Tullahoma FHA Loans

Tullahoma-Manchester, 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.

    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).