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 6.34% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.45% and one month ago for the week of 2025-01-10, the average rate was 6.42%.

    The average rate one year ago was 6.34%.

    For refis of the same type during the week of 2025-02-14, the average rate was 7.25%.

    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

    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 (7.8%) $245,114 (23.0%) 0.00 274
    2018-02-01 $174,197 (4.1%) $247,681 (25.4%) 0.00 269
    2018-03-01 $172,900 (1.8%) $240,004 (19.4%) 0.00 261
    2018-04-01 $174,769 (-2.9%) $246,403 (15.4%) 0.00 267
    2018-05-01 $174,975 (-6.6%) $251,602 (6.8%) 0.00 265
    2018-06-01 $184,900 (5.7%) $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 (2.6%) $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 (9.0%) $302,974 (29.7%) 0.00 337
    2018-12-01 $184,900 (12.1%) $315,070 (34.3%) 0.00 300
    2019-01-01 $179,875 (4.6%) $320,601 (30.8%) 0.00 284
    2019-02-01 $187,200 (7.5%) $320,592 (29.4%) 0.00 271
    2019-03-01 $198,264 (14.7%) $331,545 (38.1%) 0.00 256
    2019-04-01 $212,450 (21.6%) $344,574 (39.8%) 0.00 250
    2019-05-01 $214,500 (22.6%) $336,873 (33.9%) 0.00 247
    2019-06-01 $204,900 (10.8%) $331,416 (0.5%) 0.00 271
    2019-07-01 $189,800 (1.3%) $318,621 (-0.8%) 0.00 300
    2019-08-01 $185,579 (-0.7%) $294,607 (-6.3%) 0.00 303
    2019-09-01 $186,449 (3.6%) $263,363 (-15.4%) 0.00 301
    2019-10-01 $185,916 (1.9%) $238,064 (-22.3%) 0.00 302
    2019-11-01 $179,900 (0.1%) $237,318 (-21.7%) 0.00 294
    2019-12-01 $184,900 (0.0%) $239,327 (-24.0%) 0.00 274
    2020-01-01 $179,900 (0.0%) $236,664 (-26.2%) 0.00 255
    2020-02-01 $184,900 (-1.2%) $314,462 (-1.9%) 0.00 234
    2020-03-01 $175,925 (-11.3%) $311,280 (-6.1%) 0.00 223
    2020-04-01 $173,907 (-18.1%) $323,513 (-6.1%) 0.00 208
    2020-05-01 $189,900 (-11.5%) $368,430 (9.4%) 0.00 147
    2020-06-01 $217,024 (5.9%) $391,970 (18.3%) 0.00 132
    2020-07-01 $199,950 (5.4%) $385,588 (21.0%) 0.00 135
    2020-08-01 $194,000 (4.5%) $364,222 (23.6%) 0.00 154
    2020-09-01 $187,250 (0.4%) $353,295 (34.2%) 0.00 164
    2020-10-01 $190,000 (2.2%) $357,351 (50.1%) 0.00 161
    2020-11-01 $193,100 (7.3%) $360,446 (51.9%) 0.00 157
    2020-12-01 $191,800 (3.7%) $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 (5.0%) $264,390 (-15.9%) 0.00 111
    2021-03-01 $189,825 (7.9%) $251,902 (-19.1%) 0.00 108
    2021-04-01 $176,200 (1.3%) $245,750 (-24.0%) 0.00 119
    2021-05-01 $199,900 (5.3%) $302,207 (-18.0%) 0.00 101
    2021-06-01 $204,150 (-5.9%) $285,994 (-27.0%) 0.00 110
    2021-07-01 $189,950 (-5.0%) $269,326 (-30.2%) 0.00 126
    2021-08-01 $199,900 (3.0%) $263,068 (-27.8%) 0.00 133
    2021-09-01 $199,750 (6.7%) $266,483 (-24.6%) 0.00 144
    2021-10-01 $196,950 (3.7%) $272,272 (-23.8%) 0.00 129
    2021-11-01 $174,400 (-9.7%) $281,177 (-22.0%) 0.00 123
    2021-12-01 $194,200 (1.3%) $276,533 (-23.3%) 0.00 126
    2022-01-01 $187,200 (-3.4%) $269,128 (8.8%) 0.00 108
    2022-02-01 $178,175 (-8.3%) $260,296 (-1.6%) 0.00 97
    2022-03-01 $189,900 (0.0%) $266,396 (5.8%) 0.00 95
    2022-04-01 $202,450 (14.9%) $280,646 (14.2%) 0.00 90
    2022-05-01 $239,800 (20.0%) $299,220 (-1.0%) 0.00 121
    2022-06-01 $244,925 (20.0%) $295,583 (3.4%) 0.00 149
    2022-07-01 $259,900 (36.8%) $304,277 (13.0%) 0.00 171
    2022-08-01 $262,266 (31.2%) $309,923 (17.8%) 0.00 168
    2022-09-01 $247,400 (23.9%) $299,195 (12.3%) 0.00 182
    2022-10-01 $234,900 (19.3%) $295,777 (8.6%) 0.00 185
    2022-11-01 $234,900 (34.7%) $296,523 (5.5%) 0.00 219
    2022-12-01 $237,700 (22.4%) $353,500 (27.8%) 0.00 227
    2023-01-01 $256,500 (37.0%) $358,007 (33.0%) 0.00 210
    2023-02-01 $259,900 (45.9%) $368,502 (41.6%) 0.00 194
    2023-03-01 $265,400 (39.8%) $394,187 (48.0%) 0.00 164
    2023-04-01 $277,450 (37.1%) $417,496 (48.8%) 0.00 149
    2023-05-01 $277,400 (15.7%) $417,361 (39.5%) 0.00 149
    2023-06-01 $274,950 (12.3%) $334,261 (13.1%) 0.00 168
    2023-07-01 $264,900 (1.9%) $318,557 (4.7%) 0.00 172
    2023-08-01 $260,875 (-0.5%) $311,924 (0.7%) 0.00 184
    2023-09-01 $259,900 (5.1%) $308,848 (3.2%) 0.00 195
    2023-10-01 $259,650 (10.5%) $304,752 (3.0%) 0.00 216
    2023-11-01 $262,625 (11.8%) $295,487 (-0.4%) 0.00 223
    2023-12-01 $250,000 (5.2%) $294,401 (-16.7%) 0.00 216
    2024-01-01 $269,700 (5.2%) $368,925 (3.1%) 0.00 182
    2024-02-01 $277,350 (6.7%) $388,445 (5.4%) 0.00 184
    2024-03-01 $284,800 (7.3%) $393,781 (-0.1%) 0.00 173
    2024-04-01 $269,900 (-2.7%) $371,960 (-10.9%) 0.00 172
    2024-05-01 $273,900 (-1.3%) $374,496 (-10.3%) 0.00 191
    2024-06-01 $269,900 (-1.8%) $370,405 (10.8%) 0.00 205
    2024-07-01 $279,800 (5.6%) $352,547 (10.7%) 0.00 197
    2024-08-01 $279,900 (7.3%) $390,943 (25.3%) 0.00 217
    2024-09-01 $283,650 (9.1%) $401,517 (30.0%) 0.00 217
    2024-10-01 $276,575 (6.5%) $390,513 (28.1%) 0.00 228
    2024-11-01 $279,900 (6.6%) $393,375 (33.1%) 0.00 233
    2024-12-01 $273,650 (9.5%) $382,643 (30.0%) 0.00 226
    2025-01-01 $279,100 (3.5%) $389,522 (5.6%) 0.00 215
    Owensboro's median listing price for 2025-01-01 was $279,100, a difference of $9,400 (3.5%) versus the prior year and $5,450 versus the prior month.

