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 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 6.43% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.65% and one month ago for the week of 2025-01-10, the average rate was 6.61%.

    The average rate one year ago was 6.63%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.33%.

    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 $184,550 (8.8%) $221,723 (10.6%) 0.00 348
    2018-02-01 $183,175 (11.1%) $221,075 (10.2%) 0.00 329
    2018-03-01 $188,000 (11.6%) $227,809 (10.4%) 0.00 308
    2018-04-01 $196,225 (15.8%) $233,873 (10.5%) 0.00 294
    2018-05-01 $197,950 (13.2%) $235,809 (7.9%) 0.00 318
    2018-06-01 $189,900 (8.5%) $225,902 (1.6%) 0.00 359
    2018-07-01 $189,900 (9.2%) $223,806 (2.4%) 0.00 375
    2018-08-01 $189,900 (5.6%) $225,571 (0.8%) 0.00 403
    2018-09-01 $199,900 (11.1%) $230,878 (3.1%) 0.00 406
    2018-10-01 $209,450 (16.4%) $237,852 (8.8%) 0.00 411
    2018-11-01 $199,400 (9.3%) $238,093 (8.6%) 0.00 403
    2018-12-01 $198,900 (7.6%) $236,189 (6.3%) 0.00 386
    2019-01-01 $197,250 (6.9%) $231,249 (4.3%) 0.00 348
    2019-02-01 $189,900 (3.7%) $240,205 (8.7%) 0.00 350
    2019-03-01 $192,921 (2.6%) $244,505 (7.3%) 0.00 351
    2019-04-01 $202,475 (3.2%) $256,933 (9.9%) 0.00 341
    2019-05-01 $214,175 (8.2%) $266,795 (13.1%) 0.00 322
    2019-06-01 $217,500 (14.5%) $267,543 (18.4%) 0.00 334
    2019-07-01 $219,675 (15.7%) $270,957 (21.1%) 0.00 354
    2019-08-01 $215,427 (13.4%) $267,995 (18.8%) 0.00 375
    2019-09-01 $212,318 (6.2%) $261,743 (13.4%) 0.00 406
    2019-10-01 $210,295 (0.4%) $258,201 (8.6%) 0.00 426
    2019-11-01 $215,000 (7.8%) $258,479 (8.6%) 0.00 412
    2019-12-01 $213,250 (7.2%) $240,182 (1.7%) 0.00 372
    2020-01-01 $215,000 (9.0%) $242,740 (5.0%) 0.00 350
    2020-02-01 $215,000 (13.2%) $242,038 (0.8%) 0.00 332
    2020-03-01 $219,900 (14.0%) $251,932 (3.0%) 0.00 319
    2020-04-01 $219,900 (8.6%) $254,438 (-1.0%) 0.00 315
    2020-05-01 $224,900 (5.0%) $259,660 (-2.7%) 0.00 258
    2020-06-01 $236,425 (8.7%) $265,097 (-0.9%) 0.00 216
    2020-07-01 $239,900 (9.2%) $282,981 (4.4%) 0.00 209
    2020-08-01 $229,950 (6.7%) $314,266 (17.3%) 0.00 183
    2020-09-01 $231,175 (8.9%) $359,347 (37.3%) 0.00 177
    2020-10-01 $239,900 (14.1%) $321,011 (24.3%) 0.00 177
    2020-11-01 $236,400 (10.0%) $316,387 (22.4%) 0.00 185
    2020-12-01 $232,400 (9.0%) $309,929 (29.0%) 0.00 177
    2021-01-01 $234,900 (9.3%) $319,568 (31.7%) 0.00 165
    2021-02-01 $246,975 (14.9%) $330,647 (36.6%) 0.00 144
    2021-03-01 $254,161 (15.6%) $349,012 (38.5%) 0.00 127
    2021-04-01 $245,675 (11.7%) $351,637 (38.2%) 0.00 113
    2021-05-01 $269,900 (20.0%) $365,079 (40.6%) 0.00 114
