Louisville/jefferson County FHA Loan Rates, Closing Costs & Stats
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
5.93%
for the week of 2023-01-27, compared to the national average (all FHA variants) of
6.186% for the same period.
Louisville/jefferson County's average FHA mortgage closing costs are $5,805.
The average rate for the prior week (2023-01-20) was
6% and
one month ago for the week of 2022-12-23, the
average rate was 6.29%.
The average rate one year ago was 3.58%.
For refis of the same type during the week of 2023-01-27, the average rate
was 5.84%.
Louisville/jefferson County 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/jefferson County level.
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 MORTGAGE ($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 | $238,875 (24.1%) | $313,489 (12.6%) | 0.89 | 3,145 |
| 2018-02-01 | $248,923 (18.3%) | $323,917 (9.2%) | 0.90 | 2,942 |
| 2018-03-01 | $259,900 (18.1%) | $330,443 (7.8%) | 0.91 | 2,948 |
| 2018-04-01 | $261,926 (11.5%) | $331,012 (5.0%) | 0.89 | 3,038 |
| 2018-05-01 | $269,900 (9.6%) | $343,519 (5.0%) | 0.90 | 3,234 |
| 2018-06-01 | $271,172 (11.2%) | $346,715 (6.6%) | 0.90 | 3,447 |
| 2018-07-01 | $270,625 (12.8%) | $345,981 (7.5%) | 0.90 | 3,555 |
| 2018-08-01 | $269,900 (9.9%) | $346,881 (6.5%) | 0.90 | 3,671 |
| 2018-09-01 | $269,570 (12.4%) | $345,908 (7.8%) | 0.90 | 3,847 |
| 2018-10-01 | $260,450 (10.8%) | $338,546 (7.9%) | 0.88 | 4,033 |
| 2018-11-01 | $257,950 (10.5%) | $339,549 (9.5%) | 0.87 | 3,991 |
| 2018-12-01 | $249,950 (8.7%) | $326,681 (6.7%) | 0.86 | 3,769 |
| 2019-01-01 | $250,000 (4.7%) | $323,215 (3.1%) | 0.86 | 3,457 |
| 2019-02-01 | $262,450 (5.4%) | $335,017 (3.4%) | 0.89 | 3,137 |
| 2019-03-01 | $277,107 (6.6%) | $349,371 (5.7%) | 0.91 | 3,065 |
| 2019-04-01 | $286,475 (9.4%) | $365,497 (10.4%) | 0.91 | 3,251 |
| 2019-05-01 | $289,900 (7.4%) | $374,076 (8.9%) | 0.91 | 3,431 |
| 2019-06-01 | $285,000 (5.1%) | $371,388 (7.1%) | 0.89 | 3,574 |
| 2019-07-01 | $278,000 (2.7%) | $358,593 (3.7%) | 0.87 | 3,808 |
| 2019-08-01 | $270,697 (0.3%) | $350,714 (1.1%) | 0.86 | 3,910 |
| 2019-09-01 | $264,244 (-2.0%) | $340,437 (-1.6%) | 0.85 | 3,942 |
| 2019-10-01 | $254,612 (-2.2%) | $330,174 (-2.5%) | 0.82 | 3,972 |
| 2019-11-01 | $247,400 (-4.1%) | $322,061 (-5.2%) | 0.81 | 3,828 |
| 2019-12-01 | $239,950 (-4.0%) | $317,320 (-2.9%) | 0.80 | 3,417 |
| 2020-01-01 | $240,628 (-3.8%) | $319,460 (-1.2%) | 0.80 | 3,115 |
| 2020-02-01 | $256,333 (-2.3%) | $330,511 (-1.3%) | 0.84 | 2,826 |
