Union City FHA Loan Rates, Closing Costs & Stats

Union City, 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.

    Union City's 27 lenders originated 85 FHA loans during 2023. The total origination value was $13,175,000, with an average FHA loan value of $155,000.

    Union City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Union City averaged 6.76% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Union City's average FHA mortgage closing costs are $5,909.

    The average rate for the prior week (2024-04-05) was 6.39% and one month ago for the week of 2024-03-08, the average rate was 6.53%.

    The average rate one year ago was 6.16%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.84%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Union City 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 Union City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Leaders Credit Union 14 6.88% $4,890
    QUICKEN LOANS, LLC 11 6.27% $9,668
    FIRST COMMUNITY MORTGAGE, INC. 7 6.38% $8,044
    Regions Bank 6 6.02% $6,313
    MORTGAGE INVESTORS GROUP, INC. 5 6.50% $6,544
    Simmons Bank 5 6.53% $5,368
    FREEDOM MORTGAGE CORPORATION 3 6.58% $8,780
    LOANDEPOT.COM, LLC 2 6.81% $7,600
    CROSSCOUNTRY MORTGAGE, LLC 2 6.75% $7,612
    MILEND, INC. 2 6.75% $12,628
    UNITED WHOLESALE MORTGAGE, LLC 2 7.37% $7,819
    PENNYMAC LOAN SERVICES, LLC 2 5.62% $10,521
    SeaTrust Mortgage Company 1 7.75% $11,129
    UNION HOME MORTGAGE CORP. 1 6.75% $5,831
    AMERICAN FINANCIAL NETWORK, INC. 1 5.63% $11,395
    Waterstone Mortgage Corporation 1 6.13% $5,438
    AMERICAN FINANCING CORPORATION 1 6.13% $7,147
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $8,238
    Carrington Mortgage Services, LLC 1 7.63% $6,275
    Equity Prime Mortgage LLC 1 6.50% $7,014
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.00% $11,524
    INTERLINC MORTGAGE SERVICES, LLC 1 7.13% $5,852
    LEADERONE FINANCIAL CORPORATION 1 5.88% $5,508
    Mortgage Research Center, LLC 1 7.13% $2,682
    Mr. Cooper ( Nationstar Mortgage ) 1 6.63% $14,629
    NEWREZ LLC 1 7.25% $6,295
    Prosperity Home Mortgage, LLC 1 6.25% $13,623

    The top Union City FHA lender as defined by loan originations is Leaders Credit Union, with 14 FHA loans originated. Their average total fees are $4,890, which is $4,778 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Union City FHA lenders (with over 10 loans originated) are Leaders Credit Union ($4,890), QUICKEN LOANS, LLC ($9,668), .

    The lowest rate Union City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.27%), Leaders Credit Union (6.88%), .

