Mount Sterling FHA Loan Rates, Closing Costs & Stats

Mount Sterling, 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.

    Mount Sterling's 46 lenders originated 173 FHA loans during 2024. The total origination value was $33,035,000, with an average FHA loan value of $190,954.

    Mount Sterling FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mount Sterling averaged 6.83% for the week of 2025-07-18, compared to the national average (all FHA variants) of 6.527% for the same period.

    Mount Sterling's average FHA mortgage closing costs are $6,424.

    The average rate for the prior week (2025-07-11) was 6.73% and one month ago for the week of 2025-06-13, the average rate was 7.08%.

    The average rate one year ago was 7.14%.

    For refis of the same type during the week of 2025-07-18, the average rate was 6.43%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Mount Sterling 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 Mount Sterling level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Republic State Mortgage Co. 27 6.42% $9,709
    QUICKEN LOANS, LLC 17 6.47% $7,771
    UNION HOME MORTGAGE CORP. 10 6.72% $10,993
    STOCKTON MORTGAGE CORPORATION 7 6.86% $8,899
    UNITED WHOLESALE MORTGAGE, LLC 7 6.48% $7,800
    BROKER SOLUTIONS, INC. 7 6.75% $9,661
    U.S. Bank 7 6.55% $6,111
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 6.42% $5,538
    EVERETT FINANCIAL, INC. 5 6.85% $9,771
    Prosperity Home Mortgage, LLC 4 6.47% $8,741
    Bank of England 4 6.91% $9,433
    FREEDOM MORTGAGE CORPORATION 4 6.59% $7,044
    GENEVA FINANCIAL, LLC 3 6.88% $9,894
    LOANDEPOT.COM, LLC 3 6.75% $8,764
    T2 FINANCIAL LLC 3 6.38% $9,763
    Peoples Exchange Bank 3 6.79% $5,244
    Equity Prime Mortgage LLC 2 6.63% $9,897
    Carrington Mortgage Services, LLC 2 6.50% $12,563
    DAS Acquisition Company, LLC 2 6.56% $7,719
    Fifth Third Bank 2 6.50% $8,921
    Mortgage Research Center, LLC 2 6.69% $6,332
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.50% $8,602
    Stock Yards Bank & Trust Company 2 6.38% $7,194
    SUN WEST MORTGAGE COMPANY, INC. 2 5.88% $6,873
    Traditional Bank, Inc. 2 7.00% $9,159
    ZILLOW HOME LOANS, LLC 2 6.19% $7,931
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $10,556
    MOVEMENT MORTGAGE, LLC 1 6.75% $9,417
    PLANET HOME LENDING, LLC 1 6.38% $4,568
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.50% $9,816
    MID AMERICA MORTGAGE, INC. 1 6.13% $2,334
    LAKEVIEW LOAN SERVICING, LLC 1 6.63% $9,025
    HOMESIDE FINANCIAL, LLC 1 6.25% $15,797
    RESIDENTIAL BANCORP 1 6.13% $7,459
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $10,669
    Citizens Bank 1 6.38% $6,770
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.63% $9,441
    BAY EQUITY LLC 1 6.63% $6,618
    SWBC MORTGAGE CORPORATION 1 5.75% $10,379
    CMG MORTGAGE, INC. 1 7.38% $9,234
    TOP FLITE FINANCIAL, INC. 1 7.13% $8,711
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.88% $9,554
    Mr. Cooper ( Nationstar Mortgage ) 1 6.63% $11,748
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $14,445
    Nations Lending Corporation 1 7.75% $6,333
    NORWICH COMMERCIAL GROUP, INC. 1 6.63% $7,148

    The top Mount Sterling FHA lender as defined by loan originations is Republic State Mortgage Co., with 27 FHA loans originated. Their average total fees are $9,709, which is $1,938 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Mount Sterling FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,771), Republic State Mortgage Co. ($9,709), UNION HOME MORTGAGE CORP. ($10,993), .

    The lowest rate Mount Sterling FHA lenders (with over 10 loans originated) are Republic State Mortgage Co. (6.42%), QUICKEN LOANS, LLC (6.47%), UNION HOME MORTGAGE CORP. (6.72%), .

    Mount Sterling FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MOUNT STERLING, KY BATH 2022 $420,680 $538,650 $651,050 $809,150
    MOUNT STERLING, KY MENIFEE 2022 $420,680 $538,650 $651,050 $809,150
    MOUNT STERLING, KY MONTGOMERY 2022 $420,680 $538,650 $651,050 $809,150
    MOUNT STERLING, KY BATH 2023 $472,030 $604,400 $730,525 $907,900
    MOUNT STERLING, KY MENIFEE 2023 $472,030 $604,400 $730,525 $907,900
    MOUNT STERLING, KY MONTGOMERY 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).