London FHA Loan Rates, Closing Costs & Stats

London, 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.

    London's 54 lenders originated 247 FHA loans during 2023. The total origination value was $43,575,000, with an average FHA loan value of $176,417.

    London FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in London averaged 6.92% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    London's average FHA mortgage closing costs are $6,292.

    The average rate for the prior week (2024-04-12) was 7.01% and one month ago for the week of 2024-03-15, the average rate was 6.78%.

    The average rate one year ago was 6.31%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    London 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 London level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 30 6.49% $8,735
    POLARIS HOME FUNDING CORP. 26 6.61% $8,198
    UNITED WHOLESALE MORTGAGE, LLC 26 6.63% $8,793
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 16 6.90% $5,983
    NEWREZ LLC 11 6.74% $7,680
    Carrington Mortgage Services, LLC 10 6.20% $9,224
    STOCKTON MORTGAGE CORPORATION 10 6.69% $8,784
    Equity Prime Mortgage LLC 9 7.04% $9,515
    HOMESIDE FINANCIAL, LLC 7 6.39% $10,118
    PENNYMAC LOAN SERVICES, LLC 7 5.86% $9,592
    Plains Commerce Bank 6 6.58% $6,603
    TOP FLITE FINANCIAL, INC. 6 6.60% $7,126
    Paramount Residential Mortgage Group, Inc. 5 7.38% $8,279
    EVERETT FINANCIAL, INC. 3 6.67% $3,973
    LAKEVIEW LOAN SERVICING, LLC 3 6.21% $10,884
    CARDINAL FINANCIAL 3 6.17% $10,257
    CROSSCOUNTRY MORTGAGE, LLC 3 6.63% $8,952
    FREEDOM MORTGAGE CORPORATION 3 6.91% $9,216
    MOVEMENT MORTGAGE, LLC 3 6.67% $10,847
    GENEVA FINANCIAL, LLC 3 6.58% $7,969
    AMERISAVE MORTGAGE CORPORATION 2 6.19% $9,189
    BROKER SOLUTIONS, INC. 2 6.44% $6,905
    Flagstar Bank, FSB 2 6.75% $10,665
    Northpointe Bank 2 6.38% $9,698
    Republic State Mortgage Co. 2 6.00% $7,734
    RUOFF MORTGAGE COMPANY, INC. 2 6.75% $3,642
    GoPrime Mortgage, Inc. 2 6.94% $3,104
    Mortgage Research Center, LLC 2 6.63% $4,123
    NETWORK CAPITAL FUNDING CORPORATION 1 6.75% $6,345
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.13% $6,066
    AmeriHome Mortgage Company, LLC 1 5.25% $11,794
    Bank of England 1 6.63% $10,537
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.25% $10,804
    BETTER MORTGAGE CORPORATION 1 6.13% $7,363
    Citizens Bank 1 7.25% $8,950
    EMM LOANS LLC 1 6.25% $13,042
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.25% $13,113
    Forcht Bank 1 5.88% $4,502
    GSF Mortgage Corporation 1 7.13% $11,615
    GUARANTEED RATE, INC. 1 6.75% $6,737
    GUARANTY HOME MORTGAGE CORPORATION 1 5.50% $8,878
    LOANDEPOT.COM, LLC 1 7.63% $6,255
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $9,384
    Nations Lending Corporation 1 6.63% $12,546
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.88% $16,250
    AMERICAN FINANCIAL NETWORK, INC. 1 7.63% $8,599
    PHH Mortgage Corporation 1 6.50% $5,544
    Renasant Bank 1 6.99% $10,214
    ROYAL UNITED MORTGAGE LLC 1 7.25% $6,338
    SOUTHWEST STAGE FUNDING, LLC 1 6.25% $13,346
    SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $9,616
    UNION HOME MORTGAGE CORP. 1 7.25% $13,145
    U.S. Bank 1 6.13% $7,608
    VILLAGE CAPITAL MORTGAGE 1 5.75% $15,870

    The top London FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 30 FHA loans originated. Their average total fees are $8,735, which is $536 higher than the next largest lender, POLARIS HOME FUNDING CORP..

