Mayfield FHA Loan Rates, Closing Costs & Stats

Mayfield, 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.

Mayfield's 26 lenders originated 81 FHA loans during 2023. The total origination value was $14,005,000, with an average FHA loan value of $172,901.

Mayfield FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Mayfield averaged 6.61% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

Mayfield's average FHA mortgage closing costs are $5,898.

The average rate for the prior week (2024-03-15) was 6.42% and one month ago for the week of 2024-02-16, the average rate was 6.55%.

The average rate one year ago was 6.23%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.9%.

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

Mayfield 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 Mayfield level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
STOCKTON MORTGAGE CORPORATION 11 6.47% $7,620
QUICKEN LOANS, LLC 9 6.22% $8,106
U.S. Bank 8 6.72% $6,085
GERSHMAN INVESTMENT CORP. 7 6.59% $5,876
Magnolia Bank 6 6.71% $6,035
EVERETT FINANCIAL, INC. 4 7.59% $7,974
UNITED WHOLESALE MORTGAGE, LLC 4 7.24% $8,680
Regions Bank 3 6.92% $6,399
Bank of England 2 6.88% $8,500
Mortgage Research Center, LLC 2 7.38% $6,163
FirstTrust Home Loans, Inc. 2 6.63% $7,688
RUOFF MORTGAGE COMPANY, INC. 2 6.63% $8,656
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $8,502
OCEANSIDE MORTGAGE COMPANY 1 5.99% $8,322
PENNYMAC LOAN SERVICES, LLC 1 5.75% $8,141
BAY EQUITY LLC 1 6.25% $11,262
The Federal Savings Bank 1 6.75% $10,762
TOP FLITE FINANCIAL, INC. 1 6.75% $7,272
CARDINAL FINANCIAL 1 7.25% $15,826
BancorpSouth 1 7.00% $5,965
Carrington Mortgage Services, LLC 1 6.63% $11,758
CROSSCOUNTRY MORTGAGE, LLC 1 6.25% $12,906
EMM LOANS LLC 1 5.88% $13,678
BROKER SOLUTIONS, INC. 1 6.00% $11,850
Guardian Savings Bank, A Federal Savings Bank 1 6.00% $4,681
AMERISAVE MORTGAGE CORPORATION 1 6.25% $10,035

The top Mayfield FHA lender as defined by loan originations is STOCKTON MORTGAGE CORPORATION, with 11 FHA loans originated. Their average total fees are $7,620, which is $485 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Mayfield FHA lenders (with over 10 loans originated) are STOCKTON MORTGAGE CORPORATION ($7,620), .

The lowest rate Mayfield FHA lenders (with over 10 loans originated) are STOCKTON MORTGAGE CORPORATION (6.47%), .

