Louisville FHA Loan Rates, Closing Costs & Stats
LOUISVILLE, 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.
Louisville's 156 lenders originated 3,839 FHA
loans during 2023. The total origination value was $865,145,000, with an average FHA loan value of
$225,357.
Louisville FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Louisville
averaged
6.6%
for the week of 2024-07-19, compared to the national average (all FHA variants) of
6.59% for the same period.
Louisville's average FHA mortgage closing costs are $6,542.
The average rate for the prior week (2024-07-12) was
6.45% and
one month ago for the week of 2024-06-14, the
average rate was 6.6%.
The average rate one year ago was 6.99%.
For refis of the same type during the week of 2024-07-19, the average rate
was 6.94%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Louisville 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 Louisville level.
Name |
# of Loans |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
UNITED WHOLESALE MORTGAGE, LLC
|
454
|
6.53%
|
$9,478
|
QUICKEN LOANS, LLC
|
363
|
6.32%
|
$9,364
|
Northpointe Bank
|
263
|
6.51%
|
$9,673
|
STOCKTON MORTGAGE CORPORATION
|
196
|
6.61%
|
$9,879
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
146
|
6.80%
|
$9,057
|
Century Mortgage Company DBA Century Lending Company
|
121
|
6.67%
|
$8,645
|
FREEDOM MORTGAGE CORPORATION
|
117
|
6.80%
|
$11,087
|
INTERLINC MORTGAGE SERVICES, LLC
|
105
|
6.77%
|
$8,133
|
RUOFF MORTGAGE COMPANY, INC.
|
102
|
6.76%
|
$7,785
|
VICTORY MORTGAGE, L.L.C.
|
86
|
5.76%
|
$8,856
|
THRIVE MORTGAGE, LLC
|
66
|
6.61%
|
$9,095
|
CROSSCOUNTRY MORTGAGE, LLC
|
63
|
6.77%
|
$9,960
|
Magnolia Bank
|
60
|
6.50%
|
$9,908
|
Equity Prime Mortgage LLC
|
56
|
6.87%
|
$8,189
|
Plains Commerce Bank
|
49
|
6.48%
|
$9,057
|
AMERISAVE MORTGAGE CORPORATION
|
45
|
6.11%
|
$11,702
|
Stock Yards Bank & Trust Company
|
45
|
6.91%
|
$7,795
|
ENVOY MORTGAGE, LTD
|
42
|
6.75%
|
$10,467
|
LOANDEPOT.COM, LLC
|
40
|
6.36%
|
$9,823
|
PENNYMAC LOAN SERVICES, LLC
|
39
|
6.09%
|
$10,280
|
HOMESIDE FINANCIAL, LLC
|
35
|
6.64%
|
$8,780
|
EMM LOANS LLC
|
34
|
6.43%
|
$9,982
|
Prosperity Home Mortgage, LLC
|
33
|
6.64%
|
$8,462
|
Fifth Third Bank
|
33
|
6.49%
|
$4,953
|
EVERETT FINANCIAL, INC.
|
33
|
6.50%
|
$9,780
|
Republic Bank & Trust Company
|
32
|
6.56%
|
$8,275
|
ENDEAVOR CAPITAL, LLC.
|
32
|
6.82%
|
$9,615
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
30
|
6.66%
|
$11,561
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
29
|
6.79%
|
$11,681
|
AmeriHome Mortgage Company, LLC
|
28
|
6.52%
|
$8,547
|
BROKER SOLUTIONS, INC.
|
27
|
6.69%
|
$11,616
|
CARDINAL FINANCIAL
|
26
|
6.32%
|
$8,957
|
PULTE MORTGAGE LLC
|
25
|
5.87%
|
$7,710
|
Carrington Mortgage Services, LLC
|
24
|
6.26%
|
$10,972
|
First Financial Bank
|
23
|
6.34%
|
$7,949
|
First Savings Bank
|
22
|
6.68%
|
$10,725
|
Flagstar Bank, FSB
|
22
|
6.60%
|
$8,463
|
Paramount Residential Mortgage Group, Inc.
