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%.

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
Somerset's median listing price for 2024-10-01 was $310,000, a difference of $15,100 (5.1%) versus the prior year and $6,050 versus the prior month.

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. 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
Somerset's median listing age (time on market) for 2024-10-01 was 0 days.

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.

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).