Newport FHA Loan Rates, Closing Costs & Stats

Newport, 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.

    Newport's 36 lenders originated 84 FHA loans during 2023. The total origination value was $16,860,000, with an average FHA loan value of $200,714.

    Newport FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Newport averaged 6.86% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Newport's average FHA mortgage closing costs are $7,210.

    The average rate for the prior week (2024-04-12) was 7.05% and one month ago for the week of 2024-03-15, the average rate was 6.82%.

    The average rate one year ago was 6.55%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

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

    Newport 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 Newport level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CARDINAL FINANCIAL 9 6.57% $12,989
    MORTGAGE INVESTORS GROUP, INC. 7 7.05% $8,545
    QUICKEN LOANS, LLC 5 6.02% $12,303
    UNITED WHOLESALE MORTGAGE, LLC 5 6.63% $12,690
    CMG MORTGAGE, INC. 3 6.13% $10,966
    BROKER SOLUTIONS, INC. 2 6.38% $10,909
    UNION HOME MORTGAGE CORP. 2 6.56% $14,416
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $12,701
    Citizens Bank 2 6.94% $7,176
    NEWREZ LLC 2 6.25% $12,083
    Equity Prime Mortgage LLC 2 7.25% $11,216
    DAS Acquisition Company, LLC 2 6.94% $8,639
    LOANDEPOT.COM, LLC 1 6.99% $5,794
    MID AMERICA MORTGAGE, INC. 1 7.63% $5,534
    PENNYMAC LOAN SERVICES, LLC 1 5.63% $7,928
    Regions Bank 1 6.75% $10,691
    RELIANCE FIRST CAPITAL, LLC 1 7.00% $7,755
    Republic State Mortgage Co. 1 7.13% $10,712
    Sierra Pacific Mortgage Company, Inc. 1 6.88% $9,917
    SUN WEST MORTGAGE COMPANY, INC. 1 5.75% $4,178
    TOP FLITE FINANCIAL, INC. 1 7.25% $10,083
    United Community Bank 1 6.13% $11,613
    VAN DYK MORTGAGE CORPORATION 1 7.63% $4,611
    ACADEMY MORTGAGE CORPORATION 1 7.75% $13,450
    Waterstone Mortgage Corporation 1 6.00% $13,862
    AMCAP MORTGAGE, LTD. 1 7.13% $9,659
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.88% $7,213
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $16,516
    Carrington Mortgage Services, LLC 1 7.38% $3,352
    Century Mortgage Company DBA Century Lending Company 1 5.88% $10,625
    CORNERSTONE HOME LENDING, INC. 1 6.25% $10,839
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.75% $8,912
    FREEDOM MORTGAGE CORPORATION 1 6.38% $12,432
    Gateway First Bank 1 7.25% $9,013
    GVC MORTGAGE, INC. 1 6.25% $10,869
    INTERLINC MORTGAGE SERVICES, LLC 1 8.25% $13,865

    The top Newport FHA lender as defined by loan originations is CARDINAL FINANCIAL, with 9 FHA loans originated. Their average total fees are $12,989, which is $4,443 higher than the next largest lender, MORTGAGE INVESTORS GROUP, INC..

    The lowest fee Newport FHA lenders (with over 10 loans originated) are .

    The lowest rate Newport FHA lenders (with over 10 loans originated) are .

