Kingsport FHA Loan Rates, Closing Costs & Stats

KINGSPORT-BRISTOL, TN-VA

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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.

    Kingsport's 100 lenders originated 1,011 FHA loans during 2024. The total origination value was $225,955,000, with an average FHA loan value of $223,497.

    Kingsport FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Kingsport averaged 6.49% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Kingsport's average FHA mortgage closing costs are $7,400.

    The average rate for the prior week (2025-03-28) was 6.89% and one month ago for the week of 2025-02-28, the average rate was 6.77%.

    The average rate one year ago was 6.69%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.05%.

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

    Kingsport 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 Kingsport level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 116 6.28% $10,542
    UNITED WHOLESALE MORTGAGE, LLC 73 6.15% $11,211
    MOVEMENT MORTGAGE, LLC 65 6.79% $9,910
    MORTGAGE INVESTORS GROUP, INC. 48 6.44% $9,092
    DHI MORTGAGE COMPANY, LTD. 45 5.91% $7,058
    GVC MORTGAGE, INC. 42 6.38% $10,727
    CARDINAL FINANCIAL 39 6.80% $11,151
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 32 6.71% $7,782
    FREEDOM MORTGAGE CORPORATION 31 6.44% $10,476
    EVERETT FINANCIAL, INC. 28 6.50% $9,223
    Sierra Pacific Mortgage Company, Inc. 22 6.50% $11,619
    PENNYMAC LOAN SERVICES, LLC 19 5.97% $10,429
    LOANDEPOT.COM, LLC 16 5.89% $10,298
    CROSSCOUNTRY MORTGAGE, LLC 16 6.68% $10,288
    STOCKTON MORTGAGE CORPORATION 13 6.68% $10,061
    ROSS MORTGAGE CORPORATION 12 6.59% $10,502
    DELMAR FINANCIAL COMPANY 11 6.48% $8,702
    AMERICAN FINANCIAL RESOURCES, INC. 10 6.69% $10,991
    Mr. Cooper ( Nationstar Mortgage ) 10 6.43% $10,714
    FIRST INTEGRITY MORTGAGE SERVICES, INC. 9 6.92% $8,172
    GUILD MORTGAGE COMPANY 9 6.88% $9,086
    AMERICAN PACIFIC MORTGAGE CORPORATION 9 6.93% $14,094
    LEADERONE FINANCIAL CORPORATION 8 6.55% $12,443
    CMG MORTGAGE, INC. 8 6.59% $10,113
    Bank of Tennessee 8 6.30% $9,114
    NEWREZ LLC 8 6.53% $9,465
    BROKER SOLUTIONS, INC. 8 6.87% $10,441
    PLANET HOME LENDING, LLC 8 6.22% $8,654
    FIRST COMMUNITY MORTGAGE, INC. 8 6.61% $8,828
    LAKEVIEW LOAN SERVICING, LLC 7 6.66% $8,216
    UNION HOME MORTGAGE CORP. 7 6.14% $9,893
    HOMESIDE FINANCIAL, LLC 6 6.77% $10,009
    MILEND, INC. 6 6.31% $12,498
    Carrington Mortgage Services, LLC 6 6.46% $10,970
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.56% $8,273
    Atlantic Union Bank 6 6.73% $9,393
    AMERICAN FINANCIAL NETWORK, INC. 6 6.85% $10,212
    CORNERSTONE HOME LENDING, INC. 5 6.83% $12,575
