Knoxville FHA Loan Rates, Closing Costs & Stats

KNOXVILLE, 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.

    Knoxville's 169 lenders originated 2,928 FHA loans during 2022. The total origination value was $781,450,000, with an average FHA loan value of $266,889.

    Knoxville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Knoxville averaged -0.21% for the week of 2023-06-02, compared to the national average (all FHA variants) of 0% for the same period.

    Knoxville's average FHA mortgage closing costs are $7,319.

    The average rate for the prior week (2023-05-26) was 6.22% and one month ago for the week of 2023-04-28, the average rate was 5.97%.

    The average rate one year ago was 4.92%.

    For refis of the same type during the week of 2023-06-02, the average rate was -1.19%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Knoxville level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    MORTGAGE INVESTORS GROUP, INC. 435 4.88% $9,022
    QUICKEN LOANS, LLC 249 4.59% $10,045
    CARDINAL FINANCIAL 162 5.11% $11,654
    MOVEMENT MORTGAGE, LLC 133 5.11% $9,874
    FIRST COMMUNITY MORTGAGE, INC. 106 4.68% $9,654
    LOANDEPOT.COM, LLC 94 4.98% $9,739
    DHI MORTGAGE COMPANY, LTD. 83 4.46% $9,067
    PENNYMAC LOAN SERVICES, LLC 75 4.32% $10,791
    UNITED WHOLESALE MORTGAGE, LLC 70 4.89% $10,753
    FREEDOM MORTGAGE CORPORATION 59 5.18% $10,228
    Mr. Cooper ( Nationstar Mortgage ) 44 4.78% $11,346
    CMG MORTGAGE, INC. 44 5.28% $9,995
    CALIBER HOME LOANS, INC. 43 4.53% $10,218
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 42 5.31% $9,265
    BROKER SOLUTIONS, INC. 34 5.10% $10,881
    STOCKTON MORTGAGE CORPORATION 31 4.65% $9,845
    UNION HOME MORTGAGE CORP. 31 5.21% $10,073
    AMERICAN FINANCIAL RESOURCES, INC. 30 4.71% $10,237
    Carrington Mortgage Services, LLC 29 5.00% $11,491
    Sierra Pacific Mortgage Company, Inc. 28 4.92% $12,083
    LAKEVIEW LOAN SERVICING, LLC 28 4.37% $7,641
    Gateway First Bank 27 5.16% $6,696
    AMERISAVE MORTGAGE CORPORATION 26 4.40% $12,488
    Princeton Mortgage Corporation 25 5.03% $10,061
    Nations Lending Corporation 23 5.40% $11,426
    HOME POINT FINANCIAL CORPORATION 23 4.53% $9,970
    TOP FLITE FINANCIAL, INC. 22 4.91% $15,546
    EVERETT FINANCIAL, INC. 22 5.22% $6,479
    Equity Prime Mortgage LLC 21 5.74% $10,941
    T2 FINANCIAL LLC 21 5.12% $10,119
    TJC Mortgage, Inc. 19 4.97% $11,104
    Hometown Lenders, Inc. 17 4.73% $9,856
    Citizens Bank 15 4.64% $10,287
    Wolfe Financial, Inc 15 4.97% $9,551
    NEWREZ LLC 15 4.54% $8,144
    VANDERBILT MORTGAGE AND FINANCE, INC. 15 4.33% $10,799
    First Option Mortgage, LLC 13 4.99% $10,562
    Northpointe Bank 13 4.70% $11,136
    Pinnacle Bank 12 4.32% $7,538
    NFM, INC. 12 6.03% $9,987
    VILLAGE CAPITAL MORTGAGE 12 3.83% $6,730
    Regions Bank 11 4.50% $8,909