    Newport FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NEWPORT, TN COCKE 2022 $420,680 $538,650 $651,050 $809,150
    NEWPORT, TN COCKE 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Newport (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 $160,450 (-5.1%) $204,513 (0.3%) 0.00 139
    2018-02-01 $160,950 (-4.8%) $201,796 (-0.6%) 0.00 138
    2018-03-01 $174,900 (7.0%) $222,106 (13.2%) 0.00 138
    2018-04-01 $183,267 (13.1%) $242,544 (23.4%) 0.00 136
    2018-05-01 $186,200 (14.5%) $236,609 (17.8%) 0.00 145
    2018-06-01 $190,000 (14.1%) $239,779 (20.0%) 0.00 147
    2018-07-01 $189,475 (11.8%) $236,145 (15.0%) 0.00 154
    2018-08-01 $179,900 (5.9%) $232,410 (12.2%) 0.00 161
    2018-09-01 $179,450 (3.2%) $231,965 (9.2%) 0.00 150
    2018-10-01 $179,225 (4.8%) $234,582 (9.6%) 0.00 150
    2018-11-01 $178,725 (5.6%) $237,820 (11.9%) 0.00 149
    2018-12-01 $179,450 (7.5%) $240,201 (13.7%) 0.00 153
    2019-01-01 $179,950 (12.2%) $252,738 (23.6%) 0.00 139
    2019-02-01 $181,150 (12.6%) $251,717 (24.7%) 0.00 144
    2019-03-01 $179,900 (2.9%) $250,068 (12.6%) 0.00 138
    2019-04-01 $179,900 (-1.8%) $247,085 (1.9%) 0.00 136
    2019-05-01 $179,925 (-3.4%) $247,640 (4.7%) 0.00 137
    2019-06-01 $185,000 (-2.6%) $247,419 (3.2%) 0.00 143
    2019-07-01 $199,000 (5.0%) $263,741 (11.7%) 0.00 142
    2019-08-01 $210,155 (16.8%) $264,752 (13.9%) 0.00 142
    2019-09-01 $226,886 (26.4%) $272,708 (17.6%) 0.00 143
    2019-10-01 $241,950 (35.0%) $280,280 (19.5%) 0.00 141
    2019-11-01 $247,450 (38.5%) $286,437 (20.4%) 0.00 141
    2019-12-01 $244,475 (36.2%) $283,607 (18.1%) 0.00 130
    2020-01-01 $227,400 (26.4%) $279,196 (10.5%) 0.00 121
    2020-02-01 $229,900 (26.9%) $284,547 (13.0%) 0.00 113
    2020-03-01 $228,450 (27.0%) $296,155 (18.4%) 0.00 104
    2020-04-01 $239,225 (33.0%) $297,490 (20.4%) 0.00 100
    2020-05-01 $265,000 (47.3%) $318,398 (28.6%) 0.00 92
    2020-06-01 $260,950 (41.1%) $326,463 (32.0%) 0.00 92
    2020-07-01 $263,450 (32.4%) $334,424 (26.8%) 0.00 82
    2020-08-01 $269,900 (28.4%) $339,447 (28.2%) 0.00 77
    2020-09-01 $259,850 (14.5%) $314,958 (15.5%) 0.00 84
    2020-10-01 $248,750 (2.8%) $301,909 (7.7%) 0.00 81
    2020-11-01 $279,225 (12.8%) $338,754 (18.3%) 0.00 69
    2020-12-01 $299,500 (22.5%) $370,549 (30.7%) 0.00 59
    2021-01-01 $265,500 (16.8%) $347,068 (24.3%) 0.00 58
    2021-02-01 $252,475 (9.8%) $346,869 (21.9%) 0.00 52
    2021-03-01 $264,475 (15.8%) $386,307 (30.4%) 0.00 40
    2021-04-01 $247,175 (3.3%) $384,430 (29.2%) 0.00 46
    2021-05-01 $249,900 (-5.7%) $352,584 (10.7%) 0.00 49
    2021-06-01 $277,500 (6.3%) $364,904 (11.8%) 0.00 50
    2021-07-01 $275,000 (4.4%) $378,116 (13.1%) 0.00 65
    2021-08-01 $291,125 (7.9%) $400,167 (17.9%) 0.00 57
    2021-09-01 $332,319 (27.9%) $388,767 (23.4%) 0.00 59
    2021-10-01 $332,338 (33.6%) $366,348 (21.3%) 0.00 63
    2021-11-01 $335,250 (20.1%) $415,059 (22.5%) 0.00 54
    2021-12-01 $332,450 (11.0%) $447,077 (20.7%) 0.00 51
    2022-01-01 $319,000 (20.2%) $438,253 (26.3%) 0.00 43
    2022-02-01 $299,675 (18.7%) $418,278 (20.6%) 0.00 44
    2022-03-01 $299,900 (13.4%) $424,333 (9.8%) 0.00 52
    2022-04-01 $379,900 (53.7%) $485,357 (26.3%) 0.00 61
    2022-05-01 $352,650 (41.1%) $522,320 (48.1%) 0.00 80
    2022-06-01 $387,400 (39.6%) $554,980 (52.1%) 0.00 78
    2022-07-01 $379,300 (37.9%) $543,459 (43.7%) 0.00 81
    2022-08-01 $351,750 (20.8%) $533,698 (33.4%) 0.00 92
    2022-09-01 $349,225 (5.1%) $502,491 (29.3%) 0.00 101
    2022-10-01 $350,000 (5.3%) $512,185 (39.8%) 0.00 101
    2022-11-01 $330,000 (-1.6%) $475,865 (14.7%) 0.00 99
    2022-12-01 $334,950 (0.8%) $461,647 (3.3%) 0.00 92
    2023-01-01 $362,500 (13.6%) $496,047 (13.2%) 0.00 80
    2023-02-01 $350,000 (16.8%) $479,557 (14.7%) 0.00 65
    2023-03-01 $339,900 (13.3%) $450,459 (6.2%) 0.00 57
    2023-04-01 $382,000 (0.6%) $464,581 (-4.3%) 0.00 68
    2023-05-01 $399,450 (13.3%) $495,229 (-5.2%) 0.00 61
    2023-06-01 $372,000 (-4.0%) $458,071 (-17.5%) 0.00 70
    2023-07-01 $368,500 (-2.9%) $475,426 (-12.5%) 0.00 72
    2023-08-01 $371,725 (5.7%) $487,546 (-8.7%) 0.00 76
    2023-09-01 $354,500 (1.5%) $486,099 (-3.3%) 0.00 80
    2023-10-01 $349,475 (-0.2%) $514,600 (0.5%) 0.00 81
    2023-11-01 $382,225 (15.8%) $557,315 (17.1%) 0.00 96
    2023-12-01 $429,000 (28.1%) $589,164 (27.6%) 0.00 94
    2024-01-01 $418,650 (15.5%) $588,046 (18.6%) 0.00 87
    2024-02-01 $375,725 (7.4%) $539,884 (12.6%) 0.00 78
    2024-03-01 $349,500 (2.8%) $493,598 (9.6%) 0.00 94
    Newport's median listing price for 2024-03-01 was $349,500, a difference of $9,600 (2.8%) versus the prior year and $-26,225 versus the prior month.

