Frankfort FHA Loan Rates, Closing Costs & Stats

Frankfort, 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.

    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 6.64% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.53% and one month ago for the week of 2024-03-15, the average rate was 6.7%.

    The average rate one year ago was 6.13%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    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
    Frankfort's median listing price for 2024-03-01 was $344,950, a difference of $26,975 (8.5%) versus the prior year and $40,475 versus the prior month.

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

    Frankfort's average listing price for 2024-03-01 was $349,013, a difference of $-562 (-0.2%) versus the prior year and $5,586 versus the prior month.

    For the 2024-03-01 period, Frankfort had 87 MLS listings, a difference of 0 listings (0%) versus the prior month and -18 listings (-17%) 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
    Frankfort's median listing age (time on market) for 2024-03-01 was 0 days.

    Frankfort's median square footage for active listings during the 2024-03-01 period was 1,844 sqft. One year prior, the average listing was 2,018 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).