Louisville/jefferson County FHA Loans

LOUISVILLE/JEFFERSON COUNTY, KY-IN

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.

Louisville/jefferson County's 179 lenders originated 7,276 FHA loans during 2021. The total origination value was $1,344,560,000, with an average FHA loan value of $184,794.

Louisville/jefferson County FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Louisville/jefferson County averaged 5.09% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

The average rate for the prior week (2022-05-13) was 5.4% and one month ago for the week of 2022-04-15, the average rate was 5.19%.

The average rate one year ago was 3.26%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.21%.

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

Louisville/jefferson County 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 Louisville/jefferson County level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 677 2.71% $5,857
FREEDOM MORTGAGE CORPORATION 482 2.84% $4,811
HOME POINT FINANCIAL CORPORATION 392 2.92% $6,427
UNITED WHOLESALE MORTGAGE, LLC 381 2.82% $6,076
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 280 3.33% $6,524
STOCKTON MORTGAGE CORPORATION 220 3.29% $7,385
Commonwealth Bank and Trust Company 219 3.04% $6,681
INTERLINC MORTGAGE SERVICES, LLC 184 3.37% $5,647
AMERICAN MORTGAGE SERVICE COMPANY 143 2.97% $6,738
PENNYMAC LOAN SERVICES, LLC 140 3.12% $4,522
LAKEVIEW LOAN SERVICING, LLC 136 3.00% $4,385
BAY EQUITY LLC 132 3.22% $6,254
Mr. Cooper ( Nationstar Mortgage ) 129 3.31% $3,912
CMG MORTGAGE, INC. 129 3.26% $6,974
RUOFF MORTGAGE COMPANY, INC. 124 3.29% $5,553
THRIVE MORTGAGE, LLC 116 2.90% $5,669
ENVOY MORTGAGE, LTD 104 3.38% $7,344
CROSSCOUNTRY MORTGAGE, LLC 103 3.09% $7,343
Magnolia Bank 97 3.08% $6,323
MOVEMENT MORTGAGE, LLC 88 3.21% $5,846
CALIBER HOME LOANS, INC. 87 2.96% $5,527
Republic Bank & Trust Company 84 3.14% $5,670
VICTORY MORTGAGE, L.L.C. 71 2.72% $7,393
VILLAGE CAPITAL & INVESTMENT LLC 70 2.97% $2,423
Carrington Mortgage Services, LLC 67 3.56% $6,196
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 58 3.25% $7,976
EVANSVILLE TEACHERS 54 3.06% $6,509
Stock Yards Bank & Trust Company 51 3.02% $4,769
Prosperity Home Mortgage, LLC 51 3.39% $5,712
AMERISAVE MORTGAGE CORPORATION 47 3.04% $7,463
PRIMARY RESIDENTIAL MORTGAGE, INC. 47 3.36% $6,581
Northpointe Bank 41 3.15% $6,355
Citizens Union Bank of Shelbyville 41 2.86% $5,919
BROKER SOLUTIONS, INC. 39 3.19% $6,665
HOMEBRIDGE FINANCIAL SERVICES, INC. 37 2.74% $5,271
Paramount Residential Mortgage Group, Inc. 36 3.27% $6,494
First Harrison Bank 36 2.67% $5,350
NEWREZ LLC 35 2.93% $3,730
Citizens Bank 35 2.79% $5,554
ARK-LA-TEX FINANCIAL SERVICES, LLC. 35 3.24% $7,440
LOANDEPOT.COM, LLC 34 3.41% $7,002
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 34 3.16% $6,506
