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 82 lenders originated 775 FHA loans during 2021. The total origination value was $146,745,000, with an average FHA loan value of $189,348.

Bowling Green FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Bowling Green averaged 6.1% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

Bowling Green's average FHA mortgage closing costs are $6,009.

The average rate for the prior week (2023-01-20) was 6.17% and one month ago for the week of 2022-12-23, the average rate was 6.16%.

The average rate one year ago was 3.95%.

For refis of the same type during the week of 2023-01-27, the average rate was 6.04%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 79 2.75% $5,706
Republic State Mortgage Co. 70 2.98% $6,224
PRIMARY RESIDENTIAL MORTGAGE, INC. 63 3.32% $7,056
RUOFF MORTGAGE COMPANY, INC. 54 3.20% $4,423
STOCKTON MORTGAGE CORPORATION 38 3.29% $6,736
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 36 3.20% $7,921
MOVEMENT MORTGAGE, LLC 35 3.26% $6,829
CMG MORTGAGE, INC. 19 3.16% $7,045
U.S. Bank 16 3.17% $7,160
Mr. Cooper ( Nationstar Mortgage ) 16 3.23% $4,090
LAKEVIEW LOAN SERVICING, LLC 16 2.96% $4,259
FREEDOM MORTGAGE CORPORATION 15 3.01% $4,729
Bank of England 15 3.30% $7,463
Paramount Residential Mortgage Group, Inc. 12 3.68% $8,709
EVANSVILLE TEACHERS 12 3.02% $5,562
SOUTH CENTRAL BANK, INC. 12 2.97% $5,406
Magnolia Bank 11 2.81% $5,823
PENNYMAC LOAN SERVICES, LLC 10 3.26% $3,968
ROSS MORTGAGE CORPORATION 10 3.35% $7,931
FBC MORTGAGE, LLC 8 3.19% $7,548
German American Bank 8 2.94% $6,145
HOME POINT FINANCIAL CORPORATION 7 2.91% $6,510
Nations Lending Corporation 7 2.88% $6,996
BROKER SOLUTIONS, INC. 7 3.04% $8,493
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 3.39% $7,388
Citizens Bank 6 2.73% $6,090
FirstBank 6 2.94% $7,006
UNITED WHOLESALE MORTGAGE, LLC 6 2.85% $8,352
LOANDEPOT.COM, LLC 6 3.18% $7,395
PLANET HOME LENDING, LLC 6 2.73% $5,247
NEWREZ LLC 5 2.88% $3,891
PNC Bank 4 2.84% $6,514
THRIVE MORTGAGE, LLC 4 3.16% $9,805
Carrington Mortgage Services, LLC 4 3.31% $7,761
VILLAGE CAPITAL MORTGAGE 4 3.12% $1,783
EVERETT FINANCIAL, INC. 4 3.69% $4,341
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 3.38% $12,006
FIRST COMMUNITY MORTGAGE, INC. 3 3.04% $5,568
CROSSCOUNTRY MORTGAGE, LLC 3 2.83% $9,740
CALIBER HOME LOANS, INC. 3 2.92% $3,761
Truist 3 2.82% $5,997
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.58% $5,625
UNITED MORTGAGE CORP. 3 3.16% $7,070
Bank of America 3 3.13% $7,812
First Guaranty Mortgage Corporation 2 3.00% $4,909
EUSTIS AND AMERICAN MORTGAGE COMPANY 2 3.38% $7,197
AmeriHome Mortgage Company, LLC 2 2.88% $3,699
JPMorgan Chase Bank 2 3.12% $6,552
Lakeview Community Capital, LLC 2 2.75% $4,651
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 2.88% $6,909
MID AMERICA MORTGAGE, INC. 2 3.13% $2,299
Century Mortgage Company DBA Century Lending Company 2 2.75% $11,350
ZILLOW HOME LOANS, LLC 1 2.88% $6,845
AMERICAN MORTGAGE SERVICE COMPANY 1 3.25% $7,633
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.63% $6,751
AMERIFIRST FINANCIAL CORPORATION 1 3.75% $9,573
Ameris Bank 1 3.38% $5,117
BAY EQUITY LLC 1 3.75% $7,695
CHURCHILL MORTGAGE CORPORATION 1 3.13% $6,656
Commonwealth Bank and Trust Company 1 2.88% $6,769
ENVOY MORTGAGE, LTD 1 3.25% $6,208
GUARANTEED RATE AFFINITY, LLC 1 2.88% $3,629
HOMESIDE FINANCIAL, LLC 1 2.63% $7,451
InterContinental Capital Group, Inc 1 2.88% $7,827
INTERLINC MORTGAGE SERVICES, LLC 1 3.00% $1,712
Legends Bank 1 3.00% $7,309
MLD MORTGAGE INC. 1 2.25% $7,152
MORTGAGE INVESTORS GROUP, INC. 1 3.25% $6,821
Northpointe Bank 1 3.25% $5,906
NORWICH COMMERCIAL GROUP, INC. 1 5.25% $8,361
OCEANSIDE MORTGAGE COMPANY 1 2.49% $2,187
Regions Bank 1 2.75% $8,383
ROYAL UNITED MORTGAGE LLC 1 2.38% $5,660
SECURITYNATIONAL MORTGAGE COMPANY 1 3.13% $8,500
SOVEREIGN LENDING GROUP INCORPORATED 1 2.75% $6,204
SWBC MORTGAGE CORPORATION 1 3.25% $3,109
The Farmers Bank 1 2.50% $5,975
The Home Loan Expert LLC 1 2.25% $7,563
The Huntington National Bank 1 2.88% $6,205
Union Savings Bank 1 2.75% $7,509
UNITED HOME LOANS, INC. 1 3.25% $3,554
AMERICAN FINANCIAL NETWORK, INC. 1 2.38% $9,295