    SUMMIT FUNDING, INC. 5 6.35% $8,098
    Truist 5 6.51% $8,049
    SECURITYNATIONAL MORTGAGE COMPANY 5 6.98% $11,505
    Nations Lending Corporation 5 6.70% $13,804
    AMERISAVE MORTGAGE CORPORATION 5 5.63% $11,650
    Equity Prime Mortgage LLC 5 6.03% $9,323
    ALAMEDA MORTGAGE CORPORATION 5 7.25% $8,568
    Regions Bank 5 6.30% $6,711
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.85% $14,258
    Prosperity Home Mortgage, LLC 4 5.62% $14,882
    Blue Ridge Bank 4 6.59% $8,553
    AmeriHome Mortgage Company, LLC 4 6.03% $8,876
    VILLAGE CAPITAL MORTGAGE 4 6.22% $10,058
    Renasant Bank 3 5.87% $10,628
    GUARANTEED RATE, INC. 3 6.33% $7,958
    Mortgage Research Center, LLC 3 6.88% $5,919
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.63% $4,309
    BM Real Estate Services, Inc. 3 6.38% $8,412
    AMERICAN FINANCING CORPORATION 3 5.75% $9,755
    Waterstone Mortgage Corporation 3 7.21% $8,008
    RELIANCE FIRST CAPITAL, LLC 3 6.54% $10,324
    CITY FIRST MORTGAGE SERVICES, L.L.C. 2 7.19% $5,554
    FirstBank 2 6.31% $9,829
    First Horizon Bank 2 6.00% $12,011
    Flagstar Bank, FSB 2 6.69% $9,893
    ISERVE RESIDENTIAL LENDING, LLC 2 6.69% $20,228
    NBKC BANK 2 5.63% $9,691
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.63% $8,245
    The Loan Store, Inc. 2 6.75% $15,615
    TOWNE MORTGAGE COMPANY 2 6.50% $6,426
    Plains Commerce Bank 1 6.50% $8,689
    NFM, INC. 1 7.63% $10,238
    PLAZA HOME MORTGAGE, INC. 1 6.63% $6,981
    POLARIS HOME FUNDING CORP. 1 5.75% $19,172
    Alcova Mortgage LLC 1 5.99% $4,063
    NEW DAY FINANCIAL, LLC 1 7.87% $3,991
    MYCUMORTGAGE, LLC 1 6.75% $9,246
    JMAC LENDING, INC. 1 5.75% $11,133
    FIRST COLONY MORTGAGE CORPORATION 1 7.00% $5,944
    DIRECT MORTGAGE LOANS, LLC 1 5.75% $6,919
    COMMUNITY MORTGAGE CORPORATION 1 6.50% $8,502
    RUOFF MORTGAGE COMPANY, INC. 1 6.50% $6,656
    SeaTrust Mortgage Company 1 5.75% $13,712
    1ST SIGNATURE LENDING, LLC 1 6.50% $17,068
    SENTE MORTGAGE, INC. 1 7.00% $8,017
    Citizens Bank 1 5.75% $12,728
    Citibank 1 5.38% $5,152
    Century Mortgage Company DBA Century Lending Company 1 5.50% $8,686
    SUN WEST MORTGAGE COMPANY, INC. 1 6.38% $7,104
    The Federal Savings Bank 1 6.00% $9,555
    Wells Fargo Bank 1 6.75% $9,281
    TOP FLITE FINANCIAL, INC. 1 6.75% $8,301
    TOTAL MORTGAGE SERVICES, LLC 1 6.75% $9,909
    Wolfe Financial, Inc 1 7.88% $15,684
    BETTER MORTGAGE CORPORATION 1 6.75% $7,191
    Barrington Bank & Trust Company, N.A. 1 6.25% $10,255
    Ameris Bank 1 6.75% $8,843
    Vellum Mortgage, Inc. 1 6.63% $9,919
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.75% $8,816
    OPEN MORTGAGE, LLC 1 6.75% $10,944
    Paramount Residential Mortgage Group, Inc. 1 6.25% $5,996
    OCEANSIDE MORTGAGE COMPANY 1 6.00% $7,501

