Paducah FHA Loan Rates, Closing Costs & Stats

Paducah, KY-IL

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 0.06% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.65% and one month ago for the week of 2024-10-25, the average rate was 6.33%.

The average rate one year ago was 7.12%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.1%.

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
Paducah's median listing price for 2024-10-01 was $249,900, a difference of $18,225 (7.9%) versus the prior year and $-9,550 versus the prior month.

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

Paducah's average listing price for 2024-10-01 was $326,060, a difference of $30,655 (10.4%) versus the prior year and $7,805 versus the prior month.

For the 2024-10-01 period, Paducah had 234 MLS listings, a difference of 4 listings (2%) versus the prior month and 57 listings (32%) 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
Paducah's median listing age (time on market) for 2024-10-01 was 0 days.

Paducah's median square footage for active listings during the 2024-10-01 period was 1,896 sqft. One year prior, the average listing was 1,859 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).