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 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 6.39% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.21% and one month ago for the week of 2025-01-10, the average rate was 6.27%.

    The average rate one year ago was 6.2%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.55%.

    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 $238,675 (9.6%) $324,192 (20.3%) 0.00 162
    2018-02-01 $257,050 (25.5%) $336,866 (22.2%) 0.00 161
    2018-03-01 $269,900 (28.5%) $346,801 (24.8%) 0.00 163
    2018-04-01 $252,175 (17.4%) $348,021 (22.4%) 0.00 168
    2018-05-01 $269,175 (4.6%) $350,377 (6.9%) 0.00 173
    2018-06-01 $249,900 (3.8%) $333,392 (2.6%) 0.00 190
    2018-07-01 $249,900 (-9.4%) $327,011 (-8.1%) 0.00 192
    2018-08-01 $239,900 (-12.3%) $313,549 (-11.3%) 0.00 189
    2018-09-01 $230,400 (-5.8%) $305,067 (-9.6%) 0.00 199
    2018-10-01 $245,297 (2.0%) $315,374 (-6.7%) 0.00 201
    2018-11-01 $242,027 (5.9%) $305,333 (-4.7%) 0.00 203
    2018-12-01 $239,900 (4.4%) $299,391 (-7.8%) 0.00 206
    2019-01-01 $240,963 (1.0%) $300,604 (-7.3%) 0.00 198
    2019-02-01 $251,651 (-2.1%) $312,762 (-7.2%) 0.00 193
    2019-03-01 $262,347 (-2.8%) $321,727 (-7.2%) 0.00 177
    2019-04-01 $268,956 (6.7%) $328,633 (-5.6%) 0.00 157
    2019-05-01 $274,998 (2.2%) $333,880 (-4.7%) 0.00 156
    2019-06-01 $272,250 (8.9%) $327,539 (-1.8%) 0.00 156
    2019-07-01 $273,025 (9.3%) $330,650 (1.1%) 0.00 152
    2019-08-01 $262,627 (9.5%) $321,054 (2.4%) 0.00 168
    2019-09-01 $249,843 (8.4%) $311,059 (2.0%) 0.00 184
    2019-10-01 $239,900 (-2.2%) $303,649 (-3.7%) 0.00 196
    2019-11-01 $237,500 (-1.9%) $301,060 (-1.4%) 0.00 180
    2019-12-01 $230,175 (-4.1%) $296,483 (-1.0%) 0.00 174
    2020-01-01 $235,450 (-2.3%) $306,425 (1.9%) 0.00 161
    2020-02-01 $240,000 (-4.6%) $309,713 (-1.0%) 0.00 154
    2020-03-01 $259,900 (-0.9%) $343,164 (6.7%) 0.00 138
    2020-04-01 $248,825 (-7.5%) $320,920 (-2.4%) 0.00 141
    2020-05-01 $268,900 (-2.2%) $342,589 (2.6%) 0.00 129
    2020-06-01 $297,275 (9.2%) $362,828 (10.8%) 0.00 104
    2020-07-01 $296,400 (8.6%) $351,631 (6.4%) 0.00 102
    2020-08-01 $320,000 (21.9%) $386,000 (20.2%) 0.00 92
    2020-09-01 $305,700 (22.4%) $353,579 (13.7%) 0.00 75
    2020-10-01 $304,900 (27.1%) $340,135 (12.0%) 0.00 62
    2020-11-01 $302,175 (27.2%) $384,098 (27.6%) 0.00 57
    2020-12-01 $274,950 (19.5%) $367,586 (24.0%) 0.00 57
    2021-01-01 $254,000 (7.9%) $316,214 (3.2%) 0.00 66
    2021-02-01 $269,900 (12.5%) $319,007 (3.0%) 0.00 63
    2021-03-01 $293,150 (12.8%) $369,726 (7.7%) 0.00 52
    2021-04-01 $322,400 (29.6%) $367,823 (14.6%) 0.00 48
    2021-05-01 $419,450 (56.0%) $416,692 (21.6%) 0.00 65
