Danville FHA Loan Rates, Closing Costs & Stats

Danville, 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.

    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 6.6% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.48% and one month ago for the week of 2024-10-04, the average rate was 6.1%.

    The average rate one year ago was 7.14%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.23%.

    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

    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).