Danville FHA Loan Rates, Closing Costs & Stats

Danville, 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.

Danville's 47 lenders originated 165 FHA loans during 2023. The total origination value was $29,775,000, with an average FHA loan value of $180,455.

Danville FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Danville averaged 6.58% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

Danville's average FHA mortgage closing costs are $6,445.

The average rate for the prior week (2024-03-15) was 6.59% and one month ago for the week of 2024-02-16, the average rate was 6.62%.

The average rate one year ago was 6.3%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.6%.

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

Danville 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 Danville level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 22 6.61% $8,000
GENEVA FINANCIAL, LLC 21 6.52% $8,778
HOMESIDE FINANCIAL, LLC 18 6.51% $9,225
Republic State Mortgage Co. 16 6.33% $8,524
STOCKTON MORTGAGE CORPORATION 7 6.80% $11,184
Northpointe Bank 5 6.85% $9,409
GoPrime Mortgage, Inc. 5 7.15% $8,865
BROKER SOLUTIONS, INC. 3 6.92% $11,379
UNITED WHOLESALE MORTGAGE, LLC 3 6.29% $8,190
Bank of England 3 6.67% $8,701
UNION HOME MORTGAGE CORP. 3 6.21% $11,004
Carrington Mortgage Services, LLC 2 5.56% $7,834
JPMorgan Chase Bank 2 6.56% $5,380
Century Mortgage Company DBA Century Lending Company 2 6.69% $7,401
LOANDEPOT.COM, LLC 2 6.37% $9,388
EVERETT FINANCIAL, INC. 2 6.75% $9,818
MOVEMENT MORTGAGE, LLC 2 7.00% $8,731
Mr. Cooper ( Nationstar Mortgage ) 2 6.75% $10,295
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.75% $9,920
Nations Lending Corporation 2 6.50% $11,066
NEWREZ LLC 2 6.25% $10,628
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.25% $9,638
PHH Mortgage Corporation 2 6.31% $10,152
Prosperity Home Mortgage, LLC 2 6.38% $5,125
RUOFF MORTGAGE COMPANY, INC. 2 7.00% $5,999
FREEDOM MORTGAGE CORPORATION 2 7.00% $12,765
U.S. Bank 1 5.63% $8,792
AMERICAN FINANCIAL RESOURCES, INC. 1 7.63% $8,064
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $19,470
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $3,801
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 7.25% $10,944
BETTER MORTGAGE CORPORATION 1 7.25% $8,959
CHURCHILL MORTGAGE CORPORATION 1 6.25% $7,501
CMG MORTGAGE, INC. 1 7.25% $16,941
CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $6,839
ENDEAVOR CAPITAL, LLC. 1 6.99% $10,172
FIRST COMMUNITY MORTGAGE, INC. 1 6.13% $4,610
GUARANTY HOME MORTGAGE CORPORATION 1 7.00% $6,775
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.75% $9,137
LAKEVIEW LOAN SERVICING, LLC 1 6.75% $12,125
LIBERTY HOME MORTGAGE CORPORATION 1 6.63% $4,083
Paramount Residential Mortgage Group, Inc. 1 7.38% $7,096
PNC Bank 1 7.63% $4,549
SWBC MORTGAGE CORPORATION 1 7.25% $4,181
The Huntington National Bank 1 6.75% $4,588
Union Savings Bank 1 7.00% $12,580
AMERICAN FINANCIAL NETWORK, INC. 1 7.25% $7,359

The top Danville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 22 FHA loans originated. Their average total fees are $8,000, which is $778 lower than the next largest lender, GENEVA FINANCIAL, LLC.

The lowest fee Danville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,000), Republic State Mortgage Co. ($8,524), GENEVA FINANCIAL, LLC ($8,778), HOMESIDE FINANCIAL, LLC ($9,225) and .

The lowest rate Danville FHA lenders (with over 10 loans originated) are Republic State Mortgage Co. (6.33%), HOMESIDE FINANCIAL, LLC (6.51%), GENEVA FINANCIAL, LLC (6.52%), QUICKEN LOANS, LLC (6.61%) and .