Mayfield FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
MAYFIELD, KY GRAVES 2022 $420,680 $538,650 $651,050 $809,150
MAYFIELD, KY GRAVES 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Mayfield (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 $126,250 (1.1%) $152,169 (6.1%) 0.00 125
2018-02-01 $124,100 (-3.6%) $150,686 (-0.7%) 0.00 117
2018-03-01 $134,450 (-1.8%) $162,991 (5.1%) 0.00 119
2018-04-01 $137,188 (-1.7%) $157,806 (0.1%) 0.00 140
2018-05-01 $135,000 (-3.5%) $159,738 (-1.1%) 0.00 144
2018-06-01 $145,000 (2.2%) $164,083 (1.5%) 0.00 153
2018-07-01 $146,125 (6.0%) $168,420 (7.3%) 0.00 156
2018-08-01 $132,900 (2.3%) $168,994 (9.5%) 0.00 153
2018-09-01 $124,900 (9.1%) $164,355 (8.2%) 0.00 147
2018-10-01 $123,150 (3.4%) $164,524 (8.7%) 0.00 132
2018-11-01 $119,200 (-5.0%) $158,550 (3.8%) 0.00 133
2018-12-01 $121,400 (1.6%) $158,215 (6.4%) 0.00 125
2019-01-01 $119,900 (-5.0%) $156,514 (2.9%) 0.00 106
2019-02-01 $122,225 (-1.5%) $150,268 (-0.3%) 0.00 111
2019-03-01 $133,929 (-0.4%) $162,740 (-0.2%) 0.00 102
2019-04-01 $139,900 (2.0%) $173,741 (10.1%) 0.00 96
2019-05-01 $136,175 (0.9%) $179,880 (12.6%) 0.00 113
2019-06-01 $135,000 (-6.9%) $187,344 (14.2%) 0.00 120
2019-07-01 $134,925 (-7.7%) $190,859 (13.3%) 0.00 110
2019-08-01 $138,886 (4.5%) $187,120 (10.7%) 0.00 111
2019-09-01 $144,716 (15.9%) $179,898 (9.5%) 0.00 113
2019-10-01 $148,227 (20.4%) $172,465 (4.8%) 0.00 115
2019-11-01 $140,200 (17.6%) $166,794 (5.2%) 0.00 112
2019-12-01 $146,700 (20.8%) $171,667 (8.5%) 0.00 100
2020-01-01 $148,625 (24.0%) $172,734 (10.4%) 0.00 90
2020-02-01 $139,900 (14.5%) $177,708 (18.3%) 0.00 64
2020-03-01 $139,000 (3.8%) $183,423 (12.7%) 0.00 63
2020-04-01 $143,375 (2.5%) $186,396 (7.3%) 0.00 58
2020-05-01 $159,200 (16.9%) $196,904 (9.5%) 0.00 50
2020-06-01 $162,225 (20.2%) $209,318 (11.7%) 0.00 46
2020-07-01 $136,150 (0.9%) $200,551 (5.1%) 0.00 42
2020-08-01 $143,700 (3.5%) $195,120 (4.3%) 0.00 42
2020-09-01 $162,400 (12.2%) $192,297 (6.9%) 0.00 41
2020-10-01 $160,000 (7.9%) $204,158 (18.4%) 0.00 39
2020-11-01 $145,925 (4.1%) $196,635 (17.9%) 0.00 34
2020-12-01 $134,900 (-8.0%) $174,572 (1.7%) 0.00 32
2021-01-01 $139,900 (-5.9%) $186,046 (7.7%) 0.00 31
2021-02-01 $160,750 (14.9%) $194,018 (9.2%) 0.00 30
2021-03-01 $175,725 (26.4%) $207,792 (13.3%) 0.00 20
2021-04-01 $149,400 (4.2%) $181,868 (-2.4%) 0.00 27
2021-05-01 $144,900 (-9.0%) $222,004 (12.8%) 0.00 26
2021-06-01 $149,450 (-7.9%) $214,194 (2.3%) 0.00 33
2021-07-01 $143,750 (5.6%) $200,670 (0.1%) 0.00 37
2021-08-01 $149,900 (4.3%) $249,888 (28.1%) 0.00 43
2021-09-01 $148,675 (-8.5%) $230,682 (20.0%) 0.00 48
2021-10-01 $160,000 (0.0%) $237,649 (16.4%) 0.00 45
2021-11-01 $185,925 (27.4%) $242,817 (23.5%) 0.00 46
2021-12-01 $184,350 (36.7%) $246,425 (41.2%) 0.00 44
2022-01-01 $174,900 (25.0%) $242,719 (30.5%) 0.00 33
2022-02-01 $170,950 (6.4%) $236,884 (22.1%) 0.00 30
2022-03-01 $219,900 (25.1%) $244,635 (17.7%) 0.00 22
2022-04-01 $199,450 (33.5%) $241,966 (33.1%) 0.00 21
2022-05-01 $214,725 (48.2%) $232,488 (4.7%) 0.00 25
2022-06-01 $244,950 (63.9%) $245,278 (14.5%) 0.00 29
2022-07-01 $229,000 (59.3%) $241,847 (20.5%) 0.00 34
2022-08-01 $209,225 (39.6%) $233,912 (-6.4%) 0.00 43
2022-09-01 $193,750 (30.3%) $225,117 (-2.4%) 0.00 51
2022-10-01 $212,000 (32.5%) $229,540 (-3.4%) 0.00 50
2022-11-01 $189,950 (2.2%) $210,418 (-13.3%) 0.00 55
2022-12-01 $201,950 (9.6%) $231,947 (-5.9%) 0.00 45
2023-01-01 $204,900 (17.2%) $237,482 (-2.2%) 0.00 41
2023-02-01 $184,450 (7.9%) $238,424 (0.7%) 0.00 32
2023-03-01 $210,000 (-4.5%) $266,429 (8.9%) 0.00 32
2023-04-01 $204,900 (2.7%) $274,950 (13.6%) 0.00 37
2023-05-01 $202,400 (-5.7%) $269,958 (16.1%) 0.00 35
2023-06-01 $260,950 (6.5%) $293,565 (19.7%) 0.00 40
2023-07-01 $269,900 (17.9%) $290,879 (20.3%) 0.00 44
2023-08-01 $244,450 (16.8%) $269,655 (15.3%) 0.00 51
2023-09-01 $254,750 (31.5%) $285,060 (26.6%) 0.00 51
2023-10-01 $229,225 (8.1%) $265,360 (15.6%) 0.00 56
2023-11-01 $215,725 (13.6%) $254,374 (20.9%) 0.00 57
2023-12-01 $222,450 (10.2%) $258,665 (11.5%) 0.00 58
2024-01-01 $219,750 (7.3%) $249,568 (5.1%) 0.00 57
2024-02-01 $201,500 (9.2%) $252,324 (5.8%) 0.00 50
Mayfield's median listing price for 2024-02-01 was $201,500, a difference of $17,050 (9.2%) versus the prior year and $-18,250 versus the prior month.

