Paducah FHA Loan Rates, Closing Costs & Stats

Paducah, KY-IL

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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.

    Paducah's 42 lenders originated 224 FHA loans during 2023. The total origination value was $37,950,000, with an average FHA loan value of $169,420.

    Paducah FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Paducah averaged 6.24% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Paducah's average FHA mortgage closing costs are $5,493.

    The average rate for the prior week (2024-12-06) was 6.61% and one month ago for the week of 2024-11-08, the average rate was 6.77%.

    The average rate one year ago was 6.78%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.08%.

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

    Paducah 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 Paducah level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    STOCKTON MORTGAGE CORPORATION 34 6.62% $9,061
    GERSHMAN INVESTMENT CORP. 29 6.66% $5,627
    EVERETT FINANCIAL, INC. 24 7.28% $7,526
    QUICKEN LOANS, LLC 21 6.25% $8,100
    Regions Bank 11 6.28% $5,743
    UNITED WHOLESALE MORTGAGE, LLC 9 6.09% $6,962
    LOANDEPOT.COM, LLC 8 6.98% $8,550
    FirstTrust Home Loans, Inc. 8 7.14% $7,716
    U.S. Bank 8 6.97% $5,619
    RUOFF MORTGAGE COMPANY, INC. 7 6.79% $5,106
    AMERISAVE MORTGAGE CORPORATION 5 6.73% $13,213
    Mortgage Research Center, LLC 4 7.31% $6,130
    FLAT BRANCH MORTGAGE, INC. 4 7.19% $6,244
    Barrington Bank & Trust Company, N.A. 3 6.75% $8,182
    NEWREZ LLC 3 6.25% $6,680
    Mr. Cooper ( Nationstar Mortgage ) 3 6.00% $13,816
    TOP FLITE FINANCIAL, INC. 2 7.00% $11,789
    BROKER SOLUTIONS, INC. 2 6.50% $14,927
    Equity Prime Mortgage LLC 2 6.63% $3,560
    MYCUMORTGAGE, LLC 2 7.13% $7,608
    CARDINAL FINANCIAL 2 5.12% $6,456
    Willamette Valley Bank 1 7.50% $15,122
    Carrington Mortgage Services, LLC 1 6.63% $8,234
    Citizens Bank 1 7.25% $6,990
    CMG MORTGAGE, INC. 1 7.75% $11,393
    CRESCENT MORTGAGE COMPANY 1 7.00% $8,074
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $4,655
    DAS Acquisition Company, LLC 1 7.13% $8,269
    ENDEAVOR CAPITAL, LLC. 1 6.99% $6,873
    LAKEVIEW LOAN SERVICING, LLC 1 7.13% $5,905
    Magnolia Bank 1 7.00% $6,981
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $8,803
    Neighborhood Loans, Inc. 1 5.75% $6,954
    NFM, INC. 1 7.38% $9,974
    OCMBC, INC. 1 6.75% $7,244
    PENNYMAC LOAN SERVICES, LLC 1 5.63% $5,629
    PLANET HOME LENDING, LLC 1 6.63% $3,121
    RELIANCE FIRST CAPITAL, LLC 1 7.25% $4,631
    TOWNE MORTGAGE COMPANY 1 6.75% $7,865
    UNION HOME MORTGAGE CORP. 1 6.50% $6,461
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.88% $10,991
    VILLAGE CAPITAL MORTGAGE 1 6.00% $10,912

    The top Paducah FHA lender as defined by loan originations is STOCKTON MORTGAGE CORPORATION, with 34 FHA loans originated. Their average total fees are $9,061, which is $3,434 higher than the next largest lender, GERSHMAN INVESTMENT CORP..

    The lowest fee Paducah FHA lenders (with over 10 loans originated) are GERSHMAN INVESTMENT CORP. ($5,627), Regions Bank ($5,743), EVERETT FINANCIAL, INC. ($7,526), QUICKEN LOANS, LLC ($8,100) and STOCKTON MORTGAGE CORPORATION ($9,061).

    The lowest rate Paducah FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.25%), Regions Bank (6.28%), STOCKTON MORTGAGE CORPORATION (6.62%), GERSHMAN INVESTMENT CORP. (6.66%) and EVERETT FINANCIAL, INC. (7.28%).

