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 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 -0.1% for the week of 2022-11-25, compared to the national average (all FHA variants) of 0% for the same period.

Lexington's average FHA mortgage closing costs are $6,013.

The average rate for the prior week (2022-11-18) was 6.33% and one month ago for the week of 2022-10-21, the average rate was 6.93%.

The average rate one year ago was 3.31%.

For refis of the same type during the week of 2022-11-25, the average rate was -0.45%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
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 MORTGAGE 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 MORTGAGE ($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 (6.9%) $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 $293,621 (-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%) $403,644 (-6.3%) 0.97 1,614
2019-06-01 $309,900 (-1.6%) $398,714 (-7.2%) 0.97 1,663
2019-07-01 $300,000 (0.0%) $392,797 (-6.2%) 0.94 1,775
2019-08-01 $297,245 (2.8%) $398,375 (-1.3%) 0.94 1,794
2019-09-01 $293,114 (1.4%) $409,309 (3.1%) 0.94 1,814
2019-10-01 $290,560 (4.2%) $418,693 (7.6%) 0.94 1,804
2019-11-01 $289,000 (7.4%) $422,488 (12.5%) 0.95 1,676
2019-12-01 $283,450 (7.0%) $422,164 (15.0%) 0.95 1,515
2020-01-01 $292,000 (9.3%) $434,809 (18.5%) 0.98 1,351
2020-02-01 $310,000 (9.3%) $458,575 (20.5%) 1.01 1,271
2020-03-01 $318,950 (8.6%) $414,525 (6.0%) 1.00 1,220
2020-04-01 $316,554 (4.1%) $416,661 (3.5%) 0.99 1,233
2020-05-01 $323,949 (4.5%) $436,022 (8.0%) 0.98 1,167
2020-06-01 $324,900 (4.8%) $467,482 (17.3%) 0.96 1,101
2020-07-01 $327,175 (9.1%) $454,082 (15.6%) 0.95 996
2020-08-01 $329,000 (10.7%) $456,922 (14.7%) 0.94 968
2020-09-01 $327,599 (11.8%) $456,128 (11.4%) 0.94 914
2020-10-01 $327,689 (12.8%) $455,398 (8.8%) 0.94 897
2020-11-01 $321,950 (11.4%) $451,382 (6.8%) 0.94 825
2020-12-01 $319,900 (12.9%) $440,291 (4.3%) 0.95 752
2021-01-01 $324,900 (11.3%) $453,409 (4.3%) 0.97 669
2021-02-01 $330,425 (6.6%) $464,186 (1.2%) 0.96 575
2021-03-01 $329,424 (3.3%) $468,188 (13.0%) 0.93 545
2021-04-01 $331,488 (4.7%) $490,432 (17.7%) 0.90 567
2021-05-01 $344,500 (6.3%) $518,186 (18.8%) 0.91 566
2021-06-01 $328,375 (1.1%) $477,353 (2.1%) 0.86 610
2021-07-01 $315,000 (-3.7%) $462,870 (1.9%) 0.83 659
2021-08-01 $317,450 (-3.5%) $456,397 (-0.1%) 0.85 709
2021-09-01 $315,114 (-3.8%) $457,859 (0.4%) 0.84 724
2021-10-01 $311,950 (-4.8%) $446,499 (-2.0%) 0.83 683
2021-11-01 $317,500 (-1.4%) $467,339 (3.5%) 0.85 607
2021-12-01 $319,725 (-0.1%) $458,024 (4.0%) 0.87 508
2022-01-01 $329,900 (1.5%) $490,268 (8.1%) 0.89 409
2022-02-01 $348,095 (5.4%) $494,643 (6.6%) 0.91 396
2022-03-01 $352,500 (7.0%) $506,197 (8.1%) 0.88 439
2022-04-01 $375,000 (13.1%) $501,011 (2.2%) 0.90 483
2022-05-01 $387,825 (12.6%) $504,780 (-2.6%) 0.89 568
2022-06-01 $394,400 (20.1%) $493,658 (3.4%) 0.88 688
2022-07-01 $398,950 (26.7%) $494,911 (6.9%) 0.90 802
2022-08-01 $383,501 (20.8%) $490,809 (7.5%) 0.89 854
2022-09-01 $386,900 (22.8%) $496,733 (8.5%) 0.91 847
2022-10-01 $385,900 (23.7%) $506,920 (13.5%) 0.91 902
Lexington's median listing price for 2022-10-01 was $385,900, a difference of $73,950 (23.7%) versus the prior year and $-1,000 versus the prior month.

Lexington's median listing price comes in at 91% of the national average.

Lexington's average listing price for 2022-10-01 was $506,920, a difference of $60,421 (13.5%) versus the prior year and $10,187 versus the prior month.

For the 2022-10-01 period, Lexington had 902 MLS listings, a difference of 55 listings (6%) versus the prior month and 219 listings (32%) 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 73 days 2,320 sqft
2019-04-01 56 days 2,368 sqft
2019-05-01 53 days 2,362 sqft
2019-06-01 53 days 2,378 sqft
2019-07-01 58 days 2,367 sqft
2019-08-01 60 days 2,354 sqft
2019-09-01 62 days 2,307 sqft
2019-10-01 65 days 2,278 sqft
2019-11-01 71 days 2,239 sqft
2019-12-01 80 days 2,187 sqft
2020-01-01 93 days 2,207 sqft
2020-02-01 92 days 2,300 sqft
2020-03-01 75 days 2,308 sqft
2020-04-01 75 days 2,328 sqft
2020-05-01 71 days 2,385 sqft
2020-06-01 68 days 2,381 sqft
2020-07-01 61 days 2,366 sqft
2020-08-01 66 days 2,366 sqft
2020-09-01 85 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 2,105 sqft
2021-01-01 79 days 2,163 sqft
2021-02-01 79 days 2,135 sqft
2021-03-01 61 days 2,150 sqft
2021-04-01 46 days 2,167 sqft
2021-05-01 43 days 2,182 sqft
2021-06-01 49 days 2,091 sqft
2021-07-01 45 days 2,000 sqft
2021-08-01 44 days 2,039 sqft
2021-09-01 46 days 2,007 sqft
2021-10-01 51 days 1,981 sqft
2021-11-01 56 days 1,997 sqft
2021-12-01 63 days 1,981 sqft
2022-01-01 71 days 2,014 sqft
2022-02-01 59 days 2,036 sqft
2022-03-01 47 days 2,092 sqft
2022-04-01 40 days 2,101 sqft
2022-05-01 43 days 2,155 sqft
2022-06-01 39 days 2,204 sqft
2022-07-01 40 days 2,215 sqft
2022-08-01 44 days 2,221 sqft
2022-09-01 49 days 2,232 sqft
2022-10-01 54 days 2,250 sqft
Lexington's median listing age (time on market) for 2022-10-01 was 54 days. This is 6% longer than the same period one year ago.

Lexington's median square footage for active listings during the 2022-10-01 period was 2,250 sqft. One year prior, the average listing was 1,981 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).