Clarksville FHA Loan Rates, Closing Costs & Stats

CLARKSVILLE, TN-KY

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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.

    Clarksville's 147 lenders originated 1,104 FHA loans during 2023. The total origination value was $276,850,000, with an average FHA loan value of $250,770.

    Clarksville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Clarksville averaged 6.06% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Clarksville's average FHA mortgage closing costs are $7,415.

    The average rate for the prior week (2024-11-01) was 5.84% and one month ago for the week of 2024-10-04, the average rate was 5.56%.

    The average rate one year ago was 6.8%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.3%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Clarksville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 98 6.22% $10,633
    UNITED WHOLESALE MORTGAGE, LLC 67 6.15% $13,674
    Mortgage Research Center, LLC 59 6.26% $6,067
    GUARANTEED RATE, INC. 47 6.20% $12,379
    STOCKTON MORTGAGE CORPORATION 43 6.58% $10,164
    F&M Bank 41 5.95% $10,832
    Flagstar Bank, FSB 38 6.46% $10,792
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 25 6.11% $12,131
    PENNYMAC LOAN SERVICES, LLC 24 6.16% $13,394
    CROSSCOUNTRY MORTGAGE, LLC 22 6.73% $11,351
    BROKER SOLUTIONS, INC. 22 6.62% $11,264
    SWBC MORTGAGE CORPORATION 20 6.38% $6,519
    HOMESIDE FINANCIAL, LLC 19 6.75% $10,128
    CMG MORTGAGE, INC. 19 6.39% $15,034
    FIRST COMMUNITY MORTGAGE, INC. 17 6.57% $11,656
    CARDINAL FINANCIAL 17 6.39% $12,555
    MORTGAGE INVESTORS GROUP, INC. 17 6.45% $10,111
    LOANDEPOT.COM, LLC 15 6.28% $11,775
    PENTAGON FEDERAL CREDIT UNION 14 5.61% $10,574
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 6.72% $10,332
    Mr. Cooper ( Nationstar Mortgage ) 13 6.13% $12,722
    U.S. Bank 12 6.40% $7,400
    Regions Bank 12 6.18% $10,441
    SeaTrust Mortgage Company 11 6.10% $10,276
    FREEDOM MORTGAGE CORPORATION 11 6.98% $13,572
    FirstBank 10 6.24% $12,881
    VAN DYK MORTGAGE CORPORATION 10 6.24% $6,963
    Century Mortgage Company DBA Century Lending Company 9 6.44% $14,737
    AMERICAN PACIFIC MORTGAGE CORPORATION 9 6.62% $13,689
    THRIVE MORTGAGE, LLC 9 6.47% $11,604
    CHURCHILL MORTGAGE CORPORATION 9 6.26% $11,015
    Plains Commerce Bank 8 6.52% $11,721
    COMMUNITY MORTGAGE CORPORATION 8 5.97% $11,953
    ACOPIA, LLC 7 6.46% $12,199
    PRIMARY RESIDENTIAL MORTGAGE, INC. 7 6.55% $8,994
    Ameris Bank 7 6.16% $9,558
    AMERISAVE MORTGAGE CORPORATION 6 6.06% $13,314
    CANOPY MORTGAGE, LLC 6 6.27% $18,483
    LAKEVIEW LOAN SERVICING, LLC 6 6.00% $13,195
    MILEND, INC. 5 6.98% $11,695
    T2 FINANCIAL LLC 5 6.58% $11,436
    GERSHMAN INVESTMENT CORP. 5 6.90% $9,351
    NEWREZ LLC 4 6.34% $7,821
    ISERVE RESIDENTIAL LENDING, LLC 4 7.00% $14,511
    THE MORTGAGE FIRM, INC. 4 5.47% $12,418
    Carrington Mortgage Services, LLC 4 6.22% $10,329
    SUN WEST MORTGAGE COMPANY, INC. 4 6.38% $17,529
    Citizens Bank 4 5.72% $7,673
    RELIANCE FIRST CAPITAL, LLC 4 6.19% $16,338
    First Federal Bank 4 6.56% $10,426
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 6.22% $18,331
    GUARANTY HOME MORTGAGE CORPORATION 4 6.13% $8,608
    United Community Bank 4 7.13% $11,527
    EUSTIS AND AMERICAN MORTGAGE COMPANY 3 6.38% $9,198
    Renasant Bank 3 7.13% $5,714
    CapStar Bank 3 6.83% $9,219
    VILLAGE CAPITAL MORTGAGE 3 6.50% $8,720
    Wells Fargo Bank 3 6.13% $6,524
    GARDNER FINANCIAL SERVICES, LTD. 3 7.17% $13,057
    MID AMERICA MORTGAGE, INC. 3 6.96% $5,542
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.33% $17,913
    TOP FLITE FINANCIAL, INC. 3 7.38% $9,077
    NFM, INC. 3 6.79% $6,583
    Paramount Residential Mortgage Group, Inc. 3 6.91% $16,733
    Legends Bank 3 6.66% $14,945
    OCMBC, INC. 3 6.67% $12,675
    AMERICAN FINANCIAL NETWORK, INC. 3 7.63% $14,264
    FirstTrust Home Loans, Inc. 3 7.08% $7,363
    EVERETT FINANCIAL, INC. 3 7.25% $8,938
    The Federal Savings Bank 2 6.31% $14,944
    ACADEMY MORTGAGE CORPORATION 2 7.38% $9,811
    BancorpSouth 2 6.63% $9,806
    BAY EQUITY LLC 2 6.25% $9,266
    Bell Bank 2 6.75% $12,187
    ENDEAVOR CAPITAL, LLC. 2 6.87% $7,532
