Middlesborough FHA Loan Rates, Closing Costs & Stats

Middlesborough, 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.

    Middlesborough's 15 lenders originated 35 FHA loans during 2023. The total origination value was $5,055,000, with an average FHA loan value of $144,429.

    Middlesborough FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Middlesborough averaged 6.4% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Middlesborough's average FHA mortgage closing costs are $6,139.

    The average rate for the prior week (2024-11-01) was 6.37% and one month ago for the week of 2024-10-04, the average rate was 5.99%.

    The average rate one year ago was 7.44%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.23%.

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

    Middlesborough 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 Middlesborough level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 7 6.84% $6,430
    CARDINAL FINANCIAL 4 5.47% $9,416
    Citizens Bank 3 6.46% $7,320
    TOP FLITE FINANCIAL, INC. 2 6.94% $8,749
    AMERICAN FINANCIAL NETWORK, INC. 2 8.00% $6,636
    ENVOY MORTGAGE, LTD 2 6.25% $8,958
    STOCKTON MORTGAGE CORPORATION 2 6.06% $5,657
    AMCAP MORTGAGE, LTD. 2 7.06% $7,211
    Forcht Bank 1 5.63% $6,310
    MORTGAGE INVESTORS GROUP, INC. 1 6.50% $3,800
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $8,459
    POLARIS HOME FUNDING CORP. 1 6.75% $5,266
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $12,157
    DAS Acquisition Company, LLC 1 6.75% $6,027
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.63% $7,444

    The top Middlesborough FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 7 FHA loans originated. Their average total fees are $6,430, which is $2,986 lower than the next largest lender, CARDINAL FINANCIAL.

    The lowest fee Middlesborough FHA lenders (with over 10 loans originated) are .

    The lowest rate Middlesborough FHA lenders (with over 10 loans originated) are .

