Glasgow FHA Loan Rates, Closing Costs & Stats

Glasgow, 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.

    Glasgow's 39 lenders originated 158 FHA loans during 2024. The total origination value was $30,200,000, with an average FHA loan value of $191,139.

    Glasgow FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Glasgow averaged 0.17% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

    Glasgow's average FHA mortgage closing costs are $6,801.

    The average rate for the prior week (2025-06-27) was 6.55% and one month ago for the week of 2025-05-30, the average rate was 6.83%.

    The average rate one year ago was 6.95%.

    For refis of the same type during the week of 2025-07-04, the average rate was 0.13%.

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

    Glasgow 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 Glasgow level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 25 6.60% $9,019
    QUICKEN LOANS, LLC 11 6.63% $8,615
    ROSS MORTGAGE CORPORATION 9 6.86% $11,064
    STOCKTON MORTGAGE CORPORATION 9 6.54% $9,071
    SOUTH CENTRAL BANK, INC. 8 6.11% $8,426
    EVERETT FINANCIAL, INC. 8 6.33% $8,870
    RUOFF MORTGAGE COMPANY, INC. 7 6.54% $5,546
    U.S. Bank 7 6.52% $6,888
    German American Bank 6 6.54% $5,877
    UNITED WHOLESALE MORTGAGE, LLC 6 6.58% $11,072
    EVANSVILLE TEACHERS 5 6.25% $7,641
    FREEDOM MORTGAGE CORPORATION 5 6.13% $10,889
    Century Mortgage Company DBA Century Lending Company 4 6.56% $12,005
    LOANDEPOT.COM, LLC 4 6.71% $6,101
    BROKER SOLUTIONS, INC. 3 7.25% $10,655
    CROSSCOUNTRY MORTGAGE, LLC 3 6.25% $7,009
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.75% $11,073
    Paramount Residential Mortgage Group, Inc. 2 6.56% $11,886
    PENNYMAC LOAN SERVICES, LLC 2 6.00% $7,317
    FIRST COMMUNITY MORTGAGE, INC. 2 6.37% $12,102
    CARDINAL FINANCIAL 2 5.75% $12,975
    Carrington Mortgage Services, LLC 2 6.06% $11,259
    AMERISAVE MORTGAGE CORPORATION 2 5.94% $10,136
    ZILLOW HOME LOANS, LLC 1 6.25% $9,475
    COUNTRYPLACE MORTGAGE, LTD. 1 4.75% $12,337
    Fifth Third Bank 1 6.63% $9,494
    FirstBank 1 6.63% $9,011
    First Horizon Bank 1 6.75% $7,133
    GENEVA FINANCIAL, LLC 1 6.25% $7,218
    LAKEVIEW LOAN SERVICING, LLC 1 6.13% $8,619
    Magnolia Bank 1 5.75% $10,873
    MORTGAGE ACCESS CORP. 1 6.00% $19,355
    Northpointe Bank 1 5.50% $6,840
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $13,584
    RELIANCE FIRST CAPITAL, LLC 1 6.63% $12,904
    SWBC MORTGAGE CORPORATION 1 7.25% $3,641
    TOP FLITE FINANCIAL, INC. 1 6.75% $6,745
    UNION HOME MORTGAGE CORP. 1 6.13% $7,431
    AMERICAN FINANCING CORPORATION 1 6.75% $5,354

    The top Glasgow FHA lender as defined by loan originations is ATLANTIC BAY MORTGAGE GROUP, L.L.C., with 25 FHA loans originated. Their average total fees are $9,019, which is $405 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Glasgow FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,615), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($9,019), .

    The lowest rate Glasgow FHA lenders (with over 10 loans originated) are ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.60%), QUICKEN LOANS, LLC (6.63%), .

    Glasgow FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    GLASGOW, KY BARREN 2022 $420,680 $538,650 $651,050 $809,150
    GLASGOW, KY METCALFE 2022 $420,680 $538,650 $651,050 $809,150
    GLASGOW, KY BARREN 2023 $472,030 $604,400 $730,525 $907,900
    GLASGOW, KY METCALFE 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).