Mayfield's median listing price comes in at 0% of the national average.

Mayfield's average listing price for 2024-02-01 was $252,324, a difference of $13,900 (5.8%) versus the prior year and $2,756 versus the prior month.

For the 2024-02-01 period, Mayfield had 50 MLS listings, a difference of -7 listings (-12%) versus the prior month and 18 listings (56%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Mayfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,773 sqft
2018-02-01 0 days 1,760 sqft
2018-03-01 0 days 1,875 sqft
2018-04-01 0 days 1,764 sqft
2018-05-01 0 days 1,764 sqft
2018-06-01 0 days 1,786 sqft
2018-07-01 0 days 1,853 sqft
2018-08-01 0 days 1,766 sqft
2018-09-01 0 days 1,698 sqft
2018-10-01 0 days 1,710 sqft
2018-11-01 0 days 1,703 sqft
2018-12-01 0 days 1,700 sqft
2019-01-01 0 days 1,705 sqft
2019-02-01 0 days 1,688 sqft
2019-03-01 0 days 1,743 sqft
2019-04-01 0 days 1,772 sqft
2019-05-01 0 days 1,752 sqft
2019-06-01 0 days 1,817 sqft
2019-07-01 0 days 1,820 sqft
2019-08-01 0 days 1,777 sqft
2019-09-01 0 days 1,799 sqft
2019-10-01 0 days 1,806 sqft
2019-11-01 0 days 1,751 sqft
2019-12-01 0 days 1,901 sqft
2020-01-01 0 days 1,942 sqft
2020-02-01 0 days 1,913 sqft
2020-03-01 0 days 1,882 sqft
2020-04-01 0 days 1,887 sqft
2020-05-01 0 days 1,907 sqft
2020-06-01 0 days 1,900 sqft
2020-07-01 0 days 1,804 sqft
2020-08-01 0 days 1,800 sqft
2020-09-01 0 days 1,858 sqft
2020-10-01 0 days 1,800 sqft
2020-11-01 0 days 1,730 sqft
2020-12-01 0 days 1,613 sqft
2021-01-01 0 days 1,691 sqft
2021-02-01 0 days 1,755 sqft
2021-03-01 0 days 2,000 sqft
2021-04-01 0 days 1,697 sqft
2021-05-01 0 days 1,872 sqft
2021-06-01 0 days 1,801 sqft
2021-07-01 0 days 1,620 sqft
2021-08-01 0 days 1,803 sqft
2021-09-01 0 days 1,791 sqft
2021-10-01 0 days 1,754 sqft
2021-11-01 0 days 1,772 sqft
2021-12-01 0 days 1,847 sqft
2022-01-01 0 days 1,765 sqft
2022-02-01 0 days 1,773 sqft
2022-03-01 0 days 1,663 sqft
2022-04-01 0 days 1,800 sqft
2022-05-01 0 days 1,677 sqft
2022-06-01 0 days 1,746 sqft
2022-07-01 0 days 1,893 sqft
2022-08-01 0 days 1,774 sqft
2022-09-01 0 days 1,774 sqft
2022-10-01 0 days 1,680 sqft
2022-11-01 0 days 1,609 sqft
2022-12-01 0 days 1,735 sqft
2023-01-01 0 days 1,755 sqft
2023-02-01 0 days 1,643 sqft
2023-03-01 0 days 1,639 sqft
2023-04-01 0 days 1,653 sqft
2023-05-01 0 days 1,788 sqft
2023-06-01 0 days 1,944 sqft
2023-07-01 0 days 1,874 sqft
2023-08-01 0 days 1,708 sqft
2023-09-01 0 days 1,792 sqft
2023-10-01 0 days 1,829 sqft
2023-11-01 0 days 1,741 sqft
2023-12-01 0 days 1,776 sqft
2024-01-01 0 days 1,830 sqft
2024-02-01 0 days 1,704 sqft
Mayfield's median listing age (time on market) for 2024-02-01 was 0 days.

Mayfield's median square footage for active listings during the 2024-02-01 period was 1,704 sqft. One year prior, the average listing was 1,643 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).