Cookeville FHA Loan Rates, Closing Costs & Stats

Cookeville, TN

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.

Cookeville's 73 lenders originated 286 FHA loans during 2023. The total origination value was $70,220,000, with an average FHA loan value of $245,524.

Cookeville FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Cookeville averaged 6.76% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

Cookeville's average FHA mortgage closing costs are $7,703.

The average rate for the prior week (2024-05-31) was 6.84% and one month ago for the week of 2024-05-03, the average rate was 6.84%.

The average rate one year ago was 6.61%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.47%.

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

Cookeville 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 Cookeville level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
AMCAP MORTGAGE, LTD. 28 6.61% $11,802
QUICKEN LOANS, LLC 26 6.08% $10,458
MORTGAGE INVESTORS GROUP, INC. 23 6.20% $10,564
UNITED WHOLESALE MORTGAGE, LLC 17 6.14% $11,786
UNION HOME MORTGAGE CORP. 14 6.81% $11,019
FirstBank 9 6.35% $10,935
ACOPIA, LLC 8 6.97% $15,473
FREEDOM MORTGAGE CORPORATION 8 7.13% $12,728
AMERICAN PACIFIC MORTGAGE CORPORATION 7 6.59% $11,840
CMG MORTGAGE, INC. 6 6.38% $13,668
GUARANTY MORTGAGE SERVICES, L.L.C. 6 6.88% $14,467
MID AMERICA MORTGAGE, INC. 6 7.15% $5,585
LOANDEPOT.COM, LLC 5 6.22% $11,264
PENNYMAC LOAN SERVICES, LLC 4 6.09% $11,197
AmRes Corporation 4 6.81% $9,785
CROSSCOUNTRY MORTGAGE, LLC 4 6.66% $11,233
VAN DYK MORTGAGE CORPORATION 4 7.41% $5,571
Carrington Mortgage Services, LLC 4 6.22% $10,140
Mr. Cooper ( Nationstar Mortgage ) 3 5.50% $14,644
ISERVE RESIDENTIAL LENDING, LLC 3 6.42% $10,039
EMBRACE HOME LOANS, INC. 3 6.58% $10,427
NEWREZ LLC 3 5.96% $10,769
MANN FINANCIAL INC. 2 7.13% $8,922
EVERETT FINANCIAL, INC. 2 6.88% $10,845
The Federal Savings Bank 2 7.13% $17,711
NP, Inc. 2 6.88% $18,501
CARDINAL FINANCIAL 2 6.37% $10,264
Renasant Bank 2 5.75% $9,861
SECURITYNATIONAL MORTGAGE COMPANY 2 5.94% $5,733
INTERLINC MORTGAGE SERVICES, LLC 2 6.19% $8,175
BROKER SOLUTIONS, INC. 2 6.50% $12,459
PLAZA HOME MORTGAGE, INC. 2 7.06% $11,914
Legacy Home Loans, LLC 2 6.69% $9,758
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.75% $16,727
United Community Bank 1 5.88% $10,487
United Fidelity Funding Corp. 1 7.63% $11,694
U.S. Bank 1 6.25% $9,601
VILLAGE CAPITAL MORTGAGE 1 5.25% $9,680
1ST SIGNATURE LENDING, LLC 1 7.25% $19,241
ZILLOW HOME LOANS, LLC 1 5.63% $8,155
A&D Mortgage LLC 1 5.63% $12,687
American Mortgage & Equity Consultants, Inc. 1 7.25% $14,256
Ameris Bank 1 6.50% $7,302
CHURCHILL MORTGAGE CORPORATION 1 5.50% $9,505
DAS Acquisition Company, LLC 1 7.63% $11,292
DHI MORTGAGE COMPANY, LTD. 1 4.99% $10,762
Equity Prime Mortgage LLC 1 6.25% $13,586
FIRST COMMUNITY MORTGAGE, INC. 1 7.13% $14,076
F&M Bank 1 5.25% $9,290
Franklin Loan Corporation 1 5.75% $15,993
GUARANTEED RATE, INC. 1 6.75% $14,227
GUILD MORTGAGE COMPANY 1 5.50% $10,523
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.63% $9,148
LEADERONE FINANCIAL CORPORATION 1 6.13% $5,696
LOANPAL, LLC 1 5.50% $14,023
MEMBER FIRST MORTGAGE, LLC 1 6.75% $8,366
MILEND, INC. 1 5.63% $12,673
MORTGAGE MANAGEMENT CONSULTANTS, INC. 1 6.50% $9,042
MOVEMENT MORTGAGE, LLC 1 7.75% $11,333
Nations Lending Corporation 1 7.13% $12,204
NBKC BANK 1 6.13% $9,993
NFM, INC. 1 6.13% $17,856
PENTAGON FEDERAL CREDIT UNION 1 5.88% $8,617
Plains Commerce Bank 1 7.13% $11,139
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $10,968
RELIANCE FIRST CAPITAL, LLC 1 6.13% $15,714
ROYAL UNITED MORTGAGE LLC 1 7.25% $9,202
Shamrock Home Loans, Inc. 1 7.63% $10,129
SOVEREIGN LENDING GROUP INCORPORATED 1 5.75% $12,766
SUCCESS MORTGAGE PARTNERS, INC. 1 6.00% $17,124
SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $15,885
THRIVE MORTGAGE, LLC 1 7.25% $10,743
TOWNE MORTGAGE COMPANY 1 6.25% $12,675

