Bowling Green FHA Loan Rates, Closing Costs & Stats

BOWLING GREEN, KY

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.

Bowling Green's 80 lenders originated 574 FHA loans during 2022. The total origination value was $139,040,000, with an average FHA loan value of $242,230.

Bowling Green FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Bowling Green averaged -0.38% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Bowling Green's average FHA mortgage closing costs are $6,482.

The average rate for the prior week (2024-02-16) was 6.16% and one month ago for the week of 2024-01-19, the average rate was 5.91%.

The average rate one year ago was 5.77%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.11%.

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

Bowling Green 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 Bowling Green level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 106 5.04% $9,190
QUICKEN LOANS, LLC 48 4.38% $9,215
Century Mortgage Company DBA Century Lending Company 33 4.97% $9,814
RUOFF MORTGAGE COMPANY, INC. 30 5.32% $5,041
PRIMARY RESIDENTIAL MORTGAGE, INC. 27 4.88% $8,508
STOCKTON MORTGAGE CORPORATION 21 4.96% $7,933
EVERETT FINANCIAL, INC. 19 5.56% $5,474
UNITED WHOLESALE MORTGAGE, LLC 19 5.13% $9,227
FBC MORTGAGE, LLC 18 4.87% $8,796
MOVEMENT MORTGAGE, LLC 14 5.21% $7,943
SOUTH CENTRAL BANK, INC. 14 4.45% $6,763
EVANSVILLE TEACHERS 14 4.87% $6,945
U.S. Bank 12 5.03% $7,245
FREEDOM MORTGAGE CORPORATION 12 5.75% $8,913
Bank of England 9 5.47% $7,174
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 4.55% $8,081
BROKER SOLUTIONS, INC. 8 5.28% $9,848
PENNYMAC LOAN SERVICES, LLC 7 4.57% $9,980
Paramount Residential Mortgage Group, Inc. 7 5.18% $12,129
Mr. Cooper ( Nationstar Mortgage ) 7 5.05% $11,925
AMERISAVE MORTGAGE CORPORATION 6 5.23% $10,399
Citizens Bank 6 3.75% $6,804
German American Bank 5 3.98% $6,538
HOME POINT FINANCIAL CORPORATION 5 4.27% $10,189
ROSS MORTGAGE CORPORATION 5 5.23% $9,107
DHI MORTGAGE COMPANY, LTD. 5 4.70% $7,452
Carrington Mortgage Services, LLC 4 5.22% $10,725
FirstBank 4 5.06% $7,981
Mortgage Research Center, LLC 4 5.72% $6,160
VANDERBILT MORTGAGE AND FINANCE, INC. 3 4.46% $11,907
MUTUAL OF OMAHA MORTGAGE, INC. 3 6.25% $9,061
GENEVA FINANCIAL, LLC 3 4.67% $8,992
RELIANCE FIRST CAPITAL, LLC 2 5.44% $9,763
CALIBER HOME LOANS, INC. 2 4.87% $10,099
CARDINAL FINANCIAL 2 4.81% $11,712
Colten Mortgage, LLC 2 5.63% $7,320
Equity Prime Mortgage LLC 2 6.06% $11,451
HOMESIDE FINANCIAL, LLC 2 5.81% $9,833
JPMorgan Chase Bank 2 4.13% $6,428
NEWREZ LLC 2 4.75% $9,962
PLANET HOME LENDING, LLC 2 3.56% $7,354
Regions Bank 2 3.94% $7,701
THRIVE MORTGAGE, LLC 2 5.63% $11,464
Wells Fargo Bank 2 4.56% $3,609
ZILLOW HOME LOANS, LLC 2 3.69% $9,581
HOMESTAR FINANCIAL CORPORATION 1 4.50% $5,069
GUARANTEED RATE, INC. 1 3.25% $5,456
Flagstar Bank, FSB 1 6.50% $7,800
NATIONS RELIABLE LENDING, LLC 1 3.99% $11,130
NATIONWIDE MORTGAGE BANKERS, INC. 1 5.50% $7,697
AMERICAN FINANCIAL RESOURCES, INC. 1 2.88% $6,350
OCEANSIDE MORTGAGE COMPANY 1 5.75% $4,314
First Horizon Bank 1 5.25% $9,475
ENDEAVOR CAPITAL, LLC. 1 5.63% $9,154
PHH Mortgage Corporation 1 3.50% $3,329
VILLAGE CAPITAL MORTGAGE 1 3.88% $9,635
EMBRACE HOME LOANS, INC. 1 5.75% $6,330
DRAPER AND KRAMER MORTGAGE CORP. 1 7.63% $10,195
Waterstone Mortgage Corporation 1 5.13% $5,426
ACOPIA, LLC 1 5.25% $11,292
Republic State Mortgage Co. 1 4.00% $6,989
CROSSCOUNTRY MORTGAGE, LLC 1 6.13% $18,628
BETTER MORTGAGE CORPORATION 1 3.25% $6,653
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.25% $4,560
AMERIFIRST FINANCIAL CORPORATION 1 7.25% $5,757
T2 FINANCIAL LLC 1 4.13% $11,301
The Farmers Bank 1 4.13% $6,567
The Home Loan Expert LLC 1 4.75% $9,871
Wyndham Capital Mortgage, Inc. 1 3.50% $4,622
TOP FLITE FINANCIAL, INC. 1 4.13% $15,826
Truist 1 2.70% $7,513
UNITED HOME LOANS, INC. 1 3.50% $1,942
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $7,416
Ixonia Bank 1 4.25% $8,590
AMERICAN MORTGAGE SERVICE COMPANY 1 3.75% $6,348
LIBERTY HOME MORTGAGE CORPORATION 1 3.38% $11,464
LOANDEPOT.COM, LLC 1 3.99% $8,380
Magnolia Bank 1 6.13% $11,218
Midwest BankCentre 1 3.87% $5,640
INTERLINC MORTGAGE SERVICES, LLC 1 4.50% $8,093