    Paducah FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    PADUCAH, KY-IL MASSAC 2022 $420,680 $538,650 $651,050 $809,150
    PADUCAH, KY-IL BALLARD 2022 $420,680 $538,650 $651,050 $809,150
    PADUCAH, KY-IL LIVINGSTON 2022 $420,680 $538,650 $651,050 $809,150
    PADUCAH, KY-IL MCCRACKEN 2022 $420,680 $538,650 $651,050 $809,150
    PADUCAH, KY-IL MASSAC 2023 $472,030 $604,400 $730,525 $907,900
    PADUCAH, KY-IL BALLARD 2023 $472,030 $604,400 $730,525 $907,900
    PADUCAH, KY-IL LIVINGSTON 2023 $472,030 $604,400 $730,525 $907,900
    PADUCAH, KY-IL MCCRACKEN 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Paducah (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 $139,075 (-0.6%) $174,726 (-7.4%) 0.00 559
    2018-02-01 $137,400 (-1.8%) $172,011 (-9.1%) 0.00 552
    2018-03-01 $149,000 (5.0%) $177,370 (-7.5%) 0.00 572
    2018-04-01 $145,700 (-2.2%) $180,997 (-7.6%) 0.00 582
    2018-05-01 $149,900 (0.1%) $186,747 (-5.6%) 0.00 609
    2018-06-01 $145,000 (-3.3%) $187,946 (-3.1%) 0.00 619
    2018-07-01 $139,900 (-7.3%) $181,926 (-6.6%) 0.00 637
    2018-08-01 $138,475 (-7.6%) $179,265 (-6.1%) 0.00 616
    2018-09-01 $135,000 (-8.5%) $179,000 (-4.2%) 0.00 601
    2018-10-01 $137,975 (-8.0%) $183,246 (-2.5%) 0.00 578
    2018-11-01 $139,450 (-0.3%) $183,514 (1.6%) 0.00 565
    2018-12-01 $144,900 (3.6%) $191,992 (7.8%) 0.00 522
    2019-01-01 $144,925 (4.2%) $193,506 (10.8%) 0.00 506
    2019-02-01 $144,950 (5.5%) $196,582 (14.3%) 0.00 522
    2019-03-01 $144,929 (-2.7%) $197,148 (11.2%) 0.00 549
    2019-04-01 $142,450 (-2.2%) $195,570 (8.1%) 0.00 557
    2019-05-01 $145,000 (-3.3%) $201,464 (7.9%) 0.00 553
    2019-06-01 $144,900 (-0.1%) $203,144 (8.1%) 0.00 573
    2019-07-01 $144,900 (3.6%) $203,214 (11.7%) 0.00 574
    2019-08-01 $147,791 (6.7%) $207,439 (15.7%) 0.00 566
    2019-09-01 $148,977 (10.4%) $209,185 (16.9%) 0.00 552
    2019-10-01 $149,900 (8.6%) $210,367 (14.8%) 0.00 542
    2019-11-01 $152,000 (9.0%) $213,373 (16.3%) 0.00 520
    2019-12-01 $154,900 (6.9%) $217,170 (13.1%) 0.00 479
    2020-01-01 $144,825 (-0.1%) $211,855 (9.5%) 0.00 446
    2020-02-01 $139,900 (-3.5%) $216,302 (10.0%) 0.00 370
    2020-03-01 $149,900 (3.4%) $227,890 (15.6%) 0.00 371
    2020-04-01 $149,800 (5.2%) $230,678 (18.0%) 0.00 351
    2020-05-01 $149,900 (3.4%) $229,128 (13.7%) 0.00 311
    2020-06-01 $163,200 (12.6%) $234,589 (15.5%) 0.00 305
    2020-07-01 $169,900 (17.3%) $234,209 (15.3%) 0.00 305
    2020-08-01 $164,440 (11.3%) $233,403 (12.5%) 0.00 287
    2020-09-01 $146,325 (-1.8%) $220,652 (5.5%) 0.00 273
    2020-10-01 $149,900 (0.0%) $215,811 (2.6%) 0.00 276
    2020-11-01 $144,900 (-4.7%) $215,335 (0.9%) 0.00 247
    2020-12-01 $154,900 (0.0%) $220,234 (1.4%) 0.00 239
    2021-01-01 $159,450 (10.1%) $218,848 (3.3%) 0.00 217