AmeriHome Mortgage Company, LLC 33 3.01% $4,227
SUCCESS MORTGAGE PARTNERS, INC. 32 3.40% $7,202
PULTE MORTGAGE LLC 31 2.92% $6,361
First Savings Bank 31 3.25% $6,560
FBC MORTGAGE, LLC 29 3.02% $7,480
SOUTHWEST FUNDING, LP 27 3.56% $8,853
Equity Prime Mortgage LLC 27 3.44% $6,020
Century Mortgage Company DBA Century Lending Company 27 3.16% $6,879
FAIR WAY LENDING LLC 26 3.05% $6,888
UNION HOME MORTGAGE CORP. 25 3.27% $6,827
DRAPER AND KRAMER MORTGAGE CORP. 25 3.20% $6,931
U.S. Bank 24 3.04% $5,648
Hometown Lenders, Inc. 24 3.30% $6,904
First Financial Bank 24 2.82% $6,386
Fifth Third Bank 23 3.05% $5,833
First Guaranty Mortgage Corporation 22 2.81% $5,631
PNC Bank 21 2.74% $5,153
GUARANTY HOME MORTGAGE CORPORATION 21 3.07% $5,496
PLANET HOME LENDING, LLC 19 2.76% $4,713
CELEBRITY HOME LOANS, LLC 18 3.44% $6,208
Lakeview Community Capital, LLC 17 2.94% $4,738
MUTUAL OF OMAHA MORTGAGE, INC. 17 3.23% $7,670
PLAZA HOME MORTGAGE, INC. 16 3.07% $7,361
STEARNS LENDING, LLC 16 3.19% $5,907
PRIMELENDING, A PLAINSCAPITAL COMPANY 16 3.37% $6,898
EVERETT FINANCIAL, INC. 15 3.58% $5,541
JPMorgan Chase Bank 15 3.07% $3,802
EMM LOANS LLC 14 3.29% $7,416
MYCUMORTGAGE, LLC 14 2.95% $6,115
Flagstar Bank, FSB 12 2.90% $6,673
Republic State Mortgage Co. 12 3.19% $6,211
Wolfe Financial, Inc 11 3.47% $7,858
MICHIGAN MUTUAL, INC. 10 2.98% $8,725
LEADERONE FINANCIAL CORPORATION 10 3.40% $6,822
Nations Lending Corporation 9 3.22% $10,185
Mortgage Research Center, LLC 9 3.01% $4,859
WesBanco Bank, Inc. 9 2.92% $6,058
HAMILTON HOME LOANS, INC. 8 3.45% $6,142
OCEANSIDE MORTGAGE COMPANY 7 2.89% $3,207
GENEVA FINANCIAL, LLC 7 3.13% $6,522
AMERIFIRST FINANCIAL CORPORATION 7 2.91% $7,812
SUN WEST MORTGAGE COMPANY, INC. 7 2.95% $8,346
MID AMERICA MORTGAGE, INC. 6 3.38% $6,585
The Federal Savings Bank 6 2.77% $8,851
RELIANCE FIRST CAPITAL, LLC 6 2.77% $10,971
SOUTH CENTRAL BANK, INC. 6 2.63% $4,693
Goldwater Bank, N.A. 6 3.29% $6,910
PARTNERS UNITED FINANCIAL, LLC 6 3.56% $6,241
UNITED MORTGAGE CORP. 6 2.96% $7,369
LAND HOME FINANCIAL SERVICES, INC. 6 2.90% $5,326
Regions Bank 5 2.95% $5,576
TOP FLITE FINANCIAL, INC. 5 3.55% $9,647
THE MORTGAGE WAREHOUSE,LLC 5 2.98% $6,864
InterContinental Capital Group, Inc 5 2.80% $6,340
NATIONS DIRECT MORTGAGE, LLC 5 3.19% $7,647
Manufacturers and Traders Trust Company 5 3.43% $6,487
GUARANTEED RATE, INC. 5 2.93% $6,765
AMCAP MORTGAGE, LTD. 4 3.22% $8,488
HOMESIDE FINANCIAL, LLC 4 3.00% $7,461
Truist Bank 4 3.01% $5,187
Sierra Pacific Mortgage Company, Inc. 4 2.91% $7,929
AMERICAN FINANCIAL NETWORK, INC. 4 2.56% $12,007
PHH Mortgage Corporation 4 3.19% $4,313
AMERICAN FINANCING CORPORATION 4 2.53% $8,260
1ST SIGNATURE LENDING, LLC 3 3.04% $7,245
AMERICAN FINANCIAL RESOURCES, INC. 3 4.04% $6,848
Bank of England 3 3.42% $9,335
CHURCHILL MORTGAGE CORPORATION 3 3.29% $6,793
DAS Acquisition Company, LLC 3 3.01% $6,118
