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 6.82% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.71% and one month ago for the week of 2024-03-15, the average rate was 6.38%.

    The average rate one year ago was 6.21%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.23%.

    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
    Cookeville's median listing price for 2024-03-01 was $379,000, a difference of $19,075 (5.3%) versus the prior year and $-907 versus the prior month.

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

    Cookeville's average listing price for 2024-03-01 was $461,455, a difference of $-11,520 (-2.4%) versus the prior year and $566 versus the prior month.

    For the 2024-03-01 period, Cookeville had 348 MLS listings, a difference of 16 listings (5%) versus the prior month and 42 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
    Cookeville's median listing age (time on market) for 2024-03-01 was 0 days.

    Cookeville's median square footage for active listings during the 2024-03-01 period was 1,797 sqft. One year prior, the average listing was 1,804 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).