Lexington FHA Loan Rates, Closing Costs & Stats

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 110 lenders originated 1,130 FHA loans during 2023. The total origination value was $267,850,000, with an average FHA loan value of $237,035.

Lexington FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Lexington averaged 6.72% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

Lexington's average FHA mortgage closing costs are $6,854.

The average rate for the prior week (2024-05-31) was 6.51% and one month ago for the week of 2024-05-03, the average rate was 6.91%.

The average rate one year ago was 6.57%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.65%.

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

Lexington 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 Lexington level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 146 6.22% $9,862
STOCKTON MORTGAGE CORPORATION 95 6.61% $11,016
ARK-LA-TEX FINANCIAL SERVICES, LLC. 87 6.61% $8,291
UNITED WHOLESALE MORTGAGE, LLC 61 6.48% $10,568
THRIVE MORTGAGE, LLC 52 6.03% $12,469
GENEVA FINANCIAL, LLC 41 6.49% $10,384
Bank of England 35 6.60% $10,528
Republic State Mortgage Co. 29 6.67% $10,304
UNION HOME MORTGAGE CORP. 25 6.78% $10,488
Peoples Exchange Bank 21 6.12% $7,131
FREEDOM MORTGAGE CORPORATION 19 6.76% $11,991
Carrington Mortgage Services, LLC 18 6.11% $11,723
HOMESIDE FINANCIAL, LLC 18 6.75% $10,830
RUOFF MORTGAGE COMPANY, INC. 17 6.74% $6,778
WesBanco 17 6.34% $8,148
Northpointe Bank 17 6.51% $10,104
GUARANTEED RATE, INC. 15 6.73% $10,864
PENNYMAC LOAN SERVICES, LLC 15 6.09% $12,223
Prosperity Home Mortgage, LLC 15 6.65% $8,546
LOANDEPOT.COM, LLC 13 6.24% $10,527
AMERISAVE MORTGAGE CORPORATION 11 6.10% $12,795
Central Bank 11 6.65% $5,197
BROKER SOLUTIONS, INC. 11 6.64% $9,704
Regions Bank 10 5.88% $9,883
Mr. Cooper ( Nationstar Mortgage ) 10 6.15% $14,383
ENDEAVOR CAPITAL, LLC. 10 6.54% $10,096
CROSSCOUNTRY MORTGAGE, LLC 10 6.84% $10,337
Fifth Third Bank 9 6.40% $7,483
PLANET HOME LENDING, LLC 8 6.36% $9,274
LAKEVIEW LOAN SERVICING, LLC 8 6.09% $13,693
EVERETT FINANCIAL, INC. 8 7.02% $12,325
MUTUAL OF OMAHA MORTGAGE, INC. 8 6.61% $11,607
Republic Bank & Trust Company 8 6.64% $9,479
FBC MORTGAGE, LLC 8 6.16% $11,202
Equity Prime Mortgage LLC 7 7.09% $14,286
U.S. Bank 7 6.50% $8,102
Century Mortgage Company DBA Century Lending Company 7 6.48% $14,819
Mortgage Research Center, LLC 6 6.58% $6,270
NEWREZ LLC 6 6.64% $12,236
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 7.03% $11,980
Traditional Bank, Inc. 5 6.68% $7,660
Guardian Savings Bank, A Federal Savings Bank 5 6.68% $9,288
SWBC MORTGAGE CORPORATION 5 6.60% $7,260
Stock Yards Bank & Trust Company 5 6.60% $9,410
