Richmond FHA Loan Rates, Closing Costs & Stats

Richmond-Berea, 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.

    Richmond's 74 lenders originated 338 FHA loans during 2023. The total origination value was $74,300,000, with an average FHA loan value of $219,822.

    Richmond FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Richmond averaged 5.99% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Richmond's average FHA mortgage closing costs are $6,636.

    The average rate for the prior week (2024-12-06) was 6.36% and one month ago for the week of 2024-11-08, the average rate was 6.13%.

    The average rate one year ago was 6.74%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.29%.

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

    Richmond 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 Richmond level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GENEVA FINANCIAL, LLC 48 6.57% $10,057
    QUICKEN LOANS, LLC 34 6.22% $9,672
    UNITED WHOLESALE MORTGAGE, LLC 26 6.49% $11,004
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 25 6.74% $6,487
    STOCKTON MORTGAGE CORPORATION 19 6.66% $9,597
    HOMESIDE FINANCIAL, LLC 15 6.56% $9,078
    RUOFF MORTGAGE COMPANY, INC. 10 6.64% $6,744
    Republic State Mortgage Co. 9 6.47% $9,124
    Bank of England 8 6.69% $10,675
    U.S. Bank 7 7.02% $6,811
    DAS Acquisition Company, LLC 6 6.69% $11,030
    Northpointe Bank 6 6.96% $12,179
    UNION HOME MORTGAGE CORP. 5 6.73% $9,593
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.15% $8,132
    Stock Yards Bank & Trust Company 5 6.75% $8,614
    NEWREZ LLC 4 6.13% $8,978
    ROYAL UNITED MORTGAGE LLC 4 7.50% $7,468
    MOVEMENT MORTGAGE, LLC 3 5.75% $7,959
    CARDINAL FINANCIAL 3 6.58% $15,975
    FREEDOM MORTGAGE CORPORATION 3 6.83% $12,096
    GoPrime Mortgage, Inc. 3 6.92% $10,105
    GUARANTEED RATE, INC. 3 6.83% $8,259
    Century Mortgage Company DBA Century Lending Company 3 7.00% $13,889
    Republic Bank & Trust Company 3 6.67% $7,993
    AMERISAVE MORTGAGE CORPORATION 3 6.00% $10,733
    THRIVE MORTGAGE, LLC 3 6.46% $10,642
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.92% $9,835
    POLARIS HOME FUNDING CORP. 2 6.31% $12,389
    EVANSVILLE TEACHERS 2 7.19% $9,553
    TOP FLITE FINANCIAL, INC. 2 6.88% $12,354
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.75% $9,496
    PENNYMAC LOAN SERVICES, LLC 2 6.62% $10,916
    Paramount Residential Mortgage Group, Inc. 2 7.19% $9,899
    Flagstar Bank, FSB 2 6.40% $9,731
    FBC MORTGAGE, LLC 2 6.12% $11,683
    Mortgage Research Center, LLC 2 5.56% $11,836
    Regions Bank 2 5.50% $9,769
    Central Bank 2 5.75% $4,667
    BROKER SOLUTIONS, INC. 2 7.19% $9,359
    ZILLOW HOME LOANS, LLC 1 6.13% $12,982
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $15,426
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.25% $10,796
    Carrington Mortgage Services, LLC 1 6.50% $9,401
    CROSSCOUNTRY MORTGAGE, LLC 1 6.25% $9,873
    EMM LOANS LLC 1 6.75% $9,551
    ENDEAVOR CAPITAL, LLC. 1 5.75% $8,277
    Equity Prime Mortgage LLC 1 6.75% $10,173
    EVERETT FINANCIAL, INC. 1 6.63% $9,765
    Fifth Third Bank 1 5.88% $10,126
    GSF Mortgage Corporation 1 7.00% $12,694
    GUARANTEED RATE AFFINITY, LLC 1 6.08% $10,116
    Guardian Savings Bank, A Federal Savings Bank 1 7.75% $6,518
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.13% $4,364
    INTERLINC MORTGAGE SERVICES, LLC 1 7.13% $4,702
    LAKEVIEW LOAN SERVICING, LLC 1 6.00% $10,505
    LOANDEPOT.COM, LLC 1 7.13% $8,580
    MID AMERICA MORTGAGE, INC. 1 6.75% $10,000
    MORTGAGE INVESTORS GROUP, INC. 1 5.88% $12,585
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $17,623
    Nations Lending Corporation 1 6.25% $11,935
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.13% $8,826
    NBKC BANK 1 4.75% $12,987
    NFM, INC. 1 7.13% $7,190
    North American Savings Bank, F.S.B. 1 4.88% $14,355
    Peoples Exchange Bank 1 6.25% $11,602
    Plains Commerce Bank 1 7.13% $9,564
    PLANET HOME LENDING, LLC 1 6.25% $6,660
    PREMIA MORTGAGE, LLC 1 6.00% $12,121
    Prosperity Home Mortgage, LLC 1 6.75% $12,070
    RELIANCE FIRST CAPITAL, LLC 1 7.63% $9,561
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.50% $8,305
    The Federal Savings Bank 1 5.63% $17,079
    Wells Fargo Bank 1 6.63% $8,723
    AMERICAN FINANCIAL NETWORK, INC. 1 5.63% $11,383