    2021-06-01 $393,450 (32.4%) $446,331 (23.0%) 0.00 64
    2021-07-01 $339,900 (14.7%) $442,515 (25.9%) 0.00 77
    2021-08-01 $357,400 (11.7%) $462,353 (19.8%) 0.00 77
    2021-09-01 $374,950 (22.7%) $480,070 (35.8%) 0.00 87
    2021-10-01 $379,900 (24.6%) $507,835 (49.3%) 0.00 98
    2021-11-01 $371,150 (22.8%) $496,814 (29.4%) 0.00 98
    2021-12-01 $361,175 (31.4%) $534,580 (45.4%) 0.00 80
    2022-01-01 $359,900 (41.7%) $572,007 (80.9%) 0.00 66
    2022-02-01 $369,950 (37.1%) $580,501 (82.0%) 0.00 63
    2022-03-01 $381,200 (30.0%) $587,237 (58.8%) 0.00 67
    2022-04-01 $379,700 (17.8%) $541,965 (47.3%) 0.00 86
    2022-05-01 $366,925 (-12.5%) $554,873 (33.2%) 0.00 100
    2022-06-01 $401,450 (2.0%) $574,880 (28.8%) 0.00 128
    2022-07-01 $399,900 (17.7%) $586,232 (32.5%) 0.00 153
    2022-08-01 $415,225 (16.2%) $578,017 (25.0%) 0.00 162
    2022-09-01 $407,450 (8.7%) $562,813 (17.2%) 0.00 159
    2022-10-01 $389,900 (2.6%) $506,772 (-0.2%) 0.00 201
    2022-11-01 $372,450 (0.4%) $481,406 (-3.1%) 0.00 209
    2022-12-01 $375,000 (3.8%) $481,285 (-10.0%) 0.00 195
    2023-01-01 $359,900 (0.0%) $473,986 (-17.1%) 0.00 199
    2023-02-01 $360,558 (-2.5%) $468,934 (-19.2%) 0.00 180
    2023-03-01 $357,500 (-6.2%) $471,831 (-19.7%) 0.00 173
    2023-04-01 $414,900 (9.3%) $519,419 (-4.2%) 0.00 154
    2023-05-01 $419,450 (14.3%) $523,097 (-5.7%) 0.00 157
    2023-06-01 $406,925 (1.4%) $516,057 (-10.2%) 0.00 157
    2023-07-01 $429,000 (7.3%) $504,241 (-14.0%) 0.00 152
    2023-08-01 $404,950 (-2.5%) $481,349 (-16.7%) 0.00 166
    2023-09-01 $399,900 (-1.9%) $480,408 (-14.6%) 0.00 184
    2023-10-01 $404,450 (3.7%) $479,487 (-5.4%) 0.00 187
    2023-11-01 $399,900 (7.4%) $487,818 (1.3%) 0.00 200
    2023-12-01 $385,000 (2.7%) $469,279 (-2.5%) 0.00 208
    2024-01-01 $382,900 (6.4%) $464,435 (-2.0%) 0.00 182
    2024-02-01 $398,500 (10.5%) $478,534 (2.1%) 0.00 170
    2024-03-01 $407,450 (14.0%) $493,555 (4.6%) 0.00 172
    2024-04-01 $416,175 (0.3%) $534,196 (2.8%) 0.00 168
    2024-05-01 $415,700 (-0.9%) $552,165 (5.6%) 0.00 187
    2024-06-01 $419,900 (3.2%) $533,491 (3.4%) 0.00 217
    2024-07-01 $404,900 (-5.6%) $512,181 (1.6%) 0.00 227
    2024-08-01 $379,900 (-6.2%) $486,924 (1.2%) 0.00 238
    2024-09-01 $379,900 (-5.0%) $473,045 (-1.5%) 0.00 272
    2024-10-01 $381,975 (-5.6%) $479,322 (0.0%) 0.00 285
    2024-11-01 $369,900 (-7.5%) $470,964 (-3.5%) 0.00 310
    2024-12-01 $366,000 (-4.9%) $449,766 (-4.2%) 0.00 275
    2025-01-01 $359,950 (-6.0%) $443,623 (-4.5%) 0.00 272
    Tullahoma's median listing price for 2025-01-01 was $359,950, a difference of $-22,950 (-6.0%) versus the prior year and $-6,050 versus the prior month.