| 2020-03-01 | $274,750 (-0.9%) | $350,371 (0.3%) | 0.86 | 2,661 |
| 2020-04-01 | $278,450 (-2.8%) | $353,612 (-3.3%) | 0.87 | 2,708 |
| 2020-05-01 | $295,000 (1.8%) | $369,818 (-1.1%) | 0.90 | 2,511 |
| 2020-06-01 | $290,975 (2.1%) | $379,485 (2.2%) | 0.86 | 2,227 |
| 2020-07-01 | $291,424 (4.8%) | $383,398 (6.9%) | 0.84 | 2,075 |
| 2020-08-01 | $285,950 (5.6%) | $376,454 (7.3%) | 0.82 | 1,984 |
| 2020-09-01 | $272,400 (3.1%) | $368,509 (8.3%) | 0.78 | 2,044 |
| 2020-10-01 | $260,000 (2.1%) | $366,433 (11.0%) | 0.75 | 2,028 |
| 2020-11-01 | $249,900 (1.0%) | $359,806 (11.7%) | 0.73 | 2,034 |
| 2020-12-01 | $246,450 (2.7%) | $351,016 (10.6%) | 0.73 | 1,907 |
| 2021-01-01 | $249,950 (3.9%) | $354,597 (11.0%) | 0.75 | 1,604 |
| 2021-02-01 | $261,900 (2.2%) | $368,157 (11.4%) | 0.76 | 1,271 |
| 2021-03-01 | $267,900 (-2.5%) | $375,731 (7.2%) | 0.76 | 1,235 |
| 2021-04-01 | $271,450 (-2.5%) | $382,881 (8.3%) | 0.73 | 1,282 |
| 2021-05-01 | $275,000 (-6.8%) | $386,097 (4.4%) | 0.73 | 1,264 |
| 2021-06-01 | $282,400 (-3.0%) | $391,568 (3.2%) | 0.74 | 1,420 |
| 2021-07-01 | $274,900 (-5.7%) | $374,456 (-2.3%) | 0.72 | 1,681 |
| 2021-08-01 | $269,900 (-5.6%) | $369,837 (-1.8%) | 0.72 | 1,862 |
| 2021-09-01 | $259,900 (-4.6%) | $358,966 (-2.6%) | 0.69 | 1,912 |
| 2021-10-01 | $259,000 (-0.4%) | $353,218 (-3.6%) | 0.69 | 1,960 |
| 2021-11-01 | $249,900 (0.0%) | $347,946 (-3.3%) | 0.67 | 1,898 |
| 2021-12-01 | $255,950 (3.9%) | $352,925 (0.5%) | 0.69 | 1,650 |
| 2022-01-01 | $260,000 (4.0%) | $353,011 (-0.5%) | 0.70 | 1,422 |
| 2022-02-01 | $279,900 (6.9%) | $370,017 (0.5%) | 0.73 | 1,153 |
| 2022-03-01 | $289,950 (8.2%) | $379,260 (0.9%) | 0.73 | 1,158 |
| 2022-04-01 | $290,000 (6.8%) | $382,196 (-0.2%) | 0.69 | 1,195 |
| 2022-05-01 | $297,000 (8.0%) | $383,260 (-0.7%) | 0.68 | 1,491 |
| 2022-06-01 | $299,900 (6.2%) | $387,227 (-1.1%) | 0.67 | 1,730 |
| 2022-07-01 | $299,900 (9.1%) | $376,686 (0.6%) | 0.68 | 2,026 |
| 2022-08-01 | $299,900 (11.1%) | $372,411 (0.7%) | 0.69 | 2,139 |
| 2022-09-01 | $299,950 (15.4%) | $370,843 (3.3%) | 0.70 | 2,130 |
| 2022-10-01 | $299,900 (15.8%) | $365,055 (3.4%) | 0.71 | 2,265 |
| 2022-11-01 | $290,000 (16.1%) | $356,145 (2.4%) | 0.70 | 2,374 |
| 2022-12-01 | $290,000 (13.3%) | $356,106 (0.9%) | 0.73 | 2,201 |
Louisville/jefferson County's median listing price comes in at 73% of the national average.
Louisville/jefferson County's average listing price for 2022-12-01 was $356,106, a difference of $3,181 (0.9%) versus the prior year and $-39 versus the prior month.