The top Bowling Green FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 79 FHA loans originated. Their average total fees are $5,706, which is $518 lower than the next largest lender, Republic State Mortgage Co..

The lowest fee Bowling Green FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC ($3,968), Mr. Cooper ( Nationstar Mortgage ) ($4,090), LAKEVIEW LOAN SERVICING, LLC ($4,259), RUOFF MORTGAGE COMPANY, INC. ($4,423) and FREEDOM MORTGAGE CORPORATION ($4,729).

The lowest rate Bowling Green FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.75%), Magnolia Bank (2.81%), LAKEVIEW LOAN SERVICING, LLC (2.96%), SOUTH CENTRAL BANK, INC. (2.97%) and Republic State Mortgage Co. (2.98%).

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

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 (0.9%) $293,805 (2.1%) 0.84 574
2018-02-01 $238,700 (2.7%) $297,117 (-0.4%) 0.87 561
2018-03-01 $239,900 (-2.4%) $294,198 (-3.0%) 0.84 574
2018-04-01 $239,900 (-1.5%) $300,370 (-0.2%) 0.81 590
2018-05-01 $244,625 (-0.8%) $304,368 (0.0%) 0.82 631
2018-06-01 $257,250 (1.4%) $309,875 (-0.8%) 0.86 643
2018-07-01 $267,750 (7.1%) $319,039 (5.9%) 0.89 658
2018-08-01 $269,900 (8.0%) $322,644 (5.2%) 0.90 695
2018-09-01 $264,900 (10.4%) $318,026 (4.3%) 0.89 717
2018-10-01 $257,450 (8.7%) $308,613 (1.2%) 0.87 754
2018-11-01 $249,900 (8.9%) $300,366 (0.1%) 0.85 778
2018-12-01 $249,900 (13.6%) $303,311 (4.0%) 0.86 746
2019-01-01 $254,900 (12.1%) $305,802 (4.1%) 0.88 661
2019-02-01 $258,550 (8.3%) $306,460 (3.1%) 0.87 683
2019-03-01 $264,186 (10.1%) $312,960 (6.4%) 0.86 682
2019-04-01 $266,735 (11.2%) $313,336 (4.3%) 0.85 703
2019-05-01 $269,900 (10.3%) $314,069 (3.2%) 0.84 744
2019-06-01 $269,900 (4.9%) $308,874 (-0.3%) 0.84 764
2019-07-01 $261,355 (-2.4%) $299,670 (-6.1%) 0.82 790
2019-08-01 $253,536 (-6.1%) $293,800 (-8.9%) 0.80 792
2019-09-01 $251,491 (-5.1%) $289,401 (-9.0%) 0.80 798
2019-10-01 $249,900 (-2.9%) $287,769 (-6.8%) 0.81 810
2019-11-01 $249,500 (-0.2%) $290,774 (-3.2%) 0.82 825
2019-12-01 $249,900 (0.0%) $299,253 (-1.3%) 0.83 692
