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%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Lexington level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 270 2.71% $6,175
STOCKTON MORTGAGE CORPORATION 140 3.38% $7,145
ARK-LA-TEX FINANCIAL SERVICES, LLC. 125 3.34% $6,080
AMERICAN MORTGAGE SERVICE COMPANY 76 2.54% $7,858
Hometown Lenders, Inc. 69 3.30% $6,558
FREEDOM MORTGAGE CORPORATION 68 2.79% $5,197
Republic State Mortgage Co. 57 3.18% $6,485
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 56 3.28% $6,679
Bank of England 47 3.31% $7,150
LAKEVIEW LOAN SERVICING, LLC 46 3.02% $4,453
PENNYMAC LOAN SERVICES, LLC 38 3.14% $4,102
LOANDEPOT.COM, LLC 35 3.34% $7,097
Mr. Cooper ( Nationstar Mortgage ) 34 3.22% $3,809
UNITED WHOLESALE MORTGAGE, LLC 32 2.80% $6,768
CALIBER HOME LOANS, INC. 29 2.79% $5,883
Prosperity Home Mortgage, LLC 25 3.34% $6,890
BROKER SOLUTIONS, INC. 25 3.17% $8,347
Carrington Mortgage Services, LLC 23 3.55% $6,972
Sierra Pacific Mortgage Company, Inc. 23 2.99% $7,477
Kentucky Bank 23 2.82% $4,933
WesBanco Bank, Inc. 23 2.80% $6,694
PRIMELENDING, A PLAINSCAPITAL COMPANY 23 3.20% $8,685
MORTGAGE SUPPLIERS, INC. 22 3.26% $5,014
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 21 3.19% $9,406
Peoples Exchange Bank 21 2.47% $5,487
SWBC MORTGAGE CORPORATION 20 3.34% $5,892
Central Bank & Trust Company 19 2.60% $5,954
Guardian Savings Bank, A Federal Savings Bank 17 2.67% $5,627
AmeriHome Mortgage Company, LLC 17 2.83% $4,232
AMERISAVE MORTGAGE CORPORATION 16 3.18% $7,513
HAMILTON HOME LOANS, INC. 16 3.05% $6,638
ENVOY MORTGAGE, LTD 15 3.26% $7,296
Northpointe Bank 15 2.93% $7,366
GENEVA FINANCIAL, LLC 15 3.41% $6,855
Stock Yards Bank & Trust Company 14 2.71% $5,277
FINANCE OF AMERICA MORTGAGE LLC 14 3.28% $7,608
Fifth Third Bank 13 2.96% $5,916
Republic Bank & Trust Company 12 3.23% $6,098
MOVEMENT MORTGAGE, LLC 12 3.27% $7,805
CROSSCOUNTRY MORTGAGE, LLC 10 3.00% $7,564
VILLAGE CAPITAL & INVESTMENT LLC 10 2.84% $3,054
Lakeview Community Capital, LLC 10 3.02% $4,050
Flagstar Bank, FSB 9 2.64% $6,384
U.S. Bank 9 2.94% $6,225
HOME POINT FINANCIAL CORPORATION 9 2.68% $5,876
SOUTH CENTRAL BANK, INC. 9 2.79% $5,795
FIRST COMMUNITY MORTGAGE, INC. 8 2.75% $6,379
AMERIFIRST FINANCIAL CORPORATION 8 3.78% $9,122
HOMEBRIDGE FINANCIAL SERVICES, INC. 7 2.80% $4,830
Century Mortgage Company DBA Century Lending Company 7 3.04% $6,009
GUARANTEED RATE, INC. 6 3.06% $6,707
CMG MORTGAGE, INC. 6 3.17% $6,910
Commonwealth Bank and Trust Company 6 3.08% $6,995
First Guaranty Mortgage Corporation 6 2.96% $5,164
Magnolia Bank 6 3.10% $5,990
NEWREZ LLC 6 2.81% $3,808
POLARIS HOME FUNDING CORP. 5 2.90% $6,722
RELIANCE FIRST CAPITAL, LLC 5 3.00% $9,007
TOP FLITE FINANCIAL, INC. 5 3.03% $9,555
HOMESIDE FINANCIAL, LLC 5 3.55% $6,434
JPMorgan Chase Bank 5 2.90% $5,294
EVANSVILLE TEACHERS 5 2.80% $5,553
DAS Acquisition Company, LLC 5 3.45% $7,196
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 3.45% $7,392
