Owensboro FHA Loan Rates, Closing Costs & Stats

OWENSBORO, 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.

Owensboro's 58 lenders originated 485 FHA loans during 2022. The total origination value was $84,075,000, with an average FHA loan value of $173,351.

Owensboro FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Owensboro averaged -0.26% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Owensboro's average FHA mortgage closing costs are $5,668.

The average rate for the prior week (2024-02-16) was 6.27% and one month ago for the week of 2024-01-19, the average rate was 5.92%.

The average rate one year ago was 5.78%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.05%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
EVANSVILLE TEACHERS 113 5.04% $5,862
RUOFF MORTGAGE COMPANY, INC. 61 5.18% $5,280
QUICKEN LOANS, LLC 29 4.65% $7,478
FBC MORTGAGE, LLC 22 5.23% $9,725
MOVEMENT MORTGAGE, LLC 22 5.09% $7,980
UNITED WHOLESALE MORTGAGE, LLC 20 4.39% $8,055
PRIMARY RESIDENTIAL MORTGAGE, INC. 19 5.03% $6,629
EVERETT FINANCIAL, INC. 18 5.38% $5,065
German American Bank 14 4.97% $6,510
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 4.96% $6,688
TOP FLITE FINANCIAL, INC. 12 5.68% $11,619
U.S. Bank 11 4.63% $6,017
LOANDEPOT.COM, LLC 6 4.64% $9,786
Fifth Third Bank 6 5.48% $5,417
Carrington Mortgage Services, LLC 5 5.08% $8,706
FREEDOM MORTGAGE CORPORATION 5 4.78% $8,007
AMERISAVE MORTGAGE CORPORATION 4 5.13% $8,899
Bank of England 4 3.81% $6,525
Old National Bank 4 4.78% $7,130
PENNYMAC LOAN SERVICES, LLC 4 5.06% $8,435
CARDINAL FINANCIAL 4 3.15% $5,846
GVC MORTGAGE, INC. 4 4.97% $5,363
HOMESIDE FINANCIAL, LLC 4 6.06% $7,039
STOCKTON MORTGAGE CORPORATION 3 4.67% $7,916
Mr. Cooper ( Nationstar Mortgage ) 3 4.67% $8,406
JPMorgan Chase Bank 3 4.54% $4,840
AMERICAN MORTGAGE SERVICE COMPANY 3 4.58% $5,805
SOUTH CENTRAL BANK, INC. 3 5.13% $5,615
BROKER SOLUTIONS, INC. 2 4.81% $9,571
CALIBER HOME LOANS, INC. 2 5.25% $12,260
LAKEVIEW LOAN SERVICING, LLC 2 5.00% $7,836
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 5.88% $7,136
Nations Lending Corporation 2 4.63% $7,169
Sierra Pacific Mortgage Company, Inc. 2 4.00% $6,513
Magnolia Bank 2 5.44% $6,387
MUTUAL OF OMAHA MORTGAGE, INC. 2 5.44% $6,673
WesBanco 1 4.75% $6,197
AMERIFIRST FINANCIAL CORPORATION 1 5.63% $6,494
Barrington Bank & Trust Company, N.A. 1 5.25% $8,896
Central Bank 1 4.63% $10,964
CHURCHILL MORTGAGE CORPORATION 1 7.13% $17,004
Citizens Bank 1 2.75% $7,743
CMG MORTGAGE, INC. 1 4.25% $7,163
First Financial Bank 1 3.75% $7,322
First Guaranty Mortgage Corporation 1 3.88% $4,350
GERSHMAN INVESTMENT CORP. 1 5.25% $3,018
GUARANTEED RATE AFFINITY, LLC 1 5.25% $5,740
Lakeview Community Capital, LLC 1 3.25% $4,764
M&T Bank 1 3.88% $11,482
NETWORK CAPITAL FUNDING CORPORATION 1 4.88% $10,680
NEW DAY FINANCIAL, LLC 1 5.75% $8,430
Plains Commerce Bank 1 6.75% $7,242
PLANET HOME LENDING, LLC 1 4.25% $14,959
Servion, Inc. 1 5.00% $7,279
SUCCESS MORTGAGE PARTNERS, INC. 1 6.00% $6,239
The Federal Savings Bank 1 6.75% $12,476
The Union Bank Company 1 5.13% $5,328
AMERICAN FINANCING CORPORATION 1 3.88% $6,572

