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%.

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

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.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
MORTGAGE INVESTORS GROUP, INC. 667 2.98% $7,285
QUICKEN LOANS, LLC 352 2.73% $6,485
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 247 3.30% $8,697
MOVEMENT MORTGAGE, LLC 180 3.17% $6,922
DHI MORTGAGE COMPANY, LTD. 157 2.72% $7,054
PENNYMAC LOAN SERVICES, LLC 130 3.05% $4,814
FIRST COMMUNITY MORTGAGE, INC. 113 2.91% $8,592
LAKEVIEW LOAN SERVICING, LLC 104 3.01% $4,199
FREEDOM MORTGAGE CORPORATION 100 2.95% $4,378
LOANDEPOT.COM, LLC 75 3.35% $7,349
Gateway First Bank 71 3.47% $5,433
HOME POINT FINANCIAL CORPORATION 60 2.95% $7,564
UNITED WHOLESALE MORTGAGE, LLC 59 2.79% $7,891
STOCKTON MORTGAGE CORPORATION 57 3.16% $7,801
CMG MORTGAGE, INC. 57 3.03% $7,531
Sierra Pacific Mortgage Company, Inc. 54 2.93% $8,354
Mr. Cooper ( Nationstar Mortgage ) 51 3.36% $3,960
AmeriHome Mortgage Company, LLC 44 3.03% $4,133
CALIBER HOME LOANS, INC. 43 2.91% $6,890
UNION HOME MORTGAGE CORP. 38 3.25% $7,875
ISERVE RESIDENTIAL LENDING, LLC 35 3.16% $11,019
HOMEBRIDGE FINANCIAL SERVICES, INC. 33 2.71% $6,129
NEWREZ LLC 32 2.98% $6,600
A Mortgage Boutique, LLC 31 2.61% $8,895
AMERISAVE MORTGAGE CORPORATION 30 3.20% $7,620
VILLAGE CAPITAL & INVESTMENT LLC 29 3.00% $2,203
Citizens Bank 26 2.73% $8,162
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 24 3.34% $6,652
T2 FINANCIAL LLC 23 3.22% $7,595
AMERICAN FINANCIAL NETWORK, INC. 23 3.23% $7,614
TJC Mortgage, Inc. 22 2.94% $8,498
Carrington Mortgage Services, LLC 22 3.61% $7,416
First Guaranty Mortgage Corporation 22 3.01% $5,293
Hometown Lenders, Inc. 21 3.21% $8,127
Bank of England 20 3.20% $7,490
BROKER SOLUTIONS, INC. 20 3.06% $7,571
AMERICAN FINANCIAL RESOURCES, INC. 19 3.25% $8,265
GUILD MORTGAGE COMPANY 18 3.22% $7,809
RELIANCE FIRST CAPITAL, LLC 15 3.08% $8,218
Nations Lending Corporation 15 3.30% $9,732
AMCAP MORTGAGE, LTD. 15 3.24% $7,478
BAY EQUITY LLC 13 3.17% $7,686
FirstBank 12 3.07% $7,412
Regions Bank 12 2.84% $7,008
VANDERBILT MORTGAGE AND FINANCE, INC. 11 2.84% $9,299
Countybank 11 2.88% $7,291
Paramount Residential Mortgage Group, Inc. 11 3.29% $6,584
NATIONS DIRECT MORTGAGE, LLC 10 2.94% $8,152
PRIMARY RESIDENTIAL MORTGAGE, INC. 10 3.64% $8,671
Equity Prime Mortgage LLC 10 3.38% $7,459
AMERICAN MORTGAGE SERVICE COMPANY 9 2.71% $8,116
PLANET HOME LENDING, LLC 9 3.14% $5,982
Wolfe Financial, Inc 9 3.15% $8,263
GUARANTEED RATE, INC. 9 3.00% $6,939
TOP FLITE FINANCIAL, INC. 9 3.14% $11,313
SOUTHWEST FUNDING, LP 9 3.71% $8,011
SUCCESS MORTGAGE PARTNERS, INC. 8 3.03% $6,822
Renasant Bank 8 3.14% $6,366
InterContinental Capital Group, Inc 8 2.83% $7,043
CROSSCOUNTRY MORTGAGE, LLC 8 3.41% $7,817
Pinnacle Bank 7 2.86% $7,704
Truist Bank 7 2.89% $7,324
TOWNE MORTGAGE COMPANY 7 3.64% $6,051
DAS Acquisition Company, LLC 7 3.20% $10,109
Princeton Mortgage Corporation 7 3.16% $8,461
Fifth Third Bank 6 3.06% $7,035
THRIVE MORTGAGE, LLC 6 3.35% $12,107
MYCUMORTGAGE, LLC 6 2.77% $7,774
Mortgage Research Center, LLC 6 2.96% $4,820
NATIONS RELIABLE LENDING, LLC 5 3.63% $8,003
SOVEREIGN LENDING GROUP INCORPORATED 5 2.65% $7,740
EVERETT FINANCIAL, INC. 5 3.60% $5,922
SmartBank 5 2.63% $7,994
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 3.15% $7,274
United Community Bank 4 3.19% $6,262
Waterstone Mortgage Corporation 4 3.63% $6,263
MID AMERICA MORTGAGE, INC. 4 2.69% $3,307
OCEANSIDE MORTGAGE COMPANY 4 3.00% $2,197
AMERICAN FINANCING CORPORATION 4 3.19% $8,421