DIRECT MORTGAGE LOANS, LLC 3 3.83% $7,674
FIRST COMMUNITY MORTGAGE, INC. 3 3.29% $7,296
FLAT BRANCH MORTGAGE, INC. 3 3.21% $8,626
German American Bank 3 3.21% $6,387
GUARANTEED RATE AFFINITY, LLC 3 2.71% $7,057
Guardian Savings Bank, A Federal Savings Bank 3 2.67% $5,109
NP, Inc. 3 2.96% $8,602
Forcht Bank 2 2.50% $4,703
MORTGAGE MASTERS OF INDIANA, INC. 2 3.13% $7,376
GVC MORTGAGE, INC. 2 3.31% $6,252
BETTER MORTGAGE CORPORATION 2 2.38% $9,406
FINANCE OF AMERICA MORTGAGE LLC 2 4.13% $5,298
GUILD MORTGAGE COMPANY 2 4.06% $5,052
Plains Commerce Bank 2 3.13% $9,076
BAYSHORE MORTGAGE FUNDING, LLC 2 2.75% $4,906
Barrington Bank & Trust Company, N.A. 2 3.06% $6,879
VANDERBILT MORTGAGE AND FINANCE, INC. 2 3.50% $7,022
NATIONS RELIABLE LENDING, LLC 2 3.56% $7,036
Hometown Equity Mortgage, LLC 2 4.63% $7,656
The Huntington National Bank 2 3.44% $5,351
ZILLOW HOME LOANS, LLC 2 2.69% $4,169
HALLMARK HOME MORTGAGE, LLC 2 3.56% $7,109
ACADEMY MORTGAGE CORPORATION 2 3.00% $7,534
Wyndham Capital Mortgage, Inc. 2 2.94% $7,200
North American Savings Bank, F.S.B. 2 3.75% $4,511
Renasant Bank 1 2.25% $7,894
ROSS MORTGAGE CORPORATION 1 3.63% $6,079
ROYAL UNITED MORTGAGE LLC 1 2.75% $10,187
GoPrime Mortgage, Inc. 1 3.75% $9,996
Servion, Inc. 1 2.75% $6,863
GERSHMAN INVESTMENT CORP. 1 2.88% $8,002
Flanagan State Bank 1 3.63% $7,427
FirstBank 1 2.75% $3,687
ENDEAVOR CAPITAL, LLC. 1 2.75% $5,599
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.25% $7,257
DHI MORTGAGE COMPANY, LTD. 1 2.63% $6,848
CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 2.88% $8,412
Colten Mortgage, LLC 1 3.63% $3,713
The Park National Bank 1 2.75% $4,636
Central Bank & Trust Company 1 2.75% $5,482
Centier Bank 1 3.63% $6,955
BNC National Bank 1 2.75% $7,420
Union Savings Bank 1 3.38% $7,079
United Fidelity Funding Corp. 1 3.50% $7,910
BEST CAPITAL FUNDING 1 3.13% $6,650
VAN DYK MORTGAGE CORPORATION 1 3.63% $7,382
Austin Capital Bank SSB 1 3.13% $6,833
AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.75% $10,166
ALLIED MORTGAGE GROUP, INC. 1 2.63% $11,467
Western Ohio Mortgage Corporation 1 3.50% $13,273
EMBRACE HOME LOANS, INC. 1 2.75% $13,879
NOVA FINANCIAL & INVESTMENT CORPORATION 1 3.25% $6,223
Old National Bank 1 3.38% $6,672
MORTGAGE SUPPLIERS, INC. 1 3.25% $4,830
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.25% $10,142
Peoples Bank 1 3.25% $6,790
PERFORMANCE MORTGAGE LLC 1 3.25% $6,822
MORTGAGE INVESTORS GROUP, INC. 1 2.75% $7,341
MLD MORTGAGE INC. 1 3.50% $8,356
Platinum Home Mortgage Corporation 1 2.99% $12,020
MILESTONE HOME LENDING, LLC 1 3.13% $4,191
Low VA Rates, LLC 1 3.75% $4,204
PREMIA MORTGAGE, LLC 1 3.25% $7,560
LIBERTY HOME MORTGAGE CORPORATION 1 3.25% $9,566
Legends Bank 1 3.00% $5,467
KELLER MORTGAGE, LLC 1 3.75% $7,748
Ixonia Bank 1 3.25% $7,821
Heartland Bank 1 2.50% $4,778

