Elizabethtown FHA Loan Rates, Closing Costs & Stats

ELIZABETHTOWN-FORT KNOX, 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.

Elizabethtown's 75 lenders originated 466 FHA loans during 2023. The total origination value was $99,980,000, with an average FHA loan value of $214,549.

Elizabethtown FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Elizabethtown averaged 6.23% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

Elizabethtown's average FHA mortgage closing costs are $6,271.

The average rate for the prior week (2024-07-12) was 6.38% and one month ago for the week of 2024-06-14, the average rate was 6.74%.

The average rate one year ago was 6.43%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.26%.

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

Elizabethtown 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 Elizabethtown level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 64 6.58% $8,369
QUICKEN LOANS, LLC 60 6.43% $9,052
SOUTH CENTRAL BANK, INC. 34 6.41% $8,408
EVERETT FINANCIAL, INC. 32 6.73% $10,694
STOCKTON MORTGAGE CORPORATION 18 6.69% $11,163
PENNYMAC LOAN SERVICES, LLC 14 6.47% $8,794
Northpointe Bank 14 6.58% $9,375
RUOFF MORTGAGE COMPANY, INC. 13 6.83% $6,203
PLAZA HOME MORTGAGE, INC. 12 6.32% $8,357
Prosperity Home Mortgage, LLC 12 6.54% $7,679
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 7.02% $9,435
CROSSCOUNTRY MORTGAGE, LLC 9 6.52% $10,668
WesBanco 8 6.39% $8,382
Stock Yards Bank & Trust Company 8 6.31% $8,881
Citizens Bank 7 6.25% $7,249
Carrington Mortgage Services, LLC 7 6.84% $13,075
INTERLINC MORTGAGE SERVICES, LLC 7 6.73% $6,803
AMERISAVE MORTGAGE CORPORATION 7 6.30% $15,462
Mortgage Research Center, LLC 7 6.48% $7,747
MUTUAL OF OMAHA MORTGAGE, INC. 6 7.40% $8,511
FREEDOM MORTGAGE CORPORATION 6 6.60% $10,834
CARDINAL FINANCIAL 5 6.35% $10,749
Equity Prime Mortgage LLC 4 6.09% $8,713
T2 FINANCIAL LLC 4 6.84% $10,736
HOMESIDE FINANCIAL, LLC 4 7.06% $11,025
Magnolia Bank 4 6.81% $8,629
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.58% $9,706
ENVOY MORTGAGE, LTD 3 6.42% $9,430
Mr. Cooper ( Nationstar Mortgage ) 3 6.25% $9,342
German American Bank 3 6.29% $8,182
Century Mortgage Company DBA Century Lending Company 3 6.54% $13,244
LOANDEPOT.COM, LLC 2 6.38% $9,128
Wilson & Muir Bank & Trust Company 2 5.94% $6,375
SUN WEST MORTGAGE COMPANY, INC. 2 6.94% $7,309
DHI MORTGAGE COMPANY, LTD. 2 5.62% $7,540
DRAPER AND KRAMER MORTGAGE CORP. 2 6.75% $8,660
MID AMERICA MORTGAGE, INC. 2 7.94% $6,496
Flagstar Bank, FSB 2 7.25% $6,215
BROKER SOLUTIONS, INC. 2 6.50% $8,761
AMERICAN FINANCIAL RESOURCES, INC. 2 5.75% $14,295
NEWREZ LLC 2 6.50% $11,690
ZILLOW HOME LOANS, LLC 1 6.75% $9,941
AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $15,979
AMERICAN FINANCING CORPORATION 1 6.50% $6,600
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.25% $11,055
Barrington Bank & Trust Company, N.A. 1 6.75% $6,532
BNC National Bank 1 6.75% $10,463
CHERRY CREEK MORTGAGE, LLC 1 6.25% $4,066
EMM LOANS LLC 1 7.13% $11,396
ENDEAVOR CAPITAL, LLC. 1 6.25% $10,568
EVANSVILLE TEACHERS 1 6.13% $4,437
FAIR WAY LENDING LLC 1 6.13% $12,821
FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.38% $14,816
FirstBank 1 6.63% $8,450
FIRST COMMUNITY MORTGAGE, INC. 1 7.13% $7,151
First Federal Bank 1 5.50% $9,712
Forcht Bank 1 6.75% $7,329
GUILD MORTGAGE COMPANY 1 7.63% $10,483
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.25% $7,349
MORTGAGE ACCESS CORP. 1 6.63% $8,470
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $9,427
Plains Commerce Bank 1 7.13% $9,938
POLARIS HOME FUNDING CORP. 1 7.50% $11,958
RELIANCE FIRST CAPITAL, LLC 1 6.00% $13,689
Republic Bank & Trust Company 1 6.00% $8,781
ROSS MORTGAGE CORPORATION 1 7.75% $11,035
SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $14,048
The Federal Savings Bank 1 6.25% $13,396
The Huntington National Bank 1 6.25% $9,964
THRIVE MORTGAGE, LLC 1 7.13% $8,244
TOP FLITE FINANCIAL, INC. 1 6.75% $17,403
TOTAL MORTGAGE SERVICES, LLC 1 5.75% $9,258
TOWNE MORTGAGE COMPANY 1 6.63% $10,524
VILLAGE CAPITAL MORTGAGE 1 5.25% $11,858
1ST SIGNATURE LENDING, LLC 1 6.75% $10,229

The top Elizabethtown FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 64 FHA loans originated. Their average total fees are $8,369, which is $683 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Elizabethtown FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($6,203), Prosperity Home Mortgage, LLC ($7,679), PLAZA HOME MORTGAGE, INC. ($8,357), UNITED WHOLESALE MORTGAGE, LLC ($8,369) and SOUTH CENTRAL BANK, INC. ($8,408).

The lowest rate Elizabethtown FHA lenders (with over 10 loans originated) are PLAZA HOME MORTGAGE, INC. (6.32%), SOUTH CENTRAL BANK, INC. (6.41%), QUICKEN LOANS, LLC (6.43%), PENNYMAC LOAN SERVICES, LLC (6.47%) and Prosperity Home Mortgage, LLC (6.54%).

Elizabethtown FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
ELIZABETHTOWN-FORT KNOX, KY HARDIN 2022 $420,680 $538,650 $651,050 $809,150
ELIZABETHTOWN-FORT KNOX, KY LARUE 2022 $420,680 $538,650 $651,050 $809,150
ELIZABETHTOWN-FORT KNOX, KY MEADE 2022 $420,680 $538,650 $651,050 $809,150
ELIZABETHTOWN-FORT KNOX, KY HARDIN 2023 $472,030 $604,400 $730,525 $907,900
ELIZABETHTOWN-FORT KNOX, KY LARUE 2023 $472,030 $604,400 $730,525 $907,900
ELIZABETHTOWN-FORT KNOX, KY MEADE 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).