Newport FHA Loan Rates, Closing Costs & Stats

Newport, 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.

Newport's 38 lenders originated 96 FHA loans during 2022. The total origination value was $18,450,000, with an average FHA loan value of $192,188.

Newport FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Newport averaged -0.17% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Newport's average FHA mortgage closing costs are $6,635.

The average rate for the prior week (2024-02-16) was 6.37% and one month ago for the week of 2024-01-19, the average rate was 6.11%.

The average rate one year ago was 6.27%.

For refis of the same type during the week of 2024-02-23, the average rate was 0%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
MORTGAGE INVESTORS GROUP, INC. 20 4.91% $7,137
CMG MORTGAGE, INC. 6 4.54% $9,419
QUICKEN LOANS, LLC 6 4.12% $9,121
CARDINAL FINANCIAL 4 5.56% $12,581
Mr. Cooper ( Nationstar Mortgage ) 3 4.42% $7,871
CROSSCOUNTRY MORTGAGE, LLC 3 5.46% $9,062
UNITED WHOLESALE MORTGAGE, LLC 3 5.00% $6,417
FIRST COMMUNITY MORTGAGE, INC. 3 5.25% $9,749
LOANDEPOT.COM, LLC 2 5.25% $8,925
INTERLINC MORTGAGE SERVICES, LLC 2 5.06% $5,784
First Option Mortgage, LLC 1 5.50% $10,643
FREEDOM MORTGAGE CORPORATION 1 5.13% $9,858
HOME POINT FINANCIAL CORPORATION 1 5.00% $5,334
LAKEVIEW LOAN SERVICING, LLC 1 3.99% $4,226
MILEND, INC. 1 6.00% $10,554
Mortgage Research Center, LLC 1 5.63% $6,174
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.75% $18,186
Nations Lending Corporation 1 5.75% $3,095
NETWORK CAPITAL FUNDING CORPORATION 1 3.75% $9,383
Northpointe Bank 1 4.25% $12,154
PENNYMAC LOAN SERVICES, LLC 1 5.63% $9,613
RAPID MORTGAGE COMPANY 1 5.63% $15,011
SECURITYNATIONAL MORTGAGE COMPANY 1 6.38% $6,722
SUN WEST MORTGAGE COMPANY, INC. 1 3.25% $7,810
TJC Mortgage, Inc. 1 5.63% $12,236
U.S. Bank 1 5.25% $5,481
VAN DYK MORTGAGE CORPORATION 1 6.13% $10,080
AMERICAN FINANCIAL RESOURCES, INC. 1 5.13% $8,258
Wolfe Financial, Inc 1 4.38% $6,274
AMERICAN FINANCING CORPORATION 1 3.63% $11,153
AMERISAVE MORTGAGE CORPORATION 1 4.63% $10,930
BAY EQUITY LLC 1 5.25% $13,952
BROKER SOLUTIONS, INC. 1 4.99% $13,609
CALIBER HOME LOANS, INC. 1 4.63% $7,847
EMBRACE HOME LOANS, INC. 1 5.25% $8,358
EVERETT FINANCIAL, INC. 1 6.25% $5,857
FAIRWAY FUNDING GROUP, INC. 1 5.13% $10,332
First Bank 1 6.63% $11,467

The top Newport FHA lender as defined by loan originations is MORTGAGE INVESTORS GROUP, INC., with 20 FHA loans originated. Their average total fees are $7,137, which is $2,282 lower than the next largest lender, CMG MORTGAGE, INC..

The lowest fee Newport FHA lenders (with over 10 loans originated) are MORTGAGE INVESTORS GROUP, INC. ($7,137), .

The lowest rate Newport FHA lenders (with over 10 loans originated) are MORTGAGE INVESTORS GROUP, INC. (4.91%), .

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
Newport's median listing price for 2023-12-01 was $429,000, a difference of $94,050 (28.1%) versus the prior year and $46,775 versus the prior month.

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

Newport's average listing price for 2023-12-01 was $589,164, a difference of $127,517 (27.6%) versus the prior year and $31,849 versus the prior month.

For the 2023-12-01 period, Newport had 94 MLS listings, a difference of -2 listings (-2%) versus the prior month and 2 listings (2%) 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 1,651 sqft
2019-09-01 0 days 1,685 sqft
2019-10-01 0 days 1,707 sqft
2019-11-01 0 days 1,736 sqft
2019-12-01 0 days 1,766 sqft
2020-01-01 0 days 1,690 sqft
2020-02-01 0 days 1,838 sqft
2020-03-01 0 days 1,761 sqft
2020-04-01 0 days 1,731 sqft
2020-05-01 0 days 1,828 sqft
2020-06-01 0 days 1,854 sqft
2020-07-01 0 days 1,798 sqft
2020-08-01 0 days 1,950 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 1,568 sqft
2023-09-01 0 days 1,717 sqft
2023-10-01 0 days 1,680 sqft
2023-11-01 0 days 1,714 sqft
2023-12-01 0 days 1,725 sqft
Newport's median listing age (time on market) for 2023-12-01 was 0 days.

Newport's median square footage for active listings during the 2023-12-01 period was 1,725 sqft. One year prior, the average listing was 1,521 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).