Johnson City FHA Loan Rates, Closing Costs & Stats

JOHNSON CITY, 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.

    Johnson City's 71 lenders originated 442 FHA loans during 2023. The total origination value was $130,940,000, with an average FHA loan value of $296,244.

    Johnson City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Johnson City averaged 6.48% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Johnson City's average FHA mortgage closing costs are $7,242.

    The average rate for the prior week (2024-11-01) was 6.25% and one month ago for the week of 2024-10-04, the average rate was 5.97%.

    The average rate one year ago was 7.31%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.18%.

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

    Johnson City 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 Johnson City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 47 6.33% $10,975
    MOVEMENT MORTGAGE, LLC 31 6.83% $9,055
    CARDINAL FINANCIAL 28 6.41% $12,175
    MORTGAGE INVESTORS GROUP, INC. 24 6.32% $8,406
    UNITED WHOLESALE MORTGAGE, LLC 21 6.44% $10,812
    Sierra Pacific Mortgage Company, Inc. 16 6.52% $12,666
    FREEDOM MORTGAGE CORPORATION 15 7.09% $10,867
    GVC MORTGAGE, INC. 14 6.32% $11,291
    PENNYMAC LOAN SERVICES, LLC 13 6.13% $12,180
    ALAMEDA MORTGAGE CORPORATION 13 7.00% $8,959
    DHI MORTGAGE COMPANY, LTD. 11 5.90% $6,928
    Bank of Tennessee 10 6.37% $8,497
    LOANDEPOT.COM, LLC 9 6.46% $9,869
    GUARANTEED RATE, INC. 7 6.77% $8,629
    RELIANCE FIRST CAPITAL, LLC 7 6.84% $11,013
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.82% $9,180
    CMG MORTGAGE, INC. 6 6.88% $7,991
    Regions Bank 5 6.40% $7,711
    Carrington Mortgage Services, LLC 5 6.28% $11,253
    CROSSCOUNTRY MORTGAGE, LLC 5 7.28% $8,294
    STOCKTON MORTGAGE CORPORATION 5 6.38% $9,349
    FIRST COMMUNITY MORTGAGE, INC. 5 6.38% $9,380
    AMERISAVE MORTGAGE CORPORATION 5 5.83% $16,138
    ISERVE RESIDENTIAL LENDING, LLC 5 7.05% $15,275
    ROSS MORTGAGE CORPORATION 4 7.03% $10,402
    MILEND, INC. 4 6.50% $14,271
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.38% $9,241
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.78% $13,198
    LEADERONE FINANCIAL CORPORATION 4 6.81% $11,865
    BROKER SOLUTIONS, INC. 4 6.84% $11,512
    Truist 3 5.83% $8,620
    DELMAR FINANCIAL COMPANY 3 6.79% $11,340
    GENEVA FINANCIAL, LLC 3 7.00% $13,107
    PLAZA HOME MORTGAGE, INC. 3 6.16% $10,504
    UNION HOME MORTGAGE CORP. 2 6.38% $9,465
    Century Mortgage Company DBA Century Lending Company 2 6.25% $5,786
    U.S. Bank 2 6.50% $8,180
    Mr. Cooper ( Nationstar Mortgage ) 2 6.50% $14,192
    LAKEVIEW LOAN SERVICING, LLC 2 5.88% $13,079
    CHURCHILL MORTGAGE CORPORATION 2 6.25% $12,199
    Wolfe Financial, Inc 2 6.94% $8,347
    EVERETT FINANCIAL, INC. 2 7.31% $7,701
    Mortgage Research Center, LLC 1 7.13% $7,401
    Equity Prime Mortgage LLC 1 7.25% $6,713
    Nations Lending Corporation 1 7.25% $23,891
    NEWREZ LLC 1 6.00% $13,441
    OCMBC, INC. 1 7.50% $14,982
    EMM LOANS LLC 1 5.75% $12,551
    ZILLOW HOME LOANS, LLC 1 6.25% $12,863
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.75% $18,453
    Prosperity Home Mortgage, LLC 1 6.49% $12,076
    CORNERSTONE HOME LENDING, INC. 1 6.63% $4,925
    CityWorth Mortgage LLC 1 5.75% $7,895
    CHERRY CREEK MORTGAGE, LLC 1 6.25% $5,157
    CALCON MUTUAL MORTGAGE LLC 1 9.20% $8,887
    SUN WEST MORTGAGE COMPANY, INC. 1 6.35% $9,784
    The Federal Savings Bank 1 5.63% $24,256
    ACADEMY MORTGAGE CORPORATION 1 7.00% $12,242
    AmeriHome Mortgage Company, LLC 1 6.99% $9,239
    VAN DYK MORTGAGE CORPORATION 1 6.13% $25,236
    VERITAS FUNDING, LLC 1 5.63% $7,699
    Willamette Valley Bank 1 6.63% $9,589
    JPMorgan Chase Bank 1 6.50% $7,067
    HOMESIDE FINANCIAL, LLC 1 7.12% $8,202
    KELLER MORTGAGE, LLC 1 6.13% $9,551
    GoPrime Mortgage, Inc. 1 6.25% $13,012
    Flagstar Bank, FSB 1 7.25% $10,301
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 7.13% $8,460
    First Horizon Bank 1 6.63% $6,812
    MLD MORTGAGE INC. 1 6.00% $6,244
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.63% $13,086

    The top Johnson City FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 47 FHA loans originated. Their average total fees are $10,975, which is $1,920 higher than the next largest lender, MOVEMENT MORTGAGE, LLC.

    The lowest fee Johnson City FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($6,928), MORTGAGE INVESTORS GROUP, INC. ($8,406), Bank of Tennessee ($8,497), ALAMEDA MORTGAGE CORPORATION ($8,959) and MOVEMENT MORTGAGE, LLC ($9,055).

    The lowest rate Johnson City FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.90%), PENNYMAC LOAN SERVICES, LLC (6.13%), MORTGAGE INVESTORS GROUP, INC. (6.32%), GVC MORTGAGE, INC. (6.32%) and QUICKEN LOANS, LLC (6.33%).

    Johnson City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    JOHNSON CITY, TN CARTER 2022 $420,680 $538,650 $651,050 $809,150
    JOHNSON CITY, TN UNICOI 2022 $420,680 $538,650 $651,050 $809,150
    JOHNSON CITY, TN WASHINGTON 2022 $420,680 $538,650 $651,050 $809,150
    JOHNSON CITY, TN CARTER 2023 $472,030 $604,400 $730,525 $907,900
    JOHNSON CITY, TN UNICOI 2023 $472,030 $604,400 $730,525 $907,900
    JOHNSON CITY, TN WASHINGTON 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).