For the 2022-12-01 period, Louisville/jefferson County had 2,201 MLS listings, a difference of -173 listings (-7%) versus the prior month and 551 listings (33%) 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 | 1,983 sqft |
| 2018-02-01 | 67 days | 2,000 sqft |
| 2018-03-01 | 47 days | 2,050 sqft |
| 2018-04-01 | 45 days | 2,087 sqft |
| 2018-05-01 | 40 days | 2,127 sqft |
| 2018-06-01 | 41 days | 2,166 sqft |
| 2018-07-01 | 44 days | 2,137 sqft |
| 2018-08-01 | 44 days | 2,136 sqft |
| 2018-09-01 | 46 days | 2,125 sqft |
| 2018-10-01 | 50 days | 2,098 sqft |
| 2018-11-01 | 55 days | 2,078 sqft |
| 2018-12-01 | 64 days | 2,050 sqft |
| 2019-01-01 | 68 days | 2,036 sqft |
| 2019-02-01 | 66 days | 2,056 sqft |
| 2019-03-01 | 57 days | 2,117 sqft |
| 2019-04-01 | 46 days | 2,177 sqft |
| 2019-05-01 | 45 days | 2,238 sqft |
| 2019-06-01 | 46 days | 2,200 sqft |
| 2019-07-01 | 45 days | 2,142 sqft |
| 2019-08-01 | 46 days | 2,091 sqft |
| 2019-09-01 | 47 days | 2,040 sqft |
| 2019-10-01 | 47 days | 1,997 sqft |
| 2019-11-01 | 52 days | 1,955 sqft |
| 2019-12-01 | 64 days | 1,870 sqft |
| 2020-01-01 | 71 days | 1,879 sqft |
| 2020-02-01 | 62 days | 1,908 sqft |
| 2020-03-01 | 50 days | 1,974 sqft |
| 2020-04-01 | 51 days | 1,987 sqft |
| 2020-05-01 | 56 days | 2,002 sqft |
| 2020-06-01 | 44 days | 2,010 sqft |
| 2020-07-01 | 41 days | 1,987 sqft |
| 2020-08-01 | 37 days | 1,978 sqft |
| 2020-09-01 | 33 days | 1,898 sqft |
| 2020-10-01 | 32 days | 1,892 sqft |
| 2020-11-01 | 36 days | 1,810 sqft |
| 2020-12-01 | 42 days | 1,757 sqft |
| 2021-01-01 | 47 days | 1,750 sqft |
| 2021-02-01 | 38 days | 1,756 sqft |
| 2021-03-01 | 29 days | 1,790 sqft |
| 2021-04-01 | 24 days | 1,764 sqft |
| 2021-05-01 | 22 days | 1,773 sqft |
| 2021-06-01 | 21 days | 1,822 sqft |
| 2021-07-01 | 22 days | 1,800 sqft |
| 2021-08-01 | 24 days | 1,800 sqft |
| 2021-09-01 | 30 days | 1,776 sqft |
| 2021-10-01 | 31 days | 1,751 sqft |
| 2021-11-01 | 33 days | 1,683 sqft |
| 2021-12-01 | 41 days | 1,670 sqft |
| 2022-01-01 | 48 days | 1,645 sqft |
| 2022-02-01 | 36 days | 1,674 sqft |
| 2022-03-01 | 24 days | 1,682 sqft |
| 2022-04-01 | 23 days | 1,704 sqft |
| 2022-05-01 | 21 days | 1,781 sqft |
| 2022-06-01 | 22 days | 1,824 sqft |
| 2022-07-01 | 25 days | 1,830 sqft |
| 2022-08-01 | 31 days | 1,824 sqft |
| 2022-09-01 | 37 days | 1,830 sqft |
| 2022-10-01 | 37 days | 1,848 sqft |
| 2022-11-01 | 41 days | 1,826 sqft |
| 2022-12-01 | 51 days | 1,813 sqft |
Louisville/jefferson County's median square footage for active listings during the 2022-12-01 period was 1,813 sqft. One year prior, the average listing was 1,670 sqft.