Frankfort FHA Loan Rates, Closing Costs & Stats

Frankfort, 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.

Frankfort's 81 lenders originated 326 FHA loans during 2022. The total origination value was $62,970,000, with an average FHA loan value of $193,160.

Frankfort FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Frankfort averaged 6.34% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Frankfort's average FHA mortgage closing costs are $6,054.

The average rate for the prior week (2024-02-23) was 6.23% and one month ago for the week of 2024-01-26, the average rate was 6.32%.

The average rate one year ago was 6.05%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.35%.

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

Frankfort 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 Frankfort level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
STOCKTON MORTGAGE CORPORATION 62 5.05% $7,683
QUICKEN LOANS, LLC 31 4.65% $8,270
Republic State Mortgage Co. 29 5.19% $7,291
UNITED WHOLESALE MORTGAGE, LLC 12 4.46% $8,690
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 5.28% $7,938
ARK-LA-TEX FINANCIAL SERVICES, LLC. 9 5.65% $6,563
WesBanco 6 5.15% $6,503
FREEDOM MORTGAGE CORPORATION 6 5.14% $7,135
MUTUAL OF OMAHA MORTGAGE, INC. 6 4.56% $8,959
Mr. Cooper ( Nationstar Mortgage ) 5 4.80% $8,933
Prosperity Home Mortgage, LLC 5 5.37% $8,189
Carrington Mortgage Services, LLC 5 5.80% $13,393
AMERISAVE MORTGAGE CORPORATION 5 4.60% $9,411
HOME POINT FINANCIAL CORPORATION 5 4.42% $6,742
Bank of England 5 5.43% $7,728
GENEVA FINANCIAL, LLC 4 5.31% $9,459
Hometown Lenders, Inc. 4 5.50% $8,634
Century Mortgage Company DBA Century Lending Company 4 5.03% $8,933
ENVOY MORTGAGE, LTD 4 5.06% $8,396
PENNYMAC LOAN SERVICES, LLC 3 3.71% $3,165
LOANDEPOT.COM, LLC 3 5.37% $6,184
Fifth Third Bank 3 4.08% $6,741
NEWREZ LLC 3 5.88% $7,178
BAY EQUITY LLC 3 4.58% $10,561
EVERETT FINANCIAL, INC. 3 5.96% $5,490
AMERIFIRST FINANCIAL CORPORATION 3 6.21% $7,077
EMM LOANS LLC 2 5.56% $8,233
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 5.00% $8,759
BROKER SOLUTIONS, INC. 2 5.38% $11,180
CALIBER HOME LOANS, INC. 2 4.25% $7,444
CROSSCOUNTRY MORTGAGE, LLC 2 6.37% $10,317
DAS Acquisition Company, LLC 2 4.75% $6,572
ACADEMY MORTGAGE CORPORATION 2 5.13% $7,343
HOMESIDE FINANCIAL, LLC 2 5.19% $6,123
MOVEMENT MORTGAGE, LLC 2 3.94% $6,128
MYCUMORTGAGE, LLC 2 4.75% $5,139
Peoples Exchange Bank 2 5.88% $5,288
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 4.94% $8,039
Republic Bank & Trust Company 2 5.50% $6,235
RUOFF MORTGAGE COMPANY, INC. 2 6.63% $5,849
INTERLINC MORTGAGE SERVICES, LLC 1 4.38% $5,166
JPMorgan Chase Bank 1 6.75% $5,251
LAKEVIEW LOAN SERVICING, LLC 1 5.25% $5,609
First Financial Bank 1 5.63% $7,034
Mortgage Research Center, LLC 1 4.38% $7,637
MORTGAGE SUPPLIERS, INC. 1 4.00% $1,958
UNION HOME MORTGAGE CORP. 1 5.25% $5,653
FINANCE OF AMERICA MORTGAGE LLC 1 4.99% $8,012
EVANSVILLE TEACHERS 1 3.75% $5,465
United Fidelity Funding Corp. 1 4.75% $15,482
Nations Lending Corporation 1 6.75% $9,668
NATIONS RELIABLE LENDING, LLC 1 5.25% $9,521
Equity Prime Mortgage LLC 1 4.88% $6,707
Northpointe Bank 1 3.75% $5,926
Paramount Residential Mortgage Group, Inc. 1 7.75% $7,538
Citizens Bank 1 4.50% $6,279
UNITED MORTGAGE CORP 1 3.50% $9,780
Plains Commerce Bank 1 5.75% $11,964
PLAZA HOME MORTGAGE, INC. 1 3.25% $7,003
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.75% $2,592
AMERICAN MORTGAGE SERVICE COMPANY 1 4.00% $7,240
Central Bank 1 3.25% $4,223
CARDINAL FINANCIAL 1 5.75% $4,762
Wells Fargo Bank 1 6.13% $8,350
Bank of America 1 3.13% $7,167
AMERICAN FINANCIAL RESOURCES, INC. 1 5.13% $5,944
SOUTHWEST FUNDING, LP 1 5.00% $14,227
SOVEREIGN LENDING GROUP INCORPORATED 1 4.38% $9,874
Austin Capital Bank SSB 1 5.62% $8,802
Stock Yards Bank & Trust Company 1 4.75% $4,975
The Federal Savings Bank 1 2.75% $9,597
THE MORTGAGE WAREHOUSE,LLC 1 3.63% $6,414
TOP FLITE FINANCIAL, INC. 1 7.25% $6,747
Traditional Bank, Inc. 1 5.00% $10,215
HAMILTON HOME LOANS, INC. 1 5.75% $6,732
HANCOCK MORTGAGE PARTNERS, LLC 1 5.25% $10,852
GUARANTY HOME MORTGAGE CORPORATION 1 5.75% $4,971
Truist 1 6.75% $6,628
HOMESTAR FINANCIAL CORPORATION 1 4.25% $7,423
Hometown Equity Mortgage, LLC 1 4.13% $14,589
Flagstar Bank, FSB 1 7.00% $7,365