    2021-06-01 $253,911 (7.4%) $325,541 (22.8%) 0.00 144
    2021-07-01 $249,900 (4.2%) $323,568 (14.3%) 0.00 156
    2021-08-01 $242,950 (5.7%) $276,257 (-12.1%) 0.00 224
    2021-09-01 $240,450 (4.0%) $286,127 (-20.4%) 0.00 222
    2021-10-01 $244,450 (1.9%) $280,558 (-12.6%) 0.00 222
    2021-11-01 $246,450 (4.3%) $281,097 (-11.2%) 0.00 210
    2021-12-01 $249,900 (7.5%) $300,302 (-3.1%) 0.00 180
    2022-01-01 $249,900 (6.4%) $304,452 (-4.7%) 0.00 148
    2022-02-01 $259,900 (5.2%) $323,945 (-2.0%) 0.00 113
    2022-03-01 $267,400 (5.2%) $336,781 (-3.5%) 0.00 110
    2022-04-01 $269,900 (9.9%) $348,121 (-1.0%) 0.00 111
    2022-05-01 $290,700 (7.7%) $342,252 (-6.3%) 0.00 148
    2022-06-01 $288,500 (13.6%) $339,414 (4.3%) 0.00 193
    2022-07-01 $275,000 (10.0%) $330,721 (2.2%) 0.00 214
    2022-08-01 $289,950 (19.4%) $340,895 (23.4%) 0.00 228
    2022-09-01 $294,725 (22.6%) $348,842 (21.9%) 0.00 251
    2022-10-01 $299,900 (22.7%) $353,670 (26.1%) 0.00 283
    2022-11-01 $294,425 (19.5%) $337,107 (19.9%) 0.00 293
    2022-12-01 $289,900 (16.0%) $333,892 (11.2%) 0.00 278
    2023-01-01 $289,900 (16.0%) $342,076 (12.4%) 0.00 263
    2023-02-01 $302,895 (16.5%) $368,416 (13.7%) 0.00 231
    2023-03-01 $314,925 (17.8%) $377,959 (12.2%) 0.00 215
    2023-04-01 $305,841 (13.3%) $377,813 (8.5%) 0.00 180
    2023-05-01 $310,225 (6.7%) $384,077 (12.2%) 0.00 175
    2023-06-01 $316,175 (9.6%) $373,318 (10.0%) 0.00 187
    2023-07-01 $317,450 (15.4%) $364,377 (10.2%) 0.00 199
    2023-08-01 $321,682 (10.9%) $367,088 (7.7%) 0.00 200
    2023-09-01 $309,900 (5.2%) $351,595 (0.8%) 0.00 217
    2023-10-01 $304,950 (1.7%) $347,954 (-1.6%) 0.00 242
    2023-11-01 $318,450 (8.2%) $360,991 (7.1%) 0.00 267
    2023-12-01 $319,900 (10.4%) $360,155 (7.9%) 0.00 241
    2024-01-01 $316,975 (9.3%) $366,816 (7.2%) 0.00 238
    2024-02-01 $321,525 (6.2%) $368,802 (0.1%) 0.00 242
    2024-03-01 $319,900 (1.6%) $375,279 (-0.7%) 0.00 215
    2024-04-01 $314,950 (3.0%) $377,771 (0.0%) 0.00 204
    2024-05-01 $318,911 (2.8%) $375,571 (-2.2%) 0.00 212
    2024-06-01 $312,450 (-1.2%) $363,212 (-2.7%) 0.00 229
    2024-07-01 $308,200 (-2.9%) $353,187 (-3.1%) 0.00 277
    2024-08-01 $300,000 (-6.7%) $354,934 (-3.3%) 0.00 334
    2024-09-01 $299,925 (-3.2%) $356,339 (1.4%) 0.00 360
    2024-10-01 $300,403 (-1.5%) $358,560 (3.1%) 0.00 345
    2024-11-01 $305,900 (-3.9%) $358,428 (-0.7%) 0.00 364
    2024-12-01 $302,475 (-5.5%) $345,405 (-4.1%) 0.00 332
    2025-01-01 $299,900 (-5.4%) $356,054 (-2.9%) 0.00 323
    Richmond's median listing price for 2025-01-01 was $299,900, a difference of $-17,075 (-5.4%) versus the prior year and $-2,575 versus the prior month.

