Tullahoma FHA Loan Rates, Closing Costs & Stats

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 0.14% for the week of 2022-11-25, compared to the national average (all FHA variants) of 0% for the same period.

    Tullahoma's average FHA mortgage closing costs are $6,382.

    The average rate for the prior week (2022-11-18) was 6.26% and one month ago for the week of 2022-10-21, the average rate was 6.87%.

    The average rate one year ago was 3.34%.

    For refis of the same type during the week of 2022-11-25, the average rate was -0.3%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    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 MORTGAGE 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 $249,950 (16.8%) $370,204 (16.7%) 0.00 342
    2018-02-01 $271,175 (32.3%) $385,218 (22.6%) 0.00 332
    2018-03-01 $274,500 (28.7%) $383,548 (20.3%) 0.00 337
    2018-04-01 $288,650 (31.3%) $383,515 (15.8%) 0.00 333
    2018-05-01 $299,900 (11.1%) $395,757 (1.9%) 0.00 335
    2018-06-01 $299,900 (13.4%) $396,066 (3.7%) 0.00 359
    2018-07-01 $292,200 (2.5%) $395,178 (-0.1%) 0.00 362
    2018-08-01 $283,049 (3.0%) $385,536 (0.0%) 0.00 365
    2018-09-01 $269,450 (1.7%) $368,770 (-2.1%) 0.00 372
    2018-10-01 $273,750 (2.4%) $372,721 (-1.9%) 0.00 375
    2018-11-01 $269,000 (7.6%) $362,137 (-2.8%) 0.00 373
    2018-12-01 $256,900 (0.8%) $341,789 (-9.7%) 0.00 367
    2019-01-01 $256,900 (2.8%) $339,557 (-8.3%) 0.00 344
    2019-02-01 $259,900 (-4.2%) $347,005 (-9.9%) 0.00 346
    2019-03-01 $276,329 (0.7%) $365,252 (-4.8%) 0.00 321
    2019-04-01 $282,829 (-2.0%) $376,239 (-1.9%) 0.00 301
    2019-05-01 $302,425 (0.8%) $389,545 (-1.6%) 0.00 315
    2019-06-01 $294,900 (-1.7%) $378,775 (-4.4%) 0.00 335
    2019-07-01 $299,000 (2.3%) $398,890 (0.9%) 0.00 342
    2019-08-01 $294,177 (3.9%) $396,398 (2.8%) 0.00 345
    2019-09-01 $288,593 (7.1%) $396,911 (7.6%) 0.00 358
    2019-10-01 $284,475 (3.9%) $397,252 (6.6%) 0.00 365
    2019-11-01 $269,900 (0.3%) $391,388 (8.1%) 0.00 349
    2019-12-01 $259,900 (1.2%) $368,550 (7.8%) 0.00 344
    2020-01-01 $257,450 (0.2%) $366,651 (8.0%) 0.00 318
    2020-02-01 $259,500 (-0.2%) $360,841 (4.0%) 0.00 303
    2020-03-01 $288,475 (4.4%) $386,059 (5.7%) 0.00 287
    2020-04-01 $279,900 (-1.0%) $380,357 (1.1%) 0.00 285
    2020-05-01 $308,445 (2.0%) $403,866 (3.7%) 0.00 256
    2020-06-01 $321,175 (8.9%) $405,360 (7.0%) 0.00 218
    2020-07-01 $319,450 (6.8%) $394,718 (-1.1%) 0.00 202
    2020-08-01 $329,900 (12.1%) $403,015 (1.7%) 0.00 179
    2020-09-01 $309,950 (7.4%) $408,051 (2.8%) 0.00 152
    2020-10-01 $315,000 (10.7%) $415,802 (4.7%) 0.00 150
    2020-11-01 $296,475 (9.9%) $425,082 (8.6%) 0.00 141
    2020-12-01 $279,900 (7.7%) $404,500 (9.8%) 0.00 140
    2021-01-01 $267,400 (3.9%) $383,219 (4.5%) 0.00 136
    2021-02-01 $289,900 (11.7%) $399,672 (10.8%) 0.00 120
    2021-03-01 $296,925 (2.9%) $415,642 (7.7%) 0.00 108
    2021-04-01 $349,900 (25.0%) $492,586 (29.5%) 0.00 101
    2021-05-01 $409,900 (32.9%) $478,585 (18.5%) 0.00 118
    2021-06-01 $384,725 (19.8%) $515,466 (27.2%) 0.00 120
    2021-07-01 $369,900 (15.8%) $498,063 (26.2%) 0.00 149
    2021-08-01 $382,975 (16.1%) $505,189 (25.4%) 0.00 172
    2021-09-01 $386,975 (24.9%) $511,142 (25.3%) 0.00 187
    2021-10-01 $379,900 (20.6%) $552,041 (32.8%) 0.00 175
    2021-11-01 $391,825 (32.2%) $569,958 (34.1%) 0.00 179
    2021-12-01 $374,950 (34.0%) $568,365 (40.5%) 0.00 160
    2022-01-01 $379,450 (41.9%) $562,369 (46.8%) 0.00 136
    2022-02-01 $398,075 (37.3%) $570,642 (42.8%) 0.00 133
    2022-03-01 $384,900 (29.6%) $582,993 (40.3%) 0.00 148
    2022-04-01 $429,000 (22.6%) $573,832 (16.5%) 0.00 178
    2022-05-01 $437,425 (6.7%) $601,535 (25.7%) 0.00 220
    2022-06-01 $449,900 (16.9%) $599,346 (16.3%) 0.00 277
    2022-07-01 $448,500 (21.3%) $588,550 (18.2%) 0.00 320
    2022-08-01 $458,150 (19.6%) $606,377 (20.0%) 0.00 345
    2022-09-01 $467,450 (20.8%) $637,273 (24.7%) 0.00 346
    2022-10-01 $399,900 (5.3%) $583,913 (5.8%) 0.00 422
    Tullahoma's median listing price for 2022-10-01 was $399,900, a difference of $20,000 (5.3%) versus the prior year and $-67,550 versus the prior month.