CARDINAL FINANCIAL 5 5.63% $9,275
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.30% $11,672
TOP FLITE FINANCIAL, INC. 5 6.50% $14,587
NBKC BANK 4 6.34% $8,494
Old National Bank 4 6.50% $8,660
Paramount Residential Mortgage Group, Inc. 4 7.28% $10,707
RELIANCE FIRST CAPITAL, LLC 4 6.22% $11,218
MYCUMORTGAGE, LLC 4 7.25% $6,101
SOUTH CENTRAL BANK, INC. 4 6.75% $8,090
LIBERTY HOME MORTGAGE CORPORATION 3 7.00% $7,423
SUN WEST MORTGAGE COMPANY, INC. 3 6.54% $9,623
GoPrime Mortgage, Inc. 3 7.17% $9,079
Flagstar Bank, FSB 3 6.67% $9,440
LAND HOME FINANCIAL SERVICES, INC. 3 7.50% $14,404
EMM LOANS LLC 3 6.08% $9,726
EVANSVILLE TEACHERS 3 6.63% $7,688
JPMorgan Chase Bank 3 7.33% $7,013
The Federal Savings Bank 3 6.17% $14,070
FIRST COMMUNITY MORTGAGE, INC. 3 6.63% $12,104
AMERICAN FINANCIAL NETWORK, INC. 2 7.56% $12,720
Barrington Bank & Trust Company, N.A. 2 5.75% $11,396
TJC Mortgage, Inc. 2 5.94% $15,027
MORTGAGE INVESTORS GROUP, INC. 2 6.63% $8,178
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.94% $10,864
MOVEMENT MORTGAGE, LLC 2 6.50% $7,919
AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.25% $9,350
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 6.25% $10,001
S1L, Inc. 2 7.00% $7,448
ENVOY MORTGAGE, LTD 2 7.00% $15,182
ZILLOW HOME LOANS, LLC 1 6.75% $6,630
AMCAP MORTGAGE, LTD. 1 7.13% $13,654
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.63% $9,652
AmeriHome Mortgage Company, LLC 1 5.75% $12,312
AmRes Corporation 1 6.75% $11,023
BAY EQUITY LLC 1 6.00% $6,677
BETTER MORTGAGE CORPORATION 1 7.13% $8,785
Citizens Bank 1 5.88% $6,386
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.63% $11,329
Civista Bank 1 5.75% $6,503
DAS Acquisition Company, LLC 1 6.25% $9,331
FirstBank 1 6.00% $9,746
Florida Capital Bank 1 6.38% $13,163
Forcht Bank 1 6.00% $8,238
INTERLINC MORTGAGE SERVICES, LLC 1 6.49% $5,662
KELLER MORTGAGE, LLC 1 5.13% $13,145
MICHIGAN MUTUAL, INC. 1 5.63% $7,933
MORTGAGE ACCESS CORP. 1 5.63% $17,080
M&T Bank 1 6.00% $14,774
NATIONS DIRECT MORTGAGE, LLC 1 6.75% $20,819
Nations Lending Corporation 1 6.13% $8,817
NFM, INC. 1 7.25% $10,401
PHH Mortgage Corporation 1 5.99% $4,553
Plains Commerce Bank 1 6.63% $5,050
PNC Bank 1 5.75% $10,182
Renasant Bank 1 5.75% $10,342
ROYAL UNITED MORTGAGE LLC 1 6.75% $9,854
SIRVA MORTGAGE, INC. 1 6.63% $8,220
SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.75% $5,789
SOVEREIGN LENDING GROUP INCORPORATED 1 6.75% $9,953
Strong Home Mortgage, LLC 1 7.13% $9,648
The Huntington National Bank 1 6.25% $13,589
Union Savings Bank 1 7.00% $4,863
UNITED HOME LOANS, INC. 1 5.75% $4,868
VILLAGE CAPITAL MORTGAGE 1 5.88% $21,647
Western Ohio Mortgage Corporation 1 6.63% $8,063
ACOPIA, LLC 1 6.50% $6,763

