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 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).