    The top Kingsport FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 116 FHA loans originated. Their average total fees are $10,542, which is $669 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Kingsport FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($7,058), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($7,782), DELMAR FINANCIAL COMPANY ($8,702), MORTGAGE INVESTORS GROUP, INC. ($9,092) and EVERETT FINANCIAL, INC. ($9,223).

    The lowest rate Kingsport FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (5.89%), DHI MORTGAGE COMPANY, LTD. (5.91%), PENNYMAC LOAN SERVICES, LLC (5.97%), UNITED WHOLESALE MORTGAGE, LLC (6.15%) and QUICKEN LOANS, LLC (6.28%).

    Kingsport FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    KINGSPORT-BRISTOL, TN-VA HAWKINS 2022 $420,680 $538,650 $651,050 $809,150
    KINGSPORT-BRISTOL, TN-VA SULLIVAN 2022 $420,680 $538,650 $651,050 $809,150
    KINGSPORT-BRISTOL, TN-VA SCOTT 2022 $420,680 $538,650 $651,050 $809,150
    KINGSPORT-BRISTOL, TN-VA WASHINGTON 2022 $420,680 $538,650 $651,050 $809,150
    KINGSPORT-BRISTOL, TN-VA BRISTOL CITY 2022 $420,680 $538,650 $651,050 $809,150
    KINGSPORT-BRISTOL, TN-VA HAWKINS 2023 $472,030 $604,400 $730,525 $907,900
    KINGSPORT-BRISTOL, TN-VA SULLIVAN 2023 $472,030 $604,400 $730,525 $907,900
    KINGSPORT-BRISTOL, TN-VA SCOTT 2023 $472,030 $604,400 $730,525 $907,900
    KINGSPORT-BRISTOL, TN-VA WASHINGTON 2023 $472,030 $604,400 $730,525 $907,900
    KINGSPORT-BRISTOL, TN-VA BRISTOL CITY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Kingsport (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 $159,950 (6.7%) $248,316 (13.6%) 0.59 1,413
    2018-02-01 $159,713 (5.5%) $246,131 (9.1%) 0.58 1,401
    2018-03-01 $159,900 (0.0%) $236,420 (-3.0%) 0.56 1,343
    2018-04-01 $169,250 (1.1%) $246,842 (-0.3%) 0.57 1,359
    2018-05-01 $169,700 (1.6%) $247,286 (-0.5%) 0.57 1,436
    2018-06-01 $169,900 (3.0%) $243,259 (-1.7%) 0.57 1,545
    2018-07-01 $169,900 (3.0%) $241,469 (-3.7%) 0.57 1,605
    2018-08-01 $169,900 (0.3%) $240,790 (-4.8%) 0.57 1,625
    2018-09-01 $169,900 (1.6%) $239,303 (-4.3%) 0.57 1,643
    2018-10-01 $169,900 (3.1%) $242,521 (-2.5%) 0.58 1,665
    2018-11-01 $168,500 (2.1%) $244,810 (-1.9%) 0.57 1,643
    2018-12-01 $159,900 (-0.1%) $236,556 (-4.3%) 0.55 1,527
    2019-01-01 $159,700 (-0.2%) $225,796 (-9.1%) 0.55 1,404
    2019-02-01 $159,400 (-0.2%) $226,808 (-7.9%) 0.54 1,345
    2019-03-01 $171,229 (7.1%) $245,456 (3.8%) 0.56 1,233
    2019-04-01 $188,350 (11.3%) $268,388 (8.7%) 0.60 1,122
    2019-05-01 $190,950 (12.5%) $272,366 (10.1%) 0.60 1,156
    2019-06-01 $199,900 (17.7%) $277,147 (13.9%) 0.62 1,197
    2019-07-01 $199,950 (17.7%) $277,556 (14.9%) 0.63 1,228
    2019-08-01 $199,973 (17.7%) $279,013 (15.9%) 0.63 1,237
    2019-09-01 $199,932 (17.7%) $279,932 (17.0%) 0.64 1,246
    2019-10-01 $199,450 (17.4%) $278,245 (14.7%) 0.64 1,257
    2019-11-01 $189,900 (12.7%) $269,603 (10.1%) 0.62 1,263
    2019-12-01 $190,448 (19.1%) $271,909 (14.9%) 0.64 1,178
    2020-01-01 $190,448 (19.3%) $272,784 (20.8%) 0.64 1,093
    2020-02-01 $198,250 (24.4%) $277,908 (22.5%) 0.65 967
    2020-03-01 $211,249 (23.4%) $292,592 (19.2%) 0.66 882
    2020-04-01 $211,383 (12.2%) $293,326 (9.3%) 0.66 857
    2020-05-01 $219,575 (15.0%) $301,503 (10.7%) 0.67 751
    2020-06-01 $224,475 (12.3%) $311,853 (12.5%) 0.66 699
