Brookhaven FHA Loan Rates, Closing Costs & Stats

Brookhaven, MS

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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.

    Brookhaven's 17 lenders originated 61 FHA loans during 2023. The total origination value was $10,585,000, with an average FHA loan value of $173,525.

    Brookhaven FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Brookhaven averaged 6.31% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Brookhaven's average FHA mortgage closing costs are $6,358.

    The average rate for the prior week (2024-12-06) was 6.68% and one month ago for the week of 2024-11-08, the average rate was 6.35%.

    The average rate one year ago was 7.16%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.18%.

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

    Brookhaven 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 Brookhaven level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 17 7.13% $8,916
    QUICKEN LOANS, LLC 10 6.18% $8,547
    Trustmark National Bank 5 6.73% $7,262
    FIDELITY BANK 4 7.03% $7,036
    LOANDEPOT.COM, LLC 4 6.25% $9,187
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.29% $8,176
    BROKER SOLUTIONS, INC. 2 6.75% $12,271
    Regions Bank 1 5.75% $7,430
    STOCKTON MORTGAGE CORPORATION 1 6.59% $13,111
    UNITED WHOLESALE MORTGAGE, LLC 1 7.33% $5,745
    ZILLOW HOME LOANS, LLC 1 5.75% $9,264
    Equity Prime Mortgage LLC 1 6.75% $7,543
    GMFS LLC 1 6.63% $4,427
    Merchants Bank of Indiana 1 7.00% $5,544
    OPEN MORTGAGE, LLC 1 6.63% $6,438
    Plains Commerce Bank 1 5.63% $13,165
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $7,709

    The top Brookhaven FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 17 FHA loans originated. Their average total fees are $8,916, which is $369 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Brookhaven FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,547), CROSSCOUNTRY MORTGAGE, LLC ($8,916), .

    The lowest rate Brookhaven FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.18%), CROSSCOUNTRY MORTGAGE, LLC (7.13%), .

