Athens FHA Loan Rates, Closing Costs & Stats

Athens, 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.

    Athens's 59 lenders originated 261 FHA loans during 2023. The total origination value was $58,365,000, with an average FHA loan value of $223,621.

    Athens FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Athens averaged 6.15% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Athens's average FHA mortgage closing costs are $7,305.

    The average rate for the prior week (2024-11-01) was 6.22% and one month ago for the week of 2024-10-04, the average rate was 5.84%.

    The average rate one year ago was 7.09%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

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

    Athens 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 Athens level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    DHI MORTGAGE COMPANY, LTD. 42 5.50% $7,748
    MORTGAGE INVESTORS GROUP, INC. 27 6.46% $8,525
    CARDINAL FINANCIAL 16 6.26% $11,559
    QUICKEN LOANS, LLC 16 6.23% $10,020
    UNITED WHOLESALE MORTGAGE, LLC 14 6.19% $12,109
    FIRST COMMUNITY MORTGAGE, INC. 9 6.74% $8,080
    NEWREZ LLC 9 6.51% $9,924
    FREEDOM MORTGAGE CORPORATION 7 6.96% $11,541
    CMG MORTGAGE, INC. 7 6.55% $10,184
    LOANDEPOT.COM, LLC 5 6.47% $10,906
    CapStar Bank 3 6.96% $8,166
    TJC Mortgage, Inc. 3 6.21% $10,231
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.54% $9,786
    MOVEMENT MORTGAGE, LLC 3 7.42% $11,754
    COMMUNITY MORTGAGE CORPORATION 3 6.21% $8,982
    Equity Prime Mortgage LLC 2 7.25% $11,741
    Sierra Pacific Mortgage Company, Inc. 2 6.31% $9,207
    STOCKTON MORTGAGE CORPORATION 2 6.63% $9,142
    Gateway First Bank 2 7.00% $4,657
    United Community Bank 2 7.44% $11,285
    ISERVE RESIDENTIAL LENDING, LLC 2 7.12% $13,359
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.50% $12,761
    AMERICAN FINANCIAL NETWORK, INC. 2 7.00% $12,486
    Mr. Cooper ( Nationstar Mortgage ) 2 6.25% $11,782
    BROKER SOLUTIONS, INC. 2 7.19% $11,633
    NFM, INC. 2 6.81% $9,911
    First Horizon Bank 2 6.44% $7,321
    LEADERONE FINANCIAL CORPORATION 2 6.00% $10,089
    Regions Bank 2 6.88% $7,265
    Affiliated Bank 1 5.13% $16,043
    Waterstone Mortgage Corporation 1 6.63% $13,228
    AMERICAN FINANCING CORPORATION 1 6.13% $14,698
    AMERISAVE MORTGAGE CORPORATION 1 5.50% $9,269
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $11,665
    CALCON MUTUAL MORTGAGE LLC 1 7.63% $13,215
    Carrington Mortgage Services, LLC 1 6.13% $11,857
    Citizens Bank 1 5.50% $20,575
    CITYWIDE HOME LOANS, LLC 1 6.75% $7,669
    CROSSCOUNTRY MORTGAGE, LLC 1 5.75% $10,141
    EMM LOANS LLC 1 6.88% $11,696
    FirstBank 1 7.13% $12,882
    First Citizens National Bank 1 5.75% $4,776
    FirstTrust Home Loans, Inc. 1 7.00% $11,593
    Flagstar Bank, FSB 1 6.75% $13,779
    GMFS LLC 1 7.75% $4,921
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.25% $7,691
    HOMESIDE FINANCIAL, LLC 1 7.25% $9,022
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $9,038
    MID AMERICA MORTGAGE, INC. 1 6.75% $9,890
    MILEND, INC. 1 7.25% $11,426
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.00% $11,622
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $14,630
    PANORAMA MORTGAGE GROUP, LLC 1 6.25% $10,039
    Plains Commerce Bank 1 7.00% $20,629
    RELIANCE FIRST CAPITAL, LLC 1 3.75% $4,755
    Renasant Bank 1 7.25% $8,008
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.75% $13,915
    SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $9,338
    VAN DYK MORTGAGE CORPORATION 1 7.63% $12,980

    The top Athens FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 42 FHA loans originated. Their average total fees are $7,748, which is $776 lower than the next largest lender, MORTGAGE INVESTORS GROUP, INC..

    The lowest fee Athens FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($7,748), MORTGAGE INVESTORS GROUP, INC. ($8,525), QUICKEN LOANS, LLC ($10,020), CARDINAL FINANCIAL ($11,559) and UNITED WHOLESALE MORTGAGE, LLC ($12,109).

    The lowest rate Athens FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.50%), UNITED WHOLESALE MORTGAGE, LLC (6.19%), QUICKEN LOANS, LLC (6.23%), CARDINAL FINANCIAL (6.26%) and MORTGAGE INVESTORS GROUP, INC. (6.46%).

    Athens FHA Loan Limits

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

    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).