2020-01-01 $250,650 (-1.7%) $299,248 (-2.1%) 0.84 633
2020-02-01 $259,900 (0.5%) $304,178 (-0.7%) 0.85 616
2020-03-01 $259,900 (-1.6%) $310,286 (-0.9%) 0.81 591
2020-04-01 $254,200 (-4.7%) $306,004 (-2.3%) 0.80 605
2020-05-01 $259,900 (-3.7%) $305,561 (-2.7%) 0.79 582
2020-06-01 $262,925 (-2.6%) $317,364 (2.8%) 0.77 527
2020-07-01 $269,900 (3.3%) $319,927 (6.8%) 0.78 478
2020-08-01 $269,900 (6.5%) $324,545 (10.5%) 0.77 445
2020-09-01 $265,400 (5.5%) $334,873 (15.7%) 0.76 418
2020-10-01 $262,000 (4.8%) $334,162 (16.1%) 0.75 389
2020-11-01 $242,450 (-2.8%) $304,062 (4.6%) 0.71 402
2020-12-01 $239,900 (-4.0%) $298,715 (-0.2%) 0.71 386
2021-01-01 $249,900 (-0.3%) $305,654 (2.1%) 0.75 340
2021-02-01 $239,900 (-7.7%) $302,772 (-0.5%) 0.70 285
2021-03-01 $249,900 (-3.9%) $309,673 (-0.2%) 0.71 290
2021-04-01 $259,900 (2.2%) $326,738 (6.8%) 0.70 232
2021-05-01 $262,400 (1.0%) $351,412 (15.0%) 0.69 227
2021-06-01 $264,900 (0.8%) $354,535 (11.7%) 0.70 239
2021-07-01 $269,900 (0.0%) $368,098 (15.1%) 0.71 290
2021-08-01 $282,425 (4.6%) $369,849 (14.0%) 0.75 323
2021-09-01 $279,850 (5.4%) $368,875 (10.2%) 0.75 349
2021-10-01 $279,900 (6.8%) $373,936 (11.9%) 0.75 361
2021-11-01 $292,450 (20.6%) $378,130 (24.4%) 0.78 362
2021-12-01 $296,875 (23.8%) $377,545 (26.4%) 0.80 317
2022-01-01 $289,900 (16.0%) $376,257 (23.1%) 0.78 255
2022-02-01 $294,900 (22.9%) $369,563 (22.1%) 0.77 229
2022-03-01 $297,400 (19.0%) $393,737 (27.2%) 0.74 190
2022-04-01 $307,900 (18.5%) $401,465 (22.9%) 0.73 203
2022-05-01 $303,400 (15.6%) $398,884 (13.5%) 0.69 228
2022-06-01 $324,826 (22.6%) $399,242 (12.6%) 0.72 273
2022-07-01 $329,900 (22.2%) $394,731 (7.2%) 0.75 356
2022-08-01 $332,450 (17.7%) $396,381 (7.2%) 0.77 359
2022-09-01 $337,066 (20.5%) $397,280 (7.7%) 0.79 362
2022-10-01 $334,900 (19.7%) $407,306 (8.9%) 0.79 403
2022-11-01 $328,623 (12.4%) $654,282 (73.0%) 0.79 441
2022-12-01 $314,950 (6.1%) $383,455 (1.6%) 0.79 441
Bowling Green's median listing price for 2022-12-01 was $314,950, a difference of $18,075 (6.1%) versus the prior year and $-13,673 versus the prior month.