    FirstBank 11 4.91% $9,346
    CROSSCOUNTRY MORTGAGE, LLC 10 5.06% $11,577
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 10 4.90% $9,689
    AmeriHome Mortgage Company, LLC 9 4.82% $9,362
    BAY EQUITY LLC 9 4.68% $11,387
    Flagstar Bank, FSB 9 4.63% $9,022
    MID AMERICA MORTGAGE, INC. 9 6.92% $7,866
    AMCAP MORTGAGE, LTD. 8 4.95% $8,386
    RELIANCE FIRST CAPITAL, LLC 8 4.66% $11,068
    MUTUAL OF OMAHA MORTGAGE, INC. 7 5.04% $14,773
    First Guaranty Mortgage Corporation 7 4.27% $9,413
    PRIMARY RESIDENTIAL MORTGAGE, INC. 7 5.00% $8,503
    PLANET HOME LENDING, LLC 7 4.20% $7,055
    AMERICAN PACIFIC MORTGAGE CORPORATION 6 5.92% $11,284
    GUARANTEED RATE, INC. 6 5.28% $9,035
    AMERICAN MORTGAGE SERVICE COMPANY 6 4.58% $8,277
    SOUTHWEST FUNDING, LP 6 6.10% $12,508
    ISERVE RESIDENTIAL LENDING, LLC 6 4.00% $11,945
    HOMESIDE FINANCIAL, LLC 5 4.87% $12,112
    Century Mortgage Company DBA Century Lending Company 5 5.75% $8,561
    NATIONS DIRECT MORTGAGE, LLC 5 3.85% $8,725
    Bank of England 5 4.90% $7,913
    MILEND, INC. 5 5.68% $13,056
    SUMMIT FUNDING, INC. 4 4.28% $11,096
    The Federal Savings Bank 4 4.09% $14,922
    CHURCHILL MORTGAGE CORPORATION 4 6.03% $11,504
    Renasant Bank 4 5.66% $6,765
    VAN DYK MORTGAGE CORPORATION 4 4.38% $10,998
    HOMESTAR FINANCIAL CORPORATION 4 5.34% $5,135
    NATIONWIDE MORTGAGE BANKERS, INC. 4 5.44% $12,095
    AmRes Corporation 4 5.06% $9,560
    LIBERTY HOME MORTGAGE CORPORATION 4 5.81% $13,186
    SUN WEST MORTGAGE COMPANY, INC. 4 5.31% $12,320
    ZILLOW HOME LOANS, LLC 3 5.79% $9,619
    Plains Commerce Bank 3 4.17% $12,605
    Ameris Bank 3 5.08% $10,187
    United Community Bank 3 5.83% $10,052
    M&T Bank 3 5.04% $12,492
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.08% $8,974
    Countybank 3 6.04% $10,615
    Mortgage Research Center, LLC 3 6.21% $8,800
    NETWORK CAPITAL FUNDING CORPORATION 3 3.79% $15,810
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 5.17% $8,843
    ACADEMY MORTGAGE CORPORATION 3 5.00% $9,971
    Waterstone Mortgage Corporation 3 3.71% $9,485
    GUILD MORTGAGE COMPANY 3 4.58% $9,704
    GENEVA FINANCIAL, LLC 2 5.44% $16,547
    ARC HOME LLC 2 4.06% $10,233
    Bank of America 2 2.88% $2,630
    Barrington Bank & Trust Company, N.A. 2 4.88% $10,649
    BAYSHORE MORTGAGE FUNDING, LLC 2 5.88% $14,664
    CALCON MUTUAL MORTGAGE LLC 2 5.63% $12,819
    CANOPY MORTGAGE, LLC 2 4.44% $10,304
    EMBRACE HOME LOANS, INC. 2 4.06% $9,388
    Fifth Third Bank 2 5.38% $7,885
    First Horizon Bank 2 5.56% $8,975
    Franklin Loan Corporation 2 5.56% $15,577
    GSF Mortgage Corporation 2 5.31% $11,974
    GUARANTY HOME MORTGAGE CORPORATION 2 5.88% $11,759
    KELLER MORTGAGE, LLC 2 4.94% $10,914
    LADERA LENDING, INC. 2 5.00% $13,125
    LOANPAL, LLC 2 4.25% $14,257
    Loan Simple, Inc. 2 6.31% $11,329
