Knoxville FHA Loans
KNOXVILLE, TN
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.
Knoxville's 155 lenders originated 4,155 FHA loans during 2021. The total origination value was $890,665,000, with an average FHA loan value of $214,360.
Knoxville FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Knoxville
averaged
5.36%
for the week of 2022-05-13, compared to the national average (all FHA variants) of
5.361% for the same period.
The average rate for the prior week (2022-05-06) was
5.49% and
one month ago for the week of 2022-04-08, the
average rate was 4.95%.
The average rate one year ago was 3.06%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.06%.
Knoxville 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 Knoxville level.
The top Knoxville FHA lender as defined by loan originations is MORTGAGE INVESTORS GROUP, INC., with
667 FHA loans originated. Their average total fees are
$7,285, which is $800
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Knoxville FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC ($2,203), Mr. Cooper ( Nationstar Mortgage ) ($3,960), AmeriHome Mortgage Company, LLC ($4,133), LAKEVIEW LOAN SERVICING, LLC ($4,199) and FREEDOM MORTGAGE CORPORATION ($4,378).
The lowest rate Knoxville FHA lenders (with over 10 loans originated) are
A Mortgage Boutique, LLC (2.61%), HOMEBRIDGE FINANCIAL SERVICES, INC. (2.71%), DHI MORTGAGE COMPANY, LTD. (2.72%), Citizens Bank (2.73%) and QUICKEN LOANS, LLC (2.73%).
Knoxville FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
KNOXVILLE, TN | ANDERSON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
KNOXVILLE, TN | BLOUNT | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
KNOXVILLE, TN | CAMPBELL | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
KNOXVILLE, TN | KNOX | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
KNOXVILLE, TN | LOUDON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
KNOXVILLE, TN | MORGAN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
KNOXVILLE, TN | ROANE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
KNOXVILLE, TN | UNION | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Knoxville (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $249,450 (13.7%) | $346,465 (10.7%) | 0.92 | 3,562 |
2018-02-01 | $249,900 (11.1%) | $351,078 (9.9%) | 0.90 | 3,390 |
2018-03-01 | $259,900 (13.0%) | $372,105 (13.9%) | 0.90 | 3,346 |
2018-04-01 | $269,950 (10.2%) | $379,716 (11.0%) | 0.91 | 3,404 |
2018-05-01 | $276,450 (10.7%) | $387,131 (12.3%) | 0.92 | 3,479 |
2018-06-01 | $274,900 (10.2%) | $386,318 (12.2%) | 0.92 | 3,593 |
2018-07-01 | $269,950 (8.0%) | $384,506 (11.4%) | 0.90 | 3,808 |
2018-08-01 | $269,250 (7.7%) | $379,928 (2.3%) | 0.90 | 3,886 |
2018-09-01 | $264,900 (6.0%) | $377,445 (0.8%) | 0.89 | 3,914 |
2018-10-01 | $259,950 (4.0%) | $375,973 (7.4%) | 0.87 | 3,924 |
2018-11-01 | $259,900 (4.0%) | $382,885 (10.3%) | 0.87 | 3,731 |
2018-12-01 | $260,000 (4.0%) | $380,392 (10.0%) | 0.89 | 3,492 |
2019-01-01 | $262,950 (5.4%) | $378,233 (9.2%) | 0.91 | 3,170 |
2019-02-01 | $268,750 (7.5%) | $382,366 (8.9%) | 0.90 | 3,091 |
2019-03-01 | $278,300 (7.1%) | $385,908 (3.7%) | 0.91 | 3,056 |
2019-04-01 | $289,700 (7.3%) | $388,688 (2.4%) | 0.91 | 3,038 |
2019-05-01 | $291,400 (5.4%) | $390,987 (1.0%) | 0.90 | 3,077 |
2019-06-01 | $295,000 (7.3%) | $394,959 (2.2%) | 0.91 | 3,164 |
2019-07-01 | $299,900 (11.1%) | $403,866 (5.0%) | 0.93 | 3,147 |
2019-08-01 | $296,692 (10.2%) | $404,773 (6.5%) | 0.93 | 3,200 |
2019-09-01 | $287,588 (8.6%) | $393,847 (4.4%) | 0.91 | 3,234 |
2019-10-01 | $284,950 (9.6%) | $388,616 (3.4%) | 0.91 | 3,258 |
2019-11-01 | $284,900 (9.6%) | $403,713 (5.4%) | 0.92 | 3,136 |
2019-12-01 | $284,900 (9.6%) | $404,791 (6.4%) | 0.95 | 2,852 |
2020-01-01 | $282,495 (7.4%) | $416,208 (10.0%) | 0.94 | 2,569 |
2020-02-01 | $290,000 (7.9%) | $425,731 (11.3%) | 0.94 | 2,375 |
2020-03-01 | $303,400 (9.0%) | $431,903 (11.9%) | 0.95 | 2,252 |
2020-04-01 | $302,775 (4.5%) | $417,735 (7.5%) | 0.94 | 2,367 |