    The lowest fee London FHA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. ($5,983), NEWREZ LLC ($7,680), POLARIS HOME FUNDING CORP. ($8,198), QUICKEN LOANS, LLC ($8,735) and STOCKTON MORTGAGE CORPORATION ($8,784).

    The lowest rate London FHA lenders (with over 10 loans originated) are Carrington Mortgage Services, LLC (6.20%), QUICKEN LOANS, LLC (6.49%), POLARIS HOME FUNDING CORP. (6.61%), UNITED WHOLESALE MORTGAGE, LLC (6.63%) and STOCKTON MORTGAGE CORPORATION (6.69%).

    London FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LONDON, KY CLAY 2022 $420,680 $538,650 $651,050 $809,150
    LONDON, KY KNOX 2022 $420,680 $538,650 $651,050 $809,150
    LONDON, KY LAUREL 2022 $420,680 $538,650 $651,050 $809,150
    LONDON, KY WHITLEY 2022 $420,680 $538,650 $651,050 $809,150
    LONDON, KY CLAY 2023 $472,030 $604,400 $730,525 $907,900
    LONDON, KY KNOX 2023 $472,030 $604,400 $730,525 $907,900
    LONDON, KY LAUREL 2023 $472,030 $604,400 $730,525 $907,900
    LONDON, KY WHITLEY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - London (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 $148,950 (6.5%) $186,648 (-0.9%) 0.00 363
    2018-02-01 $146,475 (4.7%) $189,005 (0.1%) 0.00 358
    2018-03-01 $154,900 (8.6%) $195,891 (1.1%) 0.00 350
    2018-04-01 $159,000 (10.3%) $197,336 (-1.6%) 0.00 348
    2018-05-01 $159,250 (6.3%) $204,221 (1.4%) 0.00 359
    2018-06-01 $159,900 (6.6%) $206,199 (-1.3%) 0.00 377
    2018-07-01 $159,925 (4.5%) $206,451 (1.1%) 0.00 382
    2018-08-01 $162,450 (8.4%) $205,031 (4.2%) 0.00 373
    2018-09-01 $159,900 (6.7%) $200,526 (1.0%) 0.00 375
    2018-10-01 $159,900 (6.6%) $198,519 (1.7%) 0.00 382
    2018-11-01 $159,900 (6.6%) $194,745 (0.5%) 0.00 381
    2018-12-01 $159,900 (6.7%) $191,435 (-0.8%) 0.00 341
    2019-01-01 $161,975 (8.7%) $192,305 (3.0%) 0.00 314
    2019-02-01 $164,925 (12.6%) $195,312 (3.3%) 0.00 319
    2019-03-01 $168,214 (8.6%) $199,804 (2.0%) 0.00 312
    2019-04-01 $168,464 (6.0%) $201,271 (2.0%) 0.00 307
    2019-05-01 $169,950 (6.7%) $203,727 (-0.2%) 0.00 306
    2019-06-01 $169,900 (6.3%) $207,714 (0.7%) 0.00 327
    2019-07-01 $169,450 (6.0%) $203,017 (-1.7%) 0.00 344
    2019-08-01 $169,900 (4.6%) $202,133 (-1.4%) 0.00 336
    2019-09-01 $169,900 (6.3%) $199,216 (-0.7%) 0.00 339
    2019-10-01 $169,900 (6.3%) $198,019 (-0.3%) 0.00 339
    2019-11-01 $169,900 (6.3%) $201,897 (3.7%) 0.00 327
    2019-12-01 $169,900 (6.3%) $200,420 (4.7%) 0.00 312
    2020-01-01 $166,600 (2.9%) $200,222 (4.1%) 0.00 283
    2020-02-01 $169,000 (2.5%) $208,508 (6.8%) 0.00 261
    2020-03-01 $170,900 (1.6%) $211,566 (5.9%) 0.00 227
    2020-04-01 $172,400 (2.3%) $210,376 (4.5%) 0.00 217
    2020-05-01 $189,900 (11.7%) $225,155 (10.5%) 0.00 193
    2020-06-01 $199,450 (17.4%) $231,790 (11.6%) 0.00 182