    Middlesborough FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Middlesborough (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 $95,100 (5.8%) $117,154 (5.0%) 0.00 79
    2018-02-01 $92,325 (2.7%) $116,313 (5.8%) 0.00 79
    2018-03-01 $95,000 (5.7%) $120,508 (10.2%) 0.00 92
    2018-04-01 $97,550 (8.5%) $120,761 (11.6%) 0.00 100
    2018-05-01 $97,900 (12.1%) $125,500 (19.3%) 0.00 98
    2018-06-01 $101,200 (6.1%) $123,943 (11.4%) 0.00 97
    2018-07-01 $93,425 (5.0%) $120,389 (8.2%) 0.00 99
    2018-08-01 $92,725 (10.4%) $118,198 (9.6%) 0.00 108
    2018-09-01 $99,900 (16.2%) $123,030 (12.2%) 0.00 104
    2018-10-01 $95,450 (7.3%) $121,322 (7.2%) 0.00 98
    2018-11-01 $89,000 (-2.4%) $115,872 (0.9%) 0.00 94
    2018-12-01 $89,700 (-0.3%) $123,057 (6.6%) 0.00 89
    2019-01-01 $89,600 (-5.8%) $122,988 (5.0%) 0.00 84
    2019-02-01 $89,000 (-3.6%) $119,162 (2.5%) 0.00 88
    2019-03-01 $93,500 (-1.6%) $120,193 (-0.3%) 0.00 90
    2019-04-01 $99,600 (2.1%) $125,460 (3.9%) 0.00 91
    2019-05-01 $107,675 (10.0%) $128,934 (2.7%) 0.00 93
    2019-06-01 $109,900 (8.6%) $128,544 (3.7%) 0.00 101
    2019-07-01 $120,300 (28.8%) $130,975 (8.8%) 0.00 104
    2019-08-01 $121,664 (31.2%) $130,100 (10.1%) 0.00 103
    2019-09-01 $121,909 (22.0%) $128,285 (4.3%) 0.00 102
    2019-10-01 $123,275 (29.2%) $128,952 (6.3%) 0.00 101
    2019-11-01 $122,700 (37.9%) $126,890 (9.5%) 0.00 92
    2019-12-01 $124,900 (39.2%) $126,485 (2.8%) 0.00 88
    2020-01-01 $124,800 (39.3%) $125,844 (2.3%) 0.00 81
    2020-02-01 $124,900 (40.3%) $128,208 (7.6%) 0.00 73
    2020-03-01 $126,000 (34.8%) $137,686 (14.6%) 0.00 71
    2020-04-01 $124,900 (25.4%) $138,431 (10.3%) 0.00 62
    2020-05-01 $125,000 (16.1%) $138,386 (7.3%) 0.00 58
    2020-06-01 $137,450 (25.1%) $146,426 (13.9%) 0.00 50
    2020-07-01 $135,750 (12.8%) $143,048 (9.2%) 0.00 36
    2020-08-01 $132,000 (8.5%) $130,660 (0.4%) 0.00 44
    2020-09-01 $126,475 (3.8%) $134,354 (4.7%) 0.00 45
    2020-10-01 $112,450 (-8.8%) $133,448 (3.5%) 0.00 44
    2020-11-01 $117,188 (-4.5%) $131,283 (3.5%) 0.00 45
    2020-12-01 $121,563 (-2.7%) $143,474 (13.4%) 0.00 38
    2021-01-01 $101,250 (-18.9%) $137,151 (9.0%) 0.00 37
    2021-02-01 $87,474 (-30.0%) $139,012 (8.4%) 0.00 39
    2021-03-01 $92,675 (-26.5%) $132,798 (-3.6%) 0.00 43
    2021-04-01 $96,900 (-22.4%) $132,457 (-4.3%) 0.00 37
    2021-05-01 $109,900 (-12.1%) $137,524 (-0.6%) 0.00 35
    2021-06-01 $120,000 (-12.7%) $139,630 (-4.6%) 0.00 38
    2021-07-01 $115,000 (-15.3%) $139,185 (-2.7%) 0.00 43
    2021-08-01 $97,950 (-25.8%) $128,528 (-1.6%) 0.00 41
    2021-09-01 $96,900 (-23.4%) $122,442 (-8.9%) 0.00 42
    2021-10-01 $99,450 (-11.6%) $132,985 (-0.4%) 0.00 37
    2021-11-01 $113,750 (-2.9%) $141,984 (8.2%) 0.00 41
    2021-12-01 $117,475 (-3.4%) $141,138 (-1.6%) 0.00 42
    2022-01-01 $119,950 (18.5%) $156,538 (14.1%) 0.00 34
    2022-02-01 $136,000 (55.5%) $164,867 (18.6%) 0.00 29
    2022-03-01 $131,925 (42.4%) $186,522 (40.5%) 0.00 29
    2022-04-01 $122,500 (26.4%) $177,771 (34.2%) 0.00 31
    2022-05-01 $119,500 (8.7%) $175,693 (27.8%) 0.00 41
    2022-06-01 $119,750 (-0.2%) $183,014 (31.1%) 0.00 44
    2022-07-01 $133,000 (15.7%) $182,078 (30.8%) 0.00 48
    2022-08-01 $139,675 (42.6%) $195,614 (52.2%) 0.00 45
    2022-09-01 $139,900 (44.4%) $201,868 (64.9%) 0.00 51
    2022-10-01 $135,000 (35.8%) $191,211 (43.8%) 0.00 43
    2022-11-01 $133,000 (16.9%) $194,182 (36.8%) 0.00 42
    2022-12-01 $124,750 (6.2%) $190,479 (35.0%) 0.00 33
    2023-01-01 $120,999 (0.9%) $179,200 (14.5%) 0.00 41
    2023-02-01 $130,650 (-3.9%) $182,964 (11.0%) 0.00 43
    2023-03-01 $127,250 (-3.5%) $169,538 (-9.1%) 0.00 44
    2023-04-01 $122,000 (-0.4%) $168,534 (-5.2%) 0.00 45
    2023-05-01 $147,450 (23.4%) $182,570 (3.9%) 0.00 43
    2023-06-01 $148,750 (24.2%) $178,061 (-2.7%) 0.00 45
    2023-07-01 $150,000 (12.8%) $183,855 (1.0%) 0.00 48
    2023-08-01 $159,500 (14.2%) $190,158 (-2.8%) 0.00 49
    2023-09-01 $139,900 (0.0%) $172,531 (-14.5%) 0.00 48
    2023-10-01 $149,500 (10.7%) $179,646 (-6.1%) 0.00 50
    2023-11-01 $158,450 (19.1%) $189,522 (-2.4%) 0.00 47
    2023-12-01 $166,950 (33.8%) $185,631 (-2.6%) 0.00 41
    2024-01-01 $169,450 (40.0%) $200,556 (11.9%) 0.00 41
    2024-02-01 $164,450 (25.9%) $194,568 (6.3%) 0.00 46
    2024-03-01 $175,000 (37.5%) $196,402 (15.9%) 0.00 51
    2024-04-01 $184,475 (51.2%) $201,992 (19.9%) 0.00 47
    2024-05-01 $207,450 (40.7%) $216,571 (18.6%) 0.00 47
    2024-06-01 $194,400 (30.7%) $207,559 (16.6%) 0.00 48
    2024-07-01 $179,500 (19.7%) $206,656 (12.4%) 0.00 51
    2024-08-01 $181,950 (14.1%) $205,251 (7.9%) 0.00 53
    2024-09-01 $188,675 (34.9%) $211,837 (22.8%) 0.00 63
    2024-10-01 $186,225 (24.6%) $208,744 (16.2%) 0.00 68
    Middlesborough's median listing price for 2024-10-01 was $186,225, a difference of $36,725 (24.6%) versus the prior year and $-2,450 versus the prior month.

