Somerset FHA Loan Rates, Closing Costs & Stats

Somerset, 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.

    Somerset's 38 lenders originated 134 FHA loans during 2023. The total origination value was $25,190,000, with an average FHA loan value of $187,985.

    Somerset FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Somerset averaged 6.55% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Somerset's average FHA mortgage closing costs are $6,631.

    The average rate for the prior week (2024-12-06) was 6.52% and one month ago for the week of 2024-11-08, the average rate was 6.48%.

    The average rate one year ago was 6.89%.

    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.

    Somerset 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 Somerset level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    HOMESIDE FINANCIAL, LLC 22 6.43% $9,804
    QUICKEN LOANS, LLC 21 6.33% $9,687
    UNITED WHOLESALE MORTGAGE, LLC 9 6.33% $10,133
    Northpointe Bank 6 6.35% $8,871
    Republic State Mortgage Co. 6 6.21% $9,951
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.58% $7,596
    AMERISAVE MORTGAGE CORPORATION 5 5.95% $7,900
    BROKER SOLUTIONS, INC. 5 6.93% $8,932
    LOANDEPOT.COM, LLC 4 6.34% $12,087
    STOCKTON MORTGAGE CORPORATION 3 6.33% $9,066
    ZILLOW HOME LOANS, LLC 2 6.44% $7,324
    CARDINAL FINANCIAL 2 5.75% $7,531
    Forcht Bank 2 5.81% $4,865
    FREEDOM MORTGAGE CORPORATION 2 7.00% $11,320
    Magnolia Bank 2 7.56% $10,045
    Mr. Cooper ( Nationstar Mortgage ) 2 6.69% $13,367
    PENNYMAC LOAN SERVICES, LLC 2 5.25% $8,073
    POLARIS HOME FUNDING CORP. 2 6.44% $10,171
    SUN WEST MORTGAGE COMPANY, INC. 2 7.38% $4,975
    Truist 2 5.88% $7,674
    U.S. Bank 2 6.06% $6,536
    AMERICAN FINANCING CORPORATION 1 5.63% $9,247
    DAS Acquisition Company, LLC 1 6.63% $8,167
    TOP FLITE FINANCIAL, INC. 1 7.00% $5,771
    PNC Bank 1 7.00% $6,082
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $7,772
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $7,602
    CHURCHILL MORTGAGE CORPORATION 1 6.75% $13,096
    ROSS MORTGAGE CORPORATION 1 7.75% $12,914
    Equity Prime Mortgage LLC 1 6.63% $5,202
    RUOFF MORTGAGE COMPANY, INC. 1 7.25% $4,374
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.50% $11,198
    GUARANTEED RATE, INC. 1 5.00% $17,798
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.49% $8,995
    ENVOY MORTGAGE, LTD 1 6.75% $6,760
    ENDEAVOR CAPITAL, LLC. 1 6.25% $7,822
    Central Bank 1 5.88% $12,152
    MOVEMENT MORTGAGE, LLC 1 6.50% $7,547

    The top Somerset FHA lender as defined by loan originations is HOMESIDE FINANCIAL, LLC, with 22 FHA loans originated. Their average total fees are $9,804, which is $117 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Somerset FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($9,687), HOMESIDE FINANCIAL, LLC ($9,804), .

    The lowest rate Somerset FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.33%), HOMESIDE FINANCIAL, LLC (6.43%), .