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

    Richmond's average listing price for 2025-01-01 was $356,054, a difference of $-10,762 (-2.9%) versus the prior year and $10,649 versus the prior month.

    For the 2025-01-01 period, Richmond had 323 MLS listings, a difference of -9 listings (-3%) versus the prior month and 85 listings (36%) 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 1,984 sqft
    2018-02-01 0 days 1,962 sqft
    2018-03-01 0 days 1,931 sqft
    2018-04-01 0 days 1,991 sqft
    2018-05-01 0 days 2,000 sqft
    2018-06-01 0 days 1,940 sqft
    2018-07-01 0 days 1,997 sqft
    2018-08-01 0 days 1,944 sqft
    2018-09-01 0 days 1,973 sqft
    2018-10-01 0 days 1,991 sqft
    2018-11-01 0 days 1,944 sqft
    2018-12-01 0 days 1,900 sqft
    2019-01-01 0 days 1,907 sqft
    2019-02-01 0 days 1,851 sqft
    2019-03-01 0 days 1,878 sqft
    2019-04-01 0 days 1,943 sqft
    2019-05-01 0 days 2,022 sqft
    2019-06-01 0 days 2,005 sqft
    2019-07-01 0 days 2,029 sqft
    2019-08-01 0 days 2,005 sqft
    2019-09-01 0 days 1,993 sqft
    2019-10-01 0 days 1,985 sqft
    2019-11-01 0 days 1,929 sqft
    2019-12-01 0 days 1,866 sqft
    2020-01-01 0 days 1,860 sqft
    2020-02-01 0 days 1,860 sqft
    2020-03-01 0 days 1,936 sqft
    2020-04-01 0 days 1,982 sqft
    2020-05-01 0 days 1,888 sqft
    2020-06-01 0 days 1,916 sqft
    2020-07-01 0 days 1,864 sqft
    2020-08-01 0 days 1,939 sqft
    2020-09-01 0 days 1,982 sqft
    2020-10-01 0 days 2,000 sqft
    2020-11-01 0 days 1,909 sqft
    2020-12-01 0 days 1,835 sqft
    2021-01-01 0 days 1,862 sqft
    2021-02-01 0 days 1,953 sqft
    2021-03-01 0 days 1,989 sqft
    2021-04-01 0 days 1,961 sqft
    2021-05-01 0 days 1,935 sqft
    2021-06-01 0 days 1,938 sqft
    2021-07-01 0 days 1,872 sqft
    2021-08-01 0 days 1,815 sqft
    2021-09-01 0 days 1,770 sqft
    2021-10-01 0 days 1,770 sqft
    2021-11-01 0 days 1,810 sqft
    2021-12-01 0 days 1,800 sqft
    2022-01-01 0 days 1,745 sqft
    2022-02-01 0 days 1,730 sqft
    2022-03-01 0 days 1,715 sqft
    2022-04-01 0 days 1,774 sqft
    2022-05-01 0 days 1,730 sqft
    2022-06-01 0 days 1,787 sqft
    2022-07-01 0 days 1,760 sqft
    2022-08-01 0 days 1,797 sqft
    2022-09-01 0 days 1,817 sqft
    2022-10-01 0 days 1,813 sqft
    2022-11-01 0 days 1,800 sqft
    2022-12-01 0 days 1,742 sqft
    2023-01-01 0 days 1,743 sqft
    2023-02-01 0 days 1,795 sqft
    2023-03-01 0 days 1,916 sqft
    2023-04-01 0 days 1,886 sqft
    2023-05-01 0 days 1,898 sqft
    2023-06-01 0 days 1,878 sqft
    2023-07-01 0 days 1,894 sqft
    2023-08-01 0 days 1,840 sqft
    2023-09-01 0 days 1,820 sqft
    2023-10-01 0 days 1,804 sqft
    2023-11-01 0 days 1,814 sqft
    2023-12-01 0 days 1,810 sqft
    2024-01-01 0 days 1,802 sqft
    2024-02-01 0 days 1,786 sqft
    2024-03-01 0 days 1,800 sqft
    2024-04-01 0 days 1,762 sqft
    2024-05-01 0 days 1,785 sqft
    2024-06-01 0 days 1,793 sqft
    2024-07-01 0 days 1,792 sqft
    2024-08-01 0 days 1,800 sqft
    2024-09-01 0 days 1,799 sqft
    2024-10-01 0 days 1,756 sqft
    2024-11-01 0 days 1,730 sqft
    2024-12-01 0 days 1,707 sqft
    2025-01-01 0 days 1,652 sqft
    Richmond's median listing age (time on market) for 2025-01-01 was 0 days.

    Richmond's median square footage for active listings during the 2025-01-01 period was 1,652 sqft. One year prior, the average listing was 1,802 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).