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 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 6.14% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

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

    The average rate for the prior week (2023-05-19) was 5.91% and one month ago for the week of 2023-04-21, the average rate was 5.85%.

    The average rate one year ago was 4.67%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.12%.

    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 & Trust Company 17 4.73% $5,748
    AMERISAVE MORTGAGE CORPORATION 16 4.76% $8,657
    MOVEMENT MORTGAGE, LLC 15 5.09% $8,965
    WesBanco Bank, Inc. 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 & Trust Company ($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%) $389,152 (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 $293,980 (-1.7%) $396,522 (-2.6%) 0.98 1,462
    2019-04-01 $304,023 (-1.9%) $406,499 (-3.4%) 0.97 1,510
    2019-05-01 $309,900 (-1.5%) $403,644 (-6.3%) 0.97 1,614
    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 $309,900 (7.2%) $399,131 (-1.1%) 0.97 1,762
    2019-09-01 $309,900 (7.3%) $424,799 (7.0%) 0.98 1,644
    2019-10-01 $289,900 (3.9%) $420,090 (8.0%) 0.94 1,782
    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%) 1.02 1,270
    2020-03-01 $318,735 (8.4%) $414,554 (4.6%) 1.00 1,219
    2020-04-01 $316,553 (4.1%) $416,691 (2.5%) 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 (6.2%) $456,993 (14.5%) 0.94 967
    2020-09-01 $327,559 (5.7%) $456,204 (7.4%) 0.94 913
    2020-10-01 $326,767 (12.7%) $455,472 (8.4%) 0.94 896
    2020-11-01 $321,950 (11.4%) $451,463 (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 $388,175 (12.7%) $504,815 (-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%) $496,722 (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
    Lexington's median listing price for 2023-04-01 was $399,900, a difference of $24,510 (6.5%) versus the prior year and $0 versus the prior month.

    Lexington's median listing price comes in at 93% of the national average.

    Lexington's average listing price for 2023-04-01 was $510,750, a difference of $9,733 (1.9%) versus the prior year and $6,677 versus the prior month.

    For the 2023-04-01 period, Lexington had 698 MLS listings, a difference of -12 listings (-2%) versus the prior month and 215 listings (45%) 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 89 days 2,278 sqft
    2018-02-01 91 days 2,334 sqft
    2018-03-01 66 days 2,376 sqft
    2018-04-01 57 days 2,440 sqft
    2018-05-01 52 days 2,471 sqft
    2018-06-01 51 days 2,474 sqft
    2018-07-01 58 days 2,414 sqft
    2018-08-01 57 days 2,376 sqft
    2018-09-01 59 days 2,366 sqft
    2018-10-01 66 days 2,309 sqft
    2018-11-01 72 days 2,258 sqft
    2018-12-01 80 days 2,180 sqft
    2019-01-01 86 days 2,193 sqft
    2019-02-01 87 days 2,286 sqft
    2019-03-01 68 days 2,315 sqft
    2019-04-01 56 days 2,368 sqft
    2019-05-01 53 days 2,362 sqft
    2019-06-01 53 days 2,377 sqft
    2019-07-01 58 days 2,366 sqft
    2019-08-01 66 days 2,400 sqft
    2019-09-01 72 days 2,363 sqft
    2019-10-01 66 days 2,272 sqft
    2019-11-01 71 days 2,238 sqft
    2019-12-01 80 days 2,187 sqft
    2020-01-01 93 days 2,206 sqft
    2020-02-01 92 days 2,300 sqft
    2020-03-01 74 days 2,308 sqft
    2020-04-01 75 days 2,327 sqft
    2020-05-01 71 days 2,381 sqft
    2020-06-01 68 days 2,381 sqft
    2020-07-01 61 days 2,366 sqft
    2020-08-01 66 days 2,365 sqft
    2020-09-01 84 days 2,346 sqft
    2020-10-01 85 days 2,316 sqft
    2020-11-01 88 days 2,233 sqft
    2020-12-01 82 days 2,104 sqft
    2021-01-01 79 days 2,163 sqft
    2021-02-01 79 days 2,134 sqft
    2021-03-01 61 days 2,149 sqft
    2021-04-01 46 days 2,165 sqft
    2021-05-01 43 days 2,180 sqft
    2021-06-01 49 days 2,089 sqft
    2021-07-01 45 days 2,000 sqft
    2021-08-01 44 days 2,037 sqft
    2021-09-01 46 days 2,006 sqft
    2021-10-01 51 days 1,979 sqft
    2021-11-01 56 days 1,995 sqft
    2021-12-01 63 days 1,980 sqft
    2022-01-01 71 days 2,010 sqft
    2022-02-01 59 days 2,034 sqft
    2022-03-01 47 days 2,085 sqft
    2022-04-01 40 days 2,101 sqft
    2022-05-01 43 days 2,153 sqft
    2022-06-01 39 days 2,200 sqft
    2022-07-01 40 days 2,214 sqft
    2022-08-01 44 days 2,218 sqft
    2022-09-01 49 days 2,228 sqft
    2022-10-01 54 days 2,248 sqft
    2022-11-01 60 days 2,199 sqft
    2022-12-01 75 days 2,168 sqft
    2023-01-01 85 days 2,203 sqft
    2023-02-01 83 days 2,258 sqft
    2023-03-01 70 days 2,278 sqft
    2023-04-01 59 days 2,295 sqft
    Lexington's median listing age (time on market) for 2023-04-01 was 59 days. This is 48% longer than the same period one year ago.

    Lexington's median square footage for active listings during the 2023-04-01 period was 2,295 sqft. One year prior, the average listing was 2,101 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).