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 141 FHA loans during 2023. The total origination value was $25,875,000, with an average FHA loan value of $183,511.

    Glasgow FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Glasgow averaged 6.6% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Glasgow's average FHA mortgage closing costs are $6,368.

    The average rate for the prior week (2024-11-01) was 6.78% and one month ago for the week of 2024-10-04, the average rate was 6%.

    The average rate one year ago was 7.34%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 17 6.68% $9,047
    STOCKTON MORTGAGE CORPORATION 15 6.73% $10,070
    ROSS MORTGAGE CORPORATION 12 6.67% $9,383
    QUICKEN LOANS, LLC 11 6.80% $6,979
    RUOFF MORTGAGE COMPANY, INC. 9 6.90% $5,334
    Century Mortgage Company DBA Century Lending Company 7 6.50% $9,150
    EVERETT FINANCIAL, INC. 7 6.79% $6,927
    EVANSVILLE TEACHERS 5 6.63% $6,810
    BROKER SOLUTIONS, INC. 4 7.16% $12,237
    SOUTH CENTRAL BANK, INC. 4 6.91% $5,749
    UNITED WHOLESALE MORTGAGE, LLC 4 7.23% $13,223
    Magnolia Bank 3 6.67% $10,428
    GENEVA FINANCIAL, LLC 3 7.21% $7,068
    German American Bank 3 6.54% $6,162
    U.S. Bank 3 6.96% $6,220
    PLANET HOME LENDING, LLC 2 5.63% $7,340
    MOVEMENT MORTGAGE, LLC 2 6.38% $8,258
    Mortgage Research Center, LLC 2 7.19% $11,498
    HOMESIDE FINANCIAL, LLC 2 6.56% $7,026
    AMERISAVE MORTGAGE CORPORATION 1 7.75% $13,744
    ZILLOW HOME LOANS, LLC 1 6.75% $8,016
    Carrington Mortgage Services, LLC 1 7.13% $10,198
    Citizens Bank 1 6.13% $11,526
    CROSSCOUNTRY MORTGAGE, LLC 1 7.75% $10,899
    ENDEAVOR CAPITAL, LLC. 1 7.50% $8,397
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 5.63% $9,715
    Forcht Bank 1 6.00% $5,868
    FREEDOM MORTGAGE CORPORATION 1 6.75% $12,365
    GUARANTEED RATE, INC. 1 6.75% $13,625
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $13,223
    LOANDEPOT.COM, LLC 1 8.13% $6,200
    Mr. Cooper ( Nationstar Mortgage ) 1 6.63% $16,283
    NATIONS DIRECT MORTGAGE, LLC 1 6.63% $10,790
    NEWREZ LLC 1 7.13% $6,034
    Northpointe Bank 1 6.75% $7,664
    PENNYMAC LOAN SERVICES, LLC 1 6.50% $11,846
    PREMIA MORTGAGE, LLC 1 7.25% $4,648
    ROYAL UNITED MORTGAGE LLC 1 7.75% $6,469
    SeaTrust Mortgage Company 1 6.99% $8,316

    The top Glasgow FHA lender as defined by loan originations is ATLANTIC BAY MORTGAGE GROUP, L.L.C., with 17 FHA loans originated. Their average total fees are $9,047, which is $1,023 lower than the next largest lender, STOCKTON MORTGAGE CORPORATION.

    The lowest fee Glasgow FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($6,979), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($9,047), ROSS MORTGAGE CORPORATION ($9,383), STOCKTON MORTGAGE CORPORATION ($10,070) and .

    The lowest rate Glasgow FHA lenders (with over 10 loans originated) are ROSS MORTGAGE CORPORATION (6.67%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.68%), STOCKTON MORTGAGE CORPORATION (6.73%), QUICKEN LOANS, LLC (6.80%) and .

    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).