The top Louisville/jefferson County FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 677 FHA loans originated. Their average total fees are $5,857, which is $1,045 higher than the next largest lender, FREEDOM MORTGAGE CORPORATION.

The lowest fee Louisville/jefferson County FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,423), NEWREZ LLC ($3,730), JPMorgan Chase Bank ($3,802), Mr. Cooper ( Nationstar Mortgage ) ($3,912) and AmeriHome Mortgage Company, LLC ($4,227).

The lowest rate Louisville/jefferson County FHA lenders (with over 10 loans originated) are First Harrison Bank (2.67%), QUICKEN LOANS, LLC (2.71%), VICTORY MORTGAGE, L.L.C. (2.72%), HOMEBRIDGE FINANCIAL SERVICES, INC. (2.74%) and PNC Bank (2.74%).

Louisville/jefferson County FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
LOUISVILLE/JEFFERSON COUNTY, KY-IN CLARK 2022 $420,680 $538,650 $651,050 $809,150
LOUISVILLE/JEFFERSON COUNTY, KY-IN FLOYD 2022 $420,680 $538,650 $651,050 $809,150
LOUISVILLE/JEFFERSON COUNTY, KY-IN HARRISON 2022 $420,680 $538,650 $651,050 $809,150
LOUISVILLE/JEFFERSON COUNTY, KY-IN WASHINGTON 2022 $420,680 $538,650 $651,050 $809,150
LOUISVILLE/JEFFERSON COUNTY, KY-IN BULLITT 2022 $420,680 $538,650 $651,050 $809,150
LOUISVILLE/JEFFERSON COUNTY, KY-IN HENRY 2022 $420,680 $538,650 $651,050 $809,150
LOUISVILLE/JEFFERSON COUNTY, KY-IN JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
LOUISVILLE/JEFFERSON COUNTY, KY-IN OLDHAM 2022 $420,680 $538,650 $651,050 $809,150
LOUISVILLE/JEFFERSON COUNTY, KY-IN SHELBY 2022 $420,680 $538,650 $651,050 $809,150
LOUISVILLE/JEFFERSON COUNTY, KY-IN SPENCER 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Louisville/jefferson County (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 $234,950 (22.4%) $310,191 (12.0%) 0.87 3,368
2018-02-01 $243,208 (17.5%) $319,541 (9.0%) 0.88 3,153
2018-03-01 $255,000 (16.0%) $325,931 (7.0%) 0.88 3,139
2018-04-01 $258,950 (12.6%) $325,345 (3.7%) 0.87 3,254
2018-05-01 $267,721 (10.4%) $339,136 (4.1%) 0.89 3,450
2018-06-01 $269,500 (12.3%) $340,805 (5.5%) 0.90 3,695
2018-07-01 $265,400 (10.6%) $340,158 (6.4%) 0.89 3,839
2018-08-01 $264,950 (10.4%) $341,196 (6.0%) 0.89 3,929
2018-09-01 $265,000 (10.5%) $342,332 (8.0%) 0.89 4,106
2018-10-01 $259,900 (11.3%) $336,389 (8.4%) 0.87 4,295
2018-11-01 $255,000 (10.9%) $345,967 (12.7%) 0.86 4,260
2018-12-01 $249,900 (9.1%) $325,612 (7.2%) 0.86 4,001