    Somerset FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Somerset (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 $159,900 (0.0%) $207,462 (-0.8%) 0.00 401
    2018-02-01 $159,900 (0.0%) $205,723 (-0.4%) 0.00 413
    2018-03-01 $159,900 (0.0%) $214,127 (2.6%) 0.00 416
    2018-04-01 $168,650 (-0.2%) $212,896 (-1.3%) 0.00 432
    2018-05-01 $169,900 (0.0%) $214,561 (-0.3%) 0.00 439
    2018-06-01 $170,000 (0.6%) $214,704 (1.1%) 0.00 441
    2018-07-01 $175,000 (6.1%) $215,264 (1.9%) 0.00 457
    2018-08-01 $172,225 (3.8%) $210,917 (-0.8%) 0.00 460
    2018-09-01 $175,900 (3.5%) $216,538 (0.7%) 0.00 450
    2018-10-01 $177,600 (4.8%) $217,399 (2.5%) 0.00 431
    2018-11-01 $175,225 (3.1%) $217,836 (2.6%) 0.00 433
    2018-12-01 $175,700 (9.9%) $222,628 (5.7%) 0.00 406
    2019-01-01 $170,600 (6.7%) $217,171 (4.7%) 0.00 387
    2019-02-01 $169,925 (6.3%) $215,848 (4.9%) 0.00 378
    2019-03-01 $169,900 (6.3%) $212,970 (-0.5%) 0.00 385
    2019-04-01 $169,900 (0.7%) $213,819 (0.4%) 0.00 390
    2019-05-01 $169,900 (0.0%) $212,784 (-0.8%) 0.00 395
    2019-06-01 $174,500 (2.7%) $216,373 (0.8%) 0.00 413
    2019-07-01 $179,000 (2.3%) $218,611 (1.6%) 0.00 421
    2019-08-01 $180,609 (4.9%) $221,499 (5.0%) 0.00 393
    2019-09-01 $183,023 (4.1%) $226,319 (4.5%) 0.00 373
    2019-10-01 $185,842 (4.6%) $230,838 (6.2%) 0.00 359
    2019-11-01 $183,900 (5.0%) $228,638 (5.0%) 0.00 346
    2019-12-01 $179,900 (2.4%) $229,158 (2.9%) 0.00 327
    2020-01-01 $179,900 (5.5%) $229,096 (5.5%) 0.00 293
    2020-02-01 $184,900 (8.8%) $239,817 (11.1%) 0.00 304
    2020-03-01 $192,400 (13.2%) $243,654 (14.4%) 0.00 312
    2020-04-01 $199,800 (17.6%) $245,918 (15.0%) 0.00 302
    2020-05-01 $195,000 (14.8%) $240,007 (12.8%) 0.00 271
    2020-06-01 $207,450 (18.9%) $257,377 (19.0%) 0.00 238
    2020-07-01 $199,900 (11.7%) $255,471 (16.9%) 0.00 235
    2020-08-01 $207,350 (14.8%) $263,699 (19.1%) 0.00 224
    2020-09-01 $219,450 (19.9%) $273,534 (20.9%) 0.00 185
    2020-10-01 $214,450 (15.4%) $265,444 (15.0%) 0.00 188
    2020-11-01 $216,125 (17.5%) $273,886 (19.8%) 0.00 168
    2020-12-01 $219,000 (21.7%) $270,396 (18.0%) 0.00 171
    2021-01-01 $199,900 (11.1%) $269,360 (17.6%) 0.00 166
    2021-02-01 $199,225 (7.8%) $277,473 (15.7%) 0.00 146
    2021-03-01 $219,950 (14.3%) $322,166 (32.2%) 0.00 104
    2021-04-01 $247,450 (23.9%) $341,425 (38.8%) 0.00 110
    2021-05-01 $259,900 (33.3%) $343,384 (43.1%) 0.00 119
    2021-06-01 $269,475 (29.9%) $335,492 (30.4%) 0.00 132