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

    Middlesborough's average listing price for 2024-10-01 was $208,744, a difference of $29,098 (16.2%) versus the prior year and $-3,093 versus the prior month.

    For the 2024-10-01 period, Middlesborough had 68 MLS listings, a difference of 5 listings (8%) versus the prior month and 18 listings (36%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Middlesborough (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,568 sqft
    2018-02-01 0 days 1,436 sqft
    2018-03-01 0 days 1,456 sqft
    2018-04-01 0 days 1,457 sqft
    2018-05-01 0 days 1,456 sqft
    2018-06-01 0 days 1,510 sqft
    2018-07-01 0 days 1,502 sqft
    2018-08-01 0 days 1,463 sqft
    2018-09-01 0 days 1,538 sqft
    2018-10-01 0 days 1,504 sqft
    2018-11-01 0 days 1,503 sqft
    2018-12-01 0 days 1,525 sqft
    2019-01-01 0 days 1,540 sqft
    2019-02-01 0 days 1,505 sqft
    2019-03-01 0 days 1,519 sqft
    2019-04-01 0 days 1,549 sqft
    2019-05-01 0 days 1,609 sqft
    2019-06-01 0 days 1,582 sqft
    2019-07-01 0 days 1,633 sqft
    2019-08-01 0 days 1,619 sqft
    2019-09-01 0 days 1,581 sqft
    2019-10-01 0 days 1,580 sqft
    2019-11-01 0 days 1,596 sqft
    2019-12-01 0 days 1,615 sqft
    2020-01-01 0 days 1,613 sqft
    2020-02-01 0 days 1,621 sqft
    2020-03-01 0 days 1,672 sqft
    2020-04-01 0 days 1,572 sqft
    2020-05-01 0 days 1,621 sqft
    2020-06-01 0 days 1,617 sqft
    2020-07-01 0 days 1,623 sqft
    2020-08-01 0 days 1,690 sqft
    2020-09-01 0 days 1,796 sqft
    2020-10-01 0 days 1,800 sqft
    2020-11-01 0 days 1,800 sqft
    2020-12-01 0 days 1,800 sqft
    2021-01-01 0 days 1,800 sqft
    2021-02-01 0 days 1,615 sqft
    2021-03-01 0 days 1,500 sqft
    2021-04-01 0 days 1,372 sqft
    2021-05-01 0 days 1,740 sqft
    2021-06-01 0 days 1,690 sqft
    2021-07-01 0 days 1,658 sqft
    2021-08-01 0 days 1,617 sqft
    2021-09-01 0 days 1,326 sqft
    2021-10-01 0 days 1,360 sqft
    2021-11-01 0 days 1,276 sqft
    2021-12-01 0 days 1,312 sqft
    2022-01-01 0 days 1,312 sqft
    2022-02-01 0 days 1,410 sqft
    2022-03-01 0 days 1,416 sqft
    2022-04-01 0 days 1,432 sqft
    2022-05-01 0 days 1,431 sqft
    2022-06-01 0 days 1,395 sqft
    2022-07-01 0 days 1,385 sqft
    2022-08-01 0 days 1,396 sqft
    2022-09-01 0 days 1,400 sqft
    2022-10-01 0 days 1,432 sqft
    2022-11-01 0 days 1,689 sqft
    2022-12-01 0 days 1,595 sqft
    2023-01-01 0 days 1,410 sqft
    2023-02-01 0 days 1,390 sqft
    2023-03-01 0 days 1,403 sqft
    2023-04-01 0 days 1,389 sqft
    2023-05-01 0 days 1,463 sqft
    2023-06-01 0 days 1,445 sqft
    2023-07-01 0 days 1,469 sqft
    2023-08-01 0 days 1,469 sqft
    2023-09-01 0 days 1,404 sqft
    2023-10-01 0 days 1,404 sqft
    2023-11-01 0 days 1,435 sqft
    2023-12-01 0 days 1,410 sqft
    2024-01-01 0 days 1,466 sqft
    2024-02-01 0 days 1,494 sqft
    2024-03-01 0 days 1,530 sqft
    2024-04-01 0 days 1,560 sqft
    2024-05-01 0 days 1,684 sqft
    2024-06-01 0 days 1,488 sqft
    2024-07-01 0 days 1,585 sqft
    2024-08-01 0 days 1,596 sqft
    2024-09-01 0 days 1,689 sqft
    2024-10-01 0 days 1,726 sqft
    Middlesborough's median listing age (time on market) for 2024-10-01 was 0 days.

    Middlesborough's median square footage for active listings during the 2024-10-01 period was 1,726 sqft. One year prior, the average listing was 1,404 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).