Select your Scenario
3.5% Down (minimum)
5.949%30-year fixed
10% Down
5.949%30-year fixed · shorter MIP
15-Year FHA
5.949%Faster payoff
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FHA Loan Details for ZIP Code 38036
2025 HUD guidelines · Computed from local median home value
- • Minimum credit score: 580 for 3.5% down · 500–579 requires 10% down
- • Debt-to-income ratio: typically up to 57% with compensating factors
- • UFMIP can be financed into the loan — no cash required at closing for this fee
- • Annual MIP rate shown is 0.55% for a 30-yr loan with LTV >90%. Rate varies by term and LTV.
Frequently Asked Questions
What are current fha rates today in 38036, , TN?
Today's leading benchmark rate for fha rates in 38036, , TN is 6.931% (with an estimated monthly payment of $1,959). Calibrated directly to 38036, , TN's local housing market, Safe Rate shows up-to-the-minute interest rates and points across Conventional, FHA, VA, and Jumbo loan programs daily.
What is the recent trend for fha rates in 38036, , TN?
Mortgage rates for fha rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, rates for fha rates in 38036, , TN have hovered between a low of 6.575% and a high of 7.019%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.
Is an FHA or Conventional loan more cost-effective in 38036, , TN?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $314,690 in 38036, , TN, a standard 20%-down Conventional loan requires an upfront cash down payment of $62,938 but keeps your monthly payment lower at $1,959/mo (at 6.931% interest) with no monthly PMI. In comparison, an FHA loan requires only $11,014 (3.5% down) but has an estimated payment of $2,170/mo (at 5.949% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $303,676 falls comfortably within the local HUD FHA loan limit of $524,225 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in 38036 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 38036 is $806,501. With a typical local home value of $314,690 in , a standard 20%-down mortgage requires a loan size of $251,752. Because this is within the $806,501 conforming threshold, buyers can qualify for standard conforming conventional financing with competitive rates.
How does the median home value in 38036, , TN impact estimated mortgage payments?
The median home value in 38036, , TN is estimated at $314,690. Buying a typical home here with a standard 20% down payment ($62,938) translates to an estimated starting monthly mortgage payment of $1,959 (principal and interest). Compared to the local area median household income of $51,000 ($4,250/mo), this basic housing payment represents approximately 46.1% of gross monthly household income. Because this housing cost exceeds the standard 36% lender DTI guideline, buyers in this high-value area may need larger down payments, lower debt balances, or co-borrower income to qualify.