The top Owensboro FHA lender as defined by loan originations is EVANSVILLE TEACHERS, with 113 FHA loans originated. Their average total fees are $5,862, which is $582 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

The lowest fee Owensboro FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($5,065), RUOFF MORTGAGE COMPANY, INC. ($5,280), EVANSVILLE TEACHERS ($5,862), U.S. Bank ($6,017) and German American Bank ($6,510).

The lowest rate Owensboro FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (4.39%), U.S. Bank (4.63%), QUICKEN LOANS, LLC (4.65%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (4.96%) and German American Bank (4.97%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Owensboro (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 $171,897 (10.8%) $245,114 (23.0%) 0.00 274
2018-02-01 $174,197 (7.3%) $247,681 (25.4%) 0.00 269
2018-03-01 $172,900 (2.9%) $240,004 (19.4%) 0.00 261
2018-04-01 $174,769 (0.9%) $246,403 (15.4%) 0.00 267
2018-05-01 $174,975 (-2.1%) $251,602 (6.8%) 0.00 265
2018-06-01 $184,900 (6.9%) $329,892 (41.8%) 0.00 284
2018-07-01 $187,400 (7.2%) $321,173 (33.8%) 0.00 308
2018-08-01 $186,900 (0.7%) $314,275 (28.7%) 0.00 327
2018-09-01 $179,900 (5.9%) $311,301 (30.3%) 0.00 327
2018-10-01 $182,400 (9.0%) $306,229 (28.7%) 0.00 338
2018-11-01 $179,742 (9.1%) $302,974 (29.7%) 0.00 337
2018-12-01 $184,900 (9.1%) $315,070 (34.3%) 0.00 300
2019-01-01 $179,875 (1.7%) $320,601 (30.8%) 0.00 284
2019-02-01 $187,200 (1.7%) $320,592 (29.4%) 0.00 271
2019-03-01 $198,264 (11.2%) $331,545 (38.1%) 0.00 256
2019-04-01 $212,450 (17.0%) $344,574 (39.8%) 0.00 250
2019-05-01 $214,500 (17.4%) $336,873 (33.9%) 0.00 247
2019-06-01 $204,900 (8.1%) $331,416 (0.5%) 0.00 271
2019-07-01 $189,800 (0.3%) $318,621 (-0.8%) 0.00 300
2019-08-01 $185,579 (1.5%) $294,607 (-6.3%) 0.00 303
2019-09-01 $186,449 (4.5%) $263,363 (-15.4%) 0.00 301
2019-10-01 $185,916 (2.6%) $238,064 (-22.3%) 0.00 302
2019-11-01 $179,900 (0.0%) $237,318 (-21.7%) 0.00 294
2019-12-01 $184,900 (2.8%) $239,327 (-24.0%) 0.00 274
2020-01-01 $179,900 (0.2%) $236,664 (-26.2%) 0.00 255
2020-02-01 $184,900 (3.5%) $314,462 (-1.9%) 0.00 234
2020-03-01 $175,925 (-8.9%) $311,280 (-6.1%) 0.00 223
2020-04-01 $173,907 (-15.5%) $323,513 (-6.1%) 0.00 208
2020-05-01 $189,900 (-9.7%) $368,430 (9.4%) 0.00 147
2020-06-01 $217,024 (2.3%) $391,970 (18.3%) 0.00 132
2020-07-01 $199,950 (7.3%) $385,588 (21.0%) 0.00 135