    2021-02-01 $146,150 (4.5%) $220,066 (1.7%) 0.00 197
    2021-03-01 $136,598 (-8.9%) $203,941 (-10.5%) 0.00 166
    2021-04-01 $144,700 (-3.4%) $217,685 (-5.6%) 0.00 150
    2021-05-01 $149,900 (0.0%) $217,145 (-5.2%) 0.00 150
    2021-06-01 $137,700 (-15.6%) $245,225 (4.5%) 0.00 155
    2021-07-01 $147,900 (-13.0%) $263,560 (12.5%) 0.00 154
    2021-08-01 $154,200 (-6.2%) $267,864 (14.8%) 0.00 147
    2021-09-01 $134,246 (-8.3%) $245,732 (11.4%) 0.00 145
    2021-10-01 $147,500 (-1.6%) $236,511 (9.6%) 0.00 144
    2021-11-01 $147,069 (1.5%) $266,666 (23.8%) 0.00 145
    2021-12-01 $127,450 (-17.7%) $210,793 (-4.3%) 0.00 135
    2022-01-01 $139,900 (-12.3%) $221,215 (1.1%) 0.00 124
    2022-02-01 $139,900 (-4.3%) $220,431 (0.2%) 0.00 119
    2022-03-01 $139,800 (2.3%) $261,517 (28.2%) 0.00 141
    2022-04-01 $134,695 (-6.9%) $230,980 (6.1%) 0.00 145
    2022-05-01 $139,900 (-6.7%) $232,572 (7.1%) 0.00 148
    2022-06-01 $143,675 (4.3%) $234,177 (-4.5%) 0.00 158
    2022-07-01 $159,500 (7.8%) $249,432 (-5.4%) 0.00 165
    2022-08-01 $177,158 (14.9%) $247,205 (-7.7%) 0.00 162
    2022-09-01 $189,950 (41.5%) $241,690 (-1.6%) 0.00 167
    2022-10-01 $219,950 (49.1%) $257,187 (8.7%) 0.00 164
    2022-11-01 $215,175 (46.3%) $268,267 (0.6%) 0.00 160
    2022-12-01 $210,000 (64.8%) $268,591 (27.4%) 0.00 160
    2023-01-01 $223,163 (59.5%) $269,911 (22.0%) 0.00 135
    2023-02-01 $223,188 (59.5%) $270,168 (22.6%) 0.00 134
    2023-03-01 $218,425 (56.2%) $270,308 (3.4%) 0.00 135
    2023-04-01 $219,900 (63.3%) $285,337 (23.5%) 0.00 130
    2023-05-01 $228,675 (63.5%) $293,851 (26.4%) 0.00 132
    2023-06-01 $241,175 (67.9%) $299,118 (27.7%) 0.00 147
    2023-07-01 $249,900 (56.7%) $294,951 (18.3%) 0.00 163
    2023-08-01 $257,200 (45.2%) $303,432 (22.8%) 0.00 167
    2023-09-01 $238,500 (25.6%) $294,387 (21.8%) 0.00 175
    2023-10-01 $231,675 (5.3%) $295,405 (14.9%) 0.00 177
    2023-11-01 $241,000 (12.0%) $316,416 (18.0%) 0.00 177
    2023-12-01 $264,900 (26.1%) $307,656 (14.5%) 0.00 167
    2024-01-01 $274,950 (23.2%) $306,569 (13.6%) 0.00 160
    2024-02-01 $289,800 (29.9%) $305,955 (13.3%) 0.00 165
    2024-03-01 $280,000 (28.2%) $321,471 (18.9%) 0.00 160
    2024-04-01 $265,950 (20.9%) $314,020 (10.1%) 0.00 165
    2024-05-01 $279,725 (22.3%) $321,165 (9.3%) 0.00 176
    2024-06-01 $277,000 (14.9%) $328,615 (9.9%) 0.00 198
    2024-07-01 $279,450 (11.8%) $331,158 (12.3%) 0.00 209
    2024-08-01 $249,900 (-2.8%) $309,089 (1.9%) 0.00 229
    2024-09-01 $259,450 (8.8%) $318,255 (8.1%) 0.00 230
    2024-10-01 $249,900 (7.9%) $326,060 (10.4%) 0.00 234
    2024-11-01 $240,500 (-0.2%) $322,058 (1.8%) 0.00 236
    Paducah's median listing price for 2024-11-01 was $240,500, a difference of $-500 (-0.2%) versus the prior year and $-9,400 versus the prior month.

