Johnson City FHA Loans

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 69 lenders originated 669 FHA loans during 2021. The total origination value was $112,535,000, with an average FHA loan value of $168,214.

    Johnson City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Johnson City averaged 5.44% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

    The average rate for the prior week (2022-05-13) was 5.24% and one month ago for the week of 2022-04-15, the average rate was 5.34%.

    The average rate one year ago was 3.31%.

    For refis of the same type during the week of 2022-05-20, the average rate was 4.9%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Johnson City level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 69 3.43% $7,562
    QUICKEN LOANS, LLC 67 2.72% $5,768
    MOVEMENT MORTGAGE, LLC 38 3.11% $6,009
    FREEDOM MORTGAGE CORPORATION 31 2.88% $5,068
    MORTGAGE INVESTORS GROUP, INC. 30 3.04% $6,760
    GUARANTEED RATE, INC. 26 2.96% $7,516
    LAKEVIEW LOAN SERVICING, LLC 24 3.09% $3,996
    PENNYMAC LOAN SERVICES, LLC 22 3.04% $4,575
    Sierra Pacific Mortgage Company, Inc. 21 3.01% $7,696
    AMERICAN FINANCIAL NETWORK, INC. 18 3.25% $10,020
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 3.02% $5,821
    LOANDEPOT.COM, LLC 13 3.16% $7,346
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 11 3.52% $6,016
    CMG MORTGAGE, INC. 11 3.32% $7,381
    STOCKTON MORTGAGE CORPORATION 10 3.45% $7,277
    UNITED WHOLESALE MORTGAGE, LLC 9 2.52% $6,782
    SECURITYNATIONAL MORTGAGE COMPANY 8 3.45% $7,624
    AmeriHome Mortgage Company, LLC 6 2.85% $3,542
    Mr. Cooper ( Nationstar Mortgage ) 6 3.33% $3,783
    HANCOCK MORTGAGE PARTNERS, LLC 6 3.23% $7,008
    BROKER SOLUTIONS, INC. 5 3.35% $7,883
    Gateway First Bank 5 3.25% $4,306
    VILLAGE CAPITAL & INVESTMENT LLC 5 3.40% $1,738
    PRIMARY RESIDENTIAL MORTGAGE, INC. 5 3.73% $6,215
    Carrington Mortgage Services, LLC 5 3.25% $6,810
    First Guaranty Mortgage Corporation 5 2.73% $5,002
    Regions Bank 4 2.72% $6,563
    Bank of Tennessee 4 2.88% $6,376
    CALIBER HOME LOANS, INC. 4 2.72% $4,204
    Citizens Bank 4 2.59% $7,356
    FIRST COMMUNITY MORTGAGE, INC. 4 3.09% $5,578
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.53% $6,035
    VANDERBILT MORTGAGE AND FINANCE, INC. 4 3.56% $7,043
    AMERICAN FINANCING CORPORATION 3 2.67% $5,150
    SUCCESS MORTGAGE PARTNERS, INC. 3 3.29% $7,045
    SUN WEST MORTGAGE COMPANY, INC. 3 3.49% $2,945
    UNION HOME MORTGAGE CORP. 3 3.25% $5,861
    AMERICAN FINANCIAL RESOURCES, INC. 3 3.54% $5,857
    SOUTHWEST STAGE FUNDING, LLC 3 3.00% $3,443
    AMERISAVE MORTGAGE CORPORATION 3 3.17% $6,989
    Florida Capital Bank 3 2.58% $9,195
    1ST SIGNATURE LENDING, LLC 2 3.25% $6,998
    Nations Lending Corporation 2 3.06% $13,513
    RELIANCE FIRST CAPITAL, LLC 2 3.00% $9,715
    INTERLINC MORTGAGE SERVICES, LLC 2 3.31% $3,918
    NEWREZ LLC 2 3.56% $2,469
    CROSSCOUNTRY MORTGAGE, LLC 2 3.56% $8,735
    LENDUS, LLC 2 2.94% $8,937
    DHI MORTGAGE COMPANY, LTD. 2 3.13% $6,642
    RADIUS FINANCIAL GROUP INC. 2 3.75% $5,556
    ACADEMY MORTGAGE CORPORATION 1 3.13% $9,814
    InterContinental Capital Group, Inc 1 2.38% $11,540
    HOMESIDE FINANCIAL, LLC 1 2.63% $8,435
    ISERVE RESIDENTIAL LENDING, LLC 1 3.50% $12,080
    HOME POINT FINANCIAL CORPORATION 1 2.88% $2,796
    MID AMERICA MORTGAGE, INC. 1 2.25% $838
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 3.25% $8,138
    FINANCE OF AMERICA MORTGAGE LLC 1 3.75% $6,307
    NATIONWIDE MORTGAGE BANKERS, INC. 1 3.00% $11,613
    PLANET HOME LENDING, LLC 1 2.75% $5,818
    Colonial Savings, F.A. 1 3.50% $7,901
    A Mortgage Boutique, LLC 1 2.63% $6,395
    RANLIFE, INC. 1 2.50% $9,444
    Renasant Bank 1 3.00% $5,034
    Ameris Bank 1 2.63% $4,946
    SOUTHWEST FUNDING, LP 1 3.75% $7,634
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.99% $12,391
    STEARNS LENDING, LLC 1 3.25% $4,921
    U.S. Bank 1 3.13% $10,796

