Bardstown FHA Loan Rates, Closing Costs & Stats

Bardstown, KY

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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.

    Bardstown's 49 lenders originated 190 FHA loans during 2023. The total origination value was $41,190,000, with an average FHA loan value of $216,789.

    Bardstown FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Bardstown averaged 6.63% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Bardstown's average FHA mortgage closing costs are $6,655.

    The average rate for the prior week (2024-11-01) was 6.3% and one month ago for the week of 2024-10-04, the average rate was 5.92%.

    The average rate one year ago was 7.56%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.33%.

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

    Bardstown 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 Bardstown level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 23 6.34% $10,314
    STOCKTON MORTGAGE CORPORATION 17 6.53% $10,240
    Northpointe Bank 11 6.53% $8,871
    UNITED WHOLESALE MORTGAGE, LLC 11 6.35% $8,865
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.54% $8,935
    FREEDOM MORTGAGE CORPORATION 9 6.65% $13,101
    RUOFF MORTGAGE COMPANY, INC. 7 6.82% $7,642
    Magnolia Bank 7 6.45% $7,821
    Prosperity Home Mortgage, LLC 6 6.63% $8,468
    Carrington Mortgage Services, LLC 6 6.31% $11,538
    Citizens Bank 5 6.40% $7,305
    EVERETT FINANCIAL, INC. 5 6.85% $11,968
    THRIVE MORTGAGE, LLC 3 6.71% $8,219
    CARDINAL FINANCIAL 3 5.96% $8,077
    SOUTH CENTRAL BANK, INC. 3 6.79% $7,080
    First Harrison Bank 3 6.83% $9,766
    Century Mortgage Company DBA Century Lending Company 3 6.13% $15,214
    PENNYMAC LOAN SERVICES, LLC 3 5.83% $8,510
    Stock Yards Bank & Trust Company 3 6.38% $7,600
    WesBanco 3 6.17% $8,464
    SUCCESS MORTGAGE PARTNERS, INC. 3 6.41% $11,492
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.19% $8,869
    Central Bank 2 6.25% $6,374
    EMM LOANS LLC 2 6.50% $8,972
    Equity Prime Mortgage LLC 2 7.25% $12,553
    LAKEVIEW LOAN SERVICING, LLC 2 6.13% $13,661
    LEADERONE FINANCIAL CORPORATION 2 6.38% $10,269
    Mr. Cooper ( Nationstar Mortgage ) 2 6.31% $13,585
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.50% $8,179
    NEWREZ LLC 2 6.63% $8,444
    PLAZA HOME MORTGAGE, INC. 2 5.94% $7,530
    Mortgage Research Center, LLC 1 7.13% $10,790
    LOANDEPOT.COM, LLC 1 6.63% $8,368
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.25% $10,650
    PNC Bank 1 7.13% $5,478
    HOMESIDE FINANCIAL, LLC 1 6.75% $7,793
    GUARANTEED RATE, INC. 1 7.75% $8,641
    RELIANCE FIRST CAPITAL, LLC 1 6.88% $10,347
    Flagstar Bank, FSB 1 7.25% $10,403
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.75% $11,482
    ENDEAVOR CAPITAL, LLC. 1 6.38% $13,259
    DRAPER AND KRAMER MORTGAGE CORP. 1 7.25% $6,419
    CROSSCOUNTRY MORTGAGE, LLC 1 6.25% $13,831
    THE MORTGAGE WAREHOUSE,LLC 1 6.13% $6,819
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 7.25% $11,781
    TOP FLITE FINANCIAL, INC. 1 7.25% $9,759
    Traditional Bank, Inc. 1 5.75% $8,754
    NBKC BANK 1 6.25% $13,019
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 7.25% $12,287

    The top Bardstown FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 23 FHA loans originated. Their average total fees are $10,314, which is $74 higher than the next largest lender, STOCKTON MORTGAGE CORPORATION.

    The lowest fee Bardstown FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($8,865), Northpointe Bank ($8,871), STOCKTON MORTGAGE CORPORATION ($10,240), QUICKEN LOANS, LLC ($10,314) and .

    The lowest rate Bardstown FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.34%), UNITED WHOLESALE MORTGAGE, LLC (6.35%), STOCKTON MORTGAGE CORPORATION (6.53%), Northpointe Bank (6.53%) and .

    Bardstown FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BARDSTOWN, KY NELSON 2022 $420,680 $538,650 $651,050 $809,150
    BARDSTOWN, KY NELSON 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).