    2020-07-01 $202,475 (19.5%) $237,344 (16.9%) 0.00 173
    2020-08-01 $200,000 (17.7%) $237,585 (17.5%) 0.00 175
    2020-09-01 $199,900 (17.7%) $238,228 (19.6%) 0.00 178
    2020-10-01 $189,900 (11.8%) $227,376 (14.8%) 0.00 171
    2020-11-01 $189,900 (11.8%) $225,011 (11.5%) 0.00 154
    2020-12-01 $186,825 (10.0%) $223,679 (11.6%) 0.00 143
    2021-01-01 $179,500 (7.7%) $219,988 (9.9%) 0.00 123
    2021-02-01 $181,825 (7.6%) $221,433 (6.2%) 0.00 102
    2021-03-01 $184,000 (7.7%) $221,169 (4.5%) 0.00 103
    2021-04-01 $187,325 (8.7%) $243,392 (15.7%) 0.00 92
    2021-05-01 $199,000 (4.8%) $245,392 (9.0%) 0.00 104
    2021-06-01 $209,900 (5.2%) $262,573 (13.3%) 0.00 130
    2021-07-01 $209,000 (3.2%) $264,802 (11.6%) 0.00 145
    2021-08-01 $214,950 (7.5%) $267,264 (12.5%) 0.00 161
    2021-09-01 $224,675 (12.4%) $273,409 (14.8%) 0.00 169
    2021-10-01 $229,450 (20.8%) $287,946 (26.6%) 0.00 164
    2021-11-01 $237,500 (25.1%) $298,392 (32.6%) 0.00 155
    2021-12-01 $227,000 (21.5%) $277,516 (24.1%) 0.00 137
    2022-01-01 $225,000 (25.4%) $269,191 (22.4%) 0.00 122
    2022-02-01 $217,000 (19.4%) $260,859 (17.8%) 0.00 115
    2022-03-01 $225,875 (22.8%) $257,331 (16.4%) 0.00 103
    2022-04-01 $234,900 (25.4%) $274,760 (12.9%) 0.00 127
    2022-05-01 $237,475 (19.3%) $289,352 (17.9%) 0.00 187
    2022-06-01 $249,450 (18.8%) $285,418 (8.7%) 0.00 205
    2022-07-01 $259,000 (23.9%) $284,865 (7.6%) 0.00 235
    2022-08-01 $249,950 (16.3%) $284,922 (6.6%) 0.00 250
    2022-09-01 $250,975 (11.7%) $288,277 (5.4%) 0.00 238
    2022-10-01 $249,450 (8.7%) $283,806 (-1.4%) 0.00 248
    2022-11-01 $249,900 (5.2%) $277,634 (-7.0%) 0.00 248
    2022-12-01 $239,900 (5.7%) $270,666 (-2.5%) 0.00 220
    2023-01-01 $245,000 (8.9%) $285,498 (6.1%) 0.00 203
    2023-02-01 $246,225 (13.5%) $295,729 (13.4%) 0.00 192
    2023-03-01 $242,450 (7.3%) $298,623 (16.1%) 0.00 195
    2023-04-01 $240,000 (2.2%) $302,997 (10.3%) 0.00 198
    2023-05-01 $238,225 (0.3%) $302,398 (4.5%) 0.00 204
    2023-06-01 $247,750 (-0.7%) $310,325 (8.7%) 0.00 205
    2023-07-01 $240,000 (-7.3%) $310,642 (9.1%) 0.00 213
    2023-08-01 $249,900 (0.0%) $318,542 (11.8%) 0.00 223
    2023-09-01 $239,900 (-4.4%) $302,072 (4.8%) 0.00 227
    2023-10-01 $243,650 (-2.3%) $299,898 (5.7%) 0.00 227
    2023-11-01 $249,925 (0.0%) $304,908 (9.8%) 0.00 229
    2023-12-01 $249,000 (3.8%) $307,459 (13.6%) 0.00 233
    2024-01-01 $239,900 (-2.1%) $288,359 (1.0%) 0.00 228
    2024-02-01 $246,750 (0.2%) $290,063 (-1.9%) 0.00 226
    2024-03-01 $244,900 (1.0%) $293,623 (-1.7%) 0.00 247
    London's median listing price for 2024-03-01 was $244,900, a difference of $2,450 (1.0%) versus the prior year and $-1,850 versus the prior month.

    London's median listing price comes in at 0% of the national average.

