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 103 lenders originated 857 FHA loans during 2023. The total origination value was $172,505,000, with an average FHA loan value of $201,289.

    Kingsport FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Kingsport averaged 6.56% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Kingsport's average FHA mortgage closing costs are $6,911.

    The average rate for the prior week (2024-11-01) was 6.64% and one month ago for the week of 2024-10-04, the average rate was 5.86%.

    The average rate one year ago was 7.3%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.56%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 109 6.31% $9,125
    CARDINAL FINANCIAL 59 6.64% $10,168
    MORTGAGE INVESTORS GROUP, INC. 58 6.39% $9,175
    UNITED WHOLESALE MORTGAGE, LLC 45 6.41% $10,616
    DHI MORTGAGE COMPANY, LTD. 40 6.03% $8,054
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 32 6.79% $9,005
    MOVEMENT MORTGAGE, LLC 26 6.89% $9,027
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 20 6.65% $9,329
    GVC MORTGAGE, INC. 18 6.81% $11,690
    CROSSCOUNTRY MORTGAGE, LLC 17 6.99% $9,350
    Sierra Pacific Mortgage Company, Inc. 17 6.56% $10,438
    LOANDEPOT.COM, LLC 16 6.43% $9,947
    ROSS MORTGAGE CORPORATION 15 6.73% $11,178
    BROKER SOLUTIONS, INC. 14 6.67% $9,029
    GUARANTEED RATE, INC. 14 6.22% $9,261
    EVERETT FINANCIAL, INC. 13 7.07% $8,507
    Bank of Tennessee 13 6.62% $7,577
    PENNYMAC LOAN SERVICES, LLC 12 5.93% $11,424
    Mr. Cooper ( Nationstar Mortgage ) 12 5.93% $12,107
    NEWREZ LLC 11 6.64% $10,738
    FREEDOM MORTGAGE CORPORATION 11 6.77% $10,787
    STOCKTON MORTGAGE CORPORATION 10 6.76% $10,630
    LEADERONE FINANCIAL CORPORATION 10 6.23% $10,510
    ALAMEDA MORTGAGE CORPORATION 9 6.88% $11,775
    AMERICAN FINANCIAL NETWORK, INC. 8 7.03% $10,870
    CMG MORTGAGE, INC. 7 6.32% $11,277
    HOMESIDE FINANCIAL, LLC 7 7.05% $9,813
    Carrington Mortgage Services, LLC 7 6.36% $10,336
    FIRST COMMUNITY MORTGAGE, INC. 6 6.38% $9,523
    FIRST INTEGRITY MORTGAGE SERVICES, INC. 6 7.56% $6,965
    Regions Bank 6 6.58% $6,844
    AMERISAVE MORTGAGE CORPORATION 5 6.28% $10,471
    CITY FIRST MORTGAGE SERVICES, L.L.C. 5 7.27% $8,788
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.35% $10,272
    TOP FLITE FINANCIAL, INC. 5 7.03% $13,328
    ISERVE RESIDENTIAL LENDING, LLC 5 6.63% $21,122
    UNION HOME MORTGAGE CORP. 4 6.53% $11,377
    ZILLOW HOME LOANS, LLC 4 6.72% $9,261
    Atlantic Union Bank 4 6.84% $8,402
    Equity Prime Mortgage LLC 4 7.19% $9,888
    Nations Lending Corporation 4 6.69% $9,739
    DELMAR FINANCIAL COMPANY 4 6.94% $7,698
    Blue Ridge Bank 3 6.75% $10,606
    RELIANCE FIRST CAPITAL, LLC 3 7.13% $6,888
    Truist 3 5.78% $6,654
    MILEND, INC. 3 6.54% $12,419
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.58% $9,097
    GENEVA FINANCIAL, LLC 3 7.25% $7,436
    CHURCHILL MORTGAGE CORPORATION 2 6.69% $8,380
    COMPASS MORTGAGE, INC. 2 6.06% $7,179
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.44% $7,886
    Century Mortgage Company DBA Century Lending Company 2 7.00% $8,760
