Somerset FHA Loan Rates, Closing Costs & Stats
Somerset, KY
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
0.17%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Somerset's average FHA mortgage closing costs are $6,631.
The average rate for the prior week (2024-11-22) was
6.47% and
one month ago for the week of 2024-10-25, the
average rate was 6.34%.
The average rate one year ago was 7.23%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0.2%.
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.
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. LouisDate | 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 |
Somerset's median listing price comes in at 0% of the national average.
Somerset's average listing price for 2024-10-01 was $354,801, a difference of $-4,031 (-1.1%) versus the prior year and $558 versus the prior month.
For the 2024-10-01 period, Somerset had 302 MLS listings, a difference of -13 listings (-4%) versus the prior month and 81 listings (37%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Somerset (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
Somerset's median square footage for active listings during the 2024-10-01 period was 1,900 sqft. One year prior, the average listing was 1,900 sqft.