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 115 lenders originated 1,237 FHA loans during 2022. The total origination value was $271,105,000, with an average FHA loan value of $219,163.

Lexington FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Lexington averaged 6.34% for the week of 2024-02-16, compared to the national average (all FHA variants) of 6.611% for the same period.

Lexington's average FHA mortgage closing costs are $6,392.

The average rate for the prior week (2024-02-09) was 5.94% and one month ago for the week of 2024-01-12, the average rate was 5.98%.

The average rate one year ago was 5.83%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.32%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 130 4.54% $8,961
STOCKTON MORTGAGE CORPORATION 104 5.28% $9,280
ARK-LA-TEX FINANCIAL SERVICES, LLC. 72 5.23% $7,069
UNITED WHOLESALE MORTGAGE, LLC 55 4.91% $8,429
AMERICAN MORTGAGE SERVICE COMPANY 42 3.90% $9,364
GENEVA FINANCIAL, LLC 39 5.46% $9,303
Bank of England 39 5.26% $8,623
Hometown Lenders, Inc. 34 4.88% $8,860
Republic State Mortgage Co. 29 5.22% $7,296
LOANDEPOT.COM, LLC 28 4.75% $8,772
FREEDOM MORTGAGE CORPORATION 25 4.42% $7,137
Mr. Cooper ( Nationstar Mortgage ) 22 4.68% $9,544
CALIBER HOME LOANS, INC. 20 4.95% $8,668
Carrington Mortgage Services, LLC 20 5.44% $9,890
EVERETT FINANCIAL, INC. 19 5.49% $6,252
PENNYMAC LOAN SERVICES, LLC 18 4.84% $9,909
Peoples Exchange Bank 18 4.80% $6,771
Central Bank 17 4.73% $5,748
AMERISAVE MORTGAGE CORPORATION 16 4.76% $8,657
MOVEMENT MORTGAGE, LLC 15 5.09% $8,965
WesBanco 14 5.26% $7,988
HOMESIDE FINANCIAL, LLC 13 5.63% $9,845
Century Mortgage Company DBA Century Lending Company 13 4.50% $7,673
PRIMELENDING, A PLAINSCAPITAL COMPANY 13 5.30% $9,092
Fifth Third Bank 13 4.66% $7,346
Northpointe Bank 13 4.88% $7,894
Prosperity Home Mortgage, LLC 12 5.19% $7,315
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 5.10% $9,316
GUARANTEED RATE, INC. 12 4.66% $8,792
Equity Prime Mortgage LLC 11 5.16% $9,416
HAMILTON HOME LOANS, INC. 10 4.85% $8,133
MUTUAL OF OMAHA MORTGAGE, INC. 10 5.85% $13,479
AMERIFIRST FINANCIAL CORPORATION 9 4.75% $9,173
Guardian Savings Bank, A Federal Savings Bank 9 3.79% $6,569
BROKER SOLUTIONS, INC. 9 5.07% $7,927
RUOFF MORTGAGE COMPANY, INC. 9 5.65% $8,503
LAKEVIEW LOAN SERVICING, LLC 8 3.62% $6,715
FINANCE OF AMERICA MORTGAGE LLC 8 5.09% $9,301
SWBC MORTGAGE CORPORATION 8 4.19% $6,075
Republic Bank & Trust Company 7 5.38% $6,510
RELIANCE FIRST CAPITAL, LLC 7 4.95% $9,724
UNION HOME MORTGAGE CORP. 7 5.63% $8,658
PNC Bank 7 5.32% $6,778
ENVOY MORTGAGE, LTD 6 5.50% $7,651
CROSSCOUNTRY MORTGAGE, LLC 6 4.37% $7,255
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 4.48% $11,067
Citizens Bank 6 4.35% $7,852
Mortgage Research Center, LLC 6 4.87% $6,355
TOP FLITE FINANCIAL, INC. 5 5.45% $11,056
CARDINAL FINANCIAL 5 4.80% $9,922
FBC MORTGAGE, LLC 5 5.50% $11,590
Nations Lending Corporation 5 5.10% $12,557
NEWREZ LLC 5 5.03% $9,954
SOUTH CENTRAL BANK, INC. 5 5.45% $6,524
Stock Yards Bank & Trust Company 5 4.83% $6,167
Traditional Bank, Inc. 5 5.95% $6,493
Austin Capital Bank SSB 4 4.63% $8,424
Flagstar Bank, FSB 4 4.28% $8,004
Lakeview Community Capital, LLC 4 3.56% $6,102
HOME POINT FINANCIAL CORPORATION 4 4.22% $9,384
JPMorgan Chase Bank 4 5.84% $7,616
MORTGAGE SUPPLIERS, INC. 4 4.16% $5,603
AMERICAN FINANCING CORPORATION 4 4.53% $7,416
U.S. Bank 4 5.25% $7,708
GoPrime Mortgage, Inc. 4 4.62% $8,474
Texana Bank 3 4.46% $9,814
Paramount Residential Mortgage Group, Inc. 3 5.83% $9,836
Sierra Pacific Mortgage Company, Inc. 3 3.96% $8,808
EVANSVILLE TEACHERS 3 5.25% $5,669
Plains Commerce Bank 3 5.33% $10,329
HANCOCK MORTGAGE PARTNERS, LLC 3 4.96% $9,410
M&T Bank 3 4.92% $6,686
VILLAGE CAPITAL MORTGAGE 3 4.46% $6,085
ENDEAVOR CAPITAL, LLC. 2 5.13% $8,985
MID AMERICA MORTGAGE, INC. 2 3.81% $4,434
MYCUMORTGAGE, LLC 2 4.50% $5,332
Wells Fargo Bank 2 5.44% $10,298
NATIONWIDE MORTGAGE BANKERS, INC. 2 5.06% $7,200
Old National Bank 2 4.19% $7,272
PLAZA HOME MORTGAGE, INC. 2 4.81% $19,235
EMBRACE HOME LOANS, INC. 2 5.69% $10,117
DRAPER AND KRAMER MORTGAGE CORP. 2 4.81% $6,558
FIRST COMMUNITY MORTGAGE, INC. 1 4.50% $9,516
Evolve Bank & Trust 1 4.75% $10,042
First Financial Bank 1 5.63% $6,233
LIBERTY HOME MORTGAGE CORPORATION 1 6.50% $7,703
First State Bank of St. Charles, Missouri 1 4.88% $10,264
GUARANTEED RATE AFFINITY, LLC 1 4.75% $6,490
CRESCENT MORTGAGE COMPANY 1 3.50% $9,734
RESIDENTIAL BANCORP 1 5.25% $11,662
ROSS MORTGAGE CORPORATION 1 6.50% $0
CMG MORTGAGE, INC. 1 6.75% $14,108
First Option Mortgage, LLC 1 4.13% $4,316
Willamette Valley Bank 1 3.75% $10,074
CHURCHILL MORTGAGE CORPORATION 1 5.75% $13,841
Wyndham Capital Mortgage, Inc. 1 5.25% $9,310
BETTER MORTGAGE CORPORATION 1 5.00% $12,971
Paramount Bank 1 4.63% $10,590
The Federal Savings Bank 1 5.25% $13,494
The Huntington National Bank 1 4.13% $6,727
AMERICAN FINANCIAL RESOURCES, INC. 1 2.75% $5,478
ZILLOW HOME LOANS, LLC 1 5.25% $7,984
Truist 1 3.13% $5,400
First Savings Bank 1 5.88% $26,008
UNITED MORTGAGE CORP 1 4.75% $7,705
Armed Forces Bank 1 3.63% $5,662
NFM, INC. 1 4.75% $7,826
VICTORY MORTGAGE, L.L.C. 1 5.13% $5,682
NETWORK CAPITAL FUNDING CORPORATION 1 5.38% $5,877
Warsaw Federal Savings and Loan Association 1 6.38% $11,063
INTERLINC MORTGAGE SERVICES, LLC 1 5.75% $11,906
NATIONS RELIABLE LENDING, LLC 1 7.00% $9,312
PHH Mortgage Corporation 1 5.63% $6,865
PLANET HOME LENDING, LLC 1 3.75% $5,088
KELLER MORTGAGE, LLC 1 4.75% $8,584