    MORIA DEVELOPMENT, INC. 2 4.94% $17,882
    PLAZA HOME MORTGAGE, INC. 2 5.13% $9,347
    POLARIS HOME FUNDING CORP. 2 5.31% $9,925
    RUOFF MORTGAGE COMPANY, INC. 2 4.75% $5,470
    SECURITYNATIONAL MORTGAGE COMPANY 2 5.06% $11,533
    SOVEREIGN LENDING GROUP INCORPORATED 2 4.25% $10,192
    SUCCESS MORTGAGE PARTNERS, INC. 2 5.19% $13,591
    SWBC MORTGAGE CORPORATION 2 4.50% $7,366
    TOWNE MORTGAGE COMPANY 2 4.38% $11,143
    Truist 2 4.38% $9,792
    U.S. Bank 2 5.25% $9,994
    VERITAS FUNDING, LLC 2 5.06% $13,780
    Wells Fargo Bank 2 5.69% $6,433
    MICHIGAN MUTUAL, INC. 1 5.38% $8,405
    MCLEAN MORTGAGE CORPORATION 1 5.25% $9,169
    UNIVERSAL MORTGAGE & FINANCE, INC. 1 4.63% $11,416
    Alcova Mortgage LLC 1 6.13% $9,181
    Magnolia Bank 1 4.88% $10,547
    LEADERONE FINANCIAL CORPORATION 1 5.25% $9,350
    JPMorgan Chase Bank 1 4.38% $9,446
    JLB CORPORATION 1 3.75% $6,739
    Goldwater Bank, N.A. 1 3.38% $11,495
    1ST SIGNATURE LENDING, LLC 1 7.25% $12,189
    F&M Bank 1 5.13% $6,717
    RESIDENTIAL BANCORP. 1 5.38% $9,181
    Residential Mortgage Solutions, Inc. 1 4.75% $10,237
    ROYAL UNITED MORTGAGE LLC 1 5.25% $8,810
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 5.25% $10,144
    S1L, Inc. 1 6.75% $18,866
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 5.25% $8,159
    First Savings Bank 1 2.88% $16,533
    SIRVA MORTGAGE, INC. 1 5.63% $10,572
    SouthPoint Bank 1 6.00% $3,771
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 4.13% $8,925
    First Federal Bank, A FSB 1 3.88% $10,743
    Wyndham Capital Mortgage, Inc. 1 6.13% $13,982
    First Federal Bank 1 5.25% $9,919
    AMERICAN FINANCING CORPORATION 1 3.38% $7,510
    FAY SERVICING, LLC 1 5.25% $9,441
    DAS Acquisition Company, LLC 1 4.75% $7,083
    ALLIED MORTGAGE GROUP, INC. 1 5.13% $12,311
    CRESCENT MORTGAGE COMPANY 1 3.25% $6,493
    CORNERSTONE HOME LENDING, INC. 1 5.13% $6,273
    THE MORTGAGE FIRM, INC. 1 5.63% $11,515
    THRIVE MORTGAGE, LLC 1 3.88% $17,001
    COMPASS MORTGAGE, INC. 1 5.25% $9,709
    Commerce Home Mortgage, Inc. 1 4.88% $14,029
    ACOPIA, LLC 1 5.75% $9,231
    Willamette Valley Bank 1 4.75% $12,215
    CITYWIDE HOME LOANS, LLC 1 6.00% $13,687
    CASTLE & COOKE MORTGAGE, LLC 1 4.25% $12,414
    CapStar Bank 1 3.13% $7,505
    Neighborhood Loans, Inc. 1 7.00% $12,513
    NEW DAY FINANCIAL, LLC 1 4.88% $22,433
    NBKC BANK 1 4.50% $7,623
    NATIONS RELIABLE LENDING, LLC 1 7.13% $13,323
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 4.50% $5,113
    NP, Inc. 1 6.50% $8,940
    OCMBC, INC. 1 6.75% $12,080
    OPEN MORTGAGE, LLC 1 5.25% $12,070
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.63% $12,112
    Paramount Residential Mortgage Group, Inc. 1 5.25% $12,955
    MORTGAGE ACCESS CORP. 1 3.75% $10,939
    MIDLAND MORTGAGE CORPORATION 1 4.25% $8,194

