Crossville FHA Loan Rates, Closing Costs & Stats

Crossville, 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.

    Crossville's 48 lenders originated 180 FHA loans during 2024. The total origination value was $38,250,000, with an average FHA loan value of $212,500.

    Crossville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Crossville averaged 0.22% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Crossville's average FHA mortgage closing costs are $7,620.

    The average rate for the prior week (2025-06-13) was 6.9% and one month ago for the week of 2025-05-16, the average rate was 6.96%.

    The average rate one year ago was 6.92%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.26%.

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

    Crossville 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 Crossville level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 24 6.16% $10,205
    Flagstar Bank, FSB 10 6.44% $7,410
    CMG MORTGAGE, INC. 9 6.39% $12,189
    FREEDOM MORTGAGE CORPORATION 7 6.63% $11,594
    AMERICAN FINANCIAL NETWORK, INC. 7 6.75% $10,782
    UNITED WHOLESALE MORTGAGE, LLC 5 6.39% $12,168
    MORTGAGE INVESTORS GROUP, INC. 5 6.57% $10,478
    VAN DYK MORTGAGE CORPORATION 5 6.77% $6,439
    LOANDEPOT.COM, LLC 4 6.09% $13,801
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.53% $12,776
    PENNYMAC LOAN SERVICES, LLC 4 6.09% $11,420
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.38% $13,056
    FIRST COMMUNITY MORTGAGE, INC. 3 6.96% $10,457
    DAS Acquisition Company, LLC 3 6.92% $8,582
    Equity Prime Mortgage LLC 3 6.92% $12,918
    SmartBank 2 6.19% $7,404
    CROSSCOUNTRY MORTGAGE, LLC 2 6.37% $10,705
    Fifth Third Bank 2 6.50% $8,360
    FirstBank 2 6.81% $6,543
    Regions Bank 2 6.31% $9,956
    Carrington Mortgage Services, LLC 2 6.00% $13,665
    GUARANTY MORTGAGE SERVICES, L.L.C. 2 6.81% $13,634
    AMERISAVE MORTGAGE CORPORATION 2 6.13% $11,670
    UNION HOME MORTGAGE CORP. 2 6.88% $13,292
    Alcova Mortgage LLC 2 7.25% $12,548
    AmeriHome Mortgage Company, LLC 2 6.56% $4,779
    Wolfe Financial, Inc 1 6.63% $12,983
    AMERICAN FINANCING CORPORATION 1 5.88% $9,302
    AmRes Corporation 1 7.25% $13,886
    BROKER SOLUTIONS, INC. 1 7.75% $8,695
    CARDINAL FINANCIAL 1 5.88% $9,357
    GUILD MORTGAGE COMPANY 1 5.88% $9,218
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.50% $8,585
    HOMESIDE FINANCIAL, LLC 1 6.75% $12,789
    MILEND, INC. 1 6.75% $16,817
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.25% $8,501
    MOVEMENT MORTGAGE, LLC 1 6.75% $9,032
    Mr. Cooper ( Nationstar Mortgage ) 1 7.25% $11,580
    NEWREZ LLC 1 6.25% $9,965
    NFM, INC. 1 6.13% $13,041
    Paramount Residential Mortgage Group, Inc. 1 5.88% $18,801
    PLANET HOME LENDING, LLC 1 6.88% $8,815
    RELIANCE FIRST CAPITAL, LLC 1 7.13% $6,668
    ROYAL UNITED MORTGAGE LLC 1 7.13% $9,889
    STOCKTON MORTGAGE CORPORATION 1 5.63% $7,799
    The First National Bank of Middle Tennessee 1 5.75% $11,075
    The Loan Store, Inc. 1 5.99% $15,436
    Truist 1 6.63% $8,875

    The top Crossville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 24 FHA loans originated. Their average total fees are $10,205, which is $2,795 higher than the next largest lender, Flagstar Bank, FSB.

    The lowest fee Crossville FHA lenders (with over 10 loans originated) are Flagstar Bank, FSB ($7,410), QUICKEN LOANS, LLC ($10,205), .

    The lowest rate Crossville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.16%), Flagstar Bank, FSB (6.44%), .

    Crossville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CROSSVILLE, TN CUMBERLAND 2022 $420,680 $538,650 $651,050 $809,150
    CROSSVILLE, TN CUMBERLAND 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).