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

    Owensboro's average listing price for 2025-01-01 was $389,522, a difference of $20,597 (5.6%) versus the prior year and $6,879 versus the prior month.

    For the 2025-01-01 period, Owensboro had 215 MLS listings, a difference of -11 listings (-5%) versus the prior month and 33 listings (18%) 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 1,902 sqft
    2018-02-01 0 days 1,885 sqft
    2018-03-01 0 days 1,857 sqft
    2018-04-01 0 days 1,917 sqft
    2018-05-01 0 days 1,940 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 1,709 sqft
    2020-01-01 0 days 1,702 sqft
    2020-02-01 0 days 1,827 sqft
    2020-03-01 0 days 1,674 sqft
    2020-04-01 0 days 1,675 sqft
    2020-05-01 0 days 1,823 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 1,789 sqft
    2022-06-01 0 days 1,804 sqft
    2022-07-01 0 days 1,886 sqft
    2022-08-01 0 days 1,901 sqft
    2022-09-01 0 days 1,729 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 1,797 sqft
    2023-03-01 0 days 1,849 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 1,740 sqft
    2023-09-01 0 days 1,766 sqft
    2023-10-01 0 days 1,803 sqft
    2023-11-01 0 days 1,702 sqft
    2023-12-01 0 days 1,688 sqft
    2024-01-01 0 days 1,755 sqft
    2024-02-01 0 days 1,804 sqft
    2024-03-01 0 days 1,804 sqft
    2024-04-01 0 days 1,771 sqft
    2024-05-01 0 days 1,792 sqft
    2024-06-01 0 days 1,881 sqft
    2024-07-01 0 days 1,921 sqft
    2024-08-01 0 days 1,904 sqft
    2024-09-01 0 days 1,893 sqft
    2024-10-01 0 days 1,860 sqft
    2024-11-01 0 days 1,897 sqft
    2024-12-01 0 days 1,771 sqft
    2025-01-01 0 days 1,879 sqft
    Owensboro's median listing age (time on market) for 2025-01-01 was 0 days.

    Owensboro's median square footage for active listings during the 2025-01-01 period was 1,879 sqft. One year prior, the average listing was 1,755 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).