    Brookhaven FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BROOKHAVEN, MS LINCOLN 2022 $420,680 $538,650 $651,050 $809,150
    BROOKHAVEN, MS LINCOLN 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Brookhaven (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 $148,875 (4.9%) $203,649 (18.6%) 0.00 79
    2018-02-01 $141,175 (-2.3%) $196,045 (13.3%) 0.00 80
    2018-03-01 $139,000 (-6.9%) $190,728 (11.1%) 0.00 85
    2018-04-01 $138,200 (-13.1%) $190,134 (-4.4%) 0.00 81
    2018-05-01 $164,225 (6.0%) $215,746 (12.0%) 0.00 82
    2018-06-01 $152,000 (-0.6%) $204,793 (11.5%) 0.00 91
    2018-07-01 $143,875 (-7.2%) $195,234 (6.5%) 0.00 99
    2018-08-01 $151,250 (-4.0%) $199,236 (13.2%) 0.00 93
    2018-09-01 $148,000 (-4.5%) $203,431 (14.9%) 0.00 94
    2018-10-01 $157,000 (1.1%) $207,231 (12.3%) 0.00 97
    2018-11-01 $164,500 (6.5%) $225,159 (14.3%) 0.00 108
    2018-12-01 $169,000 (13.0%) $224,792 (10.3%) 0.00 100
    2019-01-01 $171,100 (14.9%) $232,832 (14.3%) 0.00 103
    2019-02-01 $164,750 (16.7%) $232,820 (18.8%) 0.00 110
    2019-03-01 $154,357 (11.1%) $224,678 (17.8%) 0.00 113
    2019-04-01 $149,357 (8.1%) $217,713 (14.5%) 0.00 114
    2019-05-01 $149,250 (-9.1%) $201,206 (-6.7%) 0.00 111
    2019-06-01 $146,250 (-3.8%) $202,039 (-1.3%) 0.00 112
    2019-07-01 $149,900 (4.2%) $204,840 (4.9%) 0.00 101
    2019-08-01 $151,182 (-0.1%) $192,553 (-3.4%) 0.00 102
    2019-09-01 $149,955 (1.3%) $179,287 (-11.9%) 0.00 103
    2019-10-01 $149,636 (-4.7%) $177,146 (-14.5%) 0.00 99
    2019-11-01 $165,000 (0.3%) $195,139 (-13.3%) 0.00 98
    2019-12-01 $159,475 (-5.6%) $186,473 (-17.1%) 0.00 105
    2020-01-01 $163,600 (-4.4%) $187,688 (-19.4%) 0.00 101
    2020-02-01 $165,000 (0.2%) $196,185 (-15.7%) 0.00 109
    2020-03-01 $174,750 (13.2%) $204,063 (-9.2%) 0.00 105
    2020-04-01 $175,000 (17.2%) $205,035 (-5.8%) 0.00 99
    2020-05-01 $174,990 (17.3%) $207,187 (3.0%) 0.00 92
    2020-06-01 $170,125 (16.3%) $203,208 (0.6%) 0.00 80
    2020-07-01 $171,500 (14.4%) $210,603 (2.8%) 0.00 68
    2020-08-01 $162,250 (7.3%) $199,289 (3.5%) 0.00 59
    2020-09-01 $157,125 (4.8%) $200,633 (11.9%) 0.00 58
    2020-10-01 $147,500 (-1.4%) $203,776 (15.0%) 0.00 60
    2020-11-01 $149,925 (-9.1%) $219,919 (12.7%) 0.00 59
    2020-12-01 $152,500 (-4.4%) $217,610 (16.7%) 0.00 54
    2021-01-01 $150,000 (-8.3%) $203,949 (8.7%) 0.00 48
    2021-02-01 $178,125 (8.0%) $233,176 (18.9%) 0.00 40
    2021-03-01 $164,875 (-5.7%) $209,693 (2.8%) 0.00 36
    2021-04-01 $163,750 (-6.4%) $210,937 (2.9%) 0.00 33
    2021-05-01 $158,500 (-9.4%) $204,399 (-1.4%) 0.00 32
    2021-06-01 $181,225 (6.5%) $206,361 (1.6%) 0.00 34
    2021-07-01 $169,900 (-0.9%) $203,786 (-3.2%) 0.00 41
    2021-08-01 $185,000 (14.0%) $208,507 (4.6%) 0.00 47
    2021-09-01 $185,000 (17.7%) $214,243 (6.8%) 0.00 49
    2021-10-01 $180,000 (22.0%) $207,572 (1.9%) 0.00 44
    2021-11-01 $188,750 (25.9%) $206,825 (-6.0%) 0.00 38
    2021-12-01 $188,750 (23.8%) $214,115 (-1.6%) 0.00 40
    2022-01-01 $180,000 (20.0%) $205,945 (1.0%) 0.00 39
    2022-02-01 $203,000 (14.0%) $231,733 (-0.6%) 0.00 43
    2022-03-01 $217,000 (31.6%) $244,750 (16.7%) 0.00 46
    2022-04-01 $222,000 (35.6%) $247,878 (17.5%) 0.00 44
    2022-05-01 $255,250 (61.0%) $274,660 (34.4%) 0.00 40
    2022-06-01 $246,000 (35.7%) $277,191 (34.3%) 0.00 45
    2022-07-01 $235,000 (38.3%) $260,666 (27.9%) 0.00 53
    2022-08-01 $246,175 (33.1%) $283,550 (36.0%) 0.00 50
    2022-09-01 $239,975 (29.7%) $270,298 (26.2%) 0.00 52
    2022-10-01 $239,750 (33.2%) $275,448 (32.7%) 0.00 48
    2022-11-01 $222,400 (17.8%) $264,503 (27.9%) 0.00 48
    2022-12-01 $230,000 (21.9%) $272,767 (27.4%) 0.00 51
    2023-01-01 $233,750 (29.9%) $289,159 (40.4%) 0.00 53
    2023-02-01 $250,250 (23.3%) $293,450 (26.6%) 0.00 56
    2023-03-01 $211,225 (-2.7%) $269,617 (10.2%) 0.00 57
    2023-04-01 $188,000 (-15.3%) $242,530 (-2.2%) 0.00 56
    2023-05-01 $188,625 (-26.1%) $276,804 (0.8%) 0.00 45
    2023-06-01 $196,575 (-20.1%) $279,252 (0.7%) 0.00 43
    2023-07-01 $199,000 (-15.3%) $271,736 (4.3%) 0.00 48
    2023-08-01 $196,200 (-20.3%) $272,138 (-4.0%) 0.00 41
    2023-09-01 $196,250 (-18.2%) $274,752 (1.7%) 0.00 39
    2023-10-01 $198,625 (-17.2%) $275,250 (-0.1%) 0.00 44
    2023-11-01 $199,000 (-10.5%) $293,626 (11.0%) 0.00 46
    2023-12-01 $199,000 (-13.5%) $288,923 (5.9%) 0.00 54
    2024-01-01 $194,225 (-16.9%) $266,334 (-7.9%) 0.00 50
    2024-02-01 $199,225 (-20.4%) $275,104 (-6.3%) 0.00 45
    2024-03-01 $199,000 (-5.8%) $282,761 (4.9%) 0.00 47
    2024-04-01 $197,750 (5.2%) $239,181 (-1.4%) 0.00 49
    2024-05-01 $194,975 (3.4%) $222,779 (-19.5%) 0.00 49
    2024-06-01 $199,000 (1.2%) $259,153 (-7.2%) 0.00 50
    2024-07-01 $223,050 (12.1%) $274,916 (1.2%) 0.00 53
    2024-08-01 $249,500 (27.2%) $284,259 (4.5%) 0.00 51
    2024-09-01 $238,475 (21.5%) $277,023 (0.8%) 0.00 54
    2024-10-01 $219,363 (10.4%) $267,168 (-2.9%) 0.00 60
    2024-11-01 $199,900 (0.5%) $248,498 (-15.4%) 0.00 55
    Brookhaven's median listing price for 2024-11-01 was $199,900, a difference of $900 (0.5%) versus the prior year and $-19,463 versus the prior month.