The top Lexington FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 130 FHA loans originated. Their average total fees are $8,961, which is $318 lower than the next largest lender, STOCKTON MORTGAGE CORPORATION.

The lowest fee Lexington FHA lenders (with over 10 loans originated) are Central Bank ($5,748), EVERETT FINANCIAL, INC. ($6,252), Peoples Exchange Bank ($6,771), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($7,069) and FREEDOM MORTGAGE CORPORATION ($7,137).

The lowest rate Lexington FHA lenders (with over 10 loans originated) are AMERICAN MORTGAGE SERVICE COMPANY (3.90%), FREEDOM MORTGAGE CORPORATION (4.42%), Century Mortgage Company DBA Century Lending Company (4.50%), QUICKEN LOANS, LLC (4.54%) and GUARANTEED RATE, INC. (4.66%).

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
Lexington's median listing price for 2023-12-01 was $390,717, a difference of $20,817 (5.6%) versus the prior year and $-2,329 versus the prior month.

Lexington's median listing price comes in at 95% of the national average.

Lexington's average listing price for 2023-12-01 was $501,915, a difference of $40,897 (8.9%) versus the prior year and $-8,620 versus the prior month.

For the 2023-12-01 period, Lexington had 886 MLS listings, a difference of -103 listings (-10%) versus the prior month and -7 listings (-1%) 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 58 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
Lexington's median listing age (time on market) for 2023-12-01 was 67 days. This is -1% shorter than the same period one year ago.

Lexington's median square footage for active listings during the 2023-12-01 period was 2,115 sqft. One year prior, the average listing was 2,168 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).