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

    Tullahoma's average listing price for 2025-01-01 was $443,623, a difference of $-20,812 (-4.5%) versus the prior year and $-6,143 versus the prior month.

    For the 2025-01-01 period, Tullahoma had 272 MLS listings, a difference of -3 listings (-1%) versus the prior month and 90 listings (49%) 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 2,191 sqft
    2018-02-01 0 days 2,302 sqft
    2018-03-01 0 days 2,300 sqft
    2018-04-01 0 days 2,256 sqft
    2018-05-01 0 days 2,324 sqft
    2018-06-01 0 days 2,300 sqft
    2018-07-01 0 days 2,313 sqft
    2018-08-01 0 days 2,112 sqft
    2018-09-01 0 days 2,050 sqft
    2018-10-01 0 days 2,124 sqft
    2018-11-01 0 days 2,117 sqft
    2018-12-01 0 days 2,010 sqft
    2019-01-01 0 days 2,006 sqft
    2019-02-01 0 days 2,101 sqft
    2019-03-01 0 days 2,155 sqft
    2019-04-01 0 days 2,210 sqft
    2019-05-01 0 days 2,284 sqft
    2019-06-01 0 days 2,260 sqft
    2019-07-01 0 days 2,236 sqft
    2019-08-01 0 days 2,192 sqft
    2019-09-01 0 days 2,086 sqft
    2019-10-01 0 days 2,006 sqft
    2019-11-01 0 days 1,999 sqft
    2019-12-01 0 days 1,891 sqft
    2020-01-01 0 days 1,942 sqft
    2020-02-01 0 days 1,949 sqft
    2020-03-01 0 days 2,151 sqft
    2020-04-01 0 days 2,042 sqft
    2020-05-01 0 days 2,113 sqft
    2020-06-01 0 days 2,157 sqft
    2020-07-01 0 days 2,131 sqft
    2020-08-01 0 days 2,128 sqft
    2020-09-01 0 days 2,062 sqft
    2020-10-01 0 days 2,060 sqft
    2020-11-01 0 days 2,035 sqft
    2020-12-01 0 days 2,039 sqft
    2021-01-01 0 days 1,800 sqft
    2021-02-01 0 days 1,770 sqft
    2021-03-01 0 days 2,034 sqft
    2021-04-01 0 days 1,828 sqft
    2021-05-01 0 days 1,911 sqft
    2021-06-01 0 days 1,987 sqft
    2021-07-01 0 days 1,850 sqft
    2021-08-01 0 days 1,890 sqft
    2021-09-01 0 days 2,078 sqft
    2021-10-01 0 days 2,188 sqft
    2021-11-01 0 days 2,033 sqft
    2021-12-01 0 days 2,000 sqft
    2022-01-01 0 days 1,964 sqft
    2022-02-01 0 days 2,020 sqft
    2022-03-01 0 days 2,029 sqft
    2022-04-01 0 days 1,979 sqft
    2022-05-01 0 days 1,952 sqft
    2022-06-01 0 days 2,146 sqft
    2022-07-01 0 days 2,124 sqft
    2022-08-01 0 days 2,094 sqft
    2022-09-01 0 days 2,108 sqft
    2022-10-01 0 days 2,019 sqft
    2022-11-01 0 days 2,003 sqft
    2022-12-01 0 days 2,001 sqft
    2023-01-01 0 days 1,973 sqft
    2023-02-01 0 days 1,952 sqft
    2023-03-01 0 days 1,920 sqft
    2023-04-01 0 days 2,060 sqft
    2023-05-01 0 days 2,100 sqft
    2023-06-01 0 days 2,061 sqft
    2023-07-01 0 days 2,070 sqft
    2023-08-01 0 days 2,047 sqft
    2023-09-01 0 days 2,086 sqft
    2023-10-01 0 days 2,072 sqft
    2023-11-01 0 days 2,028 sqft
    2023-12-01 0 days 2,006 sqft
    2024-01-01 0 days 1,971 sqft
    2024-02-01 0 days 1,965 sqft
    2024-03-01 0 days 2,046 sqft
    2024-04-01 0 days 2,047 sqft
    2024-05-01 0 days 2,015 sqft
    2024-06-01 0 days 1,995 sqft
    2024-07-01 0 days 1,945 sqft
    2024-08-01 0 days 1,904 sqft
    2024-09-01 0 days 1,905 sqft
    2024-10-01 0 days 1,907 sqft
    2024-11-01 0 days 1,838 sqft
    2024-12-01 0 days 1,825 sqft
    2025-01-01 0 days 1,826 sqft
    Tullahoma's median listing age (time on market) for 2025-01-01 was 0 days.

    Tullahoma's median square footage for active listings during the 2025-01-01 period was 1,826 sqft. One year prior, the average listing was 1,971 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).