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

    Brookhaven's average listing price for 2024-11-01 was $248,498, a difference of $-45,128 (-15.4%) versus the prior year and $-18,670 versus the prior month.

    For the 2024-11-01 period, Brookhaven had 55 MLS listings, a difference of -5 listings (-8%) versus the prior month and 9 listings (20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Brookhaven (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,126 sqft
    2018-02-01 0 days 2,100 sqft
    2018-03-01 0 days 2,045 sqft
    2018-04-01 0 days 2,008 sqft
    2018-05-01 0 days 2,220 sqft
    2018-06-01 0 days 2,045 sqft
    2018-07-01 0 days 1,921 sqft
    2018-08-01 0 days 1,985 sqft
    2018-09-01 0 days 1,984 sqft
    2018-10-01 0 days 2,012 sqft
    2018-11-01 0 days 2,016 sqft
    2018-12-01 0 days 2,016 sqft
    2019-01-01 0 days 2,036 sqft
    2019-02-01 0 days 2,042 sqft
    2019-03-01 0 days 1,994 sqft
    2019-04-01 0 days 1,979 sqft
    2019-05-01 0 days 1,916 sqft
    2019-06-01 0 days 1,949 sqft
    2019-07-01 0 days 1,947 sqft
    2019-08-01 0 days 1,934 sqft
    2019-09-01 0 days 1,914 sqft
    2019-10-01 0 days 1,913 sqft
    2019-11-01 0 days 1,953 sqft
    2019-12-01 0 days 2,000 sqft
    2020-01-01 0 days 1,917 sqft
    2020-02-01 0 days 1,977 sqft
    2020-03-01 0 days 2,074 sqft
    2020-04-01 0 days 2,018 sqft
    2020-05-01 0 days 2,094 sqft
    2020-06-01 0 days 2,101 sqft
    2020-07-01 0 days 2,095 sqft
    2020-08-01 0 days 2,137 sqft
    2020-09-01 0 days 2,113 sqft
    2020-10-01 0 days 2,104 sqft
    2020-11-01 0 days 2,064 sqft
    2020-12-01 0 days 1,983 sqft
    2021-01-01 0 days 1,962 sqft
    2021-02-01 0 days 2,027 sqft
    2021-03-01 0 days 1,871 sqft
    2021-04-01 0 days 1,940 sqft
    2021-05-01 0 days 1,740 sqft
    2021-06-01 0 days 1,942 sqft
    2021-07-01 0 days 1,976 sqft
    2021-08-01 0 days 1,981 sqft
    2021-09-01 0 days 1,881 sqft
    2021-10-01 0 days 1,823 sqft
    2021-11-01 0 days 1,945 sqft
    2021-12-01 0 days 1,910 sqft
    2022-01-01 0 days 2,002 sqft
    2022-02-01 0 days 2,052 sqft
    2022-03-01 0 days 2,108 sqft
    2022-04-01 0 days 2,137 sqft
    2022-05-01 0 days 2,293 sqft
    2022-06-01 0 days 2,264 sqft
    2022-07-01 0 days 2,157 sqft
    2022-08-01 0 days 2,190 sqft
    2022-09-01 0 days 2,155 sqft
    2022-10-01 0 days 2,083 sqft
    2022-11-01 0 days 2,006 sqft
    2022-12-01 0 days 2,024 sqft
    2023-01-01 0 days 2,275 sqft
    2023-02-01 0 days 2,300 sqft
    2023-03-01 0 days 2,207 sqft
    2023-04-01 0 days 1,920 sqft
    2023-05-01 0 days 1,950 sqft
    2023-06-01 0 days 1,946 sqft
    2023-07-01 0 days 1,950 sqft
    2023-08-01 0 days 1,921 sqft
    2023-09-01 0 days 1,962 sqft
    2023-10-01 0 days 1,893 sqft
    2023-11-01 0 days 2,000 sqft
    2023-12-01 0 days 2,000 sqft
    2024-01-01 0 days 2,000 sqft
    2024-02-01 0 days 2,031 sqft
    2024-03-01 0 days 2,107 sqft
    2024-04-01 0 days 1,951 sqft
    2024-05-01 0 days 1,877 sqft
    2024-06-01 0 days 1,967 sqft
    2024-07-01 0 days 2,049 sqft
    2024-08-01 0 days 2,122 sqft
    2024-09-01 0 days 2,100 sqft
    2024-10-01 0 days 1,910 sqft
    2024-11-01 0 days 1,930 sqft
    Brookhaven's median listing age (time on market) for 2024-11-01 was 0 days.

    Brookhaven's median square footage for active listings during the 2024-11-01 period was 1,930 sqft. One year prior, the average listing was 2,000 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).