The top Bowling Green FHA lender as defined by loan originations is ATLANTIC BAY MORTGAGE GROUP, L.L.C., with 106 FHA loans originated. Their average total fees are $9,190, which is $25 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Bowling Green FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($5,041), EVERETT FINANCIAL, INC. ($5,474), SOUTH CENTRAL BANK, INC. ($6,763), EVANSVILLE TEACHERS ($6,945) and U.S. Bank ($7,245).

The lowest rate Bowling Green FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.38%), SOUTH CENTRAL BANK, INC. (4.45%), EVANSVILLE TEACHERS (4.87%), FBC MORTGAGE, LLC (4.87%) and PRIMARY RESIDENTIAL MORTGAGE, INC. (4.88%).

Bowling Green FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
BOWLING GREEN, KY ALLEN 2022 $420,680 $538,650 $651,050 $809,150
BOWLING GREEN, KY BUTLER 2022 $420,680 $538,650 $651,050 $809,150
BOWLING GREEN, KY EDMONSON 2022 $420,680 $538,650 $651,050 $809,150
BOWLING GREEN, KY WARREN 2022 $420,680 $538,650 $651,050 $809,150
BOWLING GREEN, KY ALLEN 2023 $472,030 $604,400 $730,525 $907,900
BOWLING GREEN, KY BUTLER 2023 $472,030 $604,400 $730,525 $907,900
BOWLING GREEN, KY EDMONSON 2023 $472,030 $604,400 $730,525 $907,900
BOWLING GREEN, KY WARREN 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Bowling Green (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 $227,450 (1.1%) $292,288 (2.2%) 0.84 570
2018-02-01 $236,950 (2.0%) $295,152 (-0.6%) 0.86 557
2018-03-01 $239,500 (-3.0%) $292,603 (-3.2%) 0.84 570
2018-04-01 $239,900 (-1.5%) $298,927 (-0.1%) 0.81 587
2018-05-01 $240,203 (-2.6%) $303,036 (0.1%) 0.80 626
2018-06-01 $255,000 (1.0%) $309,652 (-0.3%) 0.85 641
2018-07-01 $267,750 (7.1%) $319,412 (6.7%) 0.89 657
2018-08-01 $269,925 (8.0%) $322,782 (6.0%) 0.90 694
2018-09-01 $264,900 (10.4%) $318,069 (4.2%) 0.89 715
2018-10-01 $257,450 (8.7%) $308,629 (1.1%) 0.87 753
2018-11-01 $249,900 (9.5%) $300,317 (0.7%) 0.85 778
2018-12-01 $249,900 (14.1%) $303,002 (4.5%) 0.86 746
2019-01-01 $254,875 (12.1%) $305,576 (4.6%) 0.88 660
2019-02-01 $258,400 (9.1%) $306,354 (3.8%) 0.87 682
2019-03-01 $264,186 (10.3%) $312,759 (6.9%) 0.86 680
2019-04-01 $266,686 (11.2%) $313,772 (5.0%) 0.85 700
2019-05-01 $269,900 (12.4%) $313,915 (3.6%) 0.84 740
2019-06-01 $269,900 (5.8%) $308,784 (-0.3%) 0.84 760
2019-07-01 $260,552 (-2.7%) $299,689 (-6.2%) 0.82 787
2019-08-01 $253,536 (-6.1%) $293,875 (-9.0%) 0.80 789
2019-09-01 $251,491 (-5.1%) $289,574 (-9.0%) 0.80 794
2019-10-01 $249,900 (-2.9%) $288,001 (-6.7%) 0.81 805
2019-11-01 $249,500 (-0.2%) $291,110 (-3.1%) 0.82 819
2019-12-01 $249,900 (0.0%) $299,372 (-1.2%) 0.83 687
2020-01-01 $250,650 (-1.7%) $299,432 (-2.0%) 0.84 628
