Owensboro FHA Loan Rates, Closing Costs & Stats

OWENSBORO, 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.

    Owensboro's 50 lenders originated 433 FHA loans during 2023. The total origination value was $74,215,000, with an average FHA loan value of $171,397.

    Owensboro FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Owensboro averaged 6.15% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Owensboro's average FHA mortgage closing costs are $5,918.

    The average rate for the prior week (2024-11-01) was 6.22% and one month ago for the week of 2024-10-04, the average rate was 6.04%.

    The average rate one year ago was 7.49%.

    For refis of the same type during the week of 2024-11-08, the average rate was 7.16%.

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

    Owensboro 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 Owensboro level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    EVANSVILLE TEACHERS 140 6.64% $6,471
    RUOFF MORTGAGE COMPANY, INC. 48 6.73% $5,991
    QUICKEN LOANS, LLC 35 6.40% $8,210
    FBC MORTGAGE, LLC 27 5.12% $9,430
    SOUTH CENTRAL BANK, INC. 13 6.62% $7,404
    HOMESIDE FINANCIAL, LLC 12 6.75% $8,531
    U.S. Bank 12 6.56% $6,386
    UNITED WHOLESALE MORTGAGE, LLC 10 6.18% $9,801
    German American Bank 8 6.39% $6,531
    AMERISAVE MORTGAGE CORPORATION 7 6.16% $9,622
    Bank of England 7 6.43% $8,287
    Carrington Mortgage Services, LLC 7 6.29% $11,621
    LEADERONE FINANCIAL CORPORATION 6 6.62% $6,912
    TOP FLITE FINANCIAL, INC. 6 7.13% $8,949
    EVERETT FINANCIAL, INC. 6 6.90% $7,899
    CROSSCOUNTRY MORTGAGE, LLC 5 6.48% $8,725
    Old National Bank 5 6.88% $6,766
    Plains Commerce Bank 4 6.56% $7,221
    Fifth Third Bank 4 6.69% $6,686
    BROKER SOLUTIONS, INC. 4 6.28% $9,429
    PENNYMAC LOAN SERVICES, LLC 3 6.38% $8,945
    STOCKTON MORTGAGE CORPORATION 3 7.17% $8,820
    Mr. Cooper ( Nationstar Mortgage ) 3 5.92% $11,041
    MOVEMENT MORTGAGE, LLC 3 6.58% $8,844
    CARDINAL FINANCIAL 3 5.46% $9,296
    LAKEVIEW LOAN SERVICING, LLC 2 6.69% $8,809
    Century Mortgage Company DBA Century Lending Company 2 6.44% $9,215
    Equity Prime Mortgage LLC 2 7.25% $6,521
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.13% $6,181
    FREEDOM MORTGAGE CORPORATION 2 7.00% $9,996
    MORTGAGE MASTERS OF INDIANA, INC. 2 6.06% $6,633
    Mortgage Research Center, LLC 2 7.38% $4,228
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $7,643
    Paramount Residential Mortgage Group, Inc. 2 7.00% $7,421
    CHURCHILL MORTGAGE CORPORATION 1 6.88% $6,211
    NATIONS DIRECT MORTGAGE, LLC 1 6.75% $16,034
    M&T Bank 1 7.50% $6,650
    PNC Bank 1 6.75% $7,708
    PREMIA MORTGAGE, LLC 1 6.25% $4,234
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $7,135
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $7,901
    ROSS MORTGAGE CORPORATION 1 7.25% $8,949
    ROYAL UNITED MORTGAGE LLC 1 7.75% $7,842
    MORTGAGE INVESTORS GROUP, INC. 1 6.75% $7,801
    Servion, Inc. 1 7.00% $8,266
    LOANFLIGHT LENDING, LLC 1 6.99% $9,707
    LOANDEPOT.COM, LLC 1 7.13% $5,327
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.50% $13,276
    FIRST COMMUNITY MORTGAGE, INC. 1 7.25% $8,775
    NEWREZ LLC 1 6.25% $12,007

    The top Owensboro FHA lender as defined by loan originations is EVANSVILLE TEACHERS, with 140 FHA loans originated. Their average total fees are $6,471, which is $480 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

    The lowest fee Owensboro FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($5,991), U.S. Bank ($6,386), EVANSVILLE TEACHERS ($6,471), SOUTH CENTRAL BANK, INC. ($7,404) and QUICKEN LOANS, LLC ($8,210).

    The lowest rate Owensboro FHA lenders (with over 10 loans originated) are FBC MORTGAGE, LLC (5.12%), UNITED WHOLESALE MORTGAGE, LLC (6.18%), QUICKEN LOANS, LLC (6.40%), U.S. Bank (6.56%) and SOUTH CENTRAL BANK, INC. (6.62%).

    Owensboro FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    OWENSBORO, KY DAVIESS 2022 $420,680 $538,650 $651,050 $809,150
    OWENSBORO, KY HANCOCK 2022 $420,680 $538,650 $651,050 $809,150
    OWENSBORO, KY MCLEAN 2022 $420,680 $538,650 $651,050 $809,150
    OWENSBORO, KY DAVIESS 2023 $472,030 $604,400 $730,525 $907,900
    OWENSBORO, KY HANCOCK 2023 $472,030 $604,400 $730,525 $907,900
    OWENSBORO, KY MCLEAN 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).