Mayfield FHA Loan Rates, Closing Costs & Stats

Mayfield, KY

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6.39% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.46% and one month ago for the week of 2024-11-08, the average rate was 6.62%.

    The average rate one year ago was 6.93%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.08%.

    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
    2024-03-01 $227,500 (8.3%) $273,791 (2.8%) 0.00 54
    2024-04-01 $212,400 (3.7%) $273,125 (-0.7%) 0.00 53
    2024-05-01 $238,500 (17.8%) $300,558 (11.3%) 0.00 53
    2024-06-01 $245,000 (-6.1%) $296,733 (1.1%) 0.00 51
    2024-07-01 $234,800 (-13.0%) $271,660 (-6.6%) 0.00 55
    2024-08-01 $231,900 (-5.1%) $268,541 (-0.4%) 0.00 65
    2024-09-01 $229,850 (-9.8%) $273,724 (-4.0%) 0.00 74
    2024-10-01 $240,500 (4.9%) $277,437 (4.6%) 0.00 71
    2024-11-01 $265,750 (23.2%) $297,823 (17.1%) 0.00 61
    Mayfield's median listing price for 2024-11-01 was $265,750, a difference of $50,025 (23.2%) versus the prior year and $25,250 versus the prior month.

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

    Mayfield's average listing price for 2024-11-01 was $297,823, a difference of $43,449 (17.1%) versus the prior year and $20,386 versus the prior month.

    For the 2024-11-01 period, Mayfield had 61 MLS listings, a difference of -10 listings (-14%) versus the prior month and 4 listings (7%) 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
    2024-03-01 0 days 1,738 sqft
    2024-04-01 0 days 1,645 sqft
    2024-05-01 0 days 1,779 sqft
    2024-06-01 0 days 1,791 sqft
    2024-07-01 0 days 1,683 sqft
    2024-08-01 0 days 1,698 sqft
    2024-09-01 0 days 1,815 sqft
    2024-10-01 0 days 1,800 sqft
    2024-11-01 0 days 1,867 sqft
    Mayfield's median listing age (time on market) for 2024-11-01 was 0 days.

    Mayfield's median square footage for active listings during the 2024-11-01 period was 1,867 sqft. One year prior, the average listing was 1,741 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).