The top Cookeville FHA lender as defined by loan originations is AMCAP MORTGAGE, LTD., with 28 FHA loans originated. Their average total fees are $11,802, which is $1,344 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Cookeville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($10,458), MORTGAGE INVESTORS GROUP, INC. ($10,564), UNION HOME MORTGAGE CORP. ($11,019), UNITED WHOLESALE MORTGAGE, LLC ($11,786) and AMCAP MORTGAGE, LTD. ($11,802).

The lowest rate Cookeville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.08%), UNITED WHOLESALE MORTGAGE, LLC (6.14%), MORTGAGE INVESTORS GROUP, INC. (6.20%), AMCAP MORTGAGE, LTD. (6.61%) and UNION HOME MORTGAGE CORP. (6.81%).

Cookeville FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Cookeville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $204,475 (2.5%) $255,841 (0.9%) 0.00 410
2018-02-01 $209,225 (7.3%) $254,906 (0.0%) 0.00 411
2018-03-01 $210,000 (0.3%) $261,296 (-2.6%) 0.00 387
2018-04-01 $217,000 (3.4%) $272,646 (-1.6%) 0.00 390
2018-05-01 $223,650 (1.7%) $276,473 (-0.8%) 0.00 420
2018-06-01 $225,000 (3.7%) $283,044 (2.3%) 0.00 422
2018-07-01 $229,900 (7.0%) $281,352 (1.9%) 0.00 438
2018-08-01 $231,950 (10.7%) $283,286 (1.2%) 0.00 437
2018-09-01 $239,000 (11.2%) $289,873 (5.0%) 0.00 447
2018-10-01 $239,929 (8.6%) $281,723 (5.1%) 0.00 463
2018-11-01 $239,000 (12.5%) $274,399 (4.2%) 0.00 459
2018-12-01 $239,000 (13.9%) $271,709 (4.9%) 0.00 448
2019-01-01 $238,250 (16.5%) $275,308 (7.6%) 0.00 418
2019-02-01 $241,200 (15.3%) $280,443 (10.0%) 0.00 387
2019-03-01 $239,900 (14.2%) $289,264 (10.7%) 0.00 386
2019-04-01 $239,900 (10.6%) $295,868 (8.5%) 0.00 390
2019-05-01 $244,929 (9.5%) $308,310 (11.5%) 0.00 394
2019-06-01 $239,900 (6.6%) $302,206 (6.8%) 0.00 411
2019-07-01 $234,957 (2.2%) $292,748 (4.1%) 0.00 441
2019-08-01 $236,227 (1.8%) $296,906 (4.8%) 0.00 443
2019-09-01 $238,068 (-0.4%) $302,373 (4.3%) 0.00 448
2019-10-01 $239,295 (-0.3%) $306,018 (8.6%) 0.00 453
2019-11-01 $240,000 (0.4%) $309,226 (12.7%) 0.00 450
2019-12-01 $241,950 (1.2%) $306,321 (12.7%) 0.00 445
2020-01-01 $249,950 (4.9%) $309,789 (12.5%) 0.00 369
2020-02-01 $259,900 (7.8%) $316,109 (12.7%) 0.00 346
2020-03-01 $259,900 (8.3%) $319,432 (10.4%) 0.00 339
2020-04-01 $261,179 (8.9%) $319,893 (8.1%) 0.00 326
2020-05-01 $262,450 (7.2%) $327,780 (6.3%) 0.00 300
2020-06-01 $274,925 (14.6%) $345,550 (14.3%) 0.00 269
2020-07-01 $276,350 (17.6%) $355,739 (21.5%) 0.00 254
2020-08-01 $279,900 (18.5%) $360,175 (21.3%) 0.00 241
2020-09-01 $284,900 (19.7%) $369,228 (22.1%) 0.00 225
