Lexington FHA Loans

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 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).