Tullahoma FHA Loan Rates, Closing Costs & Stats

Tullahoma-Manchester, TN

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6.5% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.18% and one month ago for the week of 2024-10-04, the average rate was 5.9%.

    The average rate one year ago was 7.24%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.56%.

    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
    2024-10-01 $395,950 (-10.3%) $536,101 (-5.4%) 0.00 543
    Tullahoma's median listing price for 2024-10-01 was $395,950, a difference of $-45,525 (-10.3%) versus the prior year and $-3,500 versus the prior month.

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

    Tullahoma's average listing price for 2024-10-01 was $536,101, a difference of $-30,576 (-5.4%) versus the prior year and $5,112 versus the prior month.

    For the 2024-10-01 period, Tullahoma had 543 MLS listings, a difference of 13 listings (2%) versus the prior month and 130 listings (31%) 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
    2024-10-01 0 days 1,951 sqft
    Tullahoma's median listing age (time on market) for 2024-10-01 was 0 days.

    Tullahoma's median square footage for active listings during the 2024-10-01 period was 1,951 sqft. One year prior, the average listing was 2,091 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).