The top Frankfort FHA lender as defined by loan originations is STOCKTON MORTGAGE CORPORATION, with 62 FHA loans originated. Their average total fees are $7,683, which is $587 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Frankfort FHA lenders (with over 10 loans originated) are Republic State Mortgage Co. ($7,291), STOCKTON MORTGAGE CORPORATION ($7,683), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,938), QUICKEN LOANS, LLC ($8,270) and UNITED WHOLESALE MORTGAGE, LLC ($8,690).

The lowest rate Frankfort FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (4.46%), QUICKEN LOANS, LLC (4.65%), STOCKTON MORTGAGE CORPORATION (5.05%), Republic State Mortgage Co. (5.19%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (5.28%).

Frankfort FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Frankfort (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 $179,900 (20.0%) $234,071 (17.6%) 0.00 246
2018-02-01 $175,200 (7.9%) $233,568 (5.9%) 0.00 229
2018-03-01 $172,450 (6.2%) $230,636 (0.7%) 0.00 222
2018-04-01 $197,450 (19.7%) $252,258 (7.6%) 0.00 223
2018-05-01 $209,375 (26.4%) $256,449 (11.2%) 0.00 245
2018-06-01 $219,000 (27.0%) $262,650 (10.8%) 0.00 251
2018-07-01 $224,900 (25.0%) $265,752 (10.1%) 0.00 283
2018-08-01 $224,975 (25.4%) $267,644 (10.0%) 0.00 296
2018-09-01 $227,500 (27.1%) $269,349 (8.0%) 0.00 285
2018-10-01 $214,100 (16.1%) $265,416 (7.8%) 0.00 276
2018-11-01 $195,829 (7.9%) $251,637 (2.4%) 0.00 268
2018-12-01 $189,900 (4.3%) $246,015 (1.5%) 0.00 256
2019-01-01 $189,075 (5.1%) $235,776 (0.7%) 0.00 247
2019-02-01 $190,950 (9.0%) $251,182 (7.5%) 0.00 239
2019-03-01 $206,943 (20.0%) $265,193 (15.0%) 0.00 224
2019-04-01 $223,375 (13.1%) $282,163 (11.9%) 0.00 208
2019-05-01 $219,900 (5.0%) $282,608 (10.2%) 0.00 211
2019-06-01 $218,000 (-0.5%) $278,600 (6.1%) 0.00 192
2019-07-01 $193,725 (-13.9%) $262,645 (-1.2%) 0.00 219
2019-08-01 $198,691 (-11.7%) $261,111 (-2.4%) 0.00 224
2019-09-01 $205,052 (-9.9%) $262,052 (-2.7%) 0.00 223
2019-10-01 $209,225 (-2.3%) $262,679 (-1.0%) 0.00 233
2019-11-01 $218,400 (11.5%) $282,147 (12.1%) 0.00 241
2019-12-01 $215,900 (13.7%) $287,080 (16.7%) 0.00 236
2020-01-01 $219,250 (16.0%) $287,263 (21.8%) 0.00 216
2020-02-01 $226,750 (18.8%) $299,098 (19.1%) 0.00 191
2020-03-01 $245,236 (18.5%) $305,023 (15.0%) 0.00 174
2020-04-01 $244,639 (9.5%) $303,086 (7.4%) 0.00 165
2020-05-01 $259,860 (18.2%) $334,162 (18.2%) 0.00 158
2020-06-01 $252,000 (15.6%) $357,114 (28.2%) 0.00 131
