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 85 lenders originated 491 FHA loans during 2024. The total origination value was $123,645,000, with an average FHA loan value of $251,823.

Tullahoma FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Tullahoma averaged 6.17% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

Tullahoma's average FHA mortgage closing costs are $8,420.

The average rate for the prior week (2025-03-28) was 6.46% and one month ago for the week of 2025-02-28, the average rate was 6.55%.

The average rate one year ago was 6.87%.

For refis of the same type during the week of 2025-04-04, the average rate was 5.85%.

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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
FIRST COMMUNITY MORTGAGE, INC. 56 6.57% $11,487
QUICKEN LOANS, LLC 52 6.28% $10,693
SeaTrust Mortgage Company 36 6.33% $11,225
CMG MORTGAGE, INC. 33 6.65% $11,522
UNITED WHOLESALE MORTGAGE, LLC 30 5.82% $14,202
FirstBank 16 6.23% $10,914
BROKER SOLUTIONS, INC. 14 6.78% $11,403
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 6.34% $9,914
PENNYMAC LOAN SERVICES, LLC 11 6.04% $9,716
The First National Bank of Middle Tennessee 9 6.38% $9,214
STOCKTON MORTGAGE CORPORATION 9 6.38% $9,266
LOANDEPOT.COM, LLC 8 6.22% $9,682
Renasant Bank 7 6.39% $10,434
Equity Prime Mortgage LLC 7 6.77% $11,498
MUTUAL OF OMAHA MORTGAGE, INC. 7 7.16% $10,563
FREEDOM MORTGAGE CORPORATION 6 6.27% $14,251
CROSSCOUNTRY MORTGAGE, LLC 6 6.89% $11,546
Flagstar Bank, FSB 6 6.22% $11,352
SmartBank 5 6.18% $8,462
MID AMERICA MORTGAGE, INC. 5 7.45% $5,286
Regions Bank 5 6.30% $8,924
ISERVE RESIDENTIAL LENDING, LLC 4 6.47% $11,627
Pinnacle Bank 4 6.38% $8,082
SWBC MORTGAGE CORPORATION 4 6.09% $9,369
Mr. Cooper ( Nationstar Mortgage ) 4 6.41% $17,733
COMMUNITY MORTGAGE CORPORATION 3 6.21% $9,517
FIRST COLONY MORTGAGE CORPORATION 3 6.75% $9,819
NEWREZ LLC 3 6.58% $15,221
Wilson Bank And Trust 3 6.71% $9,026
SUN WEST MORTGAGE COMPANY, INC. 3 6.25% $13,778
MORTGAGE INVESTORS GROUP, INC. 3 6.25% $13,012
Paramount Residential Mortgage Group, Inc. 2 5.94% $17,481
CARDINAL FINANCIAL 2 6.12% $9,940
Carrington Mortgage Services, LLC 2 7.88% $8,442
CHURCHILL MORTGAGE CORPORATION 2 6.50% $13,053
GUARANTEED RATE, INC. 2 6.19% $13,493
NATIONS RELIABLE LENDING, LLC 2 5.94% $8,759
ACOPIA, LLC 2 7.81% $16,262
PLANET HOME LENDING, LLC 2 6.25% $5,805
PLAZA HOME MORTGAGE, INC. 2 6.37% $20,693
RESIDENTIAL WHOLESALE MORTGAGE, INC. 2 6.88% $12,320
SOUTHWEST FUNDING, LP 2 6.25% $13,030
T2 FINANCIAL LLC 2 6.63% $8,863
TOWNE MORTGAGE COMPANY 2 7.19% $13,019
VERITAS FUNDING, LLC 2 6.00% $17,026
VILLAGE CAPITAL MORTGAGE 2 6.06% $9,068
ZILLOW HOME LOANS, LLC 2 5.75% $11,281
Nations Lending Corporation 1 6.50% $15,185
American Mortgage & Equity Consultants, Inc. 1 6.75% $10,067
EVANSVILLE TEACHERS 1 6.63% $8,242
Northpointe Bank 1 6.13% $11,004
Old National Bank 1 6.63% $12,175
TJC Mortgage, Inc. 1 6.50% $10,229
ENDEAVOR CAPITAL, LLC. 1 6.49% $10,602
PHH Mortgage Corporation 1 6.49% $12,649
DELMAR FINANCIAL COMPANY 1 6.00% $9,981
AMERICAN FINANCIAL RESOURCES, INC. 1 6.63% $5,638
UNION HOME MORTGAGE CORP. 1 6.13% $11,597
COMPASS MORTGAGE, INC. 1 6.75% $7,883
Century Mortgage Company DBA Century Lending Company 1 5.63% $11,201
BAY EQUITY LLC 1 6.13% $7,605
AMERICAN FINANCING CORPORATION 1 6.25% $9,098
ROSS MORTGAGE CORPORATION 1 6.88% $10,642
ROYAL UNITED MORTGAGE LLC 1 6.25% $16,805
Barrington Bank & Trust Company, N.A. 1 6.75% $5,983
Bank of Tennessee 1 5.63% $16,186
U.S. Bank 1 6.75% $8,324
SOUTHWEST STAGE FUNDING, LLC 1 7.38% $13,262
ASCEND FEDERAL CREDIT UNION 1 6.88% $7,340
AMERISAVE MORTGAGE CORPORATION 1 6.50% $10,697
AmeriHome Mortgage Company, LLC 1 6.13% $6,608
US MORTGAGE CORPORATION 1 6.63% $7,855
Texana Bank 1 6.50% $7,738
The Federal Savings Bank 1 6.25% $12,889
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $4,445
Legacy Home Loans, LLC 1 6.13% $7,011
GUILD MORTGAGE COMPANY 1 6.88% $5,478
Magnolia Bank 1 5.75% $9,250
GENEVA FINANCIAL, LLC 1 6.50% $21,864
MILEND, INC. 1 6.50% $11,194
GARDNER FINANCIAL SERVICES, LTD. 1 5.25% $19,317
MOVEMENT MORTGAGE, LLC 1 6.63% $13,013
FIRST EQUITY MORTGAGE INCORPORATED 1 5.50% $12,737
M&T Bank 1 6.00% $6,550
Fifth Third Bank 1 6.63% $9,126

