Murray FHA Loan Rates, Closing Costs & Stats

Murray, 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.

    Murray's 29 lenders originated 65 FHA loans during 2023. The total origination value was $12,735,000, with an average FHA loan value of $195,923.

    Murray FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Murray averaged 6.2% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Murray's average FHA mortgage closing costs are $6,695.

    The average rate for the prior week (2024-12-06) was 6.67% and one month ago for the week of 2024-11-08, the average rate was 6.54%.

    The average rate one year ago was 6.95%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.38%.

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

    Murray 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 Murray level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FirstTrust Home Loans, Inc. 7 7.18% $9,044
    Magnolia Bank 5 6.25% $9,703
    QUICKEN LOANS, LLC 4 6.18% $10,222
    UNITED WHOLESALE MORTGAGE, LLC 3 6.64% $7,895
    Carrington Mortgage Services, LLC 3 6.54% $11,376
    FREEDOM MORTGAGE CORPORATION 3 7.08% $11,622
    GERSHMAN INVESTMENT CORP. 3 6.75% $7,133
    POLARIS HOME FUNDING CORP. 3 5.92% $6,414
    STOCKTON MORTGAGE CORPORATION 3 7.13% $8,694
    Regions Bank 2 6.44% $6,645
    LAKEVIEW LOAN SERVICING, LLC 2 5.75% $7,563
    AMERISAVE MORTGAGE CORPORATION 2 5.94% $9,210
    EVERETT FINANCIAL, INC. 2 6.94% $12,084
    RUOFF MORTGAGE COMPANY, INC. 1 6.75% $4,188
    LOANDEPOT.COM, LLC 1 5.99% $6,000
    CALCON MUTUAL MORTGAGE LLC 1 7.25% $8,685
    MID AMERICA MORTGAGE, INC. 1 6.75% $8,372
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $8,530
    Northpointe Bank 1 7.25% $9,400
    PLAZA HOME MORTGAGE, INC. 1 6.63% $21,286
    AMERICAN FINANCIAL NETWORK, INC. 1 7.25% $11,157
    Prosperity Home Mortgage, LLC 1 5.88% $8,314
    CRESCENT MORTGAGE COMPANY 1 6.50% $7,391
    ENDEAVOR CAPITAL, LLC. 1 7.12% $10,352
    ENVOY MORTGAGE, LTD 1 6.75% $9,293
    Mortgage Research Center, LLC 1 7.63% $3,617
    Fifth Third Bank 1 6.13% $6,329
    CARDINAL FINANCIAL 1 7.13% $9,967
    FLAT BRANCH MORTGAGE, INC. 1 6.75% $5,505

    The top Murray FHA lender as defined by loan originations is FirstTrust Home Loans, Inc., with 7 FHA loans originated. Their average total fees are $9,044, which is $659 lower than the next largest lender, Magnolia Bank.