2020-05-01 | $314,900 (8.1%) | $436,214 (11.6%) | 0.95 | 2,222 |
2020-06-01 | $324,900 (10.1%) | $448,457 (13.6%) | 0.95 | 2,009 |
2020-07-01 | $329,900 (10.0%) | $454,842 (12.6%) | 0.95 | 1,785 |
2020-08-01 | $329,900 (11.2%) | $449,943 (11.2%) | 0.94 | 1,642 |
2020-09-01 | $324,950 (13.0%) | $447,728 (13.7%) | 0.93 | 1,509 |
2020-10-01 | $324,900 (14.0%) | $448,178 (15.3%) | 0.93 | 1,530 |
2020-11-01 | $315,450 (10.7%) | $450,839 (11.7%) | 0.90 | 1,554 |
2020-12-01 | $310,000 (8.8%) | $446,477 (10.3%) | 0.91 | 1,372 |
2021-01-01 | $320,000 (13.3%) | $469,725 (12.9%) | 0.94 | 1,142 |
2021-02-01 | $329,900 (13.8%) | $495,872 (16.5%) | 0.95 | 861 |
2021-03-01 | $314,950 (3.8%) | $480,993 (11.4%) | 0.88 | 745 |
2021-04-01 | $349,900 (15.6%) | $504,469 (20.8%) | 0.94 | 673 |
2021-05-01 | $344,586 (9.4%) | $492,189 (12.8%) | 0.91 | 765 |
2021-06-01 | $349,900 (7.7%) | $491,077 (9.5%) | 0.91 | 924 |
2021-07-01 | $327,450 (-0.7%) | $469,511 (3.2%) | 0.85 | 1,053 |
2021-08-01 | $329,900 (0.0%) | $474,909 (5.6%) | 0.87 | 1,161 |
2021-09-01 | $326,178 (0.4%) | $475,868 (6.3%) | 0.86 | 1,172 |
2021-10-01 | $325,000 (0.0%) | $477,496 (6.5%) | 0.86 | 1,188 |
2021-11-01 | $332,450 (5.4%) | $500,668 (11.1%) | 0.88 | 1,074 |
2021-12-01 | $337,450 (8.9%) | $510,773 (14.4%) | 0.90 | 874 |
2022-01-01 | $349,900 (9.3%) | $540,987 (15.2%) | 0.93 | 727 |
2022-02-01 | $375,000 (13.7%) | $558,719 (12.7%) | 0.96 | 618 |
2022-03-01 | $372,400 (18.2%) | $548,147 (14.0%) | 0.92 | 690 |
2022-04-01 | $395,000 (12.9%) | $552,914 (9.6%) | 0.93 | 783 |
Knoxville's median listing price comes in at 93% of the national average.
Knoxville's average listing price for 2022-04-01 was $552,914, a difference of $48,445 (9.6%) versus the prior year and $4,767 versus the prior month.
For the 2022-04-01 period, Knoxville had 783 MLS listings, a difference of 93 listings (13%) versus the prior month and 110 listings (16%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Knoxville (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 91 days | 2,159 sqft |
2018-02-01 | 89 days | 2,174 sqft |
2018-03-01 | 72 days | 2,232 sqft |
2018-04-01 | 60 days | 2,269 sqft |
2018-05-01 | 57 days | 2,301 sqft |
2018-06-01 | 59 days | 2,291 sqft |
2018-07-01 | 60 days | 2,299 sqft |
2018-08-01 | 62 days | 2,262 sqft |
2018-09-01 | 65 days | 2,244 sqft |
2018-10-01 | 71 days | 2,247 sqft |
2018-11-01 | 74 days | 2,259 sqft |
2018-12-01 | 82 days | 2,231 sqft |
2019-01-01 | 88 days | 2,218 sqft |
2019-02-01 | 83 days | 2,206 sqft |
2019-03-01 | 65 days | 2,246 sqft |
2019-04-01 | 60 days | 2,310 sqft |
2019-05-01 | 56 days | 2,322 sqft |
2019-06-01 | 58 days | 2,369 sqft |
2019-07-01 | 63 days | 2,383 sqft |
2019-08-01 | 63 days | 2,338 sqft |
2019-09-01 | 61 days | 2,262 sqft |
2019-10-01 | 64 days | 2,243 sqft |
2019-11-01 | 69 days | 2,229 sqft |
2019-12-01 | 75 days | 2,211 sqft |
2020-01-01 | 85 days | 2,203 sqft |
2020-02-01 | 84 days | 2,215 sqft |
2020-03-01 | 60 days | 2,251 sqft |
2020-04-01 | 59 days | 2,272 sqft |
2020-05-01 | 64 days | 2,296 sqft |
2020-06-01 | 64 days | 2,302 sqft |
2020-07-01 | 59 days | 2,329 sqft |
2020-08-01 | 56 days | 2,262 sqft |
2020-09-01 | 52 days | 2,237 sqft |
2020-10-01 | 48 days | 2,200 sqft |
2020-11-01 | 48 days | 2,143 sqft |
2020-12-01 | 55 days | 2,093 sqft |
2021-01-01 | 66 days | 2,086 sqft |
2021-02-01 | 66 days | 2,094 sqft |
2021-03-01 | 49 days | 1,996 sqft |
2021-04-01 | 43 days | 2,098 sqft |
2021-05-01 | 36 days | 2,058 sqft |
2021-06-01 | 35 days | 2,100 sqft |
2021-07-01 | 37 days | 2,018 sqft |
2021-08-01 | 37 days | 1,996 sqft |
2021-09-01 | 42 days | 1,977 sqft |
2021-10-01 | 42 days | 1,983 sqft |
2021-11-01 | 44 days | 1,986 sqft |
2021-12-01 | 48 days | 1,973 sqft |
2022-01-01 | 52 days | 2,000 sqft |
2022-02-01 | 42 days | 2,015 sqft |
2022-03-01 | 34 days | 1,990 sqft |
2022-04-01 | 30 days | 2,033 sqft |
Knoxville's median square footage for active listings during the 2022-04-01 period was 2,033 sqft. One year prior, the average listing was 2,098 sqft.