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 42 lenders originated 168 FHA loans during 2024. The total origination value was $32,720,000, with an average FHA loan value of $194,762.

    Danville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Danville averaged 0.35% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

    Danville's average FHA mortgage closing costs are $6,806.

    The average rate for the prior week (2025-06-27) was 6.73% and one month ago for the week of 2025-05-30, the average rate was 6.61%.

    The average rate one year ago was 6.63%.

    For refis of the same type during the week of 2025-07-04, the average rate was -0.37%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    BROKER SOLUTIONS, INC. 26 6.51% $9,690
    Republic State Mortgage Co. 20 6.70% $8,305
    QUICKEN LOANS, LLC 14 6.54% $9,209
    GENEVA FINANCIAL, LLC 10 6.45% $8,624
    STOCKTON MORTGAGE CORPORATION 9 6.72% $9,367
    T2 FINANCIAL LLC 7 5.68% $9,342
    FREEDOM MORTGAGE CORPORATION 6 6.46% $7,417
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.66% $6,066
    GoPrime Mortgage, Inc. 4 6.91% $9,806
    PENNYMAC LOAN SERVICES, LLC 4 6.19% $8,250
    RUOFF MORTGAGE COMPANY, INC. 4 6.59% $6,568
    UNION HOME MORTGAGE CORP. 3 7.00% $10,668
    Ixonia Bank 3 6.54% $11,437
    UNITED WHOLESALE MORTGAGE, LLC 3 6.68% $9,784
    Mortgage Research Center, LLC 2 6.69% $4,311
    POLARIS HOME FUNDING CORP. 2 6.94% $7,783
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.44% $11,570
    PLANET HOME LENDING, LLC 2 6.56% $10,463
    Equity Prime Mortgage LLC 2 7.50% $9,273
    Truist 1 6.60% $5,842
    U.S. Bank 1 6.75% $6,815
    VILLAGE CAPITAL MORTGAGE 1 5.38% $9,555
    AMERISAVE MORTGAGE CORPORATION 1 6.00% $13,064
    WesBanco 1 5.63% $8,605
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.25% $10,959
    Bank of England 1 6.75% $9,117
    CARDINAL FINANCIAL 1 6.25% $8,973
    CHURCHILL MORTGAGE CORPORATION 1 6.50% $14,240
    CROSSCOUNTRY MORTGAGE, LLC 1 6.19% $12,819
    EMBRACE HOME LOANS, INC. 1 6.75% $6,623
    ENDEAVOR CAPITAL, LLC. 1 6.49% $6,790
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $5,346
    LOANDEPOT.COM, LLC 1 6.63% $10,236
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $8,437
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.63% $14,193
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $13,773
    Northpointe Bank 1 6.50% $6,181
    PNC Bank 1 7.13% $5,409
    Renasant Bank 1 6.63% $4,676
    ROYAL UNITED MORTGAGE LLC 1 7.25% $10,388
    SOUTH CENTRAL BANK, INC. 1 6.50% $8,919
    TOWNE MORTGAGE COMPANY 1 6.49% $6,705

    The top Danville FHA lender as defined by loan originations is BROKER SOLUTIONS, INC., with 26 FHA loans originated. Their average total fees are $9,690, which is $1,386 higher than the next largest lender, Republic State Mortgage Co..

    The lowest fee Danville FHA lenders (with over 10 loans originated) are Republic State Mortgage Co. ($8,305), GENEVA FINANCIAL, LLC ($8,624), QUICKEN LOANS, LLC ($9,209), BROKER SOLUTIONS, INC. ($9,690) and .

    The lowest rate Danville FHA lenders (with over 10 loans originated) are GENEVA FINANCIAL, LLC (6.45%), BROKER SOLUTIONS, INC. (6.51%), QUICKEN LOANS, LLC (6.54%), Republic State Mortgage Co. (6.70%) 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).