Clarksville FHA Loans

CLARKSVILLE, TN-KY

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.

Clarksville's 142 lenders originated 1,764 FHA loans during 2021. The total origination value was $358,790,000, with an average FHA loan value of $203,396.

Clarksville FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Clarksville averaged 5.38% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

The average rate for the prior week (2022-05-13) was 5.29% and one month ago for the week of 2022-04-15, the average rate was 5.08%.

The average rate one year ago was 3.25%.

For refis of the same type during the week of 2022-05-20, the average rate was 4.94%.

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

Clarksville FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Clarksville level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 172 2.71% $6,258
Mortgage Research Center, LLC 103 2.81% $5,755
SOUTHWEST FUNDING, LP 93 3.53% $10,183
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 64 3.21% $6,545
FREEDOM MORTGAGE CORPORATION 64 2.80% $5,386
F&M Bank 54 2.61% $6,665
AMERICAN FINANCIAL NETWORK, INC. 44 3.79% $12,588
STOCKTON MORTGAGE CORPORATION 44 3.15% $6,545
CMG MORTGAGE, INC. 36 3.36% $8,906
SWBC MORTGAGE CORPORATION 35 3.15% $5,682
LAKEVIEW LOAN SERVICING, LLC 35 3.03% $4,390
Flagstar Bank, FSB 32 2.83% $6,534
Mr. Cooper ( Nationstar Mortgage ) 32 3.34% $5,168
VAN DYK MORTGAGE CORPORATION 32 3.24% $8,017
PENNYMAC LOAN SERVICES, LLC 31 3.02% $4,713
FIRST COMMUNITY MORTGAGE, INC. 25 2.95% $7,169
UNITED WHOLESALE MORTGAGE, LLC 24 2.63% $7,294
FirstBank 23 2.95% $7,036
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 22 3.34% $8,945
LOANDEPOT.COM, LLC 22 3.48% $7,960
CALIBER HOME LOANS, INC. 20 2.84% $5,178
UNION HOME MORTGAGE CORP. 20 3.01% $7,483
PRIMARY RESIDENTIAL MORTGAGE, INC. 20 3.62% $9,146
Carrington Mortgage Services, LLC 18 3.52% $7,356
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 18 3.03% $7,603
U.S. Bank 17 3.28% $6,134
VILLAGE CAPITAL & INVESTMENT LLC 17 3.01% $2,193
AMERICAN MORTGAGE SERVICE COMPANY 15 2.83% $7,347
ACOPIA, LLC 15 3.27% $8,574
MORTGAGE INVESTORS GROUP, INC. 15 2.94% $7,054
BROKER SOLUTIONS, INC. 14 3.12% $7,368
AmeriHome Mortgage Company, LLC 13 2.90% $4,142
VANDERBILT MORTGAGE AND FINANCE, INC. 12 3.31% $7,964
Citizens Bank 12 2.93% $6,432
GUARANTEED RATE, INC. 12 3.09% $8,095
CROSSCOUNTRY MORTGAGE, LLC 12 3.14% $8,602
First Federal Bank 12 2.68% $6,367
Hometown Lenders, Inc. 12 3.72% $9,394
HOME POINT FINANCIAL CORPORATION 11 2.74% $6,885
SECURITYNATIONAL MORTGAGE COMPANY 10 3.49% $8,076
THE MORTGAGE FIRM, INC. 10 3.28% $8,721
AMERICAN PACIFIC MORTGAGE CORPORATION 10 3.44% $7,790
Bank of England 9 3.58% $10,071
INTERLINC MORTGAGE SERVICES, LLC 9 3.13% $6,222
NEWREZ LLC 8 2.98% $3,642
AMERISAVE MORTGAGE CORPORATION 8 3.08% $7,859
COMMUNITY MORTGAGE CORPORATION 8 2.64% $7,132
First Guaranty Mortgage Corporation 8 3.02% $5,611
Regions Bank 8 2.94% $6,534
MOVEMENT MORTGAGE, LLC 7 3.25% $6,170
HOMEBRIDGE FINANCIAL SERVICES, INC. 7 2.68% $5,121
RELIANCE FIRST CAPITAL, LLC 7 3.14% $8,889
ISERVE RESIDENTIAL LENDING, LLC 7 3.29% $8,990
INTERCOASTAL MORTGAGE COMPANY 7 2.91% $7,886
Ameris Bank 6 2.75% $6,972
Paramount Residential Mortgage Group, Inc. 6 3.77% $8,118
CHURCHILL MORTGAGE CORPORATION 6 3.19% $7,823
DAS Acquisition Company, LLC 6 3.19% $7,958
First Horizon Bank 6 2.90% $7,912
ALTRA 6 2.60% $8,370
AMCAP MORTGAGE, LTD. 6 3.69% $9,404
Colten Mortgage, LLC 5 3.98% $6,927
Legends Bank 5 2.63% $6,627
Nations Lending Corporation 5 3.28% $8,496
JLB CORPORATION 5 3.23% $6,965
PLANET HOME LENDING, LLC 5 3.25% $5,715
T2 FINANCIAL LLC 5 3.40% $8,392
The Home Loan Expert LLC 4 2.66% $6,991
Reliant Bank 4 2.84% $8,390
Barrington Bank & Trust Company, N.A. 4 3.29% $6,350
Magnolia Bank 4 2.72% $6,426
SUCCESS MORTGAGE PARTNERS, INC. 4 3.31% $7,108
GENEVA FINANCIAL, LLC 3 3.33% $9,402
GERSHMAN INVESTMENT CORP. 3 2.63% $7,855