    2020-07-01 $233,700 (16.9%) $317,206 (14.3%) 0.68 652
    2020-08-01 $230,000 (15.0%) $315,716 (13.2%) 0.66 624
    2020-09-01 $222,400 (11.2%) $307,039 (9.7%) 0.64 618
    2020-10-01 $209,943 (5.3%) $306,467 (10.1%) 0.60 599
    2020-11-01 $209,700 (10.4%) $314,664 (16.7%) 0.61 557
    2020-12-01 $199,950 (5.0%) $323,770 (19.1%) 0.59 497
    2021-01-01 $199,900 (5.0%) $335,251 (22.9%) 0.60 437
    2021-02-01 $200,000 (0.9%) $353,056 (27.0%) 0.58 336
    2021-03-01 $208,450 (-1.3%) $366,895 (25.4%) 0.59 312
    2021-04-01 $231,175 (9.4%) $374,812 (27.8%) 0.63 298
    2021-05-01 $249,900 (13.8%) $392,965 (30.3%) 0.66 305
    2021-06-01 $243,550 (8.5%) $353,416 (13.3%) 0.64 381
    2021-07-01 $239,900 (2.7%) $353,754 (11.5%) 0.63 405
    2021-08-01 $229,656 (-0.2%) $363,283 (15.1%) 0.61 438
    2021-09-01 $234,950 (5.6%) $405,972 (32.2%) 0.63 444
    2021-10-01 $259,900 (23.8%) $414,916 (35.4%) 0.69 404
    2021-11-01 $243,675 (16.2%) $384,676 (22.3%) 0.65 371
    2021-12-01 $249,900 (25.0%) $409,459 (26.5%) 0.68 323
    2022-01-01 $249,800 (25.0%) $440,932 (31.5%) 0.68 256
    2022-02-01 $254,950 (27.5%) $468,657 (32.7%) 0.66 221
    2022-03-01 $269,000 (29.1%) $475,810 (29.7%) 0.67 214
    2022-04-01 $282,450 (22.2%) $482,424 (28.7%) 0.67 226
    2022-05-01 $290,798 (16.4%) $463,487 (18.0%) 0.66 289
    2022-06-01 $277,450 (13.9%) $398,035 (12.6%) 0.62 343
    2022-07-01 $289,900 (20.8%) $417,923 (18.1%) 0.65 400
    2022-08-01 $287,450 (25.2%) $422,136 (16.2%) 0.66 426
    2022-09-01 $292,978 (24.7%) $421,425 (3.8%) 0.68 428
    2022-10-01 $289,900 (11.5%) $430,221 (3.7%) 0.68 438
    2022-11-01 $294,350 (20.8%) $415,994 (8.1%) 0.71 453
    2022-12-01 $300,000 (20.1%) $423,817 (3.5%) 0.74 442
    2023-01-01 $320,000 (28.1%) $429,311 (-2.6%) 0.79 403
    2023-02-01 $323,069 (26.7%) $435,747 (-7.0%) 0.78 382
    2023-03-01 $320,000 (19.0%) $429,468 (-9.7%) 0.75 375
    2023-04-01 $319,992 (13.3%) $427,470 (-11.4%) 0.74 363
    2023-05-01 $328,693 (13.0%) $417,061 (-10.0%) 0.75 373
    2023-06-01 $340,725 (22.8%) $429,726 (8.0%) 0.77 384
    2023-07-01 $345,000 (19.0%) $446,323 (6.8%) 0.78 406
    2023-08-01 $329,675 (14.7%) $436,826 (3.5%) 0.76 462
    2023-09-01 $325,000 (10.9%) $429,117 (1.8%) 0.76 528
    2023-10-01 $322,500 (11.3%) $437,119 (1.6%) 0.76 578
    2023-11-01 $325,000 (10.4%) $435,960 (4.8%) 0.77 618
    2023-12-01 $319,000 (6.3%) $431,553 (1.8%) 0.78 583
    2024-01-01 $301,250 (-5.9%) $426,797 (-0.6%) 0.74 524
    2024-02-01 $300,000 (-7.1%) $438,306 (0.6%) 0.72 510
    2024-03-01 $315,000 (-1.6%) $440,936 (2.7%) 0.74 505
    2024-04-01 $316,950 (-1.0%) $435,882 (2.0%) 0.74 529
    2024-05-01 $309,900 (-5.7%) $438,916 (5.2%) 0.71 609
    2024-06-01 $324,900 (-4.6%) $443,752 (3.3%) 0.74 661
    2024-07-01 $319,900 (-7.3%) $435,345 (-2.5%) 0.73 704
    2024-08-01 $310,000 (-6.0%) $429,692 (-1.6%) 0.72 745
    2024-09-01 $314,724 (-3.2%) $416,607 (-2.9%) 0.74 840
    2024-10-01 $304,500 (-5.6%) $414,914 (-5.1%) 0.72 848
    2024-11-01 $299,999 (-7.7%) $408,538 (-6.3%) 0.72 892
    2024-12-01 $299,900 (-6.0%) $386,156 (-10.5%) 0.75 832
    2025-01-01 $294,900 (-2.1%) $372,789 (-12.7%) 0.74 759
    2025-02-01 $299,450 (-0.2%) $375,509 (-14.3%) 0.73 730
    2025-03-01 $299,000 (-5.1%) $377,786 (-14.3%) 0.00 792
    Kingsport's median listing price for 2025-03-01 was $299,000, a difference of $-16,000 (-5.1%) versus the prior year and $-450 versus the prior month.