|
22
|
6.94%
|
$9,325
|
VANDERBILT MORTGAGE AND FINANCE, INC.
|
21
|
5.81%
|
$12,729
|
Mr. Cooper ( Nationstar Mortgage )
|
21
|
6.17%
|
$13,040
|
MID AMERICA MORTGAGE, INC.
|
21
|
7.44%
|
$5,324
|
NEWREZ LLC
|
19
|
6.37%
|
$9,645
|
LEADERONE FINANCIAL CORPORATION
|
18
|
7.07%
|
$8,222
|
JPMorgan Chase Bank
|
17
|
6.75%
|
$6,141
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
16
|
6.84%
|
$8,486
|
GUILD MORTGAGE COMPANY
|
16
|
7.17%
|
$9,701
|
INSPIRE HOME LOANS INC.
|
16
|
5.57%
|
$7,543
|
PNC Bank
|
16
|
6.81%
|
$5,758
|
U.S. Bank
|
15
|
6.48%
|
$8,943
|
UNION HOME MORTGAGE CORP.
|
14
|
6.63%
|
$9,885
|
ATLANTIC BAY MORTGAGE GROUP, L.L.C.
|
14
|
6.26%
|
$9,530
|
First Harrison Bank
|
13
|
6.66%
|
$6,840
|
PLAZA HOME MORTGAGE, INC.
|
13
|
6.83%
|
$11,797
|
SUCCESS MORTGAGE PARTNERS, INC.
|
13
|
6.86%
|
$10,103
|
Mortgage Research Center, LLC
|
13
|
7.18%
|
$6,242
|
AMERICAN FINANCIAL NETWORK, INC.
|
12
|
7.21%
|
$8,952
|
DHI MORTGAGE COMPANY, LTD.
|
11
|
5.35%
|
$7,757
|
LAKEVIEW LOAN SERVICING, LLC
|
11
|
6.44%
|
$11,534
|
MOVEMENT MORTGAGE, LLC
|
11
|
6.85%
|
$8,839
|
AMERICAN FINANCIAL RESOURCES, INC.
|
10
|
6.79%
|
$10,456
|
WesBanco
|
10
|
6.30%
|
$8,331
|
FAIR WAY LENDING LLC
|
9
|
6.86%
|
$10,298
|
THE MORTGAGE WAREHOUSE,LLC
|
9
|
6.74%
|
$8,978
|
SUN WEST MORTGAGE COMPANY, INC.
|
9
|
6.61%
|
$9,322
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
8
|
6.83%
|
$9,480
|
ZILLOW HOME LOANS, LLC
|
8
|
6.84%
|
$9,569
|
Nations Lending Corporation
|
8
|
6.33%
|
$11,787
|
Traditional Bank, Inc.
|
7
|
6.48%
|
$9,530
|
Sierra Pacific Mortgage Company, Inc.
|
7
|
6.80%
|
$11,630
|
Citizens Bank
|
7
|
6.21%
|
$6,818
|
T2 FINANCIAL LLC
|
7
|
7.05%
|
$7,829
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
6
|
6.71%
|
$13,028
|
BAY EQUITY LLC
|
6
|
6.83%
|
$10,093
|
EVANSVILLE TEACHERS
|
6
|
6.92%
|
$9,062
|
ROYAL UNITED MORTGAGE LLC
|
5
|
6.78%
|
$12,466
|
German American Bank
|
5
|
6.55%
|
$6,054
|
SOUTH CENTRAL BANK, INC.
|
5
|
6.73%
|
$8,147
|
FBC MORTGAGE, LLC
|
5
|
6.23%
|
$8,376
|
American Mortgage & Equity Consultants, Inc.
|
5
|
7.30%
|
$11,363
|
NORWICH COMMERCIAL GROUP, INC.
|
5
|
6.95%
|
$7,327
|
The Federal Savings Bank
|
5
|
6.65%
|
$12,161
|
LOANPAL, LLC
|
5
|
5.62%
|
$12,177
|
FIRST COMMUNITY MORTGAGE, INC.