2020-07-01 $255,425 (31.9%) $349,922 (33.2%) 0.00 134
2020-08-01 $242,120 (21.9%) $320,788 (22.9%) 0.00 122
2020-09-01 $234,650 (14.4%) $317,210 (21.1%) 0.00 117
2020-10-01 $213,450 (2.0%) $312,062 (18.8%) 0.00 123
2020-11-01 $215,900 (-1.1%) $298,751 (5.9%) 0.00 127
2020-12-01 $199,500 (-7.6%) $275,044 (-4.2%) 0.00 126
2021-01-01 $195,000 (-11.1%) $271,927 (-5.3%) 0.00 113
2021-02-01 $250,650 (10.5%) $311,071 (4.0%) 0.00 83
2021-03-01 $252,175 (2.8%) $304,138 (-0.3%) 0.00 74
2021-04-01 $257,400 (5.2%) $286,813 (-5.4%) 0.00 58
2021-05-01 $263,970 (1.6%) $298,726 (-10.6%) 0.00 62
2021-06-01 $229,450 (-9.0%) $285,507 (-20.1%) 0.00 76
2021-07-01 $240,000 (-6.0%) $285,188 (-18.5%) 0.00 98
2021-08-01 $234,975 (-3.0%) $267,570 (-16.6%) 0.00 108
2021-09-01 $240,825 (2.6%) $280,858 (-11.5%) 0.00 124
2021-10-01 $229,900 (7.7%) $280,683 (-10.1%) 0.00 133
2021-11-01 $238,625 (10.5%) $273,328 (-8.5%) 0.00 118
2021-12-01 $229,675 (15.1%) $279,180 (1.5%) 0.00 105
2022-01-01 $222,500 (14.1%) $270,704 (-0.5%) 0.00 94
2022-02-01 $231,975 (-7.5%) $272,826 (-12.3%) 0.00 74
2022-03-01 $268,575 (6.5%) $293,104 (-3.6%) 0.00 62
2022-04-01 $279,900 (8.7%) $263,607 (-8.1%) 0.00 56
2022-05-01 $278,725 (5.6%) $290,312 (-2.8%) 0.00 56
2022-06-01 $279,106 (21.6%) $294,436 (3.1%) 0.00 64
2022-07-01 $279,000 (16.3%) $318,575 (11.7%) 0.00 87
2022-08-01 $282,000 (20.0%) $327,579 (22.4%) 0.00 104
2022-09-01 $296,500 (23.1%) $338,394 (20.5%) 0.00 114
2022-10-01 $294,700 (28.2%) $343,167 (22.3%) 0.00 134
2022-11-01 $287,625 (20.5%) $340,287 (24.5%) 0.00 143
2022-12-01 $285,000 (24.1%) $335,950 (20.3%) 0.00 133
2023-01-01 $310,700 (39.6%) $354,477 (31.0%) 0.00 115
2023-02-01 $299,450 (29.1%) $344,475 (26.3%) 0.00 106
2023-03-01 $317,975 (18.4%) $349,575 (19.3%) 0.00 105
2023-04-01 $315,928 (12.9%) $343,931 (30.5%) 0.00 91
2023-05-01 $327,414 (17.5%) $360,095 (24.0%) 0.00 82
2023-06-01 $351,215 (25.8%) $364,602 (23.8%) 0.00 94
2023-07-01 $333,658 (19.6%) $350,292 (10.0%) 0.00 101
2023-08-01 $324,950 (15.2%) $355,026 (8.4%) 0.00 88
2023-09-01 $287,000 (-3.2%) $343,409 (1.5%) 0.00 103
2023-10-01 $307,200 (4.2%) $349,205 (1.8%) 0.00 112
2023-11-01 $302,975 (5.3%) $349,171 (2.6%) 0.00 117
2023-12-01 $299,900 (5.2%) $337,211 (0.4%) 0.00 105
2024-01-01 $309,900 (-0.3%) $344,113 (-2.9%) 0.00 97
Frankfort's median listing price for 2024-01-01 was $309,900, a difference of $-800 (-0.3%) versus the prior year and $10,000 versus the prior month.

