Lexington FHA Loans
LEXINGTON-FAYETTE, 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.
Lexington's 125 lenders originated 2,104 FHA loans during 2021. The total origination value was $409,170,000, with an average FHA loan value of $194,472.
Lexington FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Lexington
averaged
5.26%
for the week of 2022-05-13, compared to the national average (all FHA variants) of
5.361% for the same period.
The average rate for the prior week (2022-05-06) was
5.29% and
one month ago for the week of 2022-04-08, the
average rate was 4.96%.
The average rate one year ago was 3.17%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.11%.
Lexington FHA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Lexington level.
The top Lexington FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
270 FHA loans originated. Their average total fees are
$6,175, which is $970
lower than the next largest lender,
STOCKTON MORTGAGE CORPORATION.
The lowest fee Lexington FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC ($3,054), Mr. Cooper ( Nationstar Mortgage ) ($3,809), Lakeview Community Capital, LLC ($4,050), PENNYMAC LOAN SERVICES, LLC ($4,102) and AmeriHome Mortgage Company, LLC ($4,232).
The lowest rate Lexington FHA lenders (with over 10 loans originated) are
Peoples Exchange Bank (2.47%), AMERICAN MORTGAGE SERVICE COMPANY (2.54%), Central Bank & Trust Company (2.60%), Guardian Savings Bank, A Federal Savings Bank (2.67%) and QUICKEN LOANS, LLC (2.71%).
Lexington FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
LEXINGTON-FAYETTE, KY | BOURBON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
LEXINGTON-FAYETTE, KY | CLARK | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
LEXINGTON-FAYETTE, KY | FAYETTE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
LEXINGTON-FAYETTE, KY | JESSAMINE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
LEXINGTON-FAYETTE, KY | SCOTT | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
LEXINGTON-FAYETTE, KY | WOODFORD | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Lexington (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $269,450 (6.8%) | $374,696 (1.8%) | 0.99 | 1,417 |
2018-02-01 | $283,600 (5.9%) | $387,768 (1.2%) | 1.02 | 1,333 |
2018-03-01 | $299,000 (4.9%) | $406,745 (-0.3%) | 1.03 | 1,350 |
2018-04-01 | $309,900 (3.3%) | $421,756 (0.1%) | 1.04 | 1,370 |
2018-05-01 | $313,863 (3.0%) | $431,430 (3.6%) | 1.05 | 1,510 |
2018-06-01 | $312,825 (4.5%) | $428,243 (5.6%) | 1.04 | 1,580 |
2018-07-01 | $299,950 (3.4%) | $419,871 (6.7%) | 1.00 | 1,717 |
2018-08-01 | $289,700 (3.7%) | $403,642 (6.5%) | 0.97 | 1,882 |
2018-09-01 | $287,750 (2.8%) | $398,086 (5.1%) | 0.96 | 1,912 |
2018-10-01 | $279,950 (0.0%) | $391,180 (2.7%) | 0.94 | 1,965 |
2018-11-01 | $269,900 (-2.2%) | $378,802 (1.1%) | 0.90 | 1,894 |
2018-12-01 | $265,000 (-1.8%) | $370,405 (-0.4%) | 0.91 | 1,750 |
2019-01-01 | $267,450 (-0.7%) | $372,130 (-0.7%) | 0.92 | 1,615 |
2019-02-01 | $285,000 (0.5%) | $385,352 (-0.6%) | 0.95 | 1,466 |
2019-03-01 | $294,228 (-1.6%) | $395,602 (-2.7%) | 0.96 | 1,462 |
2019-04-01 | $306,467 (-1.1%) | $405,990 (-3.7%) | 0.97 | 1,497 |
2019-05-01 | $311,450 (-0.8%) | $408,033 (-5.4%) | 0.96 | 1,592 |
2019-06-01 | $312,500 (-0.1%) | $401,569 (-6.2%) | 0.96 | 1,645 |
2019-07-01 | $305,053 (1.7%) | $396,333 (-5.6%) | 0.95 | 1,770 |
2019-08-01 | $297,386 (2.7%) | $388,974 (-3.6%) | 0.94 | 1,759 |
2019-09-01 | $290,836 (1.1%) | $404,304 (1.6%) | 0.92 | 1,747 |
2019-10-01 | $294,053 (5.0%) | $420,233 (7.4%) | 0.94 | 1,776 |
2019-11-01 | $289,500 (7.3%) | $423,722 (11.9%) | 0.93 | 1,667 |
2019-12-01 | $284,500 (7.4%) | $423,624 (14.4%) | 0.95 | 1,507 |
2020-01-01 | $294,608 (10.2%) | $436,942 (17.4%) | 0.98 | 1,343 |
2020-02-01 | $310,340 (8.9%) | $461,499 (19.8%) | 1.00 | 1,256 |
2020-03-01 | $320,700 (9.0%) | $422,187 (6.7%) | 1.00 | 1,198 |
2020-04-01 | $319,750 (4.3%) | $424,158 (4.5%) | 1.00 | 1,224 |