    The top Knoxville FHA lender as defined by loan originations is MORTGAGE INVESTORS GROUP, INC., with 435 FHA loans originated. Their average total fees are $9,022, which is $1,023 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Knoxville FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($6,479), Gateway First Bank ($6,696), VILLAGE CAPITAL MORTGAGE ($6,730), Pinnacle Bank ($7,538) and LAKEVIEW LOAN SERVICING, LLC ($7,641).

    The lowest rate Knoxville FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE (3.83%), PENNYMAC LOAN SERVICES, LLC (4.32%), Pinnacle Bank (4.32%), VANDERBILT MORTGAGE AND FINANCE, INC. (4.33%) and LAKEVIEW LOAN SERVICING, LLC (4.37%).

    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
    KNOXVILLE, TN ANDERSON 2023 $472,030 $604,400 $730,525 $907,900
    KNOXVILLE, TN BLOUNT 2023 $472,030 $604,400 $730,525 $907,900
    KNOXVILLE, TN CAMPBELL 2023 $472,030 $604,400 $730,525 $907,900
    KNOXVILLE, TN KNOX 2023 $472,030 $604,400 $730,525 $907,900
    KNOXVILLE, TN LOUDON 2023 $472,030 $604,400 $730,525 $907,900
    KNOXVILLE, TN MORGAN 2023 $472,030 $604,400 $730,525 $907,900
    KNOXVILLE, TN ROANE 2023 $472,030 $604,400 $730,525 $907,900
    KNOXVILLE, TN UNION 2023 $472,030 $604,400 $730,525 $907,900