2020-08-01 $194,000 (1.8%) $364,222 (23.6%) 0.00 154
2020-09-01 $187,250 (-0.6%) $353,295 (34.2%) 0.00 164
2020-10-01 $190,000 (1.5%) $357,351 (50.1%) 0.00 161
2020-11-01 $193,100 (6.7%) $360,446 (51.9%) 0.00 157
2020-12-01 $191,800 (3.1%) $360,676 (50.7%) 0.00 145
2021-01-01 $193,700 (7.7%) $247,420 (4.6%) 0.00 141
2021-02-01 $194,200 (4.3%) $264,390 (-15.9%) 0.00 111
2021-03-01 $189,825 (7.1%) $251,902 (-19.1%) 0.00 108
2021-04-01 $176,200 (0.4%) $245,750 (-24.0%) 0.00 119
2021-05-01 $199,900 (5.5%) $302,207 (-18.0%) 0.00 101
2021-06-01 $204,150 (0.4%) $285,994 (-27.0%) 0.00 110
2021-07-01 $189,950 (-4.6%) $269,326 (-30.2%) 0.00 126
2021-08-01 $199,900 (5.5%) $263,068 (-27.8%) 0.00 133
2021-09-01 $199,750 (8.4%) $266,483 (-24.6%) 0.00 144
2021-10-01 $196,950 (4.8%) $272,272 (-23.8%) 0.00 129
2021-11-01 $174,400 (-9.8%) $281,177 (-22.0%) 0.00 123
2021-12-01 $194,200 (3.2%) $276,533 (-23.3%) 0.00 126
2022-01-01 $187,200 (-2.2%) $269,128 (8.8%) 0.00 108
2022-02-01 $178,175 (-8.2%) $260,296 (-1.6%) 0.00 97
2022-03-01 $189,900 (5.3%) $266,396 (5.8%) 0.00 95
2022-04-01 $202,450 (18.2%) $280,646 (14.2%) 0.00 90
2022-05-01 $240,950 (21.3%) $299,297 (-1.0%) 0.00 122
2022-06-01 $246,200 (19.9%) $295,553 (3.3%) 0.00 150
2022-07-01 $261,200 (36.9%) $304,179 (12.9%) 0.00 170
2022-08-01 $262,266 (29.8%) $309,677 (17.7%) 0.00 168
2022-09-01 $247,175 (20.3%) $299,050 (12.2%) 0.00 182
2022-10-01 $234,900 (18.0%) $295,777 (8.6%) 0.00 185
2022-11-01 $234,900 (35.7%) $296,523 (5.5%) 0.00 219
2022-12-01 $237,700 (20.8%) $353,500 (27.8%) 0.00 227
2023-01-01 $256,500 (34.3%) $358,007 (33.0%) 0.00 210
2023-02-01 $259,800 (43.0%) $368,919 (41.7%) 0.00 193
2023-03-01 $265,150 (30.4%) $394,785 (48.2%) 0.00 164
2023-04-01 $275,000 (30.8%) $418,273 (49.0%) 0.00 149
2023-05-01 $277,400 (12.6%) $417,361 (39.5%) 0.00 149
2023-06-01 $274,950 (11.7%) $334,261 (13.1%) 0.00 168
2023-07-01 $264,900 (3.5%) $318,557 (4.7%) 0.00 172
2023-08-01 $260,875 (1.6%) $311,924 (0.7%) 0.00 184
2023-09-01 $259,900 (6.7%) $308,848 (3.3%) 0.00 195
2023-10-01 $259,650 (11.7%) $304,752 (3.0%) 0.00 216
2023-11-01 $262,625 (13.3%) $295,487 (-0.4%) 0.00 223
2023-12-01 $250,000 (0.0%) $294,401 (-16.7%) 0.00 216
Owensboro's median listing price for 2023-12-01 was $250,000, a difference of $12,300 (0.0%) versus the prior year and $-12,625 versus the prior month.

Owensboro's median listing price comes in at 0% of the national average.