2020-10-01 $287,450 (20.1%) $374,071 (22.2%) 0.00 222
2020-11-01 $284,850 (18.7%) $364,656 (17.9%) 0.00 228
2020-12-01 $274,900 (13.6%) $369,416 (20.6%) 0.00 197
2021-01-01 $279,900 (12.0%) $372,299 (20.2%) 0.00 188
2021-02-01 $297,425 (14.4%) $394,372 (24.8%) 0.00 148
2021-03-01 $287,450 (10.6%) $394,745 (23.6%) 0.00 138
2021-04-01 $317,450 (21.5%) $423,587 (32.4%) 0.00 131
2021-05-01 $317,500 (21.0%) $439,253 (34.0%) 0.00 146
2021-06-01 $309,900 (12.7%) $430,738 (24.7%) 0.00 162
2021-07-01 $329,900 (19.4%) $452,347 (27.2%) 0.00 195
2021-08-01 $362,000 (29.3%) $465,788 (29.3%) 0.00 242
2021-09-01 $382,400 (34.2%) $486,514 (31.8%) 0.00 229
2021-10-01 $356,950 (24.2%) $504,172 (34.8%) 0.00 234
2021-11-01 $372,400 (30.7%) $520,194 (42.7%) 0.00 215
2021-12-01 $362,482 (31.9%) $512,019 (38.6%) 0.00 201
2022-01-01 $369,900 (32.2%) $530,554 (42.5%) 0.00 181
2022-02-01 $390,800 (31.4%) $530,078 (34.4%) 0.00 153
2022-03-01 $354,900 (23.5%) $495,499 (25.5%) 0.00 171
2022-04-01 $367,458 (15.8%) $490,211 (15.7%) 0.00 188
2022-05-01 $382,200 (20.4%) $507,125 (15.5%) 0.00 205
2022-06-01 $398,000 (28.4%) $511,988 (18.9%) 0.00 239
2022-07-01 $399,000 (21.0%) $503,110 (11.2%) 0.00 294
2022-08-01 $399,475 (10.4%) $503,098 (8.0%) 0.00 306
2022-09-01 $383,450 (0.3%) $488,929 (0.5%) 0.00 320
2022-10-01 $395,000 (10.7%) $497,691 (-1.3%) 0.00 346
2022-11-01 $373,000 (0.2%) $492,718 (-5.3%) 0.00 371
2022-12-01 $369,000 (1.8%) $468,467 (-8.5%) 0.00 357
2023-01-01 $359,950 (-2.7%) $467,213 (-11.9%) 0.00 344
2023-02-01 $369,900 (-5.4%) $474,283 (-10.5%) 0.00 330
2023-03-01 $359,925 (1.4%) $472,975 (-4.6%) 0.00 306
2023-04-01 $362,450 (-1.4%) $476,715 (-2.8%) 0.00 293
2023-05-01 $392,600 (2.7%) $498,712 (-1.7%) 0.00 299
2023-06-01 $404,166 (1.6%) $499,022 (-2.5%) 0.00 303
2023-07-01 $397,000 (-0.5%) $492,752 (-2.1%) 0.00 301
2023-08-01 $404,916 (1.4%) $515,845 (2.5%) 0.00 322
2023-09-01 $405,000 (5.6%) $525,788 (7.5%) 0.00 335
2023-10-01 $399,500 (1.1%) $501,136 (0.7%) 0.00 354
2023-11-01 $395,000 (5.9%) $489,366 (-0.7%) 0.00 390
2023-12-01 $395,000 (7.1%) $480,283 (2.5%) 0.00 373
2024-01-01 $379,982 (5.6%) $469,461 (0.5%) 0.00 348
2024-02-01 $379,907 (2.7%) $460,889 (-2.8%) 0.00 332
2024-03-01 $379,000 (5.3%) $461,455 (-2.4%) 0.00 348
2024-04-01 $379,900 (4.8%) $463,450 (-2.8%) 0.00 347
2024-05-01 $388,682 (-1.0%) $473,820 (-5.0%) 0.00 342
Cookeville's median listing price for 2024-05-01 was $388,682, a difference of $-3,918 (-1.0%) versus the prior year and $8,782 versus the prior month.