    LADERA LENDING, INC. 2 5.81% $15,785
    PLANET HOME LENDING, LLC 2 6.69% $9,671
    PLAZA HOME MORTGAGE, INC. 2 5.81% $10,467
    LAKEVIEW LOAN SERVICING, LLC 2 5.88% $8,468
    Prosperity Home Mortgage, LLC 2 6.18% $11,793
    First Horizon Bank 2 7.13% $7,168
    ROYAL UNITED MORTGAGE LLC 2 7.13% $12,132
    AMCAP MORTGAGE, LTD. 2 5.69% $9,502
    ALLIED MORTGAGE GROUP, INC. 2 6.44% $7,571
    Mortgage Research Center, LLC 2 7.56% $5,673
    TOTAL MORTGAGE SERVICES, LLC 2 7.19% $7,561
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 6.50% $9,390
    U.S. Bank 2 5.63% $5,277
    Citizens Bank 2 6.50% $11,264
    Virginia Credit Union, Inc. 1 8.13% $5,497
    DIRECT MORTGAGE LOANS, LLC 1 7.25% $15,662
    CRESCENT MORTGAGE COMPANY 1 6.50% $9,835
    EMM LOANS LLC 1 5.75% $9,463
    Encompass Lending Group, LP 1 6.88% $6,388
    ENDEAVOR CAPITAL, LLC. 1 7.25% $13,056
    CORNERSTONE HOME LENDING, INC. 1 7.50% $5,901
    Evolve Bank & Trust 1 7.13% $7,721
    CityWorth Mortgage LLC 1 6.13% $7,317
    Waterstone Mortgage Corporation 1 7.13% $8,624
    First International Bank & Trust 1 6.25% $12,075
    Flagstar Bank, FSB 1 6.75% $14,103
    GUILD MORTGAGE COMPANY 1 7.13% $7,044
    INTERLINC MORTGAGE SERVICES, LLC 1 5.50% $5,294
    LIBERTY HOME MORTGAGE CORPORATION 1 7.00% $17,754
    Axos Bank 1 5.63% $8,945
    MORTGAGE ACCESS CORP. 1 6.75% $19,219
    M&T Bank 1 6.25% $6,627
    AmeriHome Mortgage Company, LLC 1 5.99% $9,798
    NFM, INC. 1 7.38% $9,720
    Northpointe Bank 1 6.25% $7,380
    OCMBC, INC. 1 7.63% $6,886
    PANORAMA MORTGAGE GROUP, LLC 1 6.75% $8,315
    Paramount Residential Mortgage Group, Inc. 1 7.25% $6,994
    American Security Mortgage Corp. 1 6.50% $8,751
    POLARIS HOME FUNDING CORP. 1 6.75% $15,409
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $12,556
    AMERICAN FINANCING CORPORATION 1 5.63% $9,303
    RANLIFE, INC. 1 7.88% $8,766
    Renasant Bank 1 6.75% $12,054
    RUOFF MORTGAGE COMPANY, INC. 1 5.63% $7,687
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.00% $8,273
    SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $11,274
    TOWNE MORTGAGE COMPANY 1 5.50% $11,352
    Alcova Mortgage LLC 1 7.13% $5,061
    Vellum Mortgage, Inc. 1 7.63% $8,724
    VERITAS FUNDING, LLC 1 7.25% $10,576

    The top Kingsport FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 109 FHA loans originated. Their average total fees are $9,125, which is $1,043 lower than the next largest lender, CARDINAL FINANCIAL.

    The lowest fee Kingsport FHA lenders (with over 10 loans originated) are Bank of Tennessee ($7,577), DHI MORTGAGE COMPANY, LTD. ($8,054), EVERETT FINANCIAL, INC. ($8,507), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($9,005) and MOVEMENT MORTGAGE, LLC ($9,027).

    The lowest rate Kingsport FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.93%), Mr. Cooper ( Nationstar Mortgage ) (5.93%), DHI MORTGAGE COMPANY, LTD. (6.03%), GUARANTEED RATE, INC. (6.22%) and LEADERONE FINANCIAL CORPORATION (6.23%).

    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

    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).