Owensboro's average listing price for 2023-12-01 was $294,401, a difference of $-59,099 (-16.7%) versus the prior year and $-1,086 versus the prior month.

For the 2023-12-01 period, Owensboro had 216 MLS listings, a difference of -7 listings (-3%) versus the prior month and -11 listings (-5%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Owensboro (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,895 sqft
2018-02-01 0 days 1,878 sqft
2018-03-01 0 days 1,856 sqft
2018-04-01 0 days 1,913 sqft
2018-05-01 0 days 1,934 sqft
2018-06-01 0 days 1,952 sqft
2018-07-01 0 days 1,942 sqft
2018-08-01 0 days 1,961 sqft
2018-09-01 0 days 1,965 sqft
2018-10-01 0 days 1,937 sqft
2018-11-01 0 days 1,939 sqft
2018-12-01 0 days 1,951 sqft
2019-01-01 0 days 1,884 sqft
2019-02-01 0 days 1,893 sqft
2019-03-01 0 days 2,025 sqft
2019-04-01 0 days 2,158 sqft
2019-05-01 0 days 2,087 sqft
2019-06-01 0 days 2,095 sqft
2019-07-01 0 days 1,995 sqft
2019-08-01 0 days 1,919 sqft
2019-09-01 0 days 1,837 sqft
2019-10-01 0 days 1,776 sqft
2019-11-01 0 days 1,719 sqft
2019-12-01 0 days 1,713 sqft
2020-01-01 0 days 1,704 sqft
2020-02-01 0 days 1,827 sqft
2020-03-01 0 days 1,677 sqft
2020-04-01 0 days 1,678 sqft
2020-05-01 0 days 1,832 sqft
2020-06-01 0 days 1,859 sqft
2020-07-01 0 days 1,941 sqft
2020-08-01 0 days 1,768 sqft
2020-09-01 0 days 1,752 sqft
2020-10-01 0 days 1,772 sqft
2020-11-01 0 days 1,776 sqft
2020-12-01 0 days 1,767 sqft
2021-01-01 0 days 1,741 sqft
2021-02-01 0 days 1,794 sqft
2021-03-01 0 days 1,729 sqft
2021-04-01 0 days 1,659 sqft
2021-05-01 0 days 1,680 sqft
2021-06-01 0 days 1,668 sqft
2021-07-01 0 days 1,595 sqft
2021-08-01 0 days 1,642 sqft
2021-09-01 0 days 1,658 sqft
2021-10-01 0 days 1,619 sqft
2021-11-01 0 days 1,553 sqft
2021-12-01 0 days 1,533 sqft
2022-01-01 0 days 1,513 sqft
2022-02-01 0 days 1,554 sqft
2022-03-01 0 days 1,582 sqft
2022-04-01 0 days 1,724 sqft
2022-05-01 0 days 1,798 sqft
2022-06-01 0 days 1,810 sqft
2022-07-01 0 days 1,886 sqft
2022-08-01 0 days 1,901 sqft
2022-09-01 0 days 1,722 sqft
2022-10-01 0 days 1,672 sqft
2022-11-01 0 days 1,686 sqft
2022-12-01 0 days 1,699 sqft
2023-01-01 0 days 1,750 sqft
2023-02-01 0 days 1,800 sqft
2023-03-01 0 days 1,858 sqft
2023-04-01 0 days 1,799 sqft
2023-05-01 0 days 1,801 sqft
2023-06-01 0 days 1,832 sqft
2023-07-01 0 days 1,799 sqft
2023-08-01 0 days 1,743 sqft
2023-09-01 0 days 1,772 sqft
2023-10-01 0 days 1,803 sqft
2023-11-01 0 days 1,715 sqft
2023-12-01 0 days 1,706 sqft
Owensboro's median listing age (time on market) for 2023-12-01 was 0 days.

Owensboro's median square footage for active listings during the 2023-12-01 period was 1,706 sqft. One year prior, the average listing was 1,699 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).