The top Lexington FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 146 FHA loans originated. Their average total fees are $9,862, which is $1,154 lower than the next largest lender, STOCKTON MORTGAGE CORPORATION.

The lowest fee Lexington FHA lenders (with over 10 loans originated) are Central Bank ($5,197), RUOFF MORTGAGE COMPANY, INC. ($6,778), Peoples Exchange Bank ($7,131), WesBanco ($8,148) and ARK-LA-TEX FINANCIAL SERVICES, LLC. ($8,291).

The lowest rate Lexington FHA lenders (with over 10 loans originated) are Regions Bank (5.88%), THRIVE MORTGAGE, LLC (6.03%), PENNYMAC LOAN SERVICES, LLC (6.09%), AMERISAVE MORTGAGE CORPORATION (6.10%) and Carrington Mortgage Services, LLC (6.11%).

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
LEXINGTON-FAYETTE, KY BOURBON 2023 $472,030 $604,400 $730,525 $907,900
LEXINGTON-FAYETTE, KY CLARK 2023 $472,030 $604,400 $730,525 $907,900
LEXINGTON-FAYETTE, KY FAYETTE 2023 $472,030 $604,400 $730,525 $907,900
LEXINGTON-FAYETTE, KY JESSAMINE 2023 $472,030 $604,400 $730,525 $907,900
LEXINGTON-FAYETTE, KY SCOTT 2023 $472,030 $604,400 $730,525 $907,900
LEXINGTON-FAYETTE, KY WOODFORD 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Lexington (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 $269,450 (6.9%) $375,455 (2.1%) 1.00 1,418
2018-02-01 $283,600 (6.0%) $388,429 (1.3%) 1.03 1,328
2018-03-01 $299,000 (5.1%) $407,171 (0.0%) 1.05 1,345
2018-04-01 $309,900 (3.3%) $420,776 (-0.3%) 1.05 1,369
2018-05-01 $314,609 (4.5%) $430,696 (3.6%) 1.05 1,505
2018-06-01 $315,000 (5.4%) $429,781 (5.9%) 1.05 1,570
2018-07-01 $299,950 (3.4%) $418,594 (6.4%) 1.00 1,717
2018-08-01 $289,042 (3.3%) $403,437 (6.3%) 0.97 1,881
2018-09-01 $288,950 (3.2%) $397,200 (4.6%) 0.97 1,908
2018-10-01 $278,937 (-0.3%) $389,178 (2.1%) 0.94 1,955
2018-11-01 $269,175 (-2.5%) $375,432 (0.2%) 0.91 1,892
2018-12-01 $265,000 (-1.8%) $367,138 (-1.3%) 0.91 1,752
2019-01-01 $267,187 (-0.8%) $366,896 (-2.3%) 0.92 1,619
2019-02-01 $283,700 (0.0%) $380,512 (-2.0%) 0.96 1,465
2019-03-01 $293,621 (-1.8%) $391,077 (-4.0%) 0.96 1,475
2019-04-01 $303,973 (-1.9%) $402,543 (-4.3%) 0.97 1,512
2019-05-01 $309,900 (-1.5%) $403,626 (-6.3%) 0.97 1,615
2019-06-01 $309,900 (-1.6%) $398,714 (-7.2%) 0.97 1,662
2019-07-01 $300,000 (0.0%) $392,806 (-6.2%) 0.94 1,774
2019-08-01 $297,245 (2.8%) $398,369 (-1.3%) 0.94 1,793
2019-09-01 $293,114 (1.4%) $409,319 (3.1%) 0.94 1,813
2019-10-01 $290,359 (4.1%) $418,715 (7.6%) 0.94 1,803
2019-11-01 $288,946 (7.3%) $422,514 (12.5%) 0.95 1,675
2019-12-01 $283,450 (7.0%) $422,192 (15.0%) 0.95 1,514
2020-01-01 $291,750 (9.2%) $434,848 (18.5%) 0.97 1,350
2020-02-01 $309,950 (9.3%) $458,635 (20.5%) 1.01 1,270
2020-03-01 $318,735 (8.6%) $414,554 (6.0%) 1.00 1,219
2020-04-01 $316,553 (4.1%) $416,691 (3.5%) 0.99 1,232
