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 73 lenders originated 271 FHA loans during 2023. The total origination value was $54,715,000, with an average FHA loan value of $201,900.

Frankfort FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Frankfort averaged -0.22% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Frankfort's average FHA mortgage closing costs are $6,464.

The average rate for the prior week (2024-11-22) was 6.47% and one month ago for the week of 2024-10-25, the average rate was 6.15%.

The average rate one year ago was 6.94%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.1%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
STOCKTON MORTGAGE CORPORATION 56 6.73% $10,080
QUICKEN LOANS, LLC 28 6.36% $8,519
Republic State Mortgage Co. 12 7.01% $9,430
ARK-LA-TEX FINANCIAL SERVICES, LLC. 12 6.60% $7,058
Bank of England 10 6.45% $9,056
UNITED WHOLESALE MORTGAGE, LLC 10 6.32% $8,891
GENEVA FINANCIAL, LLC 9 6.49% $8,472
LOANDEPOT.COM, LLC 6 6.48% $9,229
Northpointe Bank 6 5.96% $8,296
Republic Bank & Trust Company 5 6.25% $11,838
HOMESIDE FINANCIAL, LLC 5 6.68% $11,144
Carrington Mortgage Services, LLC 4 5.84% $9,314
BROKER SOLUTIONS, INC. 4 6.44% $8,757
RUOFF MORTGAGE COMPANY, INC. 3 6.50% $7,895
PENNYMAC LOAN SERVICES, LLC 3 6.46% $11,575
Prosperity Home Mortgage, LLC 3 6.74% $6,885
Century Mortgage Company DBA Century Lending Company 3 6.83% $9,369
Fifth Third Bank 3 6.92% $6,024
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.33% $9,965
CROSSCOUNTRY MORTGAGE, LLC 2 6.94% $6,729
Stock Yards Bank & Trust Company 2 5.94% $8,080
INTERLINC MORTGAGE SERVICES, LLC 2 6.94% $5,693
DAS Acquisition Company, LLC 2 7.13% $10,568
Central Bank 2 6.25% $5,039
Magnolia Bank 2 7.00% $9,888
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.25% $9,785
ENDEAVOR CAPITAL, LLC. 2 7.00% $7,787
MOVEMENT MORTGAGE, LLC 2 7.44% $9,298
ENVOY MORTGAGE, LTD 2 6.63% $9,249
PLANET HOME LENDING, LLC 2 6.75% $11,321
BAYSHORE MORTGAGE FUNDING, LLC 2 7.06% $9,142
FREEDOM MORTGAGE CORPORATION 2 7.00% $12,484
SOUTH CENTRAL BANK, INC. 2 6.88% $6,977
TOTAL MORTGAGE SERVICES, LLC 1 7.00% $11,649
Traditional Bank, Inc. 1 6.00% $7,514
Truist 1 6.00% $8,103
UNION HOME MORTGAGE CORP. 1 7.00% $8,160
U.S. Bank 1 6.50% $8,296
VICTORY MORTGAGE, L.L.C. 1 6.50% $8,432
AMERISAVE MORTGAGE CORPORATION 1 5.25% $14,912
WesBanco 1 5.75% $7,865
Ameris Bank 1 6.63% $10,982
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.50% $8,211
BAY EQUITY LLC 1 7.25% $6,137
BETTER MORTGAGE CORPORATION 1 6.63% $7,328
EMM LOANS LLC 1 7.25% $10,685
EVERETT FINANCIAL, INC. 1 7.13% $7,365
FIRST COMMUNITY MORTGAGE, INC. 1 6.50% $13,309
Flagstar Bank, FSB 1 7.25% $8,255
German American Bank 1 6.25% $6,467
GoPrime Mortgage, Inc. 1 6.25% $12,214
Guardian Savings Bank, A Federal Savings Bank 1 6.63% $7,519
GUILD MORTGAGE COMPANY 1 6.13% $10,190
LAKEVIEW LOAN SERVICING, LLC 1 5.75% $7,905
MID AMERICA MORTGAGE, INC. 1 7.75% $0
Mortgage Research Center, LLC 1 7.75% $4,066
Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $9,060
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.13% $7,367
NEWREZ LLC 1 6.25% $10,663
Old National Bank 1 6.00% $11,351
Paramount Residential Mortgage Group, Inc. 1 7.25% $7,638
PENTAGON FEDERAL CREDIT UNION 1 5.75% $7,175
Peoples Exchange Bank 1 6.50% $6,887
Plains Commerce Bank 1 6.50% $8,455
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $8,786
RELIANCE FIRST CAPITAL, LLC 1 7.25% $9,630
Renasant Bank 1 6.13% $5,567
ROYAL UNITED MORTGAGE LLC 1 6.88% $19,468
SOVEREIGN LENDING GROUP INCORPORATED 1 5.00% $11,477
SUCCESS MORTGAGE PARTNERS, INC. 1 5.99% $8,443
SWBC MORTGAGE CORPORATION 1 7.25% $6,805
THE MORTGAGE WAREHOUSE,LLC 1 6.75% $8,493
THRIVE MORTGAGE, LLC 1 5.63% $10,064