|
5
|
6.50%
|
$7,975
|
TOWNE MORTGAGE COMPANY
|
5
|
6.45%
|
$12,020
|
TOP FLITE FINANCIAL, INC.
|
4
|
6.97%
|
$16,554
|
VILLAGE CAPITAL MORTGAGE
|
4
|
6.82%
|
$6,730
|
RELIANCE FIRST CAPITAL, LLC
|
4
|
7.03%
|
$10,210
|
Wolfe Financial, Inc
|
4
|
7.34%
|
$8,867
|
Bank of England
|
4
|
6.53%
|
$9,810
|
DIRECT MORTGAGE LOANS, LLC
|
4
|
6.53%
|
$13,361
|
PLANET HOME LENDING, LLC
|
4
|
5.65%
|
$7,287
|
GUARANTEED RATE, INC.
|
3
|
6.58%
|
$8,661
|
M&T Bank
|
3
|
6.67%
|
$5,831
|
CMG MORTGAGE, INC.
|
3
|
6.63%
|
$9,067
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
3
|
7.29%
|
$17,186
|
OCMBC, INC.
|
3
|
7.42%
|
$12,800
|
ON Q FINANCIAL, INC.
|
3
|
7.16%
|
$7,484
|
Blue Ridge Bank
|
3
|
7.25%
|
$7,656
|
Regions Bank
|
3
|
6.21%
|
$7,130
|
Truist
|
3
|
6.40%
|
$8,009
|
Republic State Mortgage Co.
|
3
|
6.83%
|
$9,689
|
NBKC BANK
|
3
|
5.71%
|
$9,288
|
Servion, Inc.
|
2
|
5.88%
|
$8,348
|
LAND HOME FINANCIAL SERVICES, INC.
|
2
|
7.75%
|
$13,481
|
AMERICAN FINANCING CORPORATION
|
2
|
6.63%
|
$8,515
|
MIDLAND MORTGAGE CORPORATION
|
2
|
6.69%
|
$15,845
|
Wells Fargo Bank
|
2
|
6.00%
|
$8,885
|
AMCAP MORTGAGE, LTD.
|
2
|
6.88%
|
$6,148
|
DRAPER AND KRAMER MORTGAGE CORP.
|
2
|
7.00%
|
$7,249
|
Wilson & Muir Bank & Trust Company
|
2
|
6.63%
|
$5,350
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
2
|
6.50%
|
$12,054
|
SOUTHPOINT FINANCIAL SERVICES, INC.
|
2
|
6.50%
|
$12,152
|
AmRes Corporation
|
1
|
7.63%
|
$8,810
|
VAN DYK MORTGAGE CORPORATION
|
1
|
6.99%
|
$5,190
|
VERITAS FUNDING, LLC
|
1
|
6.63%
|
$15,019
|
Victorian Finance, LLC
|
1
|
6.88%
|
$8,704
|
Western Ohio Mortgage Corporation
|
1
|
5.25%
|
$3,639
|
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP.
|
1
|
6.25%
|
$9,145
|
ACADEMY MORTGAGE CORPORATION
|
1
|
7.25%
|
$8,124
|
MEMBER FIRST MORTGAGE, LLC
|
1
|
7.63%
|
$6,681
|
Meridian Bank Corporation
|
1
|
6.25%
|
$8,922
|
MORTGAGE MASTERS OF INDIANA, INC.
|
1
|
6.63%
|
$9,981
|
LIBERTY HOME MORTGAGE CORPORATION
|
1
|
6.63%
|
$13,139
|
Lakeview Community Capital, LLC
|
1
|
6.25%
|
$8,783
|
INTERCOASTAL MORTGAGE COMPANY
|
1
|
6.13%
|
$7,294
|
NATIONS DIRECT MORTGAGE, LLC
|
1
|
7.63%
|
$7,844
|
INTERCAP LENDING INC.
|
1
|
4.63%
|
$19,311
|
NETWORK CAPITAL FUNDING CORPORATION
|
1
|
5.75%
|
$13,358
|
1ST SIGNATURE LENDING, LLC
|
1
|
7.50%
|
$11,765
|
NEXERA HOLDING LLC
|
1
|
5.75%
|
$10,572
|
GVC MORTGAGE, INC.