2020-05-01 $323,475 (4.4%) $436,068 (8.0%) 0.98 1,166
2020-06-01 $324,900 (4.8%) $467,554 (17.3%) 0.96 1,100
2020-07-01 $325,890 (8.6%) $454,149 (15.6%) 0.94 995
2020-08-01 $329,000 (10.7%) $456,993 (14.7%) 0.94 967
2020-09-01 $327,559 (11.8%) $456,204 (11.5%) 0.94 913
2020-10-01 $326,767 (12.5%) $455,472 (8.8%) 0.94 896
2020-11-01 $321,950 (11.4%) $451,567 (6.9%) 0.94 824
2020-12-01 $319,900 (12.9%) $440,364 (4.3%) 0.95 751
2021-01-01 $324,900 (11.4%) $453,507 (4.3%) 0.97 668
2021-02-01 $329,780 (6.4%) $464,315 (1.2%) 0.96 574
2021-03-01 $328,975 (3.2%) $468,324 (13.0%) 0.93 544
2021-04-01 $331,080 (4.6%) $490,600 (17.7%) 0.90 566
2021-05-01 $344,305 (6.4%) $518,436 (18.9%) 0.91 565
2021-06-01 $328,000 (1.0%) $477,862 (2.2%) 0.86 610
2021-07-01 $315,000 (-3.3%) $462,975 (1.9%) 0.83 658
2021-08-01 $317,450 (-3.5%) $456,489 (-0.1%) 0.85 708
2021-09-01 $314,675 (-3.9%) $457,952 (0.4%) 0.84 723
2021-10-01 $311,900 (-4.6%) $446,520 (-2.0%) 0.83 682
2021-11-01 $317,500 (-1.4%) $467,460 (3.5%) 0.85 606
2021-12-01 $319,500 (-0.1%) $458,145 (4.0%) 0.87 507
2022-01-01 $329,360 (1.4%) $490,040 (8.1%) 0.89 409
2022-02-01 $348,095 (5.6%) $494,651 (6.5%) 0.91 396
2022-03-01 $352,500 (7.2%) $506,204 (8.1%) 0.88 439
2022-04-01 $375,390 (13.4%) $501,017 (2.1%) 0.89 483
2022-05-01 $388,450 (12.8%) $504,976 (-2.6%) 0.89 568
2022-06-01 $394,700 (20.3%) $493,676 (3.3%) 0.88 688
2022-07-01 $399,000 (26.7%) $494,916 (6.9%) 0.90 801
2022-08-01 $383,600 (20.8%) $490,924 (7.5%) 0.89 853
2022-09-01 $386,950 (23.0%) $496,852 (8.5%) 0.90 846
2022-10-01 $386,900 (24.1%) $507,050 (13.6%) 0.91 901
2022-11-01 $374,757 (18.0%) $474,894 (1.6%) 0.90 924
2022-12-01 $369,900 (15.8%) $461,018 (0.6%) 0.91 893
2023-01-01 $387,100 (17.5%) $485,795 (-0.9%) 0.96 769
2023-02-01 $397,450 (14.2%) $496,741 (0.4%) 0.96 720
2023-03-01 $399,900 (13.5%) $504,073 (-0.4%) 0.94 710
2023-04-01 $399,900 (6.5%) $510,750 (1.9%) 0.93 698
2023-05-01 $409,400 (5.4%) $530,166 (5.0%) 0.93 705
2023-06-01 $414,975 (5.1%) $536,676 (8.7%) 0.93 739
2023-07-01 $409,900 (2.7%) $528,081 (6.7%) 0.93 788
2023-08-01 $399,850 (4.2%) $509,960 (3.9%) 0.92 849
2023-09-01 $397,173 (2.6%) $507,596 (2.2%) 0.92 894
2023-10-01 $397,561 (2.8%) $509,706 (0.5%) 0.94 956
2023-11-01 $393,046 (4.9%) $510,535 (7.5%) 0.94 989
2023-12-01 $390,717 (5.6%) $501,915 (8.9%) 0.95 886
2024-01-01 $395,000 (2.0%) $510,918 (5.2%) 0.96 780
2024-02-01 $399,425 (0.5%) $519,278 (4.5%) 0.96 737
2024-03-01 $399,900 (0.0%) $533,785 (5.9%) 0.94 717
2024-04-01 $399,900 (0.0%) $547,674 (7.2%) 0.93 759
2024-05-01 $401,950 (-1.8%) $568,266 (7.2%) 0.91 772
Lexington's median listing price for 2024-05-01 was $401,950, a difference of $-7,450 (-1.8%) versus the prior year and $2,050 versus the prior month.