Danville FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
DANVILLE, KY BOYLE 2022 $420,680 $538,650 $651,050 $809,150
DANVILLE, KY LINCOLN 2022 $420,680 $538,650 $651,050 $809,150
DANVILLE, KY BOYLE 2023 $472,030 $604,400 $730,525 $907,900
DANVILLE, KY LINCOLN 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Danville (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 $165,000 (24.2%) $239,920 (25.3%) 0.00 202
2018-02-01 $167,450 (28.9%) $242,047 (25.1%) 0.00 205
2018-03-01 $166,750 (28.3%) $234,894 (21.0%) 0.00 210
2018-04-01 $185,800 (38.1%) $241,559 (22.1%) 0.00 208
2018-05-01 $189,950 (19.2%) $246,182 (16.3%) 0.00 230
2018-06-01 $184,500 (15.4%) $237,007 (9.2%) 0.00 244
2018-07-01 $179,900 (12.5%) $238,793 (3.0%) 0.00 244
2018-08-01 $179,450 (12.2%) $246,224 (8.6%) 0.00 229
2018-09-01 $174,450 (10.1%) $241,817 (6.8%) 0.00 226
2018-10-01 $166,325 (0.2%) $230,661 (-3.7%) 0.00 231
2018-11-01 $172,200 (1.8%) $228,824 (-8.0%) 0.00 226
2018-12-01 $159,900 (-3.1%) $224,662 (-8.2%) 0.00 218
2019-01-01 $159,900 (-3.1%) $215,364 (-10.2%) 0.00 204
2019-02-01 $159,800 (-4.6%) $216,769 (-10.4%) 0.00 211
2019-03-01 $164,071 (-1.6%) $223,283 (-4.9%) 0.00 216
2019-04-01 $172,425 (-7.2%) $236,284 (-2.2%) 0.00 215
2019-05-01 $179,900 (-5.3%) $245,555 (-0.3%) 0.00 207
2019-06-01 $185,000 (0.3%) $241,306 (1.8%) 0.00 212
2019-07-01 $185,700 (3.2%) $242,329 (1.5%) 0.00 214
2019-08-01 $177,041 (-1.3%) $243,501 (-1.1%) 0.00 215
2019-09-01 $173,052 (-0.8%) $243,304 (0.6%) 0.00 209
2019-10-01 $172,118 (3.5%) $243,192 (5.4%) 0.00 204
2019-11-01 $169,000 (-1.9%) $240,226 (5.0%) 0.00 188
2019-12-01 $167,175 (4.6%) $238,391 (6.1%) 0.00 174
2020-01-01 $159,600 (-0.2%) $228,036 (5.9%) 0.00 165
2020-02-01 $175,200 (9.6%) $245,615 (13.3%) 0.00 162
2020-03-01 $191,000 (16.4%) $261,585 (17.2%) 0.00 153
2020-04-01 $199,500 (15.7%) $263,841 (11.7%) 0.00 138
2020-05-01 $196,750 (9.4%) $254,559 (3.7%) 0.00 140
2020-06-01 $194,000 (4.9%) $254,090 (5.3%) 0.00 125
2020-07-01 $189,750 (2.2%) $257,460 (6.2%) 0.00 123
2020-08-01 $182,400 (3.0%) $265,253 (8.9%) 0.00 118
2020-09-01 $174,950 (1.1%) $258,776 (6.4%) 0.00 135
2020-10-01 $174,900 (1.6%) $253,924 (4.4%) 0.00 139
2020-11-01 $179,200 (6.0%) $258,146 (7.5%) 0.00 129
2020-12-01 $173,375 (3.7%) $250,857 (5.2%) 0.00 115
2021-01-01 $179,900 (12.7%) $253,988 (11.4%) 0.00 100
2021-02-01 $199,000 (13.6%) $276,516 (12.6%) 0.00 87
2021-03-01 $237,075 (24.1%) $300,125 (14.7%) 0.00 80
2021-04-01 $237,250 (18.9%) $293,114 (11.1%) 0.00 80
2021-05-01 $262,250 (33.3%) $264,937 (4.1%) 0.00 81
2021-06-01 $238,675 (23.0%) $273,442 (7.6%) 0.00 82
2021-07-01 $249,000 (31.2%) $296,060 (15.0%) 0.00 106
2021-08-01 $244,125 (33.8%) $281,215 (6.0%) 0.00 119
2021-09-01 $228,475 (30.6%) $294,333 (13.7%) 0.00 128
2021-10-01 $215,000 (22.9%) $277,411 (9.3%) 0.00 123
2021-11-01 $199,900 (11.6%) $262,289 (1.6%) 0.00 116
2021-12-01 $207,250 (19.5%) $277,629 (10.7%) 0.00 100
2022-01-01 $199,000 (10.6%) $274,458 (8.1%) 0.00 88
2022-02-01 $199,725 (0.4%) $290,712 (5.1%) 0.00 73
2022-03-01 $227,400 (-4.1%) $324,369 (8.1%) 0.00 74
2022-04-01 $229,500 (-3.3%) $324,253 (10.6%) 0.00 76
2022-05-01 $251,175 (-4.2%) $327,560 (23.6%) 0.00 86
2022-06-01 $251,200 (5.3%) $335,415 (22.7%) 0.00 117
2022-07-01 $238,500 (-4.2%) $319,396 (7.9%) 0.00 128
2022-08-01 $245,575 (0.6%) $324,064 (15.2%) 0.00 135
2022-09-01 $257,875 (12.9%) $323,392 (9.9%) 0.00 138
2022-10-01 $272,450 (26.7%) $328,492 (18.4%) 0.00 131
2022-11-01 $264,900 (32.5%) $317,525 (21.1%) 0.00 129
2022-12-01 $259,000 (25.0%) $319,446 (15.1%) 0.00 115
2023-01-01 $247,425 (24.3%) $312,019 (13.7%) 0.00 108
2023-02-01 $239,950 (20.1%) $303,402 (4.4%) 0.00 104
2023-03-01 $255,500 (12.4%) $323,842 (-0.2%) 0.00 90
2023-04-01 $274,999 (19.8%) $345,312 (6.5%) 0.00 87
2023-05-01 $289,700 (15.3%) $348,498 (6.4%) 0.00 97
2023-06-01 $290,425 (15.6%) $334,246 (-0.4%) 0.00 98
2023-07-01 $283,000 (18.7%) $323,281 (1.2%) 0.00 101
2023-08-01 $265,225 (8.0%) $308,695 (-4.7%) 0.00 115
2023-09-01 $272,000 (5.5%) $314,971 (-2.6%) 0.00 129
2023-10-01 $269,000 (-1.3%) $331,035 (0.8%) 0.00 128
2023-11-01 $269,975 (1.9%) $332,972 (4.9%) 0.00 132
2023-12-01 $269,000 (3.9%) $332,005 (3.9%) 0.00 147
2024-01-01 $249,250 (0.7%) $309,798 (-0.7%) 0.00 140
2024-02-01 $259,975 (8.4%) $327,185 (7.8%) 0.00 110
Danville's median listing price for 2024-02-01 was $259,975, a difference of $20,025 (8.4%) versus the prior year and $10,725 versus the prior month.

