Lexington FHA Loan Rates, Closing Costs & Stats

LEXINGTON-FAYETTE, 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.

    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 6.62% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.47% and one month ago for the week of 2024-06-14, the average rate was 6.43%.

    The average rate one year ago was 6.52%.

    For refis of the same type during the week of 2024-07-19, 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

    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).