Richmond FHA Loan Rates, Closing Costs & Stats

Richmond-Berea, 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.

    Richmond's 68 lenders originated 361 FHA loans during 2024. The total origination value was $89,765,000, with an average FHA loan value of $248,657.

    Richmond FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Richmond averaged 0.07% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Richmond's average FHA mortgage closing costs are $7,071.

    The average rate for the prior week (2025-06-13) was 6.95% and one month ago for the week of 2025-05-16, the average rate was 6.91%.

    The average rate one year ago was 7.06%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.04%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 38 6.63% $7,367
    T2 FINANCIAL LLC 27 6.01% $11,076
    GENEVA FINANCIAL, LLC 25 6.59% $10,624
    UNITED WHOLESALE MORTGAGE, LLC 24 6.34% $11,341
    BROKER SOLUTIONS, INC. 24 6.39% $11,111
    QUICKEN LOANS, LLC 22 6.28% $10,816
    STOCKTON MORTGAGE CORPORATION 16 6.48% $11,048
    FREEDOM MORTGAGE CORPORATION 15 6.72% $10,092
    U.S. Bank 12 6.71% $7,824
    Republic State Mortgage Co. 9 6.60% $10,106
    DAS Acquisition Company, LLC 8 6.36% $8,351
    PENNYMAC LOAN SERVICES, LLC 7 6.11% $8,287
    NEWREZ LLC 6 6.33% $8,389
    RUOFF MORTGAGE COMPANY, INC. 6 6.69% $5,249
    AMERISAVE MORTGAGE CORPORATION 5 6.60% $11,425
    LOANDEPOT.COM, LLC 5 6.17% $9,504
    Republic Bank & Trust Company 5 6.33% $8,451
    UNION HOME MORTGAGE CORP. 5 6.70% $11,643
    Century Mortgage Company DBA Century Lending Company 4 6.03% $14,357
    AmeriHome Mortgage Company, LLC 4 6.59% $5,739
    Bank of England 4 6.50% $9,714
    GoPrime Mortgage, Inc. 3 6.92% $12,774
    Ixonia Bank 3 7.00% $9,340
    Equity Prime Mortgage LLC 3 6.92% $7,914
    EVERETT FINANCIAL, INC. 3 7.13% $13,502
    Prosperity Home Mortgage, LLC 3 6.46% $12,231
    PLANET HOME LENDING, LLC 3 6.21% $5,285
    Guardian Savings Bank, A Federal Savings Bank 3 6.50% $8,411
    AMERICAN FINANCIAL NETWORK, INC. 2 6.75% $9,314
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 6.75% $14,318
    CARDINAL FINANCIAL 2 6.25% $10,925
    Carrington Mortgage Services, LLC 2 6.63% $13,300
    HOMESIDE FINANCIAL, LLC 2 5.94% $12,822
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.69% $10,881
    Northpointe Bank 2 5.81% $9,763
    SWBC MORTGAGE CORPORATION 2 6.75% $11,804
    Traditional Bank, Inc. 2 7.25% $8,022
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $13,011
    AMERICAN FINANCING CORPORATION 1 5.50% $15,387
    MYCUMORTGAGE, LLC 1 6.63% $6,121
    Nations Lending Corporation 1 6.63% $13,579
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.50% $11,369
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $8,095
    OCEANSIDE MORTGAGE COMPANY 1 6.13% $2,792
    Paramount Residential Mortgage Group, Inc. 1 5.75% $8,687
    Flagstar Bank, FSB 1 6.47% $6,912
    Fifth Third Bank 1 5.99% $10,103
    PNC Bank 1 6.63% $7,941
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.38% $4,487
    FBC MORTGAGE, LLC 1 4.99% $28,567
    EVANSVILLE TEACHERS 1 6.50% $10,110
    Renasant Bank 1 7.13% $6,423
    EMM LOANS LLC 1 6.50% $10,223
    Civista Bank 1 5.75% $7,916
    Central Bank 1 5.75% $9,048
    SOUTHWEST FUNDING, LP 1 7.13% $10,404
    CALCON MUTUAL MORTGAGE LLC 1 6.13% $16,327
    Stock Yards Bank & Trust Company 1 7.13% $5,488
    WesBanco 1 6.13% $6,386
    BANKSOUTH MORTGAGE COMPANY, LLC 1 6.50% $10,272
    TOP FLITE FINANCIAL, INC. 1 6.63% $10,618
    ZILLOW HOME LOANS, LLC 1 5.50% $10,356
    Truist 1 6.75% $6,265
    American Mortgage & Equity Consultants, Inc. 1 6.75% $15,396
    LIBERTY HOME MORTGAGE CORPORATION 1 7.25% $7,756
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $5,712
    Magnolia Bank 1 6.75% $10,252
    MOVEMENT MORTGAGE, LLC 1 6.75% $12,814

    The top Richmond FHA lender as defined by loan originations is ARK-LA-TEX FINANCIAL SERVICES, LLC., with 38 FHA loans originated. Their average total fees are $7,367, which is $3,710 lower than the next largest lender, T2 FINANCIAL LLC.

    The lowest fee Richmond FHA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. ($7,367), U.S. Bank ($7,824), FREEDOM MORTGAGE CORPORATION ($10,092), GENEVA FINANCIAL, LLC ($10,624) and QUICKEN LOANS, LLC ($10,816).

    The lowest rate Richmond FHA lenders (with over 10 loans originated) are T2 FINANCIAL LLC (6.01%), QUICKEN LOANS, LLC (6.28%), UNITED WHOLESALE MORTGAGE, LLC (6.34%), BROKER SOLUTIONS, INC. (6.39%) and STOCKTON MORTGAGE CORPORATION (6.48%).

    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

    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).