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

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

    Murray FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Murray (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 $171,575 (4.3%) $240,022 (-3.6%) 0.00 193
    2018-02-01 $178,250 (5.3%) $248,314 (-5.0%) 0.00 181
    2018-03-01 $169,450 (-8.5%) $245,490 (-9.1%) 0.00 202
    2018-04-01 $170,000 (-6.9%) $242,837 (-7.6%) 0.00 230
    2018-05-01 $168,750 (-9.8%) $241,861 (-8.3%) 0.00 240
    2018-06-01 $169,900 (-12.3%) $244,380 (-8.9%) 0.00 231
    2018-07-01 $179,225 (-10.3%) $242,195 (-10.5%) 0.00 229
    2018-08-01 $181,200 (-3.8%) $242,618 (-6.9%) 0.00 233
    2018-09-01 $189,000 (1.0%) $249,019 (-4.4%) 0.00 228
    2018-10-01 $190,950 (4.6%) $252,500 (-2.0%) 0.00 218
    2018-11-01 $190,175 (7.8%) $250,809 (-0.4%) 0.00 210
    2018-12-01 $189,900 (5.8%) $257,420 (5.6%) 0.00 192
    2019-01-01 $189,900 (10.7%) $256,261 (6.8%) 0.00 186
    2019-02-01 $182,475 (2.4%) $251,678 (1.4%) 0.00 184
    2019-03-01 $182,643 (7.8%) $248,677 (1.3%) 0.00 200
    2019-04-01 $184,900 (8.8%) $248,139 (2.2%) 0.00 221
    2019-05-01 $185,500 (9.9%) $250,104 (3.4%) 0.00 232
    2019-06-01 $188,000 (10.7%) $255,794 (4.7%) 0.00 232
    2019-07-01 $189,450 (5.7%) $259,333 (7.1%) 0.00 232
    2019-08-01 $193,864 (7.0%) $266,491 (9.8%) 0.00 216
    2019-09-01 $195,909 (3.7%) $268,518 (7.8%) 0.00 201
    2019-10-01 $196,023 (2.7%) $263,913 (4.5%) 0.00 186
    2019-11-01 $189,000 (-0.6%) $246,705 (-1.6%) 0.00 189
    2019-12-01 $188,200 (-0.9%) $243,779 (-5.3%) 0.00 181
    2020-01-01 $182,400 (-4.0%) $242,515 (-5.4%) 0.00 167
    2020-02-01 $189,450 (3.8%) $269,642 (7.1%) 0.00 125
    2020-03-01 $238,975 (30.8%) $299,988 (20.6%) 0.00 127
    2020-04-01 $244,200 (32.1%) $303,025 (22.1%) 0.00 116
    2020-05-01 $269,900 (45.5%) $317,633 (27.0%) 0.00 101
    2020-06-01 $264,825 (40.9%) $332,525 (30.0%) 0.00 88
    2020-07-01 $250,425 (32.2%) $342,907 (32.2%) 0.00 84
    2020-08-01 $289,000 (49.1%) $374,312 (40.5%) 0.00 84
    2020-09-01 $299,000 (52.6%) $393,058 (46.4%) 0.00 78
    2020-10-01 $303,500 (54.8%) $393,339 (49.0%) 0.00 73
    2020-11-01 $297,000 (57.1%) $407,321 (65.1%) 0.00 77
    2020-12-01 $249,250 (32.4%) $391,928 (60.8%) 0.00 76
    2021-01-01 $282,250 (54.7%) $432,521 (78.4%) 0.00 58
    2021-02-01 $295,000 (55.7%) $504,397 (87.1%) 0.00 46
    2021-03-01 $289,825 (21.3%) $478,299 (59.4%) 0.00 43
    2021-04-01 $319,000 (30.6%) $429,961 (41.9%) 0.00 40
    2021-05-01 $364,950 (35.2%) $482,433 (51.9%) 0.00 40
    2021-06-01 $252,250 (-4.8%) $412,618 (24.1%) 0.00 46
    2021-07-01 $222,450 (-11.2%) $381,412 (11.2%) 0.00 54
    2021-08-01 $225,975 (-21.8%) $411,281 (9.9%) 0.00 56
    2021-09-01 $227,475 (-23.9%) $407,317 (3.6%) 0.00 53
    2021-10-01 $249,450 (-17.8%) $411,717 (4.7%) 0.00 57
    2021-11-01 $234,250 (-21.1%) $399,737 (-1.9%) 0.00 59
    2021-12-01 $240,700 (-3.4%) $409,292 (4.4%) 0.00 63
    2022-01-01 $291,900 (3.4%) $433,083 (0.1%) 0.00 51
    2022-02-01 $321,950 (9.1%) $472,520 (-6.3%) 0.00 37
    2022-03-01 $328,000 (13.2%) $448,002 (-6.3%) 0.00 35
    2022-04-01 $282,000 (-11.6%) $433,121 (0.7%) 0.00 32
    2022-05-01 $312,425 (-14.4%) $419,315 (-13.1%) 0.00 40
    2022-06-01 $327,000 (29.6%) $405,800 (-1.7%) 0.00 44
    2022-07-01 $320,000 (43.9%) $413,042 (8.3%) 0.00 48
    2022-08-01 $323,700 (43.3%) $421,968 (2.6%) 0.00 50
    2022-09-01 $351,500 (54.5%) $451,028 (10.7%) 0.00 47
    2022-10-01 $343,750 (37.8%) $416,985 (1.3%) 0.00 53
    2022-11-01 $347,000 (48.1%) $429,397 (7.4%) 0.00 57
    2022-12-01 $299,000 (24.2%) $394,205 (-3.7%) 0.00 59
    2023-01-01 $279,950 (-4.1%) $352,843 (-18.5%) 0.00 53
    2023-02-01 $277,500 (-13.8%) $362,915 (-23.2%) 0.00 53
    2023-03-01 $329,250 (0.4%) $376,964 (-15.9%) 0.00 50
    2023-04-01 $345,000 (22.3%) $395,176 (-8.8%) 0.00 53
    2023-05-01 $342,500 (9.6%) $419,506 (0.1%) 0.00 47
    2023-06-01 $347,000 (6.1%) $428,750 (5.7%) 0.00 54
    2023-07-01 $382,000 (19.4%) $449,241 (8.8%) 0.00 62
    2023-08-01 $362,175 (11.9%) $432,434 (2.5%) 0.00 68
    2023-09-01 $337,000 (-4.1%) $416,760 (-7.6%) 0.00 76
    2023-10-01 $318,675 (-7.3%) $396,340 (-5.0%) 0.00 72
    2023-11-01 $321,200 (-7.4%) $434,221 (1.1%) 0.00 70
    2023-12-01 $320,000 (7.0%) $443,119 (12.4%) 0.00 65
    2024-01-01 $313,675 (12.1%) $430,118 (21.9%) 0.00 62
    2024-02-01 $320,625 (15.5%) $438,878 (20.9%) 0.00 56
    2024-03-01 $342,000 (3.9%) $451,837 (19.9%) 0.00 53
    2024-04-01 $325,000 (-5.8%) $458,690 (16.1%) 0.00 66
    2024-05-01 $319,975 (-6.6%) $455,019 (8.5%) 0.00 73
    2024-06-01 $329,000 (-5.2%) $465,059 (8.5%) 0.00 83
    2024-07-01 $349,725 (-8.5%) $452,143 (0.7%) 0.00 89
    2024-08-01 $350,000 (-3.4%) $446,134 (3.2%) 0.00 93
    2024-09-01 $295,700 (-12.3%) $409,919 (-1.6%) 0.00 88
    2024-10-01 $356,750 (12.0%) $435,558 (9.9%) 0.00 89
    2024-11-01 $362,000 (12.7%) $436,958 (0.6%) 0.00 84
    Murray's median listing price for 2024-11-01 was $362,000, a difference of $40,800 (12.7%) versus the prior year and $5,250 versus the prior month.

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

    Murray's average listing price for 2024-11-01 was $436,958, a difference of $2,737 (0.6%) versus the prior year and $1,400 versus the prior month.

    For the 2024-11-01 period, Murray had 84 MLS listings, a difference of -5 listings (-6%) versus the prior month and 14 listings (20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Murray (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,916 sqft
    2018-02-01 0 days 1,947 sqft
    2018-03-01 0 days 1,902 sqft
    2018-04-01 0 days 1,895 sqft
    2018-05-01 0 days 1,892 sqft
    2018-06-01 0 days 1,870 sqft
    2018-07-01 0 days 1,876 sqft
    2018-08-01 0 days 1,917 sqft
    2018-09-01 0 days 1,930 sqft
    2018-10-01 0 days 2,003 sqft
    2018-11-01 0 days 2,018 sqft
    2018-12-01 0 days 2,024 sqft
    2019-01-01 0 days 2,032 sqft
    2019-02-01 0 days 1,996 sqft
    2019-03-01 0 days 1,947 sqft
    2019-04-01 0 days 1,882 sqft
    2019-05-01 0 days 1,925 sqft
    2019-06-01 0 days 1,955 sqft
    2019-07-01 0 days 2,025 sqft
    2019-08-01 0 days 2,056 sqft
    2019-09-01 0 days 2,074 sqft
    2019-10-01 0 days 2,070 sqft
    2019-11-01 0 days 2,026 sqft
    2019-12-01 0 days 1,948 sqft
    2020-01-01 0 days 1,869 sqft
    2020-02-01 0 days 1,854 sqft
    2020-03-01 0 days 2,025 sqft
    2020-04-01 0 days 2,139 sqft
    2020-05-01 0 days 2,290 sqft
    2020-06-01 0 days 2,185 sqft
    2020-07-01 0 days 2,149 sqft
    2020-08-01 0 days 2,269 sqft
    2020-09-01 0 days 2,208 sqft
    2020-10-01 0 days 2,251 sqft
    2020-11-01 0 days 2,391 sqft
    2020-12-01 0 days 2,153 sqft
    2021-01-01 0 days 2,506 sqft
    2021-02-01 0 days 2,561 sqft
    2021-03-01 0 days 2,433 sqft
    2021-04-01 0 days 2,597 sqft
    2021-05-01 0 days 2,640 sqft
    2021-06-01 0 days 1,945 sqft
    2021-07-01 0 days 1,748 sqft
    2021-08-01 0 days 1,829 sqft
    2021-09-01 0 days 1,816 sqft
    2021-10-01 0 days 1,960 sqft
    2021-11-01 0 days 1,868 sqft
    2021-12-01 0 days 1,883 sqft
    2022-01-01 0 days 2,093 sqft
    2022-02-01 0 days 2,065 sqft
    2022-03-01 0 days 2,035 sqft
    2022-04-01 0 days 2,022 sqft
    2022-05-01 0 days 2,189 sqft
    2022-06-01 0 days 2,059 sqft
    2022-07-01 0 days 2,100 sqft
    2022-08-01 0 days 2,280 sqft
    2022-09-01 0 days 2,280 sqft
    2022-10-01 0 days 2,291 sqft
    2022-11-01 0 days 2,294 sqft
    2022-12-01 0 days 2,243 sqft
    2023-01-01 0 days 2,004 sqft
    2023-02-01 0 days 1,980 sqft
    2023-03-01 0 days 2,257 sqft
    2023-04-01 0 days 2,320 sqft
    2023-05-01 0 days 2,594 sqft
    2023-06-01 0 days 2,581 sqft
    2023-07-01 0 days 2,597 sqft
    2023-08-01 0 days 2,406 sqft
    2023-09-01 0 days 2,336 sqft
    2023-10-01 0 days 2,233 sqft
    2023-11-01 0 days 2,236 sqft
    2023-12-01 0 days 2,364 sqft
    2024-01-01 0 days 2,260 sqft
    2024-02-01 0 days 2,294 sqft
    2024-03-01 0 days 2,240 sqft
    2024-04-01 0 days 2,200 sqft
    2024-05-01 0 days 2,241 sqft
    2024-06-01 0 days 2,250 sqft
    2024-07-01 0 days 2,132 sqft
    2024-08-01 0 days 2,233 sqft
    2024-09-01 0 days 2,173 sqft
    2024-10-01 0 days 2,204 sqft
    2024-11-01 0 days 2,252 sqft
    Murray's median listing age (time on market) for 2024-11-01 was 0 days.

    Murray's median square footage for active listings during the 2024-11-01 period was 2,252 sqft. One year prior, the average listing was 2,236 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).