Cookeville's median listing price comes in at 0% of the national average.

Cookeville's average listing price for 2024-05-01 was $473,820, a difference of $-24,892 (-5.0%) versus the prior year and $10,370 versus the prior month.

For the 2024-05-01 period, Cookeville had 342 MLS listings, a difference of -5 listings (-1%) versus the prior month and 43 listings (14%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Cookeville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,821 sqft
2018-02-01 0 days 1,847 sqft
2018-03-01 0 days 1,899 sqft
2018-04-01 0 days 1,985 sqft
2018-05-01 0 days 1,985 sqft
2018-06-01 0 days 1,980 sqft
2018-07-01 0 days 2,016 sqft
2018-08-01 0 days 2,022 sqft
2018-09-01 0 days 2,046 sqft
2018-10-01 0 days 2,038 sqft
2018-11-01 0 days 2,005 sqft
2018-12-01 0 days 2,004 sqft
2019-01-01 0 days 1,976 sqft
2019-02-01 0 days 1,959 sqft
2019-03-01 0 days 1,974 sqft
2019-04-01 0 days 2,005 sqft
2019-05-01 0 days 2,073 sqft
2019-06-01 0 days 2,000 sqft
2019-07-01 0 days 1,946 sqft
2019-08-01 0 days 1,966 sqft
2019-09-01 0 days 1,972 sqft
2019-10-01 0 days 1,976 sqft
2019-11-01 0 days 1,976 sqft
2019-12-01 0 days 1,954 sqft
2020-01-01 0 days 1,985 sqft
2020-02-01 0 days 2,000 sqft
2020-03-01 0 days 1,995 sqft
2020-04-01 0 days 1,983 sqft
2020-05-01 0 days 2,000 sqft
2020-06-01 0 days 2,010 sqft
2020-07-01 0 days 2,161 sqft
2020-08-01 0 days 2,028 sqft
2020-09-01 0 days 1,969 sqft
2020-10-01 0 days 1,966 sqft
2020-11-01 0 days 1,891 sqft
2020-12-01 0 days 1,910 sqft
2021-01-01 0 days 1,912 sqft
2021-02-01 0 days 2,023 sqft
2021-03-01 0 days 1,985 sqft
2021-04-01 0 days 2,076 sqft
2021-05-01 0 days 2,061 sqft
2021-06-01 0 days 1,970 sqft
2021-07-01 0 days 2,050 sqft
2021-08-01 0 days 2,172 sqft
2021-09-01 0 days 2,289 sqft
2021-10-01 0 days 2,352 sqft
2021-11-01 0 days 2,381 sqft
2021-12-01 0 days 2,317 sqft
2022-01-01 0 days 2,305 sqft
2022-02-01 0 days 2,193 sqft
2022-03-01 0 days 2,004 sqft
2022-04-01 0 days 2,059 sqft
2022-05-01 0 days 2,049 sqft
2022-06-01 0 days 2,063 sqft
2022-07-01 0 days 2,044 sqft
2022-08-01 0 days 2,077 sqft
2022-09-01 0 days 1,968 sqft
2022-10-01 0 days 2,004 sqft
2022-11-01 0 days 1,922 sqft
2022-12-01 0 days 1,872 sqft
2023-01-01 0 days 1,869 sqft
2023-02-01 0 days 1,858 sqft
2023-03-01 0 days 1,804 sqft
2023-04-01 0 days 1,837 sqft
2023-05-01 0 days 1,885 sqft
2023-06-01 0 days 2,000 sqft
2023-07-01 0 days 1,932 sqft
2023-08-01 0 days 1,952 sqft
2023-09-01 0 days 1,989 sqft
2023-10-01 0 days 1,993 sqft
2023-11-01 0 days 1,926 sqft
2023-12-01 0 days 1,942 sqft
2024-01-01 0 days 1,844 sqft
2024-02-01 0 days 1,811 sqft
2024-03-01 0 days 1,797 sqft
2024-04-01 0 days 1,822 sqft
2024-05-01 0 days 1,875 sqft
Cookeville's median listing age (time on market) for 2024-05-01 was 0 days.

Cookeville's median square footage for active listings during the 2024-05-01 period was 1,875 sqft. One year prior, the average listing was 1,885 sqft.

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).