Louisville FHA Loan Rates, Closing Costs & Stats

LOUISVILLE, 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.

    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).