Bowling Green FHA Loan Rates, Closing Costs & Stats

BOWLING GREEN, 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.

    Bowling Green's 74 lenders originated 516 FHA loans during 2023. The total origination value was $120,260,000, with an average FHA loan value of $233,062.

    Bowling Green FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Bowling Green averaged 6.64% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Bowling Green's average FHA mortgage closing costs are $6,998.

    The average rate for the prior week (2024-07-12) was 6.5% and one month ago for the week of 2024-06-14, the average rate was 6.65%.

    The average rate one year ago was 6.64%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.52%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 110 6.58% $10,854
    QUICKEN LOANS, LLC 40 6.28% $9,894
    STOCKTON MORTGAGE CORPORATION 39 6.70% $10,073
    FBC MORTGAGE, LLC 35 4.94% $9,617
    RUOFF MORTGAGE COMPANY, INC. 30 6.95% $6,863
    EVANSVILLE TEACHERS 21 6.62% $8,207
    UNITED WHOLESALE MORTGAGE, LLC 17 6.40% $11,476
    MOVEMENT MORTGAGE, LLC 17 6.75% $9,769
    EVERETT FINANCIAL, INC. 13 7.04% $9,247
    Century Mortgage Company DBA Century Lending Company 12 6.25% $11,822
    HOMESIDE FINANCIAL, LLC 12 6.49% $9,930
    SOUTH CENTRAL BANK, INC. 12 6.60% $7,456
    FirstBank 8 6.67% $7,917
    BROKER SOLUTIONS, INC. 8 6.59% $11,471
    Bank of England 7 6.45% $10,565
    Plains Commerce Bank 6 6.79% $8,215
    FREEDOM MORTGAGE CORPORATION 6 6.92% $12,054
    CARDINAL FINANCIAL 5 6.38% $10,208
    Citizens Bank 5 6.95% $6,839
    U.S. Bank 5 6.15% $9,001
    German American Bank 5 6.45% $6,684
    ROSS MORTGAGE CORPORATION 5 6.85% $10,881
    Carrington Mortgage Services, LLC 4 6.06% $9,312
    PENNYMAC LOAN SERVICES, LLC 4 6.15% $10,572
    Magnolia Bank 4 6.28% $10,476
    Mr. Cooper ( Nationstar Mortgage ) 3 6.54% $13,625
    VANDERBILT MORTGAGE AND FINANCE, INC. 3 6.42% $9,563
    CHURCHILL MORTGAGE CORPORATION 3 6.17% $14,113
    Paramount Residential Mortgage Group, Inc. 3 7.46% $18,317
    NEWREZ LLC 3 6.25% $10,232
    LOANDEPOT.COM, LLC 3 5.99% $13,301
    Mortgage Research Center, LLC 3 7.29% $3,788
    GENEVA FINANCIAL, LLC 3 6.50% $8,799
    Regions Bank 2 5.69% $8,740
    CapStar Bank 2 7.00% $9,258
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.00% $11,330
    CMG MORTGAGE, INC. 2 6.00% $14,715
    Nations Lending Corporation 2 7.13% $11,165
    Waterstone Mortgage Corporation 2 6.19% $9,343
    Willamette Valley Bank 2 6.69% $9,910
    ZILLOW HOME LOANS, LLC 1 6.63% $12,176
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $7,664
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $7,671
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $5,296
    Arvest Bank 1 6.00% $10,604
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.88% $16,726
    BOKF 1 5.63% $18,286
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $8,567
    ENDEAVOR CAPITAL, LLC. 1 6.13% $9,207
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 7.75% $10,277
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $10,019
    Fifth Third Bank 1 5.25% $9,030
    FIRST COMMUNITY MORTGAGE, INC. 1 7.75% $10,324
    Flagstar Bank, FSB 1 7.13% $7,778
    GUARANTEED RATE, INC. 1 6.25% $18,285
    GUARANTY HOME MORTGAGE CORPORATION 1 6.00% $10,940
    ISERVE RESIDENTIAL LENDING, LLC 1 5.63% $10,795
    LAKEVIEW LOAN SERVICING, LLC 1 7.13% $10,452
    NFM, INC. 1 7.13% $19,731
    Northpointe Bank 1 6.25% $10,479
    PHH Mortgage Corporation 1 5.00% $11,327
    PLANET HOME LENDING, LLC 1 5.88% $6,380
    PLAZA HOME MORTGAGE, INC. 1 6.49% $10,840
    PNC Bank 1 7.38% $5,496
    Renasant Bank 1 5.75% $4,676
    ROYAL UNITED MORTGAGE LLC 1 6.88% $9,655
    Stifel Bank and Trust 1 6.88% $8,517
    The Farmers Bank 1 6.13% $8,204
    The Huntington National Bank 1 7.25% $5,594
    TOP FLITE FINANCIAL, INC. 1 6.75% $6,338
    UNION HOME MORTGAGE CORP. 1 7.25% $11,449
    VICTORY MORTGAGE, L.L.C. 1 6.25% $7,308
    VILLAGE CAPITAL MORTGAGE 1 5.25% $12,110
    ACOPIA, LLC 1 8.13% $9,804

    The top Bowling Green FHA lender as defined by loan originations is ATLANTIC BAY MORTGAGE GROUP, L.L.C., with 110 FHA loans originated. Their average total fees are $10,854, which is $960 higher 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. ($6,863), SOUTH CENTRAL BANK, INC. ($7,456), EVANSVILLE TEACHERS ($8,207), EVERETT FINANCIAL, INC. ($9,247) and FBC MORTGAGE, LLC ($9,617).

    The lowest rate Bowling Green FHA lenders (with over 10 loans originated) are FBC MORTGAGE, LLC (4.94%), Century Mortgage Company DBA Century Lending Company (6.25%), QUICKEN LOANS, LLC (6.28%), UNITED WHOLESALE MORTGAGE, LLC (6.40%) and HOMESIDE FINANCIAL, LLC (6.49%).

    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

    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).