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

Frankfort's average listing price for 2024-01-01 was $344,113, a difference of $-10,364 (-2.9%) versus the prior year and $6,902 versus the prior month.

For the 2024-01-01 period, Frankfort had 97 MLS listings, a difference of -8 listings (-8%) versus the prior month and -18 listings (-16%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Frankfort (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,818 sqft
2018-02-01 0 days 1,788 sqft
2018-03-01 0 days 1,765 sqft
2018-04-01 0 days 1,867 sqft
2018-05-01 0 days 1,960 sqft
2018-06-01 0 days 2,022 sqft
2018-07-01 0 days 2,033 sqft
2018-08-01 0 days 2,077 sqft
2018-09-01 0 days 2,041 sqft
2018-10-01 0 days 1,992 sqft
2018-11-01 0 days 1,890 sqft
2018-12-01 0 days 1,859 sqft
2019-01-01 0 days 1,818 sqft
2019-02-01 0 days 1,850 sqft
2019-03-01 0 days 1,926 sqft
2019-04-01 0 days 2,011 sqft
2019-05-01 0 days 2,024 sqft
2019-06-01 0 days 2,024 sqft
2019-07-01 0 days 1,948 sqft
2019-08-01 0 days 1,898 sqft
2019-09-01 0 days 1,877 sqft
2019-10-01 0 days 1,863 sqft
2019-11-01 0 days 1,874 sqft
2019-12-01 0 days 1,883 sqft
2020-01-01 0 days 1,898 sqft
2020-02-01 0 days 1,975 sqft
2020-03-01 0 days 2,014 sqft
2020-04-01 0 days 2,013 sqft
2020-05-01 0 days 2,039 sqft
2020-06-01 0 days 2,037 sqft
2020-07-01 0 days 2,038 sqft
2020-08-01 0 days 1,943 sqft
2020-09-01 0 days 1,829 sqft
2020-10-01 0 days 1,803 sqft
2020-11-01 0 days 1,817 sqft
2020-12-01 0 days 1,722 sqft
2021-01-01 0 days 1,777 sqft
2021-02-01 0 days 1,916 sqft
2021-03-01 0 days 1,868 sqft
2021-04-01 0 days 1,825 sqft
2021-05-01 0 days 1,804 sqft
2021-06-01 0 days 1,777 sqft
2021-07-01 0 days 1,786 sqft
2021-08-01 0 days 1,764 sqft
2021-09-01 0 days 1,763 sqft
2021-10-01 0 days 1,669 sqft
2021-11-01 0 days 1,660 sqft
2021-12-01 0 days 1,677 sqft
2022-01-01 0 days 1,619 sqft
2022-02-01 0 days 1,571 sqft
2022-03-01 0 days 1,728 sqft
2022-04-01 0 days 1,736 sqft
2022-05-01 0 days 1,732 sqft
2022-06-01 0 days 1,743 sqft
2022-07-01 0 days 1,807 sqft
2022-08-01 0 days 1,830 sqft
2022-09-01 0 days 1,923 sqft
2022-10-01 0 days 1,977 sqft
2022-11-01 0 days 1,892 sqft
2022-12-01 0 days 1,863 sqft
2023-01-01 0 days 2,026 sqft
2023-02-01 0 days 1,972 sqft
2023-03-01 0 days 2,018 sqft
2023-04-01 0 days 1,903 sqft
2023-05-01 0 days 1,916 sqft
2023-06-01 0 days 2,031 sqft
2023-07-01 0 days 2,010 sqft
2023-08-01 0 days 1,936 sqft
2023-09-01 0 days 1,836 sqft
2023-10-01 0 days 1,906 sqft
2023-11-01 0 days 1,829 sqft
2023-12-01 0 days 1,804 sqft
2024-01-01 0 days 1,800 sqft
Frankfort's median listing age (time on market) for 2024-01-01 was 0 days.

Frankfort's median square footage for active listings during the 2024-01-01 period was 1,800 sqft. One year prior, the average listing was 2,026 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).