Clarksdale FHA Loan Rates, Closing Costs & Stats

Clarksdale, MS

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Clarksdale's 12 lenders originated 22 FHA loans during 2023. The total origination value was $2,890,000, with an average FHA loan value of $131,364.

    Clarksdale FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Clarksdale averaged -0.2% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Clarksdale's average FHA mortgage closing costs are $5,203.

    The average rate for the prior week (2024-11-08) was 6.41% and one month ago for the week of 2024-10-11, the average rate was 6.31%.

    The average rate one year ago was 7.16%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.2%.

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

    Clarksdale 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 Clarksdale level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 2 6.24% $7,831
    Regions Bank 2 7.35% $4,651
    CB&S Bank, Inc. 2 7.19% $7,192
    SWBC MORTGAGE CORPORATION 2 6.57% $5,914
    CROSSCOUNTRY MORTGAGE, LLC 2 7.00% $7,940
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.11% $2,915
    Trustmark National Bank 1 5.49% $4,857
    Citizens Bank 1 5.50% $11,919
    CMG MORTGAGE, INC. 1 7.75% $15,487
    STOCKTON MORTGAGE CORPORATION 1 6.24% $6,557
    THRIVE MORTGAGE, LLC 1 6.63% $8,291
    BankPlus 1 6.24% $4,127

    The top Clarksdale FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 2 FHA loans originated. Their average total fees are $7,831, which is $3,180 higher than the next largest lender, Regions Bank.

    The lowest fee Clarksdale FHA lenders (with over 10 loans originated) are .

    The lowest rate Clarksdale FHA lenders (with over 10 loans originated) are .

