Madisonville FHA Loan Rates, Closing Costs & Stats

Madisonville, KY

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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.

    Madisonville's 39 lenders originated 127 FHA loans during 2023. The total origination value was $20,175,000, with an average FHA loan value of $158,858.

    Madisonville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Madisonville averaged 6.64% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Madisonville's average FHA mortgage closing costs are $6,429.

    The average rate for the prior week (2024-11-01) was 6.61% and one month ago for the week of 2024-10-04, the average rate was 6.03%.

    The average rate one year ago was 7.48%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

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

    Madisonville 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 Madisonville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 23 6.58% $7,991
    RUOFF MORTGAGE COMPANY, INC. 13 6.55% $4,516
    UNITED WHOLESALE MORTGAGE, LLC 6 6.44% $7,339
    EVERETT FINANCIAL, INC. 4 6.94% $7,558
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.13% $7,155
    U.S. Bank 4 6.59% $5,000
    Equity Prime Mortgage LLC 4 6.34% $13,092
    MOVEMENT MORTGAGE, LLC 4 6.88% $9,241
    EVANSVILLE TEACHERS 4 7.03% $9,062
    STOCKTON MORTGAGE CORPORATION 3 6.92% $9,173
    TOP FLITE FINANCIAL, INC. 3 7.08% $13,169
    NFM, INC. 3 6.71% $6,692
    FREEDOM MORTGAGE CORPORATION 3 7.08% $12,053
    CROSSCOUNTRY MORTGAGE, LLC 3 6.50% $4,587
    BROKER SOLUTIONS, INC. 3 6.42% $9,410
    LOANDEPOT.COM, LLC 3 6.67% $6,319
    ROYAL UNITED MORTGAGE LLC 2 7.63% $7,849
    Fifth Third Bank 2 7.56% $6,914
    Bank of England 2 7.00% $7,889
    First Financial Bank 2 7.81% $7,638
    PENNYMAC LOAN SERVICES, LLC 2 5.50% $11,501
    MORTGAGE MASTERS OF INDIANA, INC. 2 7.31% $8,642
    RELIANCE FIRST CAPITAL, LLC 2 7.13% $11,252
    GERSHMAN INVESTMENT CORP. 2 7.00% $5,672
    ZILLOW HOME LOANS, LLC 1 6.25% $5,105
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 5.75% $7,477
    CARDINAL FINANCIAL 1 6.25% $12,233
    ENDEAVOR CAPITAL, LLC. 1 6.13% $9,786
    FIRST MORTGAGE COMPANY, INC. 1 6.99% $10,664
    GUARANTEED RATE AFFINITY, LLC 1 7.75% $9,064
    Lakeview Community Capital, LLC 1 5.63% $7,353
    Mortgage Research Center, LLC 1 7.50% $3,420
    Mr. Cooper ( Nationstar Mortgage ) 1 5.13% $10,762
    NEWREZ LLC 1 6.25% $10,855
    Plains Commerce Bank 1 8.25% $6,796
    PLANET HOME LENDING, LLC 1 5.25% $8,981
    SWBC MORTGAGE CORPORATION 1 6.25% $3,099
    THRIVE MORTGAGE, LLC 1 6.75% $9,732
    AMERICAN FINANCING CORPORATION 1 7.00% $6,012

    The top Madisonville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 23 FHA loans originated. Their average total fees are $7,991, which is $3,475 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

    The lowest fee Madisonville FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($4,516), QUICKEN LOANS, LLC ($7,991), .

    The lowest rate Madisonville FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. (6.55%), QUICKEN LOANS, LLC (6.58%), .

    Madisonville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MADISONVILLE, KY HOPKINS 2022 $420,680 $538,650 $651,050 $809,150
    MADISONVILLE, KY HOPKINS 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).