) 0.00 145
2020-11-01 $307,450 (8.3%) $453,531 (13.2%) 0.00 135
2020-12-01 $282,350 (6.7%) $433,203 (15.3%) 0.00 138
2021-01-01 $264,900 (1.9%) $411,435 (10.4%) 0.00 131
2021-02-01 $291,400 (12.1%) $429,463 (16.7%) 0.00 117
2021-03-01 $311,400 (5.1%) $457,944 (15.7%) 0.00 99
2021-04-01 $355,000 (26.8%) $533,981 (38.2%) 0.00 97
2021-05-01 $419,000 (36.5%) $520,499 (29.2%) 0.00 112
2021-06-01 $387,450 (21.1%) $534,925 (31.9%) 0.00 112
2021-07-01 $374,950 (19.1%) $521,715 (31.6%) 0.00 133
2021-08-01 $396,000 (23.8%) $518,839 (28.5%) 0.00 161
2021-09-01 $386,950 (25.0%) $525,535 (23.2%) 0.00 164
2021-10-01 $389,000 (21.9%) $564,730 (29.2%) 0.00 167
2021-11-01 $399,450 (29.9%) $587,863 (29.6%) 0.00 172
2021-12-01 $389,500 (38.0%) $583,232 (34.6%) 0.00 159
2022-01-01 $392,900 (48.3%) $575,580 (39.9%) 0.00 134
2022-02-01 $409,950 (40.7%) $601,395 (40.0%) 0.00 127
2022-03-01 $399,900 (28.4%) $607,225 (32.6%) 0.00 138
2022-04-01 $445,000 (25.4%) $595,210 (11.5%) 0.00 158
2022-05-01 $462,400 (10.4%) $614,343 (18.0%) 0.00 220
2022-06-01 $457,950 (18.2%) $613,833 (14.8%) 0.00 277
Tullahoma's median listing price for 2022-06-01 was $457,950, a difference of $70,500 (18.2%) versus the prior year and $-4,450 versus the prior month.

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

Tullahoma's average listing price for 2022-06-01 was $613,833, a difference of $78,908 (14.8%) versus the prior year and $-510 versus the prior month.

For the 2022-06-01 period, Tullahoma had 277 MLS listings, a difference of 57 listings (26%) versus the prior month and 165 listings (147%) 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 2,266 sqft
2018-02-01 0 days 2,297 sqft
2018-03-01 0 days 2,300 sqft
2018-04-01 0 days 2,310 sqft
2018-05-01 0 days 2,432 sqft
2018-06-01 0 days 2,474 sqft
2018-07-01 0 days 2,462 sqft
2018-08-01 0 days 2,372 sqft
2018-09-01 0 days 2,300 sqft
2018-10-01 0 days 2,263 sqft
2018-11-01 0 days 2,265 sqft
2018-12-01 0 days 2,150 sqft
2019-01-01 0 days 2,152 sqft
2019-02-01 0 days 2,186 sqft
2019-03-01 0 days 2,243 sqft
2019-04-01 0 days 2,300 sqft
2019-05-01 0 days 2,447 sqft
2019-06-01 0 days 2,422 sqft
2019-07-01 0 days 2,475 sqft
2019-08-01 0 days 2,381 sqft
2019-09-01 0 days 2,292 sqft
2019-10-01 0 days 2,285 sqft
2019-11-01 0 days 2,296 sqft
2019-12-01 0 days 2,168 sqft
2020-01-01 0 days 2,116 sqft
2020-02-01 0 days 2,067 sqft
2020-03-01 0 days 2,260 sqft
2020-04-01 0 days 2,213 sqft
2020-05-01 0 days 2,288 sqft
2020-06-01 0 days 2,293 sqft
2020-07-01 0 days 2,302 sqft
2020-08-01 0 days 2,373 sqft
2020-09-01 0 days 2,254 sqft
2020-10-01 0 days 2,300 sqft
2020-11-01 0 days 2,225 sqft
2020-12-01 0 days 2,021 sqft
2021-01-01 0 days 1,944 sqft
2021-02-01 0 days 1,928 sqft
2021-03-01 0 days 2,009 sqft
2021-04-01 0 days 1,980 sqft
2021-05-01 0 days 1,931 sqft
2021-06-01 0 days 1,989 sqft
2021-07-01 0 days 2,044 sqft
2021-08-01 0 days 2,140 sqft
2021-09-01 0 days 2,228 sqft
2021-10-01 0 days 2,304 sqft
2021-11-01 0 days 2,225 sqft
2021-12-01 0 days 2,215 sqft
2022-01-01 0 days 2,070 sqft
2022-02-01 0 days 2,108 sqft
2022-03-01 0 days 2,111 sqft
2022-04-01 0 days 2,136 sqft
2022-05-01 0 days 2,262 sqft
2022-06-01 0 days 2,286 sqft
Tullahoma's median listing age (time on market) for 2022-06-01 was 0 days.

Tullahoma's median square footage for active listings during the 2022-06-01 period was 2,286 sqft. One year prior, the average listing was 1,989 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).