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 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).