Danville's median listing price comes in at 0% of the national average.

Danville's average listing price for 2024-02-01 was $327,185, a difference of $23,783 (7.8%) versus the prior year and $17,387 versus the prior month.

For the 2024-02-01 period, Danville had 110 MLS listings, a difference of -30 listings (-21%) versus the prior month and 6 listings (6%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Danville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,928 sqft
2018-02-01 0 days 1,904 sqft
2018-03-01 0 days 1,907 sqft
2018-04-01 0 days 2,048 sqft
2018-05-01 0 days 2,147 sqft
2018-06-01 0 days 2,000 sqft
2018-07-01 0 days 1,975 sqft
2018-08-01 0 days 1,926 sqft
2018-09-01 0 days 1,915 sqft
2018-10-01 0 days 1,864 sqft
2018-11-01 0 days 1,914 sqft
2018-12-01 0 days 1,890 sqft
2019-01-01 0 days 1,816 sqft
2019-02-01 0 days 1,835 sqft
2019-03-01 0 days 1,834 sqft
2019-04-01 0 days 1,846 sqft
2019-05-01 0 days 1,873 sqft
2019-06-01 0 days 1,900 sqft
2019-07-01 0 days 1,921 sqft
2019-08-01 0 days 1,962 sqft
2019-09-01 0 days 1,904 sqft
2019-10-01 0 days 1,853 sqft
2019-11-01 0 days 1,788 sqft
2019-12-01 0 days 1,723 sqft
2020-01-01 0 days 1,730 sqft
2020-02-01 0 days 1,834 sqft
2020-03-01 0 days 1,908 sqft
2020-04-01 0 days 1,912 sqft
2020-05-01 0 days 1,900 sqft
2020-06-01 0 days 1,881 sqft
2020-07-01 0 days 1,869 sqft
2020-08-01 0 days 1,829 sqft
2020-09-01 0 days 1,697 sqft
2020-10-01 0 days 1,700 sqft
2020-11-01 0 days 1,742 sqft
2020-12-01 0 days 1,700 sqft
2021-01-01 0 days 1,700 sqft
2021-02-01 0 days 1,796 sqft
2021-03-01 0 days 1,875 sqft
2021-04-01 0 days 1,935 sqft
2021-05-01 0 days 1,871 sqft
2021-06-01 0 days 1,845 sqft
2021-07-01 0 days 1,892 sqft
2021-08-01 0 days 1,839 sqft
2021-09-01 0 days 1,809 sqft
2021-10-01 0 days 1,756 sqft
2021-11-01 0 days 1,639 sqft
2021-12-01 0 days 1,647 sqft
2022-01-01 0 days 1,597 sqft
2022-02-01 0 days 1,642 sqft
2022-03-01 0 days 1,634 sqft
2022-04-01 0 days 1,710 sqft
2022-05-01 0 days 1,808 sqft
2022-06-01 0 days 1,773 sqft
2022-07-01 0 days 1,800 sqft
2022-08-01 0 days 1,700 sqft
2022-09-01 0 days 1,760 sqft
2022-10-01 0 days 1,719 sqft
2022-11-01 0 days 1,735 sqft
2022-12-01 0 days 1,730 sqft
2023-01-01 0 days 1,665 sqft
2023-02-01 0 days 1,670 sqft
2023-03-01 0 days 1,725 sqft
2023-04-01 0 days 1,839 sqft
2023-05-01 0 days 2,005 sqft
2023-06-01 0 days 1,882 sqft
2023-07-01 0 days 1,804 sqft
2023-08-01 0 days 1,687 sqft
2023-09-01 0 days 1,740 sqft
2023-10-01 0 days 1,763 sqft
2023-11-01 0 days 1,774 sqft
2023-12-01 0 days 1,704 sqft
2024-01-01 0 days 1,738 sqft
2024-02-01 0 days 1,729 sqft
Danville's median listing age (time on market) for 2024-02-01 was 0 days.

Danville's median square footage for active listings during the 2024-02-01 period was 1,729 sqft. One year prior, the average listing was 1,670 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).