The top Frankfort FHA lender as defined by loan originations is STOCKTON MORTGAGE CORPORATION, with 56 FHA loans originated. Their average total fees are $10,080, which is $1,561 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Frankfort FHA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. ($7,058), QUICKEN LOANS, LLC ($8,519), UNITED WHOLESALE MORTGAGE, LLC ($8,891), Bank of England ($9,056) and Republic State Mortgage Co. ($9,430).

The lowest rate Frankfort FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.32%), QUICKEN LOANS, LLC (6.36%), Bank of England (6.45%), ARK-LA-TEX FINANCIAL SERVICES, LLC. (6.60%) and STOCKTON MORTGAGE CORPORATION (6.73%).

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
2024-02-01 $304,475 (1.7%) $343,427 (-0.3%) 0.00 87
2024-03-01 $344,950 (8.5%) $349,013 (-0.2%) 0.00 87
2024-04-01 $340,445 (7.8%) $380,689 (10.7%) 0.00 101
2024-05-01 $372,450 (13.8%) $431,743 (19.9%) 0.00 101
2024-06-01 $346,530 (-1.3%) $389,537 (6.8%) 0.00 119
2024-07-01 $329,250 (-1.3%) $391,456 (11.8%) 0.00 137
2024-08-01 $345,000 (6.2%) $387,748 (9.2%) 0.00 149
2024-09-01 $345,000 (20.2%) $368,668 (7.4%) 0.00 169
2024-10-01 $345,233 (12.4%) $369,645 (5.9%) 0.00 169
Frankfort's median listing price for 2024-10-01 was $345,233, a difference of $38,033 (12.4%) versus the prior year and $233 versus the prior month.

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

Frankfort's average listing price for 2024-10-01 was $369,645, a difference of $20,440 (5.9%) versus the prior year and $977 versus the prior month.

For the 2024-10-01 period, Frankfort had 169 MLS listings, a difference of 0 listings (0%) versus the prior month and 57 listings (51%) 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
2024-02-01 0 days 1,756 sqft
2024-03-01 0 days 1,844 sqft
2024-04-01 0 days 1,831 sqft
2024-05-01 0 days 1,957 sqft
2024-06-01 0 days 2,010 sqft
2024-07-01 0 days 1,994 sqft
2024-08-01 0 days 2,015 sqft
2024-09-01 0 days 1,938 sqft
2024-10-01 0 days 1,911 sqft
Frankfort's median listing age (time on market) for 2024-10-01 was 0 days.

Frankfort's median square footage for active listings during the 2024-10-01 period was 1,911 sqft. One year prior, the average listing was 1,906 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).