Sevierville FHA Loan Rates, Closing Costs & Stats

Sevierville, 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.

    Sevierville's 59 lenders originated 225 FHA loans during 2023. The total origination value was $57,505,000, with an average FHA loan value of $255,578.

    Sevierville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sevierville averaged 6.7% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Sevierville's average FHA mortgage closing costs are $8,226.

    The average rate for the prior week (2024-11-01) was 6.98% and one month ago for the week of 2024-10-04, the average rate was 6.4%.

    The average rate one year ago was 7.94%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.82%.

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

    Sevierville 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 Sevierville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MORTGAGE INVESTORS GROUP, INC. 26 6.49% $10,215
    QUICKEN LOANS, LLC 23 6.25% $12,082
    UNITED WHOLESALE MORTGAGE, LLC 13 6.28% $14,959
    FIRST COMMUNITY MORTGAGE, INC. 10 6.15% $9,720
    MOVEMENT MORTGAGE, LLC 8 6.94% $13,396
    LOANDEPOT.COM, LLC 8 6.58% $12,325
    Mr. Cooper ( Nationstar Mortgage ) 6 6.08% $14,304
    CMG MORTGAGE, INC. 6 6.92% $13,463
    CROSSCOUNTRY MORTGAGE, LLC 5 6.74% $13,482
    PENNYMAC LOAN SERVICES, LLC 5 6.02% $16,932
    BROKER SOLUTIONS, INC. 5 6.72% $13,542
    CARDINAL FINANCIAL 5 6.93% $11,062
    Equity Prime Mortgage LLC 4 6.25% $12,398
    NEWREZ LLC 3 5.88% $13,137
    AMERICAN FINANCIAL NETWORK, INC. 3 7.00% $12,235
    EVERETT FINANCIAL, INC. 3 6.96% $12,949
    Bank of England 3 6.71% $12,300
    Regions Bank 3 5.54% $11,222
    AMERISAVE MORTGAGE CORPORATION 3 6.38% $18,686
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.58% $9,598
    STOCKTON MORTGAGE CORPORATION 3 6.46% $9,384
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.92% $10,075
    ISERVE RESIDENTIAL LENDING, LLC 2 6.50% $18,162
    Flagstar Bank, FSB 2 6.40% $12,121
    U.S. Bank 2 6.63% $10,830
    Carrington Mortgage Services, LLC 2 6.13% $15,882
    NATIONWIDE MORTGAGE BANKERS, INC. 2 6.13% $15,265
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.25% $9,634
    THRIVE MORTGAGE, LLC 1 7.25% $12,350
    TOWNE MORTGAGE COMPANY 1 5.75% $9,692
    Trustmark National Bank 1 6.50% $10,264
    Sierra Pacific Mortgage Company, Inc. 1 7.25% $12,301
    AHL FUNDING 1 7.00% $16,722
    Alcova Mortgage LLC 1 7.25% $9,823
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.50% $9,507
    Barrington Bank & Trust Company, N.A. 1 5.75% $6,940
    COMPASS MORTGAGE, INC. 1 6.13% $12,758
    EMM LOANS LLC 1 5.88% $27,155
    ENDEAVOR CAPITAL, LLC. 1 6.25% $14,181
    FirstBank 1 6.63% $11,906
    First Federal Bank 1 5.63% $16,003
    FREEDOM MORTGAGE CORPORATION 1 7.25% $15,009
    GENEVA FINANCIAL, LLC 1 7.13% $25,881
    GUILD MORTGAGE COMPANY 1 6.13% $16,815
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $10,709
    INTERLINC MORTGAGE SERVICES, LLC 1 7.13% $11,288
    LADERA LENDING, INC. 1 5.75% $18,644
    Nations Lending Corporation 1 5.63% $12,073
    NFM, INC. 1 6.00% $11,501
    North American Savings Bank, F.S.B. 1 6.75% $9,301
    Northpointe Bank 1 5.75% $10,481
    Plains Commerce Bank 1 6.38% $4,804
    PLAZA HOME MORTGAGE, INC. 1 6.50% $9,961
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.75% $7,476
    Princeton Mortgage Corporation 1 6.75% $15,984
    RANLIFE, INC. 1 6.13% $20,849
    RELIANCE FIRST CAPITAL, LLC 1 6.88% $12,757
    1ST SIGNATURE LENDING, LLC 1 6.63% $17,843
    SmartBank 1 7.00% $8,278

    The top Sevierville FHA lender as defined by loan originations is MORTGAGE INVESTORS GROUP, INC., with 26 FHA loans originated. Their average total fees are $10,215, which is $1,867 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Sevierville FHA lenders (with over 10 loans originated) are FIRST COMMUNITY MORTGAGE, INC. ($9,720), MORTGAGE INVESTORS GROUP, INC. ($10,215), QUICKEN LOANS, LLC ($12,082), UNITED WHOLESALE MORTGAGE, LLC ($14,959) and .

    The lowest rate Sevierville FHA lenders (with over 10 loans originated) are FIRST COMMUNITY MORTGAGE, INC. (6.15%), QUICKEN LOANS, LLC (6.25%), UNITED WHOLESALE MORTGAGE, LLC (6.28%), MORTGAGE INVESTORS GROUP, INC. (6.49%) and .

    Sevierville FHA Loan Limits

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

    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).