|
1
|
7.75%
|
$8,307
|
OPEN MORTGAGE, LLC
|
1
|
6.25%
|
$14,440
|
Guardian Savings Bank, A Federal Savings Bank
|
1
|
6.13%
|
$10,651
|
PENTAGON FEDERAL CREDIT UNION
|
1
|
5.13%
|
$14,966
|
GSF Mortgage Corporation
|
1
|
6.63%
|
$16,616
|
GENEVA FINANCIAL, LLC
|
1
|
7.50%
|
$14,063
|
POINT Mortgage
|
1
|
5.63%
|
$9,707
|
Forcht Bank
|
1
|
6.13%
|
$9,709
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
1
|
6.13%
|
$9,076
|
First Citizens National Bank
|
1
|
6.63%
|
$7,000
|
FIRST ALLIANCE HOME MORTGAGE, LLC
|
1
|
6.75%
|
$16,660
|
Residential Mortgage Solutions, Inc.
|
1
|
6.25%
|
$11,053
|
S1L, Inc.
|
1
|
6.88%
|
$9,121
|
SOUTHWEST STAGE FUNDING, LLC
|
1
|
6.75%
|
$9,095
|
SOVEREIGN LENDING GROUP INCORPORATED
|
1
|
5.38%
|
$11,654
|
DIAMOND RESIDENTIAL MORTGAGE CORPORATION
|
1
|
7.75%
|
$8,478
|
COMPASS MORTGAGE, INC.
|
1
|
7.25%
|
$12,323
|
Civista Bank
|
1
|
7.25%
|
$6,467
|
SWBC MORTGAGE CORPORATION
|
1
|
7.25%
|
$1,858
|
CIS Financial Services, Inc.
|
1
|
7.38%
|
$13,824
|
The Huntington National Bank
|
1
|
7.00%
|
$8,242
|
The Loan Store, Inc.
|
1
|
6.75%
|
$8,780
|
Central Bank
|
1
|
6.25%
|
$5,900
|
The Park National Bank
|
1
|
5.50%
|
$7,592
|
TJC Mortgage, Inc.
|
1
|
6.63%
|
$5,476
|
Barrington Bank & Trust Company, N.A.
|
1
|
6.13%
|
$12,872
|
The top Louisville FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
454 FHA loans originated. Their average total fees are
$9,478, which is $114
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Louisville FHA lenders (with over 10 loans originated) are
Fifth Third Bank ($4,953), MID AMERICA MORTGAGE, INC. ($5,324), PNC Bank ($5,758), JPMorgan Chase Bank ($6,141) and Mortgage Research Center, LLC ($6,242).
The lowest rate Louisville FHA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (5.35%), INSPIRE HOME LOANS INC. (5.57%), VICTORY MORTGAGE, L.L.C. (5.76%), VANDERBILT MORTGAGE AND FINANCE, INC. (5.81%) and PULTE MORTGAGE LLC (5.87%).
Louisville 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 |
LOUISVILLE/JEFFERSON COUNTY, KY-IN |
CLARK |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
LOUISVILLE/JEFFERSON COUNTY, KY-IN |
FLOYD |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
LOUISVILLE/JEFFERSON COUNTY, KY-IN |
HARRISON |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
LOUISVILLE/JEFFERSON COUNTY, KY-IN |
WASHINGTON |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
LOUISVILLE/JEFFERSON COUNTY, KY-IN |
BULLITT |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
LOUISVILLE/JEFFERSON COUNTY, KY-IN |
HENRY |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
LOUISVILLE/JEFFERSON COUNTY, KY-IN |
JEFFERSON |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
LOUISVILLE/JEFFERSON COUNTY, KY-IN |
OLDHAM |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
LOUISVILLE/JEFFERSON COUNTY, KY-IN |
SHELBY |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
LOUISVILLE/JEFFERSON COUNTY, KY-IN |
SPENCER |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
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).