The First National Bank of Middle Tennessee 3 3.46% $7,866
Bell Bank 3 2.75% $8,791
AMERICAN FINANCING CORPORATION 3 3.00% $7,074
CELEBRITY HOME LOANS, LLC 3 3.83% $7,896
A Mortgage Boutique, LLC 3 2.63% $6,544
Commerce Home Mortgage, Inc. 2 3.50% $6,154
Hometown Equity Mortgage, LLC 2 4.19% $10,383
LIBERTY HOME MORTGAGE CORPORATION 2 2.75% $10,233
DATA MORTGAGE, INC. 2 4.19% $8,119
Pinnacle Bank 2 3.31% $7,102
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 3.50% $9,060
Equity Prime Mortgage LLC 2 4.63% $9,759
SHELTER MORTGAGE COMPANY, L.L.C. 2 3.25% $8,419
MICHIGAN MUTUAL, INC. 2 3.25% $7,368
Blue Ridge Bank 2 3.00% $6,843
GUARANTY HOME MORTGAGE CORPORATION 2 3.00% $5,562
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 2.94% $6,981
AMERICAN FINANCIAL RESOURCES, INC. 2 2.50% $7,651
CALCON MUTUAL MORTGAGE LLC 2 3.31% $10,233
Austin Capital Bank SSB 2 3.50% $8,276
Bank of America 2 2.81% $4,578
UNITED MORTGAGE CORP. 2 3.94% $9,859
LAND HOME FINANCIAL SERVICES, INC. 2 3.75% $13,699
ZILLOW HOME LOANS, LLC 1 2.75% $7,281
ARC HOME LLC 1 2.63% $7,336
BancorpSouth Bank 1 2.38% $8,774
Bank of Tennessee 1 2.63% $8,375
BECKAM FUNDING CORP. 1 3.25% $6,635
Century Mortgage Company DBA Century Lending Company 1 2.88% $9,421
Christensen Financial, Inc. 1 3.25% $10,920
CLEARPATH LENDING 1 3.25% $3,834
EAGLE HOME MORTGAGE, LLC 1 2.88% $4,503
East Coast Capital Corp. 1 2.50% $7,208
EMBRACE HOME LOANS, INC. 1 2.38% $8,730
EVANSVILLE TEACHERS 1 3.25% $7,528
EVERETT FINANCIAL, INC. 1 3.63% $7,723
Evolve Bank & Trust 1 2.63% $9,525
FBC MORTGAGE, LLC 1 3.50% $6,698
First Citizens National Bank 1 2.75% $5,070
Independent Bank 1 2.75% $6,465
Ixonia Bank 1 3.88% $9,398
KELLER MORTGAGE, LLC 1 3.00% $7,718
LEADERONE FINANCIAL CORPORATION 1 3.25% $8,053
Loan Simple, Inc. 1 5.25% $9,659
Manufacturers and Traders Trust Company 1 3.25% $8,732
Meridian Bank Corporation 1 2.75% $8,955
MID AMERICA MORTGAGE, INC. 1 3.13% $2,990
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.75% $5,157
NATIONS DIRECT MORTGAGE, LLC 1 3.25% $12,299
OCEANSIDE MORTGAGE COMPANY 1 2.75% $4,163
Origin Bank 1 2.88% $13,593
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 3.25% $6,971
PENTAGON FEDERAL CREDIT UNION 1 2.25% $3,110
Plains Commerce Bank 1 2.63% $8,257
PLAZA HOME MORTGAGE, INC. 1 3.13% $5,917
PNC Bank 1 3.13% $5,594
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.25% $8,016
RAPID MORTGAGE COMPANY 1 3.75% $7,196
RUOFF MORTGAGE COMPANY, INC. 1 3.38% $9,524
Sierra Pacific Mortgage Company, Inc. 1 4.13% $7,489
SOUTH CENTRAL BANK, INC. 1 2.88% $3,739
STEARNS LENDING, LLC 1 2.63% $7,573
Synovus Bank 1 3.13% $7,181
TJC Mortgage, Inc. 1 3.25% $7,683
UNITED SECURITY FINANCIAL CORP 1 3.88% $11,652
Wells Fargo Bank 1 2.88% $7,578
Wyndham Capital Mortgage, Inc. 1 2.75% $6,729
1ST SIGNATURE LENDING, LLC 1 2.88% $9,713

The top Clarksville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 172 FHA loans originated. Their average total fees are $6,258, which is $503 higher than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Clarksville FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,193), AmeriHome Mortgage Company, LLC ($4,142), LAKEVIEW LOAN SERVICING, LLC ($4,390), PENNYMAC LOAN SERVICES, LLC ($4,713) and Mr. Cooper ( Nationstar Mortgage ) ($5,168).

The lowest rate Clarksville FHA lenders (with over 10 loans originated) are F&M Bank (2.61%), UNITED WHOLESALE MORTGAGE, LLC (2.63%), First Federal Bank (2.68%), QUICKEN LOANS, LLC (2.71%) and HOME POINT FINANCIAL CORPORATION (2.74%).

Clarksville FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
CLARKSVILLE, TN-KY CHRISTIAN 2022 $420,680 $538,650 $651,050 $809,150
CLARKSVILLE, TN-KY TRIGG 2022 $420,680 $538,650 $651,050 $809,150
CLARKSVILLE, TN-KY MONTGOMERY 2022 $420,680 $538,650 $651,050 $809,150
CLARKSVILLE, TN-KY STEWART 2022 $420,680 $538,650 $651,050 $809,150

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).