Bowling Green's median listing price comes in at 79% of the national average.

Bowling Green's average listing price for 2022-12-01 was $383,455, a difference of $5,910 (1.6%) versus the prior year and $-270,827 versus the prior month.

For the 2022-12-01 period, Bowling Green had 441 MLS listings, a difference of 0 listings (0%) versus the prior month and 124 listings (39%) 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 95 days 1,998 sqft
2018-02-01 99 days 2,003 sqft
2018-03-01 74 days 2,002 sqft
2018-04-01 65 days 2,064 sqft
2018-05-01 63 days 2,082 sqft
2018-06-01 60 days 2,180 sqft
2018-07-01 61 days 2,216 sqft
2018-08-01 65 days 2,284 sqft
2018-09-01 72 days 2,263 sqft
2018-10-01 74 days 2,196 sqft
2018-11-01 76 days 2,122 sqft
2018-12-01 87 days 2,100 sqft
2019-01-01 90 days 2,100 sqft
2019-02-01 89 days 2,100 sqft
2019-03-01 84 days 2,146 sqft
2019-04-01 78 days 2,169 sqft
2019-05-01 65 days 2,176 sqft
2019-06-01 61 days 2,180 sqft
2019-07-01 65 days 2,162 sqft
2019-08-01 66 days 2,093 sqft
2019-09-01 69 days 2,066 sqft
2019-10-01 72 days 2,052 sqft
2019-11-01 72 days 2,036 sqft
2019-12-01 83 days 2,013 sqft
2020-01-01 99 days 2,016 sqft
2020-02-01 102 days 2,043 sqft
2020-03-01 81 days 2,072 sqft
2020-04-01 71 days 2,028 sqft
2020-05-01 77 days 2,008 sqft
2020-06-01 80 days 2,050 sqft
2020-07-01 78 days 2,060 sqft
2020-08-01 72 days 2,074 sqft
2020-09-01 60 days 2,047 sqft
2020-10-01 61 days 2,000 sqft
2020-11-01 54 days 1,851 sqft
2020-12-01 61 days 1,834 sqft
2021-01-01 78 days 1,853 sqft
2021-02-01 70 days 1,787 sqft
2021-03-01 47 days 1,829 sqft
2021-04-01 44 days 1,809 sqft
2021-05-01 40 days 1,858 sqft
2021-06-01 36 days 1,793 sqft
2021-07-01 32 days 1,843 sqft
2021-08-01 33 days 1,899 sqft
2021-09-01 38 days 1,907 sqft
2021-10-01 45 days 1,863 sqft
2021-11-01 53 days 1,936 sqft
2021-12-01 53 days 1,982 sqft
2022-01-01 66 days 1,850 sqft
2022-02-01 52 days 1,813 sqft
2022-03-01 39 days 1,821 sqft
2022-04-01 26 days 1,841 sqft
2022-05-01 32 days 1,854 sqft
2022-06-01 32 days 1,963 sqft
2022-07-01 36 days 2,006 sqft
2022-08-01 48 days 1,942 sqft
2022-09-01 49 days 1,954 sqft
2022-10-01 46 days 1,985 sqft
2022-11-01 52 days 1,954 sqft
2022-12-01 67 days 1,942 sqft
Bowling Green's median listing age (time on market) for 2022-12-01 was 67 days. This is 27% longer than the same period one year ago.

Bowling Green's median square footage for active listings during the 2022-12-01 period was 1,942 sqft. One year prior, the average listing was 1,982 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).