Cookeville FHA Loan Rates, Closing Costs & Stats

Cookeville, 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.

    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 6.49% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.16% and one month ago for the week of 2024-10-04, the average rate was 5.98%.

    The average rate one year ago was 7.33%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.2%.

    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

    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).