    2021-07-01 $279,000 (39.6%) $345,632 (35.3%) 0.00 153
    2021-08-01 $283,750 (36.9%) $351,681 (33.4%) 0.00 166
    2021-09-01 $254,950 (16.2%) $330,496 (20.8%) 0.00 184
    2021-10-01 $268,500 (25.2%) $335,147 (26.3%) 0.00 177
    2021-11-01 $249,400 (15.4%) $324,610 (18.5%) 0.00 177
    2021-12-01 $245,925 (12.3%) $331,871 (22.7%) 0.00 167
    2022-01-01 $249,000 (24.6%) $328,258 (21.9%) 0.00 157
    2022-02-01 $243,950 (22.5%) $289,794 (4.4%) 0.00 132
    2022-03-01 $238,125 (8.3%) $292,850 (-9.1%) 0.00 119
    2022-04-01 $249,900 (1.0%) $302,295 (-11.5%) 0.00 124
    2022-05-01 $244,450 (-5.9%) $313,606 (-8.7%) 0.00 149
    2022-06-01 $266,725 (-1.0%) $323,142 (-3.7%) 0.00 175
    2022-07-01 $277,777 (-0.4%) $334,383 (-3.3%) 0.00 206
    2022-08-01 $290,000 (2.2%) $341,689 (-2.8%) 0.00 231
    2022-09-01 $274,950 (7.8%) $337,804 (2.2%) 0.00 246
    2022-10-01 $274,950 (2.4%) $333,516 (-0.5%) 0.00 232
    2022-11-01 $269,675 (8.1%) $328,438 (1.2%) 0.00 239
    2022-12-01 $270,000 (9.8%) $330,726 (-0.4%) 0.00 200
    2023-01-01 $264,900 (6.4%) $327,542 (-0.2%) 0.00 186
    2023-02-01 $269,925 (10.7%) $331,199 (14.3%) 0.00 173
    2023-03-01 $274,900 (15.4%) $342,394 (16.9%) 0.00 166
    2023-04-01 $283,500 (13.5%) $356,228 (17.8%) 0.00 156
    2023-05-01 $294,450 (20.5%) $352,910 (12.5%) 0.00 162
    2023-06-01 $283,375 (6.2%) $345,352 (6.9%) 0.00 175
    2023-07-01 $285,000 (2.6%) $336,513 (0.6%) 0.00 190
    2023-08-01 $299,900 (3.4%) $342,241 (0.2%) 0.00 207
    2023-09-01 $299,000 (8.8%) $353,106 (4.5%) 0.00 219
    2023-10-01 $294,900 (7.3%) $358,832 (7.6%) 0.00 221
    2023-11-01 $295,950 (9.7%) $359,519 (9.5%) 0.00 225
    2023-12-01 $309,450 (14.6%) $368,990 (11.6%) 0.00 217
    2024-01-01 $309,900 (17.0%) $372,292 (13.7%) 0.00 225
    2024-02-01 $318,225 (17.9%) $373,241 (12.7%) 0.00 219
    2024-03-01 $315,000 (14.6%) $363,977 (6.3%) 0.00 228
    2024-04-01 $313,725 (10.7%) $354,716 (-0.4%) 0.00 263
    2024-05-01 $317,000 (7.7%) $370,749 (5.1%) 0.00 267
    2024-06-01 $315,000 (11.2%) $370,575 (7.3%) 0.00 265
    2024-07-01 $307,450 (7.9%) $367,810 (9.3%) 0.00 272
    2024-08-01 $309,000 (3.0%) $360,300 (5.3%) 0.00 307
    2024-09-01 $303,950 (1.7%) $354,243 (0.3%) 0.00 315
    2024-10-01 $310,000 (5.1%) $354,801 (-1.1%) 0.00 302
    2024-11-01 $299,900 (1.3%) $355,738 (-1.1%) 0.00 307
    Somerset's median listing price for 2024-11-01 was $299,900, a difference of $3,950 (1.3%) versus the prior year and $-10,100 versus the prior month.

