Mount Sterling FHA Loan Rates, Closing Costs & Stats

Mount Sterling, 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.

    Mount Sterling's 47 lenders originated 154 FHA loans during 2023. The total origination value was $26,630,000, with an average FHA loan value of $172,922.

    Mount Sterling FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mount Sterling averaged 6.26% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Mount Sterling's average FHA mortgage closing costs are $6,036.

    The average rate for the prior week (2024-11-01) was 6.64% and one month ago for the week of 2024-10-04, the average rate was 5.76%.

    The average rate one year ago was 7.3%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

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

    Mount Sterling 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 Mount Sterling level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Republic State Mortgage Co. 24 6.58% $8,079
    QUICKEN LOANS, LLC 15 6.24% $8,115
    UNION HOME MORTGAGE CORP. 13 6.99% $9,204
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 8 6.84% $6,334
    Traditional Bank, Inc. 5 6.65% $6,619
    GENEVA FINANCIAL, LLC 5 6.60% $8,901
    STOCKTON MORTGAGE CORPORATION 5 6.63% $9,191
    UNITED WHOLESALE MORTGAGE, LLC 3 6.74% $7,525
    POLARIS HOME FUNDING CORP. 3 6.46% $7,703
    NEWREZ LLC 3 6.92% $10,885
    FREEDOM MORTGAGE CORPORATION 3 6.92% $9,226
    Prosperity Home Mortgage, LLC 3 6.96% $8,845
    Mortgage Research Center, LLC 2 7.81% $4,400
    Mr. Cooper ( Nationstar Mortgage ) 2 6.50% $11,115
    DAS Acquisition Company, LLC 2 6.38% $9,448
    AMERISAVE MORTGAGE CORPORATION 2 6.25% $9,379
    Bank of England 2 6.38% $8,811
    Barrington Bank & Trust Company, N.A. 2 6.50% $7,840
    CARDINAL FINANCIAL 2 5.94% $6,783
    CROSSCOUNTRY MORTGAGE, LLC 2 6.69% $7,915
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.94% $10,578
    Equity Prime Mortgage LLC 2 7.00% $10,822
    EVERETT FINANCIAL, INC. 2 6.44% $10,308
    Flagstar Bank, FSB 2 7.14% $7,988
    GoPrime Mortgage, Inc. 2 7.63% $7,551
    LAKEVIEW LOAN SERVICING, LLC 2 6.00% $8,368
    Northpointe Bank 2 6.56% $9,792
    PENNYMAC LOAN SERVICES, LLC 2 5.50% $9,216
    Stock Yards Bank & Trust Company 2 6.44% $6,686
    U.S. Bank 1 7.25% $7,411
    Peoples Exchange Bank 1 6.63% $4,702
    PLANET HOME LENDING, LLC 1 6.25% $6,575
    LOANDEPOT.COM, LLC 1 6.88% $13,735
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $16,422
    HOMESIDE FINANCIAL, LLC 1 6.00% $11,698
    Guardian Savings Bank, A Federal Savings Bank 1 6.00% $5,048
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $9,886
    ROYAL UNITED MORTGAGE LLC 1 6.25% $5,223
    ENDEAVOR CAPITAL, LLC. 1 6.12% $8,760
    VILLAGE CAPITAL MORTGAGE 1 5.25% $9,749
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.75% $9,534
    SUN WEST MORTGAGE COMPANY, INC. 1 6.50% $6,799
    Century Mortgage Company DBA Century Lending Company 1 7.75% $11,860
    Carrington Mortgage Services, LLC 1 6.38% $10,687
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $8,839
    MEMBERS HERITAGE Credit Union 1 6.75% $7,737
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 7.25% $8,857

    The top Mount Sterling FHA lender as defined by loan originations is Republic State Mortgage Co., with 24 FHA loans originated. Their average total fees are $8,079, which is $36 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Mount Sterling FHA lenders (with over 10 loans originated) are Republic State Mortgage Co. ($8,079), QUICKEN LOANS, LLC ($8,115), UNION HOME MORTGAGE CORP. ($9,204), .

    The lowest rate Mount Sterling FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.24%), Republic State Mortgage Co. (6.58%), UNION HOME MORTGAGE CORP. (6.99%), .

    Mount Sterling FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MOUNT STERLING, KY BATH 2022 $420,680 $538,650 $651,050 $809,150
    MOUNT STERLING, KY MENIFEE 2022 $420,680 $538,650 $651,050 $809,150
    MOUNT STERLING, KY MONTGOMERY 2022 $420,680 $538,650 $651,050 $809,150
    MOUNT STERLING, KY BATH 2023 $472,030 $604,400 $730,525 $907,900
    MOUNT STERLING, KY MENIFEE 2023 $472,030 $604,400 $730,525 $907,900
    MOUNT STERLING, KY MONTGOMERY 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).