HOMESTAR FINANCIAL CORPORATION 3 3.21% $7,000
CELEBRITY HOME LOANS, LLC 3 3.50% $9,047
NATIONWIDE MORTGAGE BANKERS, INC. 3 3.63% $10,815
Goldwater Bank, N.A. 3 3.13% $9,523
VAN DYK MORTGAGE CORPORATION 3 3.46% $4,732
CapStar Bank 3 2.67% $6,916
MICHIGAN MUTUAL, INC. 3 3.13% $7,369
SUN WEST MORTGAGE COMPANY, INC. 3 2.50% $8,820
Bank of America 3 2.63% $6,421
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 3.21% $8,404
ZILLOW HOME LOANS, LLC 2 2.88% $5,231
ACOPIA, LLC 2 3.50% $8,052
Alcova Mortgage LLC 2 3.31% $7,613
AmRes Corporation 2 3.31% $8,002
CONTOUR MORTGAGE CORPORATION 2 3.25% $9,414
EMBRACE HOME LOANS, INC. 2 3.00% $6,437
GENEVA FINANCIAL, LLC 2 3.06% $6,645
HOMESIDE FINANCIAL, LLC 2 3.19% $7,600
KELLER MORTGAGE, LLC 2 2.81% $5,607
LENDUS, LLC 2 2.94% $7,618
MIDLAND MORTGAGE CORPORATION 2 3.25% $4,753
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 3.50% $10,859
Northpointe Bank 2 3.19% $7,203
POLARIS HOME FUNDING CORP. 2 3.07% $12,421
RESIDENTIAL HOME FUNDING CORP. 2 3.00% $9,099
RUOFF MORTGAGE COMPANY, INC. 2 3.31% $4,932
Simmons Bank 2 2.56% $8,813
SOUTHWEST STAGE FUNDING, LLC 2 3.50% $2,330
The First National Bank of Middle Tennessee 2 2.56% $6,884
U.S. Bank 2 2.87% $7,674
1ST SIGNATURE LENDING, LLC 2 2.94% $8,271
PLAZA HOME MORTGAGE, INC. 1 2.63% $3,295
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.00% $5,648
MORTGAGE FINANCIAL SERVICES, LLC 1 2.63% $7,141
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.63% $8,417
MORIA DEVELOPMENT, INC. 1 3.50% $10,530
MEMBER FIRST MORTGAGE, LLC 1 2.75% $6,132
Magnolia Bank 1 2.75% $11,028
Low VA Rates, LLC 1 2.75% $3,794
Legends Bank 1 2.75% $6,960
Austin Capital Bank SSB 1 3.88% $10,845
ARC HOME LLC 1 3.25% $6,735
SECURITYNATIONAL MORTGAGE COMPANY 1 3.00% $9,591
Servion, Inc. 1 3.00% $8,473
JLB CORPORATION 1 2.50% $5,726
Ameris Bank 1 2.38% $7,325
Hometown Equity Mortgage, LLC 1 4.25% $16,130
SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.25% $9,185
HOMESPIRE MORTGAGE CORPORATION 1 3.63% $5,550
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.50% $9,634
GUARANTEED RATE AFFINITY, LLC 1 3.00% $8,366
FLAT BRANCH MORTGAGE, INC. 1 3.50% $11,200
First Horizon Bank 1 2.88% $6,705
SUMMIT FUNDING, INC. 1 3.75% $6,613
First Home Bank 1 3.75% $6,272
EVANSVILLE TEACHERS 1 2.63% $4,629
Wells Fargo Bank 1 3.00% $4,136
THE MORTGAGE FIRM, INC. 1 3.25% $6,216
The Union Bank Company 1 2.50% $7,935
CORNERSTONE HOME LENDING, INC. 1 3.25% $8,997
COMMUNITY MORTGAGE CORPORATION 1 3.00% $6,923
Commerce Home Mortgage, Inc. 1 3.38% $9,046
Towne Bank 1 2.88% $9,702
CHURCHILL MORTGAGE CORPORATION 1 4.50% $5,448
CHERRY CREEK MORTGAGE, LLC 1 2.75% $11,647
CALCON MUTUAL MORTGAGE LLC 1 3.50% $8,965
BLUELEAF LENDING, LLC 1 2.75% $6,985
Barrington Bank & Trust Company, N.A. 1 5.20% $5,534
Paramount Bank 1 2.50% $8,442
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 3.75% $9,537
OCMBC, INC. 1 2.88% $3,761
Peoples Bank 1 3.75% $8,222
PHH Mortgage Corporation 1 4.00% $5,757
NORWICH COMMERCIAL GROUP, INC. 1 2.75% $5,029
Plains Commerce Bank 1 2.38% $7,925
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.25% $5,201

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. Louis
Date 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 for 2022-04-01 was $395,000, a difference of $45,100 (12.9%) versus the prior year and $22,600 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2022-04-01 was 30 days. This is -30% shorter than the same period one year ago.

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.

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).