Free fha loan calculator tailored for Kentucky (KY). Calculate instantly with state-specific rates and rules.
FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Kentucky's median home of $200,000, that's a minimum down payment of $7,000.
FHA loan limits vary by county and are tied to conforming limits. In most Kentucky counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. All Kentucky counties are at the standard conforming limit.
FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Kentucky's median home at $200,000, buyers who can put down $40,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.
Kentucky closing costs average $2,300. Kentucky has a modest transfer tax of $0.50/$500 of value. The state imposes a mortgage tax of $0.15/$100 on new mortgages. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.
Data: Tax Foundation (2024), US Census Bureau ACS 2023, Zillow, ATTOM Data Solutions. Updated 2024–2025. Figures reflect state averages — consult a licensed professional for personalized advice.
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