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

    Kingsport's average listing price for 2025-03-01 was $377,786, a difference of $-63,150 (-14.3%) versus the prior year and $2,277 versus the prior month.

    For the 2025-03-01 period, Kingsport had 792 MLS listings, a difference of 62 listings (8%) versus the prior month and 287 listings (57%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Kingsport (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 101 days 1,838 sqft
    2018-02-01 102 days 1,800 sqft
    2018-03-01 99 days 1,800 sqft
    2018-04-01 77 days 1,826 sqft
    2018-05-01 70 days 1,851 sqft
    2018-06-01 65 days 1,871 sqft
    2018-07-01 66 days 1,934 sqft
    2018-08-01 69 days 1,929 sqft
    2018-09-01 75 days 1,961 sqft
    2018-10-01 82 days 1,939 sqft
    2018-11-01 88 days 1,880 sqft
    2018-12-01 100 days 1,880 sqft
    2019-01-01 109 days 1,734 sqft
    2019-02-01 110 days 1,774 sqft
    2019-03-01 90 days 1,870 sqft
    2019-04-01 65 days 1,981 sqft
    2019-05-01 57 days 2,002 sqft
    2019-06-01 61 days 2,010 sqft
    2019-07-01 68 days 2,031 sqft
    2019-08-01 70 days 2,062 sqft
    2019-09-01 68 days 2,036 sqft
    2019-10-01 67 days 2,004 sqft
    2019-11-01 74 days 1,995 sqft
    2019-12-01 87 days 2,049 sqft
    2020-01-01 100 days 2,044 sqft
    2020-02-01 102 days 1,950 sqft
    2020-03-01 81 days 2,003 sqft
    2020-04-01 71 days 1,994 sqft
    2020-05-01 76 days 2,005 sqft
    2020-06-01 74 days 1,999 sqft
    2020-07-01 58 days 1,991 sqft
    2020-08-01 50 days 2,024 sqft
    2020-09-01 45 days 1,953 sqft
    2020-10-01 45 days 1,911 sqft
    2020-11-01 46 days 1,904 sqft
    2020-12-01 55 days 1,923 sqft
    2021-01-01 68 days 1,874 sqft
    2021-02-01 73 days 1,871 sqft
    2021-03-01 47 days 1,870 sqft
    2021-04-01 34 days 1,810 sqft
    2021-05-01 29 days 1,846 sqft
    2021-06-01 26 days 1,850 sqft
    2021-07-01 30 days 1,850 sqft
    2021-08-01 32 days 1,837 sqft
    2021-09-01 38 days 1,879 sqft
    2021-10-01 40 days 2,052 sqft
    2021-11-01 48 days 1,852 sqft
    2021-12-01 45 days 1,788 sqft
    2022-01-01 52 days 1,807 sqft
    2022-02-01 37 days 1,770 sqft
    2022-03-01 27 days 1,810 sqft
    2022-04-01 18 days 1,802 sqft
    2022-05-01 21 days 1,836 sqft
    2022-06-01 24 days 1,788 sqft
    2022-07-01 30 days 1,896 sqft
    2022-08-01 34 days 1,927 sqft
    2022-09-01 39 days 1,876 sqft
    2022-10-01 47 days 1,869 sqft
    2022-11-01 46 days 1,885 sqft
    2022-12-01 57 days 1,869 sqft
    2023-01-01 66 days 1,905 sqft
    2023-02-01 61 days 1,946 sqft
    2023-03-01 53 days 1,953 sqft
    2023-04-01 40 days 1,928 sqft
    2023-05-01 37 days 2,012 sqft
    2023-06-01 39 days 1,990 sqft
    2023-07-01 39 days 1,926 sqft
    2023-08-01 36 days 1,924 sqft
    2023-09-01 37 days 1,910 sqft
    2023-10-01 42 days 1,927 sqft
    2023-11-01 49 days 1,948 sqft
    2023-12-01 59 days 1,926 sqft
    2024-01-01 72 days 1,895 sqft
    2024-02-01 72 days 1,870 sqft
    2024-03-01 53 days 1,860 sqft
    2024-04-01 44 days 1,827 sqft
    2024-05-01 42 days 1,796 sqft
    2024-06-01 45 days 1,875 sqft
    2024-07-01 50 days 1,893 sqft
    2024-08-01 51 days 1,855 sqft
    2024-09-01 53 days 1,846 sqft
    2024-10-01 58 days 1,841 sqft
    2024-11-01 64 days 1,838 sqft
    2024-12-01 65 days 1,815 sqft
    2025-01-01 74 days 1,780 sqft
    2025-02-01 78 days 1,777 sqft
    2025-03-01 0 days 1,768 sqft
    Kingsport's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Kingsport's median square footage for active listings during the 2025-03-01 period was 1,768 sqft. One year prior, the average listing was 1,860 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).