2020-02-01 $259,900 (0.6%) $304,667 (-0.6%) 0.85 609
2020-03-01 $259,900 (-1.6%) $311,150 (-0.5%) 0.81 585
2020-04-01 $258,300 (-3.1%) $306,803 (-2.2%) 0.81 599
2020-05-01 $259,900 (-3.7%) $306,399 (-2.4%) 0.79 576
2020-06-01 $262,925 (-2.6%) $318,323 (3.1%) 0.77 521
2020-07-01 $269,900 (3.6%) $321,220 (7.2%) 0.78 472
2020-08-01 $269,900 (6.5%) $326,147 (11.0%) 0.77 440
2020-09-01 $268,850 (6.9%) $336,722 (16.3%) 0.77 414
2020-10-01 $264,900 (6.0%) $336,112 (16.7%) 0.76 385
2020-11-01 $244,725 (-1.9%) $305,209 (4.8%) 0.72 397
2020-12-01 $239,900 (-4.0%) $300,275 (0.3%) 0.71 381
2021-01-01 $249,900 (-0.3%) $307,529 (2.7%) 0.75 335
2021-02-01 $249,225 (-4.1%) $304,296 (-0.1%) 0.73 281
2021-03-01 $253,675 (-2.4%) $311,551 (0.1%) 0.72 286
2021-04-01 $262,400 (1.6%) $328,906 (7.2%) 0.71 229
2021-05-01 $269,900 (3.9%) $354,912 (15.8%) 0.72 223
2021-06-01 $264,900 (0.8%) $356,878 (12.1%) 0.70 236
2021-07-01 $269,900 (0.0%) $370,869 (15.5%) 0.71 285
2021-08-01 $285,950 (6.0%) $372,077 (14.1%) 0.76 319
2021-09-01 $283,725 (5.5%) $370,990 (10.2%) 0.76 345
2021-10-01 $284,950 (7.6%) $376,185 (11.9%) 0.76 359
2021-11-01 $296,450 (21.1%) $381,667 (25.1%) 0.79 360
2021-12-01 $299,225 (24.7%) $381,791 (27.2%) 0.81 314
2022-01-01 $289,900 (16.0%) $378,813 (23.2%) 0.78 254
2022-02-01 $297,950 (19.6%) $372,264 (22.3%) 0.77 226
2022-03-01 $298,675 (17.7%) $397,300 (27.5%) 0.75 187
2022-04-01 $309,900 (18.1%) $405,316 (23.2%) 0.74 199
2022-05-01 $305,200 (13.1%) $402,446 (13.4%) 0.70 223
2022-06-01 $324,900 (22.7%) $401,342 (12.5%) 0.72 269
2022-07-01 $329,900 (22.2%) $395,778 (6.7%) 0.74 354
2022-08-01 $333,406 (16.6%) $397,987 (7.0%) 0.77 355
2022-09-01 $338,088 (19.2%) $399,354 (7.7%) 0.79 358
2022-10-01 $336,900 (18.2%) $409,060 (8.7%) 0.79 398
2022-11-01 $328,623 (10.9%) $658,635 (72.6%) 0.79 435
2022-12-01 $322,400 (7.8%) $393,523 (3.1%) 0.80 418
2023-01-01 $318,900 (10.0%) $392,098 (3.5%) 0.79 384
2023-02-01 $331,150 (11.1%) $397,849 (6.9%) 0.80 398
2023-03-01 $329,925 (10.5%) $401,639 (1.1%) 0.78 405
2023-04-01 $339,500 (9.6%) $406,944 (0.4%) 0.79 405
2023-05-01 $345,450 (13.2%) $422,224 (4.9%) 0.78 419
2023-06-01 $353,100 (8.7%) $428,281 (6.7%) 0.79 465
2023-07-01 $345,000 (4.6%) $422,066 (6.6%) 0.78 489
2023-08-01 $337,400 (1.2%) $412,973 (3.8%) 0.77 524
2023-09-01 $324,900 (-3.9%) $400,431 (0.3%) 0.76 547
2023-10-01 $325,725 (-3.3%) $393,656 (-3.8%) 0.77 573
2023-11-01 $318,175 (-3.2%) $383,322 (-41.8%) 0.76 594
2023-12-01 $305,000 (-5.4%) $369,627 (-6.1%) 0.74 602
Bowling Green's median listing price for 2023-12-01 was $305,000, a difference of $-17,400 (-5.4%) versus the prior year and $-13,175 versus the prior month.