    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 $250,230 (13.7%) $347,954 (9.9%) 0.93 3,368
    2018-02-01 $253,850 (10.4%) $353,588 (9.4%) 0.92 3,181
    2018-03-01 $265,000 (11.8%) $374,905 (13.2%) 0.93 3,144
    2018-04-01 $275,225 (10.1%) $383,428 (10.6%) 0.93 3,190
    2018-05-01 $279,900 (12.0%) $391,174 (12.1%) 0.93 3,257
    2018-06-01 $279,900 (12.0%) $391,588 (13.0%) 0.93 3,359
    2018-07-01 $274,900 (10.0%) $386,438 (11.6%) 0.92 3,567
    2018-08-01 $269,900 (8.0%) $379,909 (5.1%) 0.90 3,622
    2018-09-01 $268,000 (5.1%) $377,356 (4.0%) 0.90 3,658
    2018-10-01 $262,515 (5.0%) $376,930 (7.0%) 0.89 3,665
    2018-11-01 $264,900 (3.8%) $382,992 (9.6%) 0.90 3,504
    2018-12-01 $260,000 (4.0%) $376,455 (8.5%) 0.90 3,272
    2019-01-01 $267,000 (6.7%) $377,893 (8.6%) 0.92 2,978
    2019-02-01 $269,675 (6.2%) $382,063 (8.1%) 0.91 2,895
    2019-03-01 $278,529 (5.1%) $385,954 (3.0%) 0.91 2,877
    2019-04-01 $292,450 (6.3%) $391,391 (2.1%) 0.93 2,865
    2019-05-01 $299,450 (7.0%) $396,782 (1.4%) 0.94 2,893
    2019-06-01 $299,900 (7.2%) $398,579 (1.8%) 0.94 2,972
    2019-07-01 $299,925 (9.1%) $405,246 (4.9%) 0.94 2,960
    2019-08-01 $295,845 (9.6%) $403,254 (6.1%) 0.94 2,990
    2019-09-01 $289,688 (8.1%) $396,242 (5.0%) 0.93 3,019
    2019-10-01 $285,000 (8.6%) $390,964 (3.7%) 0.92 3,017
    2019-11-01 $285,000 (7.6%) $399,026 (4.2%) 0.93 2,906
    2019-12-01 $283,450 (9.0%) $397,558 (5.6%) 0.95 2,682
    2020-01-01 $280,950 (5.2%) $405,789 (7.4%) 0.94 2,431
    2020-02-01 $287,145 (6.5%) $414,136 (8.4%) 0.94 2,279
    2020-03-01 $302,450 (8.6%) $424,423 (10.0%) 0.95 2,143
    2020-04-01 $299,950 (2.6%) $414,299 (5.9%) 0.94 2,260
    2020-05-01 $314,810 (5.1%) $429,861 (8.3%) 0.96 2,144
    2020-06-01 $325,000 (8.4%) $446,083 (11.9%) 0.96 1,918
    2020-07-01 $329,900 (10.0%) $454,015 (12.0%) 0.96 1,709
    2020-08-01 $329,999 (11.5%) $445,920 (10.6%) 0.95 1,598
    2020-09-01 $322,700 (11.4%) $441,789 (11.5%) 0.92 1,465
    2020-10-01 $319,900 (12.3%) $441,092 (12.8%) 0.92 1,471
    2020-11-01 $310,000 (8.8%) $442,224 (10.8%) 0.91 1,493
    2020-12-01 $302,463 (6.7%) $435,888 (9.6%) 0.90 1,307
    2021-01-01 $314,000 (11.8%) $448,048 (10.4%) 0.94 1,107
    2021-02-01 $310,000 (8.0%) $461,072 (11.3%) 0.90 836
    2021-03-01 $307,495 (1.7%) $469,664 (10.7%) 0.87 719
    2021-04-01 $327,450 (9.2%) $484,829 (17.0%) 0.89 654
    2021-05-01 $335,000 (6.4%) $479,752 (11.6%) 0.89 743
    2021-06-01 $339,950 (4.6%) $478,874 (7.4%) 0.89 883
    2021-07-01 $325,000 (-1.5%) $460,138 (1.4%) 0.86 1,008
    2021-08-01 $329,950 (0.0%) $479,951 (7.6%) 0.88 1,120
    2021-09-01 $328,725 (1.9%) $484,328 (9.6%) 0.88 1,114
    2021-10-01 $325,000 (1.6%) $488,329 (10.7%) 0.87 1,129
    2021-11-01 $332,450 (7.2%) $506,929 (14.6%) 0.89 1,005
    2021-12-01 $339,450 (12.2%) $515,929 (18.4%) 0.92 837
    2022-01-01 $349,950 (11.5%) $542,096 (21.0%) 0.95 693
    2022-02-01 $375,000 (21.0%) $553,526 (20.1%) 0.98 591
    2022-03-01 $367,450 (19.5%) $544,469 (15.9%) 0.92 668
    2022-04-01 $389,000 (18.8%) $547,857 (13.0%) 0.93 754
    2022-05-01 $399,950 (19.4%) $567,221 (18.2%) 0.91 1,008
    2022-06-01 $399,950 (17.7%) $548,593 (14.6%) 0.89 1,289
    2022-07-01 $415,000 (27.7%) $540,824 (17.5%) 0.93 1,535
    2022-08-01 $413,400 (25.3%) $546,833 (13.9%) 0.96 1,603
    2022-09-01 $422,450 (28.5%) $555,682 (14.7%) 0.99 1,658
    2022-10-01 $425,000 (30.8%) $547,797 (12.2%) 1.00 1,750
    2022-11-01 $425,000 (27.8%) $546,371 (7.8%) 1.02 1,790
    2022-12-01 $429,900 (26.7%) $553,001 (7.2%) 1.06 1,534
    2023-01-01 $440,088 (25.8%) $556,710 (2.7%) 1.09 1,366
    2023-02-01 $454,780 (21.3%) $571,882 (3.3%) 1.10 1,183
    2023-03-01 $469,625 (27.8%) $583,758 (7.2%) 1.11 1,132
    2023-04-01 $480,000 (23.4%) $613,870 (12.1%) 1.12 1,074
    2023-05-01 $484,925 (21.3%) $641,597 (13.1%) 1.10 1,115
    Knoxville's median listing price for 2023-05-01 was $484,925, a difference of $84,975 (21.3%) versus the prior year and $4,925 versus the prior month.