2019-01-01 $249,900 (6.4%) $323,237 (4.2%) 0.86 3,652
2019-02-01 $261,900 (7.7%) $336,051 (5.2%) 0.88 3,328
2019-03-01 $273,529 (7.3%) $348,537 (6.9%) 0.89 3,240
2019-04-01 $284,950 (10.0%) $364,993 (12.2%) 0.90 3,414
2019-05-01 $289,900 (8.3%) $375,078 (10.6%) 0.89 3,619
2019-06-01 $285,000 (5.8%) $371,943 (9.1%) 0.88 3,775
2019-07-01 $277,200 (4.5%) $358,264 (5.3%) 0.86 4,043
2019-08-01 $268,471 (1.3%) $348,039 (2.0%) 0.84 4,055
2019-09-01 $259,900 (-1.9%) $335,045 (-2.1%) 0.83 3,994
2019-10-01 $252,450 (-2.9%) $326,257 (-3.0%) 0.81 4,204
2019-11-01 $244,900 (-4.0%) $318,002 (-8.1%) 0.79 4,041
2019-12-01 $237,450 (-5.0%) $314,597 (-3.4%) 0.79 3,644
2020-01-01 $239,900 (-4.0%) $315,880 (-2.3%) 0.80 3,311
2020-02-01 $254,900 (-2.7%) $328,105 (-2.4%) 0.82 2,963
2020-03-01 $272,450 (-0.4%) $347,288 (-0.4%) 0.85 2,803
2020-04-01 $275,000 (-3.5%) $349,486 (-4.3%) 0.86 2,852
2020-05-01 $289,700 (-0.1%) $365,989 (-2.4%) 0.88 2,642
2020-06-01 $289,900 (1.7%) $379,421 (2.0%) 0.85 2,298
2020-07-01 $289,900 (4.6%) $382,448 (6.8%) 0.83 2,135
2020-08-01 $284,900 (6.1%) $376,121 (8.1%) 0.81 2,060
2020-09-01 $267,450 (2.9%) $366,925 (9.5%) 0.76 2,115
2020-10-01 $258,000 (2.2%) $366,128 (12.2%) 0.74 2,094
2020-11-01 $244,900 (0.0%) $357,546 (12.4%) 0.70 2,124
2020-12-01 $239,900 (1.0%) $348,831 (10.9%) 0.70 1,992
2021-01-01 $249,000 (3.8%) $350,807 (11.1%) 0.73 1,663
2021-02-01 $259,900 (2.0%) $368,075 (12.2%) 0.75 1,308
2021-03-01 $264,450 (-2.9%) $375,579 (8.2%) 0.74 1,254
2021-04-01 $266,350 (-3.2%) $381,756 (9.2%) 0.72 1,309
2021-05-01 $274,900 (-5.1%) $382,080 (4.4%) 0.72 1,282
2021-06-01 $277,450 (-4.3%) $389,815 (2.7%) 0.72 1,454
2021-07-01 $269,950 (-6.9%) $375,395 (-1.8%) 0.70 1,710
2021-08-01 $264,950 (-7.0%) $365,106 (-2.9%) 0.70 1,932
2021-09-01 $250,000 (-6.5%) $356,130 (-2.9%) 0.66 1,984
2021-10-01 $250,000 (-3.1%) $349,568 (-4.5%) 0.66 2,015
2021-11-01 $249,450 (1.9%) $348,391 (-2.6%) 0.66 1,976
2021-12-01 $252,500 (5.3%) $353,713 (1.4%) 0.67 1,721
2022-01-01 $259,000 (4.0%) $352,620 (0.5%) 0.69 1,479
2022-02-01 $279,900 (7.7%) $372,613 (1.2%) 0.71 1,207
2022-03-01 $289,950 (9.6%) $384,170 (2.3%) 0.72 1,177
2022-04-01 $289,900 (8.8%) $383,805 (0.5%) 0.68 1,227
Louisville/jefferson County's median listing price for 2022-04-01 was $289,900, a difference of $23,550 (8.8%) versus the prior year and $-50 versus the prior month.