    The top Richmond FHA lender as defined by loan originations is GENEVA FINANCIAL, LLC, with 48 FHA loans originated. Their average total fees are $10,057, which is $384 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Richmond FHA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. ($6,487), RUOFF MORTGAGE COMPANY, INC. ($6,744), HOMESIDE FINANCIAL, LLC ($9,078), STOCKTON MORTGAGE CORPORATION ($9,597) and QUICKEN LOANS, LLC ($9,672).

    The lowest rate Richmond FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.22%), UNITED WHOLESALE MORTGAGE, LLC (6.49%), HOMESIDE FINANCIAL, LLC (6.56%), GENEVA FINANCIAL, LLC (6.57%) and RUOFF MORTGAGE COMPANY, INC. (6.64%).

    Richmond FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Richmond (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 $188,450 (6.5%) $229,599 (9.1%) 0.00 323
    2018-02-01 $189,000 (8.7%) $228,888 (9.4%) 0.00 306
    2018-03-01 $194,900 (11.9%) $236,510 (11.0%) 0.00 279
    2018-04-01 $204,450 (16.8%) $241,850 (11.1%) 0.00 264
    2018-05-01 $208,000 (15.6%) $244,950 (9.1%) 0.00 285
    2018-06-01 $195,000 (8.4%) $235,511 (3.6%) 0.00 322
    2018-07-01 $198,500 (10.3%) $234,474 (4.5%) 0.00 334
    2018-08-01 $199,900 (8.4%) $235,533 (3.1%) 0.00 362
    2018-09-01 $217,900 (19.1%) $241,108 (5.0%) 0.00 366
    2018-10-01 $219,700 (20.1%) $246,239 (9.7%) 0.00 376
    2018-11-01 $210,975 (13.7%) $247,463 (9.6%) 0.00 366
    2018-12-01 $209,950 (11.1%) $245,062 (7.4%) 0.00 347
    2019-01-01 $208,950 (10.9%) $240,202 (4.6%) 0.00 316
    2019-02-01 $199,200 (5.4%) $248,616 (8.6%) 0.00 321
    2019-03-01 $203,400 (4.4%) $252,874 (6.9%) 0.00 319
    2019-04-01 $210,500 (3.0%) $265,724 (9.9%) 0.00 308
    2019-05-01 $219,900 (5.7%) $276,790 (13.0%) 0.00 291
    2019-06-01 $226,000 (15.9%) $278,436 (18.2%) 0.00 302
    2019-07-01 $226,450 (14.1%) $280,812 (19.8%) 0.00 316
    2019-08-01 $217,818 (9.0%) $274,935 (16.7%) 0.00 342
    2019-09-01 $214,545 (-1.5%) $267,368 (10.9%) 0.00 375
    2019-10-01 $213,814 (-2.7%) $263,797 (7.1%) 0.00 397
    2019-11-01 $219,900 (4.2%) $261,759 (5.8%) 0.00 383
    2019-12-01 $215,000 (2.4%) $243,269 (-0.7%) 0.00 348
    2020-01-01 $217,350 (4.0%) $246,776 (2.7%) 0.00 325
    2020-02-01 $219,900 (10.4%) $245,233 (-1.4%) 0.00 303
    2020-03-01 $219,900 (8.1%) $255,449 (1.0%) 0.00 295
    2020-04-01 $219,950 (4.5%) $259,413 (-2.4%) 0.00 288
    2020-05-01 $229,000 (4.1%) $265,851 (-4.0%) 0.00 229
    2020-06-01 $238,913 (5.7%) $270,630 (-2.8%) 0.00 190
    2020-07-01 $242,425 (7.1%) $289,336 (3.0%) 0.00 192
    2020-08-01 $235,400 (8.1%) $325,428 (18.4%) 0.00 164
    2020-09-01 $237,025 (10.5%) $376,082 (40.7%) 0.00 160
    2020-10-01 $259,900 (21.6%) $333,962 (26.6%) 0.00 161
    2020-11-01 $249,100 (13.3%) $330,895 (26.4%) 0.00 169
    2020-12-01 $238,400 (10.9%) $322,673 (32.6%) 0.00 159