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

    Newport's average listing price for 2024-03-01 was $493,598, a difference of $43,139 (9.6%) versus the prior year and $-46,286 versus the prior month.

    For the 2024-03-01 period, Newport had 94 MLS listings, a difference of 16 listings (21%) versus the prior month and 37 listings (65%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Newport (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,592 sqft
    2018-02-01 0 days 1,590 sqft
    2018-03-01 0 days 1,620 sqft
    2018-04-01 0 days 1,631 sqft
    2018-05-01 0 days 1,592 sqft
    2018-06-01 0 days 1,584 sqft
    2018-07-01 0 days 1,578 sqft
    2018-08-01 0 days 1,622 sqft
    2018-09-01 0 days 1,572 sqft
    2018-10-01 0 days 1,536 sqft
    2018-11-01 0 days 1,536 sqft
    2018-12-01 0 days 1,536 sqft
    2019-01-01 0 days 1,518 sqft
    2019-02-01 0 days 1,587 sqft
    2019-03-01 0 days 1,604 sqft
    2019-04-01 0 days 1,621 sqft
    2019-05-01 0 days 1,631 sqft
    2019-06-01 0 days 1,600 sqft
    2019-07-01 0 days 1,600 sqft
    2019-08-01 0 days 1,658 sqft
    2019-09-01 0 days 1,703 sqft
    2019-10-01 0 days 1,737 sqft
    2019-11-01 0 days 1,740 sqft
    2019-12-01 0 days 1,785 sqft
    2020-01-01 0 days 1,731 sqft
    2020-02-01 0 days 1,841 sqft
    2020-03-01 0 days 1,792 sqft
    2020-04-01 0 days 1,777 sqft
    2020-05-01 0 days 1,843 sqft
    2020-06-01 0 days 1,874 sqft
    2020-07-01 0 days 1,848 sqft
    2020-08-01 0 days 1,984 sqft
    2020-09-01 0 days 1,811 sqft
    2020-10-01 0 days 1,771 sqft
    2020-11-01 0 days 1,799 sqft
    2020-12-01 0 days 1,801 sqft
    2021-01-01 0 days 1,622 sqft
    2021-02-01 0 days 1,680 sqft
    2021-03-01 0 days 1,452 sqft
    2021-04-01 0 days 1,440 sqft
    2021-05-01 0 days 1,423 sqft
    2021-06-01 0 days 1,479 sqft
    2021-07-01 0 days 1,591 sqft
    2021-08-01 0 days 1,689 sqft
    2021-09-01 0 days 1,783 sqft
    2021-10-01 0 days 1,799 sqft
    2021-11-01 0 days 1,776 sqft
    2021-12-01 0 days 2,039 sqft
    2022-01-01 0 days 1,892 sqft
    2022-02-01 0 days 1,715 sqft
    2022-03-01 0 days 1,620 sqft
    2022-04-01 0 days 1,680 sqft
    2022-05-01 0 days 1,762 sqft
    2022-06-01 0 days 1,896 sqft
    2022-07-01 0 days 1,849 sqft
    2022-08-01 0 days 1,827 sqft
    2022-09-01 0 days 1,744 sqft
    2022-10-01 0 days 1,686 sqft
    2022-11-01 0 days 1,550 sqft
    2022-12-01 0 days 1,521 sqft
    2023-01-01 0 days 1,555 sqft
    2023-02-01 0 days 1,555 sqft
    2023-03-01 0 days 1,611 sqft
    2023-04-01 0 days 1,516 sqft
    2023-05-01 0 days 1,512 sqft
    2023-06-01 0 days 1,739 sqft
    2023-07-01 0 days 1,738 sqft
    2023-08-01 0 days 1,569 sqft
    2023-09-01 0 days 1,716 sqft
    2023-10-01 0 days 1,641 sqft
    2023-11-01 0 days 1,700 sqft
    2023-12-01 0 days 1,722 sqft
    2024-01-01 0 days 1,720 sqft
    2024-02-01 0 days 1,588 sqft
    2024-03-01 0 days 1,576 sqft
    Newport's median listing age (time on market) for 2024-03-01 was 0 days.

    Newport's median square footage for active listings during the 2024-03-01 period was 1,576 sqft. One year prior, the average listing was 1,611 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).