    Union City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    UNION CITY, TN OBION 2022 $420,680 $538,650 $651,050 $809,150
    UNION CITY, TN OBION 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Union City (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 $114,900 (7.0%) $140,077 (10.2%) 0.00 133
    2018-02-01 $119,250 (8.5%) $144,420 (11.7%) 0.00 140
    2018-03-01 $117,450 (4.8%) $147,965 (12.4%) 0.00 147
    2018-04-01 $119,900 (4.3%) $155,299 (17.2%) 0.00 150
    2018-05-01 $119,450 (0.6%) $148,546 (11.4%) 0.00 149
    2018-06-01 $119,900 (0.4%) $143,954 (7.7%) 0.00 153
    2018-07-01 $129,600 (8.1%) $151,712 (14.2%) 0.00 156
    2018-08-01 $134,200 (9.6%) $156,051 (15.7%) 0.00 156
    2018-09-01 $120,000 (0.0%) $151,694 (11.1%) 0.00 147
    2018-10-01 $119,900 (3.9%) $141,610 (6.4%) 0.00 143
    2018-11-01 $124,750 (8.6%) $141,972 (6.3%) 0.00 141
    2018-12-01 $129,700 (13.3%) $143,512 (4.7%) 0.00 124
    2019-01-01 $122,450 (6.6%) $137,691 (-1.7%) 0.00 131
    2019-02-01 $119,900 (0.6%) $138,251 (-4.3%) 0.00 120
    2019-03-01 $131,136 (11.7%) $146,467 (-1.0%) 0.00 105
    2019-04-01 $138,411 (15.4%) $153,418 (-1.2%) 0.00 90
    2019-05-01 $131,250 (9.9%) $151,118 (1.7%) 0.00 91
    2019-06-01 $137,000 (14.3%) $154,311 (7.2%) 0.00 91
    2019-07-01 $131,825 (1.7%) $153,921 (1.5%) 0.00 88
    2019-08-01 $133,936 (-0.2%) $155,961 (-0.1%) 0.00 84
    2019-09-01 $133,916 (11.6%) $157,211 (3.6%) 0.00 77
    2019-10-01 $133,902 (11.7%) $158,037 (11.6%) 0.00 71
    2019-11-01 $133,900 (7.3%) $154,666 (8.9%) 0.00 64
    2019-12-01 $132,450 (2.1%) $156,678 (9.2%) 0.00 64
    2020-01-01 $129,900 (6.1%) $156,161 (13.4%) 0.00 67
    2020-02-01 $134,900 (12.5%) $162,850 (17.8%) 0.00 67
    2020-03-01 $132,400 (1.0%) $172,465 (17.8%) 0.00 69
    2020-04-01 $133,675 (-3.4%) $180,381 (17.6%) 0.00 61
    2020-05-01 $144,900 (10.4%) $193,291 (27.9%) 0.00 52
    2020-06-01 $149,500 (9.1%) $189,783 (23.0%) 0.00 53
    2020-07-01 $149,700 (13.6%) $187,670 (21.9%) 0.00 45
    2020-08-01 $149,500 (11.6%) $179,827 (15.3%) 0.00 39
    2020-09-01 $146,050 (9.1%) $184,529 (17.4%) 0.00 42
    2020-10-01 $147,200 (9.9%) $187,710 (18.8%) 0.00 41
    2020-11-01 $150,000 (12.0%) $227,690 (47.2%) 0.00 37
    2020-12-01 $129,900 (-1.9%) $207,210 (32.3%) 0.00 35
    2021-01-01 $149,750 (15.3%) $224,545 (43.8%) 0.00 35
    2021-02-01 $149,625 (10.9%) $231,845 (42.4%) 0.00 32
    2021-03-01 $157,875 (19.2%) $241,690 (40.1%) 0.00 26
    2021-04-01 $192,350 (43.9%) $239,775 (32.9%) 0.00 29
    2021-05-01 $182,500 (26.0%) $239,604 (24.0%) 0.00 23
    2021-06-01 $188,100 (25.8%) $232,929 (22.7%) 0.00 27
    2021-07-01 $169,000 (12.9%) $224,741 (19.8%) 0.00 30
    2021-08-01 $172,225 (15.2%) $229,420 (27.6%) 0.00 33
    2021-09-01 $145,250 (-0.6%) $194,677 (5.5%) 0.00 37
    2021-10-01 $159,950 (8.7%) $217,995 (16.1%) 0.00 34
    2021-11-01 $156,000 (4.0%) $204,033 (-10.4%) 0.00 35
    2021-12-01 $157,225 (21.0%) $198,037 (-4.4%) 0.00 33
    2022-01-01 $144,900 (-3.2%) $171,363 (-23.7%) 0.00 27
    2022-02-01 $142,450 (-4.8%) $154,421 (-33.4%) 0.00 23
    2022-03-01 $144,975 (-8.2%) $196,055 (-18.9%) 0.00 25
    2022-04-01 $145,000 (-24.6%) $208,477 (-13.1%) 0.00 20
    2022-05-01 $138,625 (-24.0%) $189,575 (-20.9%) 0.00 20
    2022-06-01 $140,575 (-25.3%) $181,117 (-22.2%) 0.00 23
    2022-07-01 $149,900 (-11.3%) $167,162 (-25.6%) 0.00 33
    2022-08-01 $169,750 (-1.4%) $207,699 (-9.5%) 0.00 39
    2022-09-01 $159,475 (9.8%) $220,403 (13.2%) 0.00 44
    2022-10-01 $159,500 (-0.3%) $206,776 (-5.2%) 0.00 50
    2022-11-01 $154,700 (-0.8%) $200,768 (-1.6%) 0.00 53
    2022-12-01 $159,900 (1.7%) $201,811 (1.9%) 0.00 55
    2023-01-01 $160,000 (10.4%) $218,483 (27.5%) 0.00 56
    2023-02-01 $165,000 (15.8%) $220,762 (43.0%) 0.00 57
    2023-03-01 $182,300 (25.8%) $216,026 (10.2%) 0.00 50
    2023-04-01 $187,000 (29.0%) $227,838 (9.3%) 0.00 42
    2023-05-01 $176,200 (27.1%) $202,532 (6.8%) 0.00 39
    2023-06-01 $177,975 (26.6%) $202,916 (12.0%) 0.00 42
    2023-07-01 $175,900 (17.3%) $202,858 (21.4%) 0.00 38
    2023-08-01 $194,688 (14.7%) $218,562 (5.2%) 0.00 45
    2023-09-01 $209,000 (31.1%) $231,415 (5.0%) 0.00 52
    2023-10-01 $213,700 (34.0%) $228,877 (10.7%) 0.00 52
    2023-11-01 $209,450 (35.4%) $228,204 (13.7%) 0.00 55
    2023-12-01 $214,900 (34.4%) $230,335 (14.1%) 0.00 53
    2024-01-01 $213,200 (33.3%) $219,139 (0.3%) 0.00 53
    2024-02-01 $197,450 (19.7%) $202,963 (-8.1%) 0.00 53
    2024-03-01 $199,999 (9.7%) $230,179 (6.6%) 0.00 55
    Union City's median listing price for 2024-03-01 was $199,999, a difference of $17,699 (9.7%) versus the prior year and $2,549 versus the prior month.