Paramount Residential Mortgage Group, Inc. 5 3.90% $8,002
UNION HOME MORTGAGE CORP. 4 2.91% $5,542
PLAZA HOME MORTGAGE, INC. 4 2.75% $6,253
Nations Lending Corporation 4 3.03% $8,247
SOUTHWEST FUNDING, LP 4 3.56% $9,670
Union Savings Bank 4 3.06% $7,330
AMERICAN FINANCIAL NETWORK, INC. 4 2.84% $10,990
OCEANSIDE MORTGAGE COMPANY 3 2.96% $3,165
PLANET HOME LENDING, LLC 3 2.75% $5,404
Forcht Bank 3 2.88% $7,354
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 3.71% $7,504
Western Ohio Mortgage Corporation 3 2.63% $6,951
FBC MORTGAGE, LLC 3 3.17% $9,061
MUTUAL OF OMAHA MORTGAGE, INC. 3 3.54% $6,654
MYCUMORTGAGE, LLC 3 2.83% $6,541
The Federal Savings Bank 3 2.75% $10,144
GoPrime Mortgage, Inc. 3 3.75% $7,420
Old National Bank 3 3.17% $4,964
BAY EQUITY LLC 2 2.63% $6,688
InterContinental Capital Group, Inc 2 2.75% $5,202
INTERLINC MORTGAGE SERVICES, LLC 2 3.63% $6,244
KELLER MORTGAGE, LLC 2 2.38% $5,455
GUARANTY HOME MORTGAGE CORPORATION 2 2.69% $5,697
MID AMERICA MORTGAGE, INC. 2 3.31% $4,267
Mortgage Research Center, LLC 2 3.00% $7,437
First Savings Bank 2 2.88% $7,096
EVERETT FINANCIAL, INC. 2 3.38% $6,762
Equity Prime Mortgage LLC 2 3.00% $5,250
PNC Bank 2 3.25% $4,031
DRAPER AND KRAMER MORTGAGE CORP. 2 3.10% $8,016
Citizens Bank 2 2.69% $6,381
SOVEREIGN LENDING GROUP INCORPORATED 2 2.81% $7,260
SUN WEST MORTGAGE COMPANY, INC. 2 2.75% $6,764
THRIVE MORTGAGE, LLC 2 2.93% $5,927
HANCOCK MORTGAGE PARTNERS, LLC 2 3.25% $6,451
ROSS MORTGAGE CORPORATION 1 3.50% $6,197
CHURCHILL MORTGAGE CORPORATION 1 3.00% $8,569
CELEBRITY HOME LOANS, LLC 1 3.13% $6,299
SOUTHPOINT FINANCIAL SERVICES, INC. 1 3.25% $7,856
ZILLOW HOME LOANS, LLC 1 3.13% $7,496
LENOX FINANCIAL MORTGAGE CORPORATION 1 2.75% $11,489
NATIONS RELIABLE LENDING, LLC 1 3.50% $5,186
BNC National Bank 1 2.50% $9,277
1ST SIGNATURE LENDING, LLC 1 2.88% $12,772
BETTER MORTGAGE CORPORATION 1 3.38% $4,636
Texana Bank 1 3.00% $12,376
NATIONS DIRECT MORTGAGE, LLC 1 4.00% $5,783
The Huntington National Bank 1 3.25% $9,706
HALLMARK HOME MORTGAGE, LLC 1 3.63% $6,424
First Option Mortgage, LLC 1 3.25% $7,396
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 2.75% $5,100
Wyndham Capital Mortgage, Inc. 1 3.13% $4,007
Hometown Equity Mortgage, LLC 1 3.00% $7,451
Ameris Bank 1 3.00% $8,213
VICTORY MORTGAGE, L.L.C. 1 2.38% $4,861
AMERICAN FINANCING CORPORATION 1 2.25% $4,476
Plains Commerce Bank 1 2.63% $12,210
CRESCENT MORTGAGE COMPANY 1 2.75% $6,565
Peoples Bank 1 2.75% $9,117
Colten Mortgage, LLC 1 2.75% $4,291
Wells Fargo Bank 1 3.25% $6,212

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. Louis
Date 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 for 2022-04-01 was $385,000, a difference of $52,265 (15.7%) versus the prior year and $25,500 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2022-04-01 was 43 days. This is -19% shorter than the same period one year ago.

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.

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).