    London's average listing price for 2024-03-01 was $293,623, a difference of $-5,000 (-1.7%) versus the prior year and $3,560 versus the prior month.

    For the 2024-03-01 period, London had 247 MLS listings, a difference of 21 listings (9%) versus the prior month and 52 listings (27%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - London (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,785 sqft
    2018-02-01 0 days 1,743 sqft
    2018-03-01 0 days 1,794 sqft
    2018-04-01 0 days 1,799 sqft
    2018-05-01 0 days 1,800 sqft
    2018-06-01 0 days 1,800 sqft
    2018-07-01 0 days 1,879 sqft
    2018-08-01 0 days 1,926 sqft
    2018-09-01 0 days 1,900 sqft
    2018-10-01 0 days 1,855 sqft
    2018-11-01 0 days 1,850 sqft
    2018-12-01 0 days 1,823 sqft
    2019-01-01 0 days 1,845 sqft
    2019-02-01 0 days 1,866 sqft
    2019-03-01 0 days 1,844 sqft
    2019-04-01 0 days 1,858 sqft
    2019-05-01 0 days 1,898 sqft
    2019-06-01 0 days 1,900 sqft
    2019-07-01 0 days 1,838 sqft
    2019-08-01 0 days 1,858 sqft
    2019-09-01 0 days 1,843 sqft
    2019-10-01 0 days 1,861 sqft
    2019-11-01 0 days 1,849 sqft
    2019-12-01 0 days 1,900 sqft
    2020-01-01 0 days 1,847 sqft
    2020-02-01 0 days 1,800 sqft
    2020-03-01 0 days 1,871 sqft
    2020-04-01 0 days 1,790 sqft
    2020-05-01 0 days 1,882 sqft
    2020-06-01 0 days 1,962 sqft
    2020-07-01 0 days 2,037 sqft
    2020-08-01 0 days 2,064 sqft
    2020-09-01 0 days 2,058 sqft
    2020-10-01 0 days 1,914 sqft
    2020-11-01 0 days 1,941 sqft
    2020-12-01 0 days 1,849 sqft
    2021-01-01 0 days 1,849 sqft
    2021-02-01 0 days 1,817 sqft
    2021-03-01 0 days 1,752 sqft
    2021-04-01 0 days 1,811 sqft
    2021-05-01 0 days 1,754 sqft
    2021-06-01 0 days 1,834 sqft
    2021-07-01 0 days 1,890 sqft
    2021-08-01 0 days 1,930 sqft
    2021-09-01 0 days 1,910 sqft
    2021-10-01 0 days 1,947 sqft
    2021-11-01 0 days 1,945 sqft
    2021-12-01 0 days 1,769 sqft
    2022-01-01 0 days 1,695 sqft
    2022-02-01 0 days 1,685 sqft
    2022-03-01 0 days 1,685 sqft
    2022-04-01 0 days 1,728 sqft
    2022-05-01 0 days 1,755 sqft
    2022-06-01 0 days 1,795 sqft
    2022-07-01 0 days 1,814 sqft
    2022-08-01 0 days 1,844 sqft
    2022-09-01 0 days 1,880 sqft
    2022-10-01 0 days 1,890 sqft
    2022-11-01 0 days 1,816 sqft
    2022-12-01 0 days 1,750 sqft
    2023-01-01 0 days 1,744 sqft
    2023-02-01 0 days 1,700 sqft
    2023-03-01 0 days 1,728 sqft
    2023-04-01 0 days 1,789 sqft
    2023-05-01 0 days 1,763 sqft
    2023-06-01 0 days 1,803 sqft
    2023-07-01 0 days 1,792 sqft
    2023-08-01 0 days 1,783 sqft
    2023-09-01 0 days 1,748 sqft
    2023-10-01 0 days 1,767 sqft
    2023-11-01 0 days 1,801 sqft
    2023-12-01 0 days 1,850 sqft
    2024-01-01 0 days 1,781 sqft
    2024-02-01 0 days 1,738 sqft
    2024-03-01 0 days 1,710 sqft
    London's median listing age (time on market) for 2024-03-01 was 0 days.

    London's median square footage for active listings during the 2024-03-01 period was 1,710 sqft. One year prior, the average listing was 1,728 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).