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

    Paducah's average listing price for 2024-11-01 was $322,058, a difference of $5,642 (1.8%) versus the prior year and $-4,002 versus the prior month.

    For the 2024-11-01 period, Paducah had 236 MLS listings, a difference of 2 listings (1%) versus the prior month and 59 listings (33%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Paducah (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,777 sqft
    2018-02-01 0 days 1,726 sqft
    2018-03-01 0 days 1,782 sqft
    2018-04-01 0 days 1,808 sqft
    2018-05-01 0 days 1,819 sqft
    2018-06-01 0 days 1,808 sqft
    2018-07-01 0 days 1,803 sqft
    2018-08-01 0 days 1,800 sqft
    2018-09-01 0 days 1,790 sqft
    2018-10-01 0 days 1,769 sqft
    2018-11-01 0 days 1,767 sqft
    2018-12-01 0 days 1,800 sqft
    2019-01-01 0 days 1,800 sqft
    2019-02-01 0 days 1,781 sqft
    2019-03-01 0 days 1,774 sqft
    2019-04-01 0 days 1,740 sqft
    2019-05-01 0 days 1,738 sqft
    2019-06-01 0 days 1,757 sqft
    2019-07-01 0 days 1,726 sqft
    2019-08-01 0 days 1,771 sqft
    2019-09-01 0 days 1,794 sqft
    2019-10-01 0 days 1,811 sqft
    2019-11-01 0 days 1,852 sqft
    2019-12-01 0 days 1,921 sqft
    2020-01-01 0 days 1,813 sqft
    2020-02-01 0 days 1,768 sqft
    2020-03-01 0 days 1,895 sqft
    2020-04-01 0 days 1,894 sqft
    2020-05-01 0 days 1,926 sqft
    2020-06-01 0 days 1,915 sqft
    2020-07-01 0 days 1,952 sqft
    2020-08-01 0 days 1,880 sqft
    2020-09-01 0 days 1,752 sqft
    2020-10-01 0 days 1,728 sqft
    2020-11-01 0 days 1,732 sqft
    2020-12-01 0 days 1,775 sqft
    2021-01-01 0 days 1,800 sqft
    2021-02-01 0 days 1,787 sqft
    2021-03-01 0 days 1,712 sqft
    2021-04-01 0 days 1,788 sqft
    2021-05-01 0 days 1,708 sqft
    2021-06-01 0 days 1,625 sqft
    2021-07-01 0 days 1,696 sqft
    2021-08-01 0 days 1,803 sqft
    2021-09-01 0 days 1,674 sqft
    2021-10-01 0 days 1,667 sqft
    2021-11-01 0 days 1,588 sqft
    2021-12-01 0 days 1,457 sqft
    2022-01-01 0 days 1,500 sqft
    2022-02-01 0 days 1,398 sqft
    2022-03-01 0 days 1,439 sqft
    2022-04-01 0 days 1,480 sqft
    2022-05-01 0 days 1,462 sqft
    2022-06-01 0 days 1,488 sqft
    2022-07-01 0 days 1,603 sqft
    2022-08-01 0 days 1,601 sqft
    2022-09-01 0 days 1,603 sqft
    2022-10-01 0 days 1,727 sqft
    2022-11-01 0 days 1,785 sqft
    2022-12-01 0 days 1,834 sqft
    2023-01-01 0 days 1,821 sqft
    2023-02-01 0 days 1,750 sqft
    2023-03-01 0 days 1,800 sqft
    2023-04-01 0 days 1,762 sqft
    2023-05-01 0 days 1,738 sqft
    2023-06-01 0 days 1,822 sqft
    2023-07-01 0 days 1,835 sqft
    2023-08-01 0 days 1,869 sqft
    2023-09-01 0 days 1,854 sqft
    2023-10-01 0 days 1,859 sqft
    2023-11-01 0 days 1,977 sqft
    2023-12-01 0 days 1,900 sqft
    2024-01-01 0 days 1,957 sqft
    2024-02-01 0 days 1,928 sqft
    2024-03-01 0 days 2,020 sqft
    2024-04-01 0 days 1,873 sqft
    2024-05-01 0 days 1,997 sqft
    2024-06-01 0 days 1,947 sqft
    2024-07-01 0 days 1,985 sqft
    2024-08-01 0 days 1,905 sqft
    2024-09-01 0 days 1,976 sqft
    2024-10-01 0 days 1,896 sqft
    2024-11-01 0 days 1,800 sqft
    Paducah's median listing age (time on market) for 2024-11-01 was 0 days.

    Paducah's median square footage for active listings during the 2024-11-01 period was 1,800 sqft. One year prior, the average listing was 1,977 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).