2020-05-01 | $329,919 (5.9%) | $451,637 (10.7%) | 1.00 | 1,137 |
2020-06-01 | $330,196 (5.7%) | $462,207 (15.1%) | 0.96 | 1,066 |
2020-07-01 | $330,196 (8.2%) | $461,975 (16.6%) | 0.95 | 969 |
2020-08-01 | $335,000 (12.7%) | $467,133 (20.1%) | 0.96 | 942 |
2020-09-01 | $347,630 (19.5%) | $488,558 (20.8%) | 0.99 | 896 |
2020-10-01 | $338,839 (15.2%) | $487,664 (16.1%) | 0.97 | 885 |
2020-11-01 | $332,925 (15.0%) | $484,246 (14.3%) | 0.95 | 805 |
2020-12-01 | $326,950 (14.9%) | $456,544 (7.8%) | 0.96 | 738 |
2021-01-01 | $325,640 (10.5%) | $456,258 (4.4%) | 0.96 | 665 |
2021-02-01 | $332,450 (7.1%) | $470,023 (1.9%) | 0.96 | 557 |
2021-03-01 | $331,900 (3.5%) | $474,860 (12.5%) | 0.93 | 525 |
2021-04-01 | $332,735 (4.1%) | $494,737 (16.6%) | 0.89 | 548 |
2021-05-01 | $349,000 (5.8%) | $526,093 (16.5%) | 0.92 | 540 |
2021-06-01 | $333,905 (1.1%) | $482,913 (4.5%) | 0.87 | 587 |
2021-07-01 | $318,633 (-3.5%) | $461,133 (-0.2%) | 0.83 | 634 |
2021-08-01 | $319,403 (-4.7%) | $458,975 (-1.8%) | 0.84 | 682 |
2021-09-01 | $316,953 (-8.8%) | $461,704 (-5.5%) | 0.83 | 708 |
2021-10-01 | $312,400 (-7.8%) | $446,908 (-8.4%) | 0.82 | 673 |
2021-11-01 | $318,450 (-4.4%) | $469,238 (-3.1%) | 0.84 | 589 |
2021-12-01 | $321,275 (-1.7%) | $459,633 (0.7%) | 0.86 | 503 |
2022-01-01 | $334,349 (2.7%) | $491,652 (7.8%) | 0.89 | 391 |
2022-02-01 | $350,900 (5.6%) | $497,217 (5.8%) | 0.89 | 388 |
2022-03-01 | $359,500 (8.3%) | $513,180 (8.1%) | 0.89 | 429 |
2022-04-01 | $385,000 (15.7%) | $507,739 (2.6%) | 0.91 | 467 |
Lexington's median listing price comes in at 91% of the national average.
Lexington's average listing price for 2022-04-01 was $507,739, a difference of $13,002 (2.6%) versus the prior year and $-5,441 versus the prior month.
For the 2022-04-01 period, Lexington had 467 MLS listings, a difference of 38 listings (9%) versus the prior month and -81 listings (-15%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Lexington (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 90 days | 2,284 sqft |
2018-02-01 | 91 days | 2,335 sqft |
2018-03-01 | 66 days | 2,388 sqft |
2018-04-01 | 57 days | 2,454 sqft |
2018-05-01 | 51 days | 2,477 sqft |
2018-06-01 | 51 days | 2,480 sqft |
2018-07-01 | 58 days | 2,422 sqft |
2018-08-01 | 58 days | 2,377 sqft |
2018-09-01 | 59 days | 2,374 sqft |
2018-10-01 | 66 days | 2,323 sqft |
2018-11-01 | 71 days | 2,271 sqft |
2018-12-01 | 79 days | 2,196 sqft |
2019-01-01 | 86 days | 2,218 sqft |
2019-02-01 | 87 days | 2,288 sqft |
2019-03-01 | 67 days | 2,336 sqft |
2019-04-01 | 57 days | 2,390 sqft |
2019-05-01 | 53 days | 2,372 sqft |
2019-06-01 | 54 days | 2,390 sqft |
2019-07-01 | 58 days | 2,383 sqft |
2019-08-01 | 57 days | 2,348 sqft |
2019-09-01 | 60 days | 2,300 sqft |
2019-10-01 | 64 days | 2,272 sqft |
2019-11-01 | 70 days | 2,238 sqft |
2019-12-01 | 79 days | 2,187 sqft |
2020-01-01 | 91 days | 2,206 sqft |
2020-02-01 | 91 days | 2,300 sqft |
2020-03-01 | 67 days | 2,329 sqft |
2020-04-01 | 65 days | 2,346 sqft |
2020-05-01 | 66 days | 2,428 sqft |
2020-06-01 | 61 days | 2,411 sqft |
2020-07-01 | 58 days | 2,385 sqft |
2020-08-01 | 63 days | 2,385 sqft |
2020-09-01 | 62 days | 2,397 sqft |
2020-10-01 | 60 days | 2,359 sqft |
2020-11-01 | 66 days | 2,301 sqft |
2020-12-01 | 70 days | 2,154 sqft |
2021-01-01 | 77 days | 2,163 sqft |
2021-02-01 | 80 days | 2,163 sqft |
2021-03-01 | 66 days | 2,164 sqft |
2021-04-01 | 53 days | 2,185 sqft |
2021-05-01 | 52 days | 2,184 sqft |
2021-06-01 | 52 days | 2,101 sqft |
2021-07-01 | 47 days | 2,000 sqft |
2021-08-01 | 44 days | 2,037 sqft |
2021-09-01 | 46 days | 2,010 sqft |
2021-10-01 | 51 days | 1,984 sqft |
2021-11-01 | 57 days | 2,012 sqft |
2021-12-01 | 64 days | 1,988 sqft |
2022-01-01 | 70 days | 2,010 sqft |
2022-02-01 | 61 days | 2,034 sqft |
2022-03-01 | 52 days | 2,100 sqft |
2022-04-01 | 43 days | 2,152 sqft |
Lexington's median square footage for active listings during the 2022-04-01 period was 2,152 sqft. One year prior, the average listing was 2,185 sqft.