Bowling Green's median listing price comes in at 74% of the national average.

Bowling Green's average listing price for 2023-12-01 was $369,627, a difference of $-23,896 (-6.1%) versus the prior year and $-13,695 versus the prior month.

For the 2023-12-01 period, Bowling Green had 602 MLS listings, a difference of 8 listings (1%) versus the prior month and 184 listings (44%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Bowling Green (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 94 days 2,001 sqft
2018-02-01 94 days 2,004 sqft
2018-03-01 67 days 2,002 sqft
2018-04-01 60 days 2,054 sqft
2018-05-01 59 days 2,066 sqft
2018-06-01 54 days 2,159 sqft
2018-07-01 58 days 2,210 sqft
2018-08-01 61 days 2,283 sqft
2018-09-01 69 days 2,250 sqft
2018-10-01 71 days 2,194 sqft
2018-11-01 73 days 2,122 sqft
2018-12-01 85 days 2,100 sqft
2019-01-01 88 days 2,100 sqft
2019-02-01 87 days 2,100 sqft
2019-03-01 81 days 2,145 sqft
2019-04-01 74 days 2,169 sqft
2019-05-01 63 days 2,173 sqft
2019-06-01 59 days 2,180 sqft
2019-07-01 61 days 2,158 sqft
2019-08-01 62 days 2,090 sqft
2019-09-01 65 days 2,067 sqft
2019-10-01 68 days 2,055 sqft
2019-11-01 71 days 2,036 sqft
2019-12-01 81 days 2,012 sqft
2020-01-01 95 days 2,013 sqft
2020-02-01 99 days 2,043 sqft
2020-03-01 75 days 2,068 sqft
2020-04-01 68 days 2,023 sqft
2020-05-01 73 days 2,008 sqft
2020-06-01 75 days 2,043 sqft
2020-07-01 73 days 2,061 sqft
2020-08-01 68 days 2,075 sqft
2020-09-01 55 days 2,054 sqft
2020-10-01 57 days 2,000 sqft
2020-11-01 51 days 1,856 sqft
2020-12-01 58 days 1,844 sqft
2021-01-01 73 days 1,862 sqft
2021-02-01 66 days 1,796 sqft
2021-03-01 45 days 1,834 sqft
2021-04-01 39 days 1,812 sqft
2021-05-01 38 days 1,860 sqft
2021-06-01 32 days 1,794 sqft
2021-07-01 31 days 1,848 sqft
2021-08-01 32 days 1,900 sqft
2021-09-01 37 days 1,913 sqft
2021-10-01 44 days 1,866 sqft
2021-11-01 49 days 1,945 sqft
2021-12-01 52 days 1,988 sqft
2022-01-01 65 days 1,851 sqft
2022-02-01 50 days 1,813 sqft
2022-03-01 37 days 1,821 sqft
2022-04-01 26 days 1,830 sqft
2022-05-01 31 days 1,854 sqft
2022-06-01 31 days 1,967 sqft
2022-07-01 33 days 2,008 sqft
2022-08-01 46 days 1,942 sqft
2022-09-01 49 days 1,944 sqft
2022-10-01 45 days 1,980 sqft
2022-11-01 52 days 1,953 sqft
2022-12-01 64 days 1,941 sqft
2023-01-01 79 days 1,932 sqft
2023-02-01 61 days 1,921 sqft
2023-03-01 51 days 1,920 sqft
2023-04-01 58 days 1,926 sqft
2023-05-01 53 days 1,963 sqft
2023-06-01 46 days 1,978 sqft
2023-07-01 47 days 1,914 sqft
2023-08-01 50 days 1,897 sqft
2023-09-01 53 days 1,820 sqft
2023-10-01 63 days 1,817 sqft
2023-11-01 67 days 1,801 sqft
2023-12-01 74 days 1,723 sqft
Bowling Green's median listing age (time on market) for 2023-12-01 was 74 days. This is 15% longer than the same period one year ago.

Bowling Green's median square footage for active listings during the 2023-12-01 period was 1,723 sqft. One year prior, the average listing was 1,941 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).