Lexington's median listing price comes in at 91% of the national average.

Lexington's average listing price for 2024-05-01 was $568,266, a difference of $38,100 (7.2%) versus the prior year and $20,592 versus the prior month.

For the 2024-05-01 period, Lexington had 772 MLS listings, a difference of 13 listings (2%) versus the prior month and 67 listings (10%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Lexington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 86 days 2,278 sqft
2018-02-01 82 days 2,334 sqft
2018-03-01 57 days 2,376 sqft
2018-04-01 52 days 2,440 sqft
2018-05-01 45 days 2,471 sqft
2018-06-01 46 days 2,474 sqft
2018-07-01 52 days 2,414 sqft
2018-08-01 52 days 2,376 sqft
2018-09-01 56 days 2,366 sqft
2018-10-01 61 days 2,309 sqft
2018-11-01 67 days 2,258 sqft
2018-12-01 75 days 2,180 sqft
2019-01-01 80 days 2,193 sqft
2019-02-01 79 days 2,286 sqft
2019-03-01 66 days 2,320 sqft
2019-04-01 52 days 2,368 sqft
2019-05-01 50 days 2,362 sqft
2019-06-01 51 days 2,377 sqft
2019-07-01 56 days 2,366 sqft
2019-08-01 56 days 2,353 sqft
2019-09-01 59 days 2,305 sqft
2019-10-01 62 days 2,277 sqft
2019-11-01 66 days 2,238 sqft
2019-12-01 77 days 2,187 sqft
2020-01-01 88 days 2,206 sqft
2020-02-01 85 days 2,300 sqft
2020-03-01 65 days 2,308 sqft
2020-04-01 66 days 2,327 sqft
2020-05-01 64 days 2,381 sqft
2020-06-01 58 days 2,381 sqft
2020-07-01 57 days 2,366 sqft
2020-08-01 60 days 2,365 sqft
2020-09-01 72 days 2,346 sqft
2020-10-01 73 days 2,316 sqft
2020-11-01 78 days 2,233 sqft
2020-12-01 72 days 2,104 sqft
2021-01-01 70 days 2,163 sqft
2021-02-01 72 days 2,134 sqft
2021-03-01 54 days 2,149 sqft
2021-04-01 43 days 2,165 sqft
2021-05-01 38 days 2,180 sqft
2021-06-01 43 days 2,089 sqft
2021-07-01 39 days 2,000 sqft
2021-08-01 40 days 2,036 sqft
2021-09-01 44 days 2,006 sqft
2021-10-01 46 days 1,979 sqft
2021-11-01 52 days 1,995 sqft
2021-12-01 59 days 1,980 sqft
2022-01-01 64 days 2,010 sqft
2022-02-01 53 days 2,034 sqft
2022-03-01 41 days 2,085 sqft
2022-04-01 36 days 2,101 sqft
2022-05-01 39 days 2,153 sqft
2022-06-01 37 days 2,200 sqft
2022-07-01 37 days 2,214 sqft
2022-08-01 40 days 2,218 sqft
2022-09-01 46 days 2,230 sqft
2022-10-01 52 days 2,248 sqft
2022-11-01 57 days 2,199 sqft
2022-12-01 68 days 2,168 sqft
2023-01-01 77 days 2,203 sqft
2023-02-01 77 days 2,257 sqft
2023-03-01 61 days 2,276 sqft
2023-04-01 52 days 2,290 sqft
2023-05-01 51 days 2,301 sqft
2023-06-01 50 days 2,287 sqft
2023-07-01 47 days 2,266 sqft
2023-08-01 46 days 2,224 sqft
2023-09-01 45 days 2,200 sqft
2023-10-01 50 days 2,171 sqft
2023-11-01 56 days 2,132 sqft
2023-12-01 67 days 2,115 sqft
2024-01-01 79 days 2,115 sqft
2024-02-01 73 days 2,132 sqft
2024-03-01 54 days 2,152 sqft
2024-04-01 45 days 2,152 sqft
2024-05-01 37 days 2,187 sqft
Lexington's median listing age (time on market) for 2024-05-01 was 37 days. This is -27% shorter than the same period one year ago.

Lexington's median square footage for active listings during the 2024-05-01 period was 2,187 sqft. One year prior, the average listing was 2,301 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).