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

    Union City's average listing price for 2024-03-01 was $230,179, a difference of $14,153 (6.6%) versus the prior year and $27,216 versus the prior month.

    For the 2024-03-01 period, Union City had 55 MLS listings, a difference of 2 listings (4%) versus the prior month and 5 listings (10%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Union City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,729 sqft
    2018-02-01 0 days 1,731 sqft
    2018-03-01 0 days 1,796 sqft
    2018-04-01 0 days 1,862 sqft
    2018-05-01 0 days 1,834 sqft
    2018-06-01 0 days 1,792 sqft
    2018-07-01 0 days 1,809 sqft
    2018-08-01 0 days 1,823 sqft
    2018-09-01 0 days 1,800 sqft
    2018-10-01 0 days 1,713 sqft
    2018-11-01 0 days 1,684 sqft
    2018-12-01 0 days 1,590 sqft
    2019-01-01 0 days 1,591 sqft
    2019-02-01 0 days 1,616 sqft
    2019-03-01 0 days 1,694 sqft
    2019-04-01 0 days 1,716 sqft
    2019-05-01 0 days 1,652 sqft
    2019-06-01 0 days 1,728 sqft
    2019-07-01 0 days 1,718 sqft
    2019-08-01 0 days 1,720 sqft
    2019-09-01 0 days 1,716 sqft
    2019-10-01 0 days 1,713 sqft
    2019-11-01 0 days 1,701 sqft
    2019-12-01 0 days 1,710 sqft
    2020-01-01 0 days 1,722 sqft
    2020-02-01 0 days 1,747 sqft
    2020-03-01 0 days 1,745 sqft
    2020-04-01 0 days 1,745 sqft
    2020-05-01 0 days 1,832 sqft
    2020-06-01 0 days 1,841 sqft
    2020-07-01 0 days 1,769 sqft
    2020-08-01 0 days 1,680 sqft
    2020-09-01 0 days 1,776 sqft
    2020-10-01 0 days 1,855 sqft
    2020-11-01 0 days 1,914 sqft
    2020-12-01 0 days 1,680 sqft
    2021-01-01 0 days 1,804 sqft
    2021-02-01 0 days 1,804 sqft
    2021-03-01 0 days 1,758 sqft
    2021-04-01 0 days 1,857 sqft
    2021-05-01 0 days 1,974 sqft
    2021-06-01 0 days 1,898 sqft
    2021-07-01 0 days 1,644 sqft
    2021-08-01 0 days 1,607 sqft
    2021-09-01 0 days 1,561 sqft
    2021-10-01 0 days 1,624 sqft
    2021-11-01 0 days 1,687 sqft
    2021-12-01 0 days 1,696 sqft
    2022-01-01 0 days 1,586 sqft
    2022-02-01 0 days 1,480 sqft
    2022-03-01 0 days 1,531 sqft
    2022-04-01 0 days 1,565 sqft
    2022-05-01 0 days 1,427 sqft
    2022-06-01 0 days 1,447 sqft
    2022-07-01 0 days 1,337 sqft
    2022-08-01 0 days 1,589 sqft
    2022-09-01 0 days 1,548 sqft
    2022-10-01 0 days 1,572 sqft
    2022-11-01 0 days 1,563 sqft
    2022-12-01 0 days 1,563 sqft
    2023-01-01 0 days 1,535 sqft
    2023-02-01 0 days 1,476 sqft
    2023-03-01 0 days 1,509 sqft
    2023-04-01 0 days 1,549 sqft
    2023-05-01 0 days 1,559 sqft
    2023-06-01 0 days 1,547 sqft
    2023-07-01 0 days 1,518 sqft
    2023-08-01 0 days 1,532 sqft
    2023-09-01 0 days 1,648 sqft
    2023-10-01 0 days 1,700 sqft
    2023-11-01 0 days 1,636 sqft
    2023-12-01 0 days 1,772 sqft
    2024-01-01 0 days 1,650 sqft
    2024-02-01 0 days 1,634 sqft
    2024-03-01 0 days 1,756 sqft
    Union City's median listing age (time on market) for 2024-03-01 was 0 days.

    Union City's median square footage for active listings during the 2024-03-01 period was 1,756 sqft. One year prior, the average listing was 1,509 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).