Shelby County FHA Loan Calculator

Shelby County's current data reveals a market favoring accessible entry via FHA loans. The 10.41% weighted down payment, while above the standard 3.5% FHA minimum, still provides manageable access for owner-occupants. However, with a median Loan-to-Value ratio of 89.59%, buyers must understand that FHA Mortgage Insurance Premiums (MIP) are required for the life of the loan, regardless of this down payment. The effective property tax rate of 0.97%, combined with a recent -0.8% inflation-adjusted tax decrease, offers slight monthly relief. When evaluating an FHA loan with PMI and taxes in Shelby County, TN, the true cost hinges on this permanent MIP, making the 6.258% interest rate the primary lever for long-term affordability.