    2021-01-01 $244,900 (12.7%) $335,672 (36.0%) 0.00 147
    2021-02-01 $254,225 (15.6%) $341,920 (39.4%) 0.00 134
    2021-03-01 $264,000 (20.1%) $361,134 (41.4%) 0.00 119
    2021-04-01 $262,225 (19.2%) $366,294 (41.2%) 0.00 102
    2021-05-01 $279,950 (22.3%) $386,920 (45.5%) 0.00 102
    2021-06-01 $264,900 (10.9%) $339,619 (25.5%) 0.00 130
    2021-07-01 $259,900 (7.2%) $338,744 (17.1%) 0.00 139
    2021-08-01 $254,700 (8.2%) $287,361 (-11.7%) 0.00 198
    2021-09-01 $249,900 (5.4%) $299,446 (-20.4%) 0.00 195
    2021-10-01 $249,900 (-3.9%) $294,379 (-11.9%) 0.00 192
    2021-11-01 $254,500 (2.2%) $293,964 (-11.2%) 0.00 182
    2021-12-01 $255,450 (7.2%) $309,980 (-3.9%) 0.00 166
    2022-01-01 $257,450 (5.1%) $317,532 (-5.4%) 0.00 134
    2022-02-01 $268,450 (5.6%) $337,826 (-1.2%) 0.00 104
    2022-03-01 $268,675 (1.8%) $345,398 (-4.4%) 0.00 100
    2022-04-01 $284,900 (8.7%) $357,977 (-2.3%) 0.00 103
    2022-05-01 $297,175 (6.2%) $353,181 (-8.7%) 0.00 138
    2022-06-01 $292,400 (10.4%) $347,282 (2.3%) 0.00 185
    2022-07-01 $285,000 (9.7%) $342,617 (1.1%) 0.00 201
    2022-08-01 $291,975 (14.6%) $348,607 (21.3%) 0.00 214
    2022-09-01 $299,975 (20.0%) $357,087 (19.3%) 0.00 236
    2022-10-01 $299,950 (20.0%) $361,516 (22.8%) 0.00 262
    2022-11-01 $299,575 (17.7%) $345,229 (17.4%) 0.00 276
    2022-12-01 $298,900 (17.0%) $340,437 (9.8%) 0.00 263
    2023-01-01 $289,900 (12.6%) $345,575 (8.8%) 0.00 248
    2023-02-01 $308,625 (15.0%) $372,732 (10.3%) 0.00 217
    2023-03-01 $324,475 (20.8%) $385,241 (11.5%) 0.00 202
    2023-04-01 $312,900 (9.8%) $384,931 (7.5%) 0.00 165
    2023-05-01 $316,900 (6.6%) $393,803 (11.5%) 0.00 158
    2023-06-01 $319,900 (9.4%) $380,820 (9.7%) 0.00 171
    2023-07-01 $324,232 (13.8%) $373,352 (9.0%) 0.00 182
    2023-08-01 $324,616 (11.2%) $377,945 (8.4%) 0.00 185
    2023-09-01 $315,900 (5.3%) $360,050 (0.8%) 0.00 199
    2023-10-01 $313,450 (4.5%) $357,039 (-1.2%) 0.00 223
    2023-11-01 $322,450 (7.6%) $370,234 (7.2%) 0.00 250
    2023-12-01 $322,576 (7.9%) $365,498 (7.4%) 0.00 230
    2024-01-01 $319,900 (10.4%) $369,274 (6.9%) 0.00 229
    2024-02-01 $322,400 (4.5%) $368,875 (-1.0%) 0.00 232
    2024-03-01 $323,950 (-0.2%) $375,325 (-2.6%) 0.00 202
    2024-04-01 $319,725 (2.2%) $383,447 (-0.4%) 0.00 188
    2024-05-01 $324,900 (2.5%) $383,742 (-2.6%) 0.00 194
    2024-06-01 $315,000 (-1.5%) $366,790 (-3.7%) 0.00 212
    2024-07-01 $309,950 (-4.4%) $357,045 (-4.4%) 0.00 258
    2024-08-01 $303,210 (-6.6%) $361,276 (-4.4%) 0.00 310
    2024-09-01 $303,210 (-4.0%) $364,275 (1.2%) 0.00 335
    2024-10-01 $309,675 (-1.2%) $365,900 (2.5%) 0.00 324
    2024-11-01 $309,700 (-4.0%) $365,802 (-1.2%) 0.00 342
    Richmond's median listing price for 2024-11-01 was $309,700, a difference of $-12,750 (-4.0%) versus the prior year and $25 versus the prior month.