    The top Johnson City FHA lender as defined by loan originations is CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP, with 69 FHA loans originated. Their average total fees are $7,562, which is $1,794 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Johnson City FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($3,996), PENNYMAC LOAN SERVICES, LLC ($4,575), FREEDOM MORTGAGE CORPORATION ($5,068), QUICKEN LOANS, LLC ($5,768) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,821).

    The lowest rate Johnson City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.72%), FREEDOM MORTGAGE CORPORATION (2.88%), GUARANTEED RATE, INC. (2.96%), Sierra Pacific Mortgage Company, Inc. (3.01%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (3.02%).

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Johnson City (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 $197,450 (8.3%) $274,809 (12.3%) 0.73 764
    2018-02-01 $199,900 (8.1%) $274,711 (10.7%) 0.72 735
    2018-03-01 $202,500 (9.5%) $283,425 (14.5%) 0.70 746
    2018-04-01 $210,000 (10.6%) $291,238 (15.0%) 0.70 733
    2018-05-01 $224,900 (18.4%) $297,311 (16.7%) 0.75 742
    2018-06-01 $225,000 (18.5%) $298,019 (17.0%) 0.75 802
    2018-07-01 $218,450 (12.1%) $292,758 (13.1%) 0.73 826
    2018-08-01 $215,000 (8.0%) $293,925 (13.0%) 0.72 859
    2018-09-01 $215,000 (7.6%) $288,686 (10.3%) 0.72 887
    2018-10-01 $208,350 (3.8%) $280,287 (4.7%) 0.70 891
    2018-11-01 $208,000 (4.4%) $274,901 (4.4%) 0.70 907
    2018-12-01 $198,250 (-0.8%) $269,603 (-0.1%) 0.68 857
    2019-01-01 $192,400 (-2.6%) $268,504 (-2.3%) 0.66 791
    2019-02-01 $189,000 (-5.5%) $264,153 (-3.8%) 0.63 785
    2019-03-01 $198,943 (-1.8%) $281,508 (-0.7%) 0.65 705
    2019-04-01 $217,450 (3.6%) $302,027 (3.7%) 0.68 617
    2019-05-01 $231,950 (3.1%) $308,373 (3.7%) 0.71 632
    2019-06-01 $229,900 (2.2%) $318,283 (6.8%) 0.71 634
    2019-07-01 $229,900 (5.2%) $316,954 (8.3%) 0.71 661
    2019-08-01 $229,043 (6.5%) $314,298 (6.9%) 0.72 657
    2019-09-01 $228,543 (6.3%) $315,808 (9.4%) 0.73 652
    2019-10-01 $237,450 (14.0%) $321,288 (14.6%) 0.76 661
    2019-11-01 $215,000 (3.4%) $290,366 (5.6%) 0.69 834
    2019-12-01 $229,900 (16.0%) $318,286 (18.1%) 0.77 578
    2020-01-01 $238,900 (24.2%) $322,531 (20.1%) 0.80 516
    2020-02-01 $245,000 (29.6%) $331,494 (25.5%) 0.79 480
    2020-03-01 $249,700 (25.5%) $341,353 (21.3%) 0.78 440
    2020-04-01 $258,950 (19.1%) $337,902 (11.9%) 0.81 402
    2020-05-01 $274,900 (18.5%) $348,254 (12.9%) 0.83 362
    2020-06-01 $265,000 (15.3%) $344,406 (8.2%) 0.77 346
    2020-07-01 $264,900 (15.2%) $373,268 (17.8%) 0.76 328
    2020-08-01 $284,000 (24.0%) $388,725 (23.7%) 0.81 315
    2020-09-01 $288,000 (26.0%) $404,285 (28.0%) 0.82 304
    2020-10-01 $279,900 (17.9%) $395,722 (23.2%) 0.80 323
    2020-11-01 $279,950 (30.2%) $407,943 (40.5%) 0.80 292
    2020-12-01 $281,950 (22.6%) $401,788 (26.2%) 0.83 279
    2021-01-01 $275,000 (15.1%) $385,452 (19.5%) 0.81 223
    2021-02-01 $277,000 (13.1%) $412,043 (24.3%) 0.80 168
    2021-03-01 $299,900 (20.1%) $449,121 (31.6%) 0.84 152
    2021-04-01 $309,900 (19.7%) $462,756 (37.0%) 0.83 156
    2021-05-01 $299,900 (9.1%) $475,080 (36.4%) 0.79 173
    2021-06-01 $298,000 (12.5%) $422,014 (22.5%) 0.77 197
    2021-07-01 $262,000 (-1.1%) $413,135 (10.7%) 0.68 201
    2021-08-01 $299,000 (5.3%) $457,153 (17.6%) 0.79 236
    2021-09-01 $294,450 (2.2%) $470,286 (16.3%) 0.77 244
    2021-10-01 $299,900 (7.2%) $449,921 (13.7%) 0.79 278
    2021-11-01 $317,450 (13.4%) $482,898 (18.4%) 0.84 229
    2021-12-01 $315,000 (11.7%) $482,984 (20.2%) 0.84 191
    2022-01-01 $324,900 (18.2%) $507,493 (31.7%) 0.87 142
    2022-02-01 $372,450 (34.5%) $550,689 (33.7%) 0.95 116
    2022-03-01 $350,000 (16.7%) $513,265 (14.3%) 0.86 138
    2022-04-01 $364,900 (17.8%) $528,413 (14.2%) 0.86 150
    Johnson City's median listing price for 2022-04-01 was $364,900, a difference of $55,000 (17.8%) versus the prior year and $14,900 versus the prior month.