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

    Tullahoma's average listing price for 2022-10-01 was $583,913, a difference of $31,872 (5.8%) versus the prior year and $-53,360 versus the prior month.

    For the 2022-10-01 period, Tullahoma had 422 MLS listings, a difference of 76 listings (22%) versus the prior month and 247 listings (141%) 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 2,210 sqft
    2018-02-01 0 days 2,285 sqft
    2018-03-01 0 days 2,269 sqft
    2018-04-01 0 days 2,291 sqft
    2018-05-01 0 days 2,413 sqft
    2018-06-01 0 days 2,421 sqft
    2018-07-01 0 days 2,421 sqft
    2018-08-01 0 days 2,313 sqft
    2018-09-01 0 days 2,282 sqft
    2018-10-01 0 days 2,244 sqft
    2018-11-01 0 days 2,257 sqft
    2018-12-01 0 days 2,150 sqft
    2019-01-01 0 days 2,156 sqft
    2019-02-01 0 days 2,182 sqft
    2019-03-01 0 days 2,271 sqft
    2019-04-01 0 days 2,370 sqft
    2019-05-01 0 days 2,454 sqft
    2019-06-01 0 days 2,404 sqft
    2019-07-01 0 days 2,414 sqft
    2019-08-01 0 days 2,348 sqft
    2019-09-01 0 days 2,300 sqft
    2019-10-01 0 days 2,268 sqft
    2019-11-01 0 days 2,254 sqft
    2019-12-01 0 days 2,114 sqft
    2020-01-01 0 days 2,094 sqft
    2020-02-01 0 days 2,064 sqft
    2020-03-01 0 days 2,223 sqft
    2020-04-01 0 days 2,202 sqft
    2020-05-01 0 days 2,270 sqft
    2020-06-01 0 days 2,293 sqft
    2020-07-01 0 days 2,273 sqft
    2020-08-01 0 days 2,230 sqft
    2020-09-01 0 days 2,171 sqft
    2020-10-01 0 days 2,202 sqft
    2020-11-01 0 days 2,122 sqft
    2020-12-01 0 days 1,996 sqft
    2021-01-01 0 days 1,941 sqft
    2021-02-01 0 days 1,924 sqft
    2021-03-01 0 days 1,877 sqft
    2021-04-01 0 days 1,905 sqft
    2021-05-01 0 days 1,917 sqft
    2021-06-01 0 days 1,989 sqft
    2021-07-01 0 days 1,960 sqft
    2021-08-01 0 days 2,072 sqft
    2021-09-01 0 days 2,087 sqft
    2021-10-01 0 days 2,188 sqft
    2021-11-01 0 days 2,169 sqft
    2021-12-01 0 days 2,074 sqft
    2022-01-01 0 days 2,019 sqft
    2022-02-01 0 days 2,033 sqft
    2022-03-01 0 days 2,017 sqft
    2022-04-01 0 days 2,062 sqft
    2022-05-01 0 days 2,134 sqft
    2022-06-01 0 days 2,227 sqft
    2022-07-01 0 days 2,193 sqft
    2022-08-01 0 days 2,093 sqft
    2022-09-01 0 days 2,114 sqft
    2022-10-01 0 days 2,010 sqft
    Tullahoma's median listing age (time on market) for 2022-10-01 was 0 days.

    Tullahoma's median square footage for active listings during the 2022-10-01 period was 2,010 sqft. One year prior, the average listing was 2,188 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).