    Clarksdale FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Clarksdale (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 $94,000 (-9.2%) $145,052 (6.4%) 0.00 42
    2018-02-01 $88,000 (-9.0%) $132,839 (1.7%) 0.00 48
    2018-03-01 $80,000 (-8.0%) $128,665 (1.5%) 0.00 47
    2018-04-01 $79,500 (8.9%) $133,788 (19.2%) 0.00 42
    2018-05-01 $80,000 (9.6%) $147,589 (35.9%) 0.00 41
    2018-06-01 $99,000 (14.1%) $162,454 (32.5%) 0.00 39
    2018-07-01 $82,500 (-7.6%) $158,875 (24.6%) 0.00 41
    2018-08-01 $87,125 (2.8%) $170,653 (17.2%) 0.00 37
    2018-09-01 $112,950 (6.3%) $171,067 (5.0%) 0.00 40
    2018-10-01 $130,500 (31.8%) $178,688 (14.9%) 0.00 37
    2018-11-01 $131,000 (34.2%) $163,000 (13.3%) 0.00 35
    2018-12-01 $129,950 (31.3%) $156,988 (8.2%) 0.00 36
    2019-01-01 $140,000 (48.9%) $163,199 (12.5%) 0.00 39
    2019-02-01 $121,700 (38.3%) $150,085 (13.0%) 0.00 45
    2019-03-01 $125,807 (57.3%) $152,167 (18.3%) 0.00 46
    2019-04-01 $129,807 (63.3%) $150,122 (12.2%) 0.00 46
    2019-05-01 $99,750 (24.7%) $143,307 (-2.9%) 0.00 47
    2019-06-01 $96,000 (-3.0%) $129,427 (-20.3%) 0.00 56
    2019-07-01 $128,450 (55.7%) $151,243 (-4.8%) 0.00 45
    2019-08-01 $120,882 (38.8%) $142,768 (-16.3%) 0.00 47
    2019-09-01 $99,855 (-11.6%) $129,872 (-24.1%) 0.00 50
    2019-10-01 $84,500 (-35.3%) $121,546 (-32.0%) 0.00 50
    2019-11-01 $88,000 (-32.8%) $128,058 (-21.4%) 0.00 46
    2019-12-01 $84,875 (-34.7%) $124,352 (-20.8%) 0.00 43
    2020-01-01 $86,000 (-38.6%) $128,320 (-21.4%) 0.00 47
    2020-02-01 $88,500 (-27.3%) $134,640 (-10.3%) 0.00 40
    2020-03-01 $128,725 (2.3%) $147,146 (-3.3%) 0.00 40
    2020-04-01 $117,000 (-9.9%) $138,602 (-7.7%) 0.00 43
    2020-05-01 $78,000 (-21.8%) $131,131 (-8.5%) 0.00 42
    2020-06-01 $85,750 (-10.7%) $137,548 (6.3%) 0.00 38
    2020-07-01 $95,389 (-25.7%) $144,480 (-4.5%) 0.00 31
    2020-08-01 $89,000 (-26.4%) $146,424 (2.6%) 0.00 30
    2020-09-01 $147,500 (47.7%) $176,362 (35.8%) 0.00 32
    2020-10-01 $160,000 (89.4%) $176,582 (45.3%) 0.00 31
    2020-11-01 $125,000 (42.1%) $155,036 (21.1%) 0.00 30
    2020-12-01 $160,500 (89.1%) $165,099 (32.8%) 0.00 23
    2021-01-01 $150,000 (74.4%) $166,189 (29.5%) 0.00 21
    2021-02-01 $139,995 (58.2%) $162,700 (20.8%) 0.00 25
    2021-03-01 $127,448 (-1.0%) $160,764 (9.3%) 0.00 24
    2021-04-01 $152,225 (30.1%) $176,789 (27.6%) 0.00 21
    2021-05-01 $215,000 (175.6%) $197,983 (51.0%) 0.00 16
    2021-06-01 $202,450 (136.1%) $183,100 (33.1%) 0.00 13
    2021-07-01 $189,900 (99.1%) $169,623 (17.4%) 0.00 13
    2021-08-01 $94,950 (6.7%) $153,545 (4.9%) 0.00 15
    2021-09-01 $92,475 (-37.3%) $134,753 (-23.6%) 0.00 14
    2021-10-01 $81,500 (-49.1%) $126,072 (-28.6%) 0.00 19
    2021-11-01 $89,625 (-28.3%) $122,703 (-20.9%) 0.00 23
    2021-12-01 $75,500 (-53.0%) $110,483 (-33.1%) 0.00 20
    2022-01-01 $80,000 (-46.7%) $112,784 (-32.1%) 0.00 16
    2022-02-01 $119,250 (-14.8%) $142,083 (-12.7%) 0.00 15
    2022-03-01 $109,000 (-14.5%) $134,029 (-16.6%) 0.00 19
    2022-04-01 $94,500 (-37.9%) $127,430 (-27.9%) 0.00 17
    2022-05-01 $107,750 (-49.9%) $126,909 (-35.9%) 0.00 16
    2022-06-01 $92,750 (-54.2%) $125,746 (-31.3%) 0.00 13
    2022-07-01 $115,000 (-39.4%) $171,024 (0.8%) 0.00 19
    2022-08-01 $113,675 (19.7%) $159,473 (3.9%) 0.00 22
    2022-09-01 $105,125 (13.7%) $154,440 (14.6%) 0.00 22
    2022-10-01 $100,500 (23.3%) $153,044 (21.4%) 0.00 24
    2022-11-01 $47,000 (-47.6%) $105,113 (-14.3%) 0.00 34
    2022-12-01 $49,000 (-35.1%) $95,434 (-13.6%) 0.00 34
    2023-01-01 $54,900 (-31.4%) $97,993 (-13.1%) 0.00 37
    2023-02-01 $54,450 (-54.3%) $126,974 (-10.6%) 0.00 39
    2023-03-01 $59,875 (-45.1%) $119,629 (-10.7%) 0.00 29
    2023-04-01 $55,000 (-41.8%) $124,108 (-2.6%) 0.00 26
    2023-05-01 $148,725 (38.0%) $146,745 (15.6%) 0.00 19
    2023-06-01 $160,000 (72.5%) $158,841 (26.3%) 0.00 21
    2023-07-01 $129,900 (13.0%) $138,350 (-19.1%) 0.00 22
    2023-08-01 $86,000 (-24.4%) $140,738 (-11.8%) 0.00 21
    2023-09-01 $84,000 (-20.1%) $140,897 (-8.8%) 0.00 27
    2023-10-01 $90,113 (-10.3%) $145,545 (-4.9%) 0.00 29
    2023-11-01 $98,488 (109.6%) $146,890 (39.7%) 0.00 29
    2023-12-01 $112,500 (129.6%) $174,217 (82.6%) 0.00 29
    2024-01-01 $112,475 (104.9%) $179,991 (83.7%) 0.00 27
    2024-02-01 $92,475 (69.8%) $191,720 (51.0%) 0.00 27
    2024-03-01 $85,000 (42.0%) $590,746 (393.8%) 0.00 26
    2024-04-01 $89,950 (63.6%) $623,519 (402.4%) 0.00 27
    2024-05-01 $82,475 (-44.6%) $519,534 (254.0%) 0.00 34
    2024-06-01 $99,350 (-37.9%) $501,349 (215.6%) 0.00 35
    2024-07-01 $155,575 (19.8%) $667,391 (382.4%) 0.00 24
    2024-08-01 $139,900 (62.7%) $587,700 (317.6%) 0.00 28
    2024-09-01 $149,500 (78.0%) $638,304 (353.0%) 0.00 26
    2024-10-01 $149,500 (65.9%) $639,662 (339.5%) 0.00 27
    Clarksdale's median listing price for 2024-10-01 was $149,500, a difference of $59,387 (65.9%