Greeneville FHA Loan Rates, Closing Costs & Stats

Greeneville, 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.

    Greeneville's 55 lenders originated 209 FHA loans during 2023. The total origination value was $42,945,000, with an average FHA loan value of $205,478.

    Greeneville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Greeneville averaged 6.39% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Greeneville's average FHA mortgage closing costs are $7,248.

    The average rate for the prior week (2024-11-01) was 6.26% and one month ago for the week of 2024-10-04, the average rate was 6.18%.

    The average rate one year ago was 7.43%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

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

    Greeneville 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 Greeneville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 23 6.22% $10,076
    UNITED WHOLESALE MORTGAGE, LLC 23 6.42% $10,981
    GVC MORTGAGE, INC. 16 6.62% $10,619
    MORTGAGE INVESTORS GROUP, INC. 12 6.38% $9,028
    CARDINAL FINANCIAL 7 6.61% $12,400
    DHI MORTGAGE COMPANY, LTD. 7 5.76% $7,801
    Sierra Pacific Mortgage Company, Inc. 6 6.92% $12,888
    INTERLINC MORTGAGE SERVICES, LLC 6 6.77% $5,541
    FREEDOM MORTGAGE CORPORATION 5 7.10% $11,368
    LOANDEPOT.COM, LLC 5 6.97% $14,055
    CMG MORTGAGE, INC. 4 6.91% $13,400
    DAS Acquisition Company, LLC 4 6.65% $7,805
    AMERICAN FINANCIAL RESOURCES, INC. 4 6.66% $10,596
    ROSS MORTGAGE CORPORATION 4 7.03% $7,656
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 7.63% $4,602
    MOVEMENT MORTGAGE, LLC 3 6.79% $9,221
    Equity Prime Mortgage LLC 3 6.50% $13,215
    Century Mortgage Company DBA Century Lending Company 3 6.17% $11,895
    CROSSCOUNTRY MORTGAGE, LLC 3 6.69% $10,594
    EVERETT FINANCIAL, INC. 3 6.96% $5,615
    PLANET HOME LENDING, LLC 2 6.06% $9,788
    DELMAR FINANCIAL COMPANY 2 7.56% $10,803
    Citizens Bank 2 6.50% $6,496
    NEWREZ LLC 2 7.06% $7,763
    CHURCHILL MORTGAGE CORPORATION 2 5.94% $8,964
    Regions Bank 2 5.81% $7,704
    STOCKTON MORTGAGE CORPORATION 2 6.06% $10,052
    ALAMEDA MORTGAGE CORPORATION 2 6.87% $12,395
    BROKER SOLUTIONS, INC. 2 7.00% $8,395
    ZILLOW HOME LOANS, LLC 1 6.25% $10,789
    Alcova Mortgage LLC 1 7.25% $16,508
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $16,430
    CALCON MUTUAL MORTGAGE LLC 1 8.25% $10,616
    Carrington Mortgage Services, LLC 1 6.63% $15,895
    ENDEAVOR CAPITAL, LLC. 1 7.50% $12,343
    FIRST COMMUNITY MORTGAGE, INC. 1 7.38% $6,704
    Flagstar Bank, FSB 1 6.25% $17,485
    GUARANTEED RATE, INC. 1 6.75% $7,945
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.50% $10,249
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $9,974
    LEADERONE FINANCIAL CORPORATION 1 5.50% $8,294
    M&T Bank 1 5.88% $8,504
    Nations Lending Corporation 1 7.00% $11,871
    PENNYMAC LOAN SERVICES, LLC 1 7.13% $13,088
    PENTAGON FEDERAL CREDIT UNION 1 5.25% $12,645
    Plains Commerce Bank 1 7.25% $9,062
    POLARIS HOME FUNDING CORP. 1 6.63% $9,297
    Renasant Bank 1 5.75% $9,087
    SECURITYNATIONAL MORTGAGE COMPANY 1 6.75% $10,534
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $10,913
    SUN WEST MORTGAGE COMPANY, INC. 1 5.88% $9,517
    THE EQUITABLE MORTGAGE CORPORATION 1 5.63% $5,573
    U.S. Bank 1 5.50% $5,172
    VILLAGE CAPITAL MORTGAGE 1 7.25% $3,791
    Wells Fargo Bank 1 6.50% $6,562

    The top Greeneville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 23 FHA loans originated. Their average total fees are $10,076, which is $904 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Greeneville FHA lenders (with over 10 loans originated) are MORTGAGE INVESTORS GROUP, INC. ($9,028), QUICKEN LOANS, LLC ($10,076), GVC MORTGAGE, INC. ($10,619), UNITED WHOLESALE MORTGAGE, LLC ($10,981) and .

    The lowest rate Greeneville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.22%), MORTGAGE INVESTORS GROUP, INC. (6.38%), UNITED WHOLESALE MORTGAGE, LLC (6.42%), GVC MORTGAGE, INC. (6.62%) and .

    Greeneville FHA Loan Limits

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