    Johnson City's median listing price comes in at 86% of the national average.

    Johnson City's average listing price for 2022-04-01 was $528,413, a difference of $65,657 (14.2%) versus the prior year and $15,148 versus the prior month.

    For the 2022-04-01 period, Johnson City had 150 MLS listings, a difference of 12 listings (9%) versus the prior month and -6 listings (-4%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Johnson City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 96 days 1,997 sqft
    2018-02-01 93 days 1,965 sqft
    2018-03-01 74 days 1,958 sqft
    2018-04-01 68 days 1,999 sqft
    2018-05-01 68 days 2,048 sqft
    2018-06-01 58 days 2,100 sqft
    2018-07-01 65 days 2,106 sqft
    2018-08-01 68 days 2,042 sqft
    2018-09-01 68 days 2,061 sqft
    2018-10-01 75 days 2,028 sqft
    2018-11-01 79 days 1,915 sqft
    2018-12-01 92 days 1,904 sqft
    2019-01-01 99 days 1,833 sqft
    2019-02-01 99 days 1,834 sqft
    2019-03-01 78 days 1,910 sqft
    2019-04-01 64 days 1,994 sqft
    2019-05-01 56 days 2,056 sqft
    2019-06-01 62 days 2,069 sqft
    2019-07-01 63 days 2,072 sqft
    2019-08-01 63 days 2,035 sqft
    2019-09-01 67 days 2,026 sqft
    2019-10-01 67 days 2,083 sqft
    2019-11-01 67 days 2,028 sqft
    2019-12-01 83 days 2,090 sqft
    2020-01-01 96 days 2,095 sqft
    2020-02-01 93 days 2,047 sqft
    2020-03-01 63 days 2,032 sqft
    2020-04-01 59 days 2,040 sqft
    2020-05-01 67 days 2,028 sqft
    2020-06-01 54 days 1,991 sqft
    2020-07-01 52 days 1,996 sqft
    2020-08-01 46 days 2,030 sqft
    2020-09-01 44 days 2,040 sqft
    2020-10-01 43 days 2,000 sqft
    2020-11-01 47 days 2,043 sqft
    2020-12-01 53 days 1,988 sqft
    2021-01-01 64 days 1,949 sqft
    2021-02-01 50 days 1,915 sqft
    2021-03-01 33 days 2,078 sqft
    2021-04-01 29 days 2,157 sqft
    2021-05-01 21 days 2,056 sqft
    2021-06-01 26 days 1,987 sqft
    2021-07-01 25 days 1,850 sqft
    2021-08-01 25 days 1,936 sqft
    2021-09-01 31 days 1,922 sqft
    2021-10-01 34 days 1,821 sqft
    2021-11-01 45 days 1,802 sqft
    2021-12-01 56 days 1,844 sqft
    2022-01-01 60 days 1,790 sqft
    2022-02-01 40 days 1,919 sqft
    2022-03-01 27 days 1,896 sqft
    2022-04-01 25 days 1,894 sqft
    Johnson City's median listing age (time on market) for 2022-04-01 was 25 days. This is -12% shorter than the same period one year ago.

    Johnson City's median square footage for active listings during the 2022-04-01 period was 1,894 sqft. One year prior, the average listing was 2,157 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).