Louisville/jefferson County's median listing price comes in at 68% of the national average.

Louisville/jefferson County's average listing price for 2022-04-01 was $383,805, a difference of $2,049 (0.5%) versus the prior year and $-365 versus the prior month.

For the 2022-04-01 period, Louisville/jefferson County had 1,227 MLS listings, a difference of 50 listings (4%) versus the prior month and -82 listings (-6%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Louisville/jefferson County (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 76 days 1,969 sqft
2018-02-01 69 days 1,988 sqft
2018-03-01 47 days 2,039 sqft
2018-04-01 45 days 2,061 sqft
2018-05-01 40 days 2,112 sqft
2018-06-01 40 days 2,147 sqft
2018-07-01 44 days 2,118 sqft
2018-08-01 44 days 2,121 sqft
2018-09-01 47 days 2,109 sqft
2018-10-01 50 days 2,093 sqft
2018-11-01 54 days 2,072 sqft
2018-12-01 64 days 2,045 sqft
2019-01-01 69 days 2,024 sqft
2019-02-01 66 days 2,054 sqft
2019-03-01 55 days 2,105 sqft
2019-04-01 46 days 2,165 sqft
2019-05-01 46 days 2,239 sqft
2019-06-01 46 days 2,200 sqft
2019-07-01 44 days 2,128 sqft
2019-08-01 46 days 2,085 sqft
2019-09-01 46 days 2,043 sqft
2019-10-01 48 days 1,983 sqft
2019-11-01 52 days 1,932 sqft
2019-12-01 65 days 1,846 sqft
2020-01-01 72 days 1,853 sqft
2020-02-01 64 days 1,900 sqft
2020-03-01 51 days 1,962 sqft
2020-04-01 51 days 1,966 sqft
2020-05-01 57 days 1,988 sqft
2020-06-01 46 days 2,006 sqft
2020-07-01 43 days 1,989 sqft
2020-08-01 38 days 1,960 sqft
2020-09-01 35 days 1,883 sqft
2020-10-01 35 days 1,870 sqft
2020-11-01 37 days 1,787 sqft
2020-12-01 42 days 1,735 sqft
2021-01-01 49 days 1,731 sqft
2021-02-01 42 days 1,750 sqft
2021-03-01 34 days 1,778 sqft
2021-04-01 28 days 1,744 sqft
2021-05-01 25 days 1,773 sqft
2021-06-01 23 days 1,812 sqft
2021-07-01 23 days 1,792 sqft
2021-08-01 26 days 1,789 sqft
2021-09-01 30 days 1,763 sqft
2021-10-01 31 days 1,739 sqft
2021-11-01 34 days 1,671 sqft
2021-12-01 41 days 1,657 sqft
2022-01-01 49 days 1,640 sqft
2022-02-01 40 days 1,664 sqft
2022-03-01 30 days 1,672 sqft
2022-04-01 24 days 1,683 sqft
Louisville/jefferson County's median listing age (time on market) for 2022-04-01 was 24 days. This is -14% shorter than the same period one year ago.

Louisville/jefferson County's median square footage for active listings during the 2022-04-01 period was 1,683 sqft. One year prior, the average listing was 1,744 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).