    Knoxville's median listing price comes in at 110% of the national average.

    Knoxville's average listing price for 2023-05-01 was $641,597, a difference of $74,376 (13.1%) versus the prior year and $27,727 versus the prior month.

    For the 2023-05-01 period, Knoxville had 1,115 MLS listings, a difference of 41 listings (4%) versus the prior month and 107 listings (11%) 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 86 days 2,203 sqft
    2018-02-01 82 days 2,209 sqft
    2018-03-01 66 days 2,276 sqft
    2018-04-01 56 days 2,309 sqft
    2018-05-01 53 days 2,332 sqft
    2018-06-01 55 days 2,324 sqft
    2018-07-01 57 days 2,324 sqft
    2018-08-01 59 days 2,291 sqft
    2018-09-01 63 days 2,271 sqft
    2018-10-01 67 days 2,274 sqft
    2018-11-01 71 days 2,282 sqft
    2018-12-01 78 days 2,241 sqft
    2019-01-01 85 days 2,232 sqft
    2019-02-01 78 days 2,221 sqft
    2019-03-01 66 days 2,267 sqft
    2019-04-01 57 days 2,332 sqft
    2019-05-01 54 days 2,367 sqft
    2019-06-01 57 days 2,388 sqft
    2019-07-01 59 days 2,400 sqft
    2019-08-01 59 days 2,368 sqft
    2019-09-01 60 days 2,321 sqft
    2019-10-01 61 days 2,290 sqft
    2019-11-01 64 days 2,250 sqft
    2019-12-01 74 days 2,224 sqft
    2020-01-01 84 days 2,203 sqft
    2020-02-01 76 days 2,220 sqft
    2020-03-01 58 days 2,270 sqft
    2020-04-01 56 days 2,292 sqft
    2020-05-01 60 days 2,304 sqft
    2020-06-01 58 days 2,310 sqft
    2020-07-01 55 days 2,329 sqft
    2020-08-01 50 days 2,262 sqft
    2020-09-01 50 days 2,225 sqft
    2020-10-01 46 days 2,200 sqft
    2020-11-01 47 days 2,135 sqft
    2020-12-01 55 days 2,082 sqft
    2021-01-01 68 days 2,088 sqft
    2021-02-01 75 days 2,061 sqft
    2021-03-01 46 days 2,003 sqft
    2021-04-01 42 days 2,056 sqft
    2021-05-01 32 days 2,056 sqft
    2021-06-01 32 days 2,084 sqft
    2021-07-01 34 days 2,007 sqft
    2021-08-01 35 days 2,004 sqft
    2021-09-01 39 days 1,994 sqft
    2021-10-01 39 days 1,987 sqft
    2021-11-01 42 days 1,983 sqft
    2021-12-01 46 days 1,976 sqft
    2022-01-01 49 days 2,000 sqft
    2022-02-01 36 days 2,008 sqft
    2022-03-01 27 days 1,982 sqft
    2022-04-01 25 days 2,031 sqft
    2022-05-01 25 days 2,070 sqft
    2022-06-01 29 days 2,115 sqft
    2022-07-01 32 days 2,147 sqft
    2022-08-01 37 days 2,103 sqft
    2022-09-01 41 days 2,127 sqft
    2022-10-01 43 days 2,154 sqft
    2022-11-01 48 days 2,177 sqft
    2022-12-01 59 days 2,182 sqft
    2023-01-01 67 days 2,208 sqft
    2023-02-01 53 days 2,245 sqft
    2023-03-01 45 days 2,230 sqft
    2023-04-01 39 days 2,221 sqft
    2023-05-01 36 days 2,249 sqft
    Knoxville's median listing age (time on market) for 2023-05-01 was 36 days. This is 44% longer than the same period one year ago.

    Knoxville's median square footage for active listings during the 2023-05-01 period was 2,249 sqft. One year prior, the average listing was 2,070 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).