The top Tullahoma FHA lender as defined by loan originations is FIRST COMMUNITY MORTGAGE, INC., with 56 FHA loans originated. Their average total fees are $11,487, which is $793 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Tullahoma FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC ($9,716), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,914), QUICKEN LOANS, LLC ($10,693), FirstBank ($10,914) and SeaTrust Mortgage Company ($11,225).

The lowest rate Tullahoma FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (5.82%), PENNYMAC LOAN SERVICES, LLC (6.04%), FirstBank (6.23%), QUICKEN LOANS, LLC (6.28%) and SeaTrust Mortgage Company (6.33%).

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
2025-02-01 $374,425 (-6.0%) $456,111 (-4.7%) 0.00 274
2025-03-01 $375,000 (-8.0%) $452,177 (-8.4%) 0.00 285
Tullahoma's median listing price for 2025-03-01 was $375,000, a difference of $-32,450 (-8.0%) versus the prior year and $575 versus the prior month.

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

Tullahoma's average listing price for 2025-03-01 was $452,177, a difference of $-41,378 (-8.4%) versus the prior year and $-3,934 versus the prior month.

For the 2025-03-01 period, Tullahoma had 285 MLS listings, a difference of 11 listings (4%) versus the prior month and 113 listings (66%) 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
2025-02-01 0 days 1,877 sqft
2025-03-01 0 days 1,887 sqft
Tullahoma's median listing age (time on market) for 2025-03-01 was 0 days.

Tullahoma's median square footage for active listings during the 2025-03-01 period was 1,887 sqft. One year prior, the average listing was 2,046 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).