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

    Somerset's average listing price for 2024-11-01 was $355,738, a difference of $-3,781 (-1.1%) versus the prior year and $937 versus the prior month.

    For the 2024-11-01 period, Somerset had 307 MLS listings, a difference of 5 listings (2%) versus the prior month and 82 listings (36%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Somerset (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,862 sqft
    2018-02-01 0 days 1,928 sqft
    2018-03-01 0 days 1,948 sqft
    2018-04-01 0 days 1,843 sqft
    2018-05-01 0 days 1,841 sqft
    2018-06-01 0 days 1,800 sqft
    2018-07-01 0 days 1,817 sqft
    2018-08-01 0 days 1,847 sqft
    2018-09-01 0 days 1,873 sqft
    2018-10-01 0 days 1,881 sqft
    2018-11-01 0 days 1,941 sqft
    2018-12-01 0 days 1,910 sqft
    2019-01-01 0 days 1,827 sqft
    2019-02-01 0 days 1,785 sqft
    2019-03-01 0 days 1,750 sqft
    2019-04-01 0 days 1,763 sqft
    2019-05-01 0 days 1,884 sqft
    2019-06-01 0 days 1,900 sqft
    2019-07-01 0 days 1,987 sqft
    2019-08-01 0 days 2,000 sqft
    2019-09-01 0 days 2,000 sqft
    2019-10-01 0 days 2,007 sqft
    2019-11-01 0 days 2,006 sqft
    2019-12-01 0 days 1,981 sqft
    2020-01-01 0 days 1,934 sqft
    2020-02-01 0 days 2,000 sqft
    2020-03-01 0 days 1,983 sqft
    2020-04-01 0 days 2,020 sqft
    2020-05-01 0 days 1,944 sqft
    2020-06-01 0 days 2,063 sqft
    2020-07-01 0 days 2,064 sqft
    2020-08-01 0 days 2,100 sqft
    2020-09-01 0 days 2,119 sqft
    2020-10-01 0 days 2,079 sqft
    2020-11-01 0 days 2,106 sqft
    2020-12-01 0 days 2,095 sqft
    2021-01-01 0 days 2,072 sqft
    2021-02-01 0 days 2,002 sqft
    2021-03-01 0 days 2,057 sqft
    2021-04-01 0 days 2,218 sqft
    2021-05-01 0 days 2,081 sqft
    2021-06-01 0 days 2,131 sqft
    2021-07-01 0 days 2,079 sqft
    2021-08-01 0 days 2,129 sqft
    2021-09-01 0 days 2,000 sqft
    2021-10-01 0 days 1,980 sqft
    2021-11-01 0 days 1,902 sqft
    2021-12-01 0 days 1,863 sqft
    2022-01-01 0 days 1,870 sqft
    2022-02-01 0 days 1,838 sqft
    2022-03-01 0 days 1,788 sqft
    2022-04-01 0 days 1,988 sqft
    2022-05-01 0 days 1,833 sqft
    2022-06-01 0 days 1,951 sqft
    2022-07-01 0 days 2,068 sqft
    2022-08-01 0 days 2,082 sqft
    2022-09-01 0 days 2,064 sqft
    2022-10-01 0 days 2,039 sqft
    2022-11-01 0 days 1,990 sqft
    2022-12-01 0 days 1,914 sqft
    2023-01-01 0 days 1,882 sqft
    2023-02-01 0 days 1,794 sqft
    2023-03-01 0 days 1,805 sqft
    2023-04-01 0 days 1,820 sqft
    2023-05-01 0 days 1,994 sqft
    2023-06-01 0 days 1,938 sqft
    2023-07-01 0 days 1,840 sqft
    2023-08-01 0 days 1,864 sqft
    2023-09-01 0 days 1,853 sqft
    2023-10-01 0 days 1,900 sqft
    2023-11-01 0 days 1,877 sqft
    2023-12-01 0 days 1,963 sqft
    2024-01-01 0 days 1,962 sqft
    2024-02-01 0 days 1,966 sqft
    2024-03-01 0 days 1,953 sqft
    2024-04-01 0 days 1,875 sqft
    2024-05-01 0 days 1,978 sqft
    2024-06-01 0 days 1,964 sqft
    2024-07-01 0 days 1,976 sqft
    2024-08-01 0 days 1,964 sqft
    2024-09-01 0 days 1,850 sqft
    2024-10-01 0 days 1,900 sqft
    2024-11-01 0 days 1,888 sqft
    Somerset's median listing age (time on market) for 2024-11-01 was 0 days.

    Somerset's median square footage for active listings during the 2024-11-01 period was 1,888 sqft. One year prior, the average listing was 1,877 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).