    Equity Prime Mortgage LLC 2 7.13% $13,613
    FIRST COLONY MORTGAGE CORPORATION 2 6.50% $7,652
    First Federal Bank 2 6.25% $10,855
    FLAT BRANCH MORTGAGE, INC. 2 7.69% $8,547
    INTERLINC MORTGAGE SERVICES, LLC 2 6.31% $4,815
    JPMorgan Chase Bank 2 6.06% $7,490
    Legacy Home Loans, LLC 2 6.38% $8,357
    LIBERTY HOME MORTGAGE CORPORATION 2 6.81% $12,285
    LOANPAL, LLC 2 6.38% $10,697
    MOVEMENT MORTGAGE, LLC 2 6.25% $8,279
    Nations Lending Corporation 2 6.75% $8,601
    PLANET HOME LENDING, LLC 2 6.13% $6,415
    Prosperity Home Mortgage, LLC 2 6.44% $11,616
    ROYAL UNITED MORTGAGE LLC 2 7.31% $8,582
    Simmons Bank 2 6.06% $7,441
    Truist 2 6.18% $7,061
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 2 5.88% $12,019
    M&T Bank 1 6.75% $8,738
    INTERNATIONAL CITY MORTGAGE, INC. 1 6.38% $11,456
    AMCAP MORTGAGE, LTD. 1 6.49% $12,555
    NATIONS RELIABLE LENDING, LLC 1 5.88% $10,181
    Independent Bank 1 4.88% $25,823
    HOMESTAR FINANCIAL CORPORATION 1 6.25% $8,552
    NORTHERN MORTGAGE SERVICES, LLC 1 6.75% $7,882
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.38% $10,039
    GUILD MORTGAGE COMPANY 1 6.13% $6,398
    Franklin Loan Corporation 1 6.63% $8,179
    First Vision Bank of Tennessee 1 6.75% $13,480
    PHH Mortgage Corporation 1 7.13% $11,849
    Pinnacle Bank 1 6.13% $8,538
    First Financial Bank 1 7.13% $15,744
    US MORTGAGE CORPORATION 1 6.25% $15,677
    PLAZA HOME MORTGAGE, INC. 1 6.13% $7,351
    EVANSVILLE TEACHERS 1 6.00% $7,131
    ALTRA 1 6.49% $15,687
    EMM LOANS LLC 1 5.88% $11,948
    RANLIFE, INC. 1 5.74% $16,095
    DELMAR FINANCIAL COMPANY 1 6.88% $10,229
    DATA MORTGAGE, INC. 1 6.38% $13,933
    Cornerstone First Mortgage, Inc 1 6.99% $16,251
    ROSS MORTGAGE CORPORATION 1 6.50% $10,571
    VERITAS FUNDING, LLC 1 7.25% $12,919
    S1L, Inc. 1 7.25% $7,794
    COMMUNITY MORTGAGE, LLC 1 7.00% $10,125
    SECURITYNATIONAL MORTGAGE COMPANY 1 6.75% $11,439
    Alcova Mortgage LLC 1 5.75% $4,540
    SOUTHWEST STAGE FUNDING, LLC 1 6.88% $21,673
    Colonial Savings, F.A. 1 6.50% $12,223
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.88% $11,952
    Sunflower Bank 1 6.49% $7,446
    CASTLE & COOKE MORTGAGE, LLC 1 6.75% $12,642
    CALCON MUTUAL MORTGAGE LLC 1 6.50% $7,932
    BAY-VALLEY MORTGAGE GROUP 1 5.75% $17,707
    1ST SIGNATURE LENDING, LLC 1 7.75% $16,176
    The First National Bank of Middle Tennessee 1 6.75% $12,298
    The Huntington National Bank 1 6.63% $15,555
    The Loan Store, Inc. 1 5.75% $8,657
    Bank of Tennessee 1 5.75% $9,380
    Bank of England 1 6.25% $8,012
    Bank of America 1 7.75% $1,919
    TOTAL MORTGAGE SERVICES, LLC 1 5.25% $10,123
    ALAMEDA MORTGAGE CORPORATION 1 6.13% $6,360
    AmeriHome Mortgage Company, LLC 1 6.63% $12,516
    Wilson Bank And Trust 1 7.13% $5,412
    MANN FINANCIAL INC. 1 6.25% $14,958
    Magnolia Bank 1 7.75% $7,721
    Loan Simple, Inc. 1 6.63% $10,516
    LEADERONE FINANCIAL CORPORATION 1 5.50% $10,702
    LAND HOME FINANCIAL SERVICES, INC. 1 5.88% $9,003
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $4,944
    AMERICAN FINANCING CORPORATION 1 5.75% $15,489
    Kwik Mortgage Corporation 1 5.75% $22,309

    The top Clarksville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 98 FHA loans originated. Their average total fees are $10,633, which is $3,041 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Clarksville FHA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($6,067), SWBC MORTGAGE CORPORATION ($6,519), VAN DYK MORTGAGE CORPORATION ($6,963), U.S. Bank ($7,400) and MORTGAGE INVESTORS GROUP, INC. ($10,111).

    The lowest rate Clarksville FHA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION (5.61%), F&M Bank (5.95%), SeaTrust Mortgage Company (6.10%), HIGHLANDS RESIDENTIAL MORTGAGE, LTD. (6.11%) and Mr. Cooper ( Nationstar Mortgage ) (6.13%).

    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
    CLARKSVILLE, TN-KY CHRISTIAN 2023 $472,030 $604,400 $730,525 $907,900
    CLARKSVILLE, TN-KY TRIGG 2023 $472,030 $604,400 $730,525 $907,900
    CLARKSVILLE, TN-KY MONTGOMERY 2023 $472,030 $604,400 $730,525 $907,900
    CLARKSVILLE, TN-KY STEWART 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).