Clarksville FHA Loans

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 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).