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

    Richmond's average listing price for 2024-11-01 was $365,802, a difference of $-4,432 (-1.2%) versus the prior year and $-98 versus the prior month.

    For the 2024-11-01 period, Richmond had 342 MLS listings, a difference of 18 listings (6%) versus the prior month and 92 listings (37%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Richmond (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,025 sqft
    2018-02-01 0 days 2,000 sqft
    2018-03-01 0 days 1,949 sqft
    2018-04-01 0 days 1,996 sqft
    2018-05-01 0 days 2,000 sqft
    2018-06-01 0 days 2,000 sqft
    2018-07-01 0 days 2,007 sqft
    2018-08-01 0 days 2,000 sqft
    2018-09-01 0 days 2,000 sqft
    2018-10-01 0 days 2,000 sqft
    2018-11-01 0 days 2,007 sqft
    2018-12-01 0 days 1,963 sqft
    2019-01-01 0 days 1,946 sqft
    2019-02-01 0 days 1,869 sqft
    2019-03-01 0 days 1,914 sqft
    2019-04-01 0 days 1,969 sqft
    2019-05-01 0 days 2,057 sqft
    2019-06-01 0 days 2,063 sqft
    2019-07-01 0 days 2,056 sqft
    2019-08-01 0 days 2,032 sqft
    2019-09-01 0 days 2,007 sqft
    2019-10-01 0 days 1,991 sqft
    2019-11-01 0 days 1,920 sqft
    2019-12-01 0 days 1,869 sqft
    2020-01-01 0 days 1,861 sqft
    2020-02-01 0 days 1,893 sqft
    2020-03-01 0 days 1,969 sqft
    2020-04-01 0 days 2,010 sqft
    2020-05-01 0 days 1,936 sqft
    2020-06-01 0 days 1,925 sqft
    2020-07-01 0 days 1,885 sqft
    2020-08-01 0 days 2,010 sqft
    2020-09-01 0 days 2,053 sqft
    2020-10-01 0 days 2,114 sqft
    2020-11-01 0 days 1,966 sqft
    2020-12-01 0 days 1,865 sqft
    2021-01-01 0 days 1,942 sqft
    2021-02-01 0 days 1,976 sqft
    2021-03-01 0 days 2,043 sqft
    2021-04-01 0 days 2,027 sqft
    2021-05-01 0 days 2,036 sqft
    2021-06-01 0 days 1,969 sqft
    2021-07-01 0 days 1,901 sqft
    2021-08-01 0 days 1,850 sqft
    2021-09-01 0 days 1,785 sqft
    2021-10-01 0 days 1,795 sqft
    2021-11-01 0 days 1,822 sqft
    2021-12-01 0 days 1,817 sqft
    2022-01-01 0 days 1,745 sqft
    2022-02-01 0 days 1,739 sqft
    2022-03-01 0 days 1,731 sqft
    2022-04-01 0 days 1,815 sqft
    2022-05-01 0 days 1,779 sqft
    2022-06-01 0 days 1,797 sqft
    2022-07-01 0 days 1,787 sqft
    2022-08-01 0 days 1,800 sqft
    2022-09-01 0 days 1,820 sqft
    2022-10-01 0 days 1,824 sqft
    2022-11-01 0 days 1,813 sqft
    2022-12-01 0 days 1,756 sqft
    2023-01-01 0 days 1,747 sqft
    2023-02-01 0 days 1,822 sqft
    2023-03-01 0 days 1,960 sqft
    2023-04-01 0 days 1,903 sqft
    2023-05-01 0 days 1,912 sqft
    2023-06-01 0 days 1,896 sqft
    2023-07-01 0 days 1,898 sqft
    2023-08-01 0 days 1,870 sqft
    2023-09-01 0 days 1,832 sqft
    2023-10-01 0 days 1,825 sqft
    2023-11-01 0 days 1,843 sqft
    2023-12-01 0 days 1,820 sqft
    2024-01-01 0 days 1,808 sqft
    2024-02-01 0 days 1,802 sqft
    2024-03-01 0 days 1,820 sqft
    2024-04-01 0 days 1,790 sqft
    2024-05-01 0 days 1,820 sqft
    2024-06-01 0 days 1,795 sqft
    2024-07-01 0 days 1,807 sqft
    2024-08-01 0 days 1,832 sqft
    2024-09-01 0 days 1,815 sqft
    2024-10-01 0 days 1,785 sqft
    2024-11-01 0 days 1,750 sqft
    Richmond's median listing age (time on market) for 2024-11-01 was 0 days.

    Richmond's median square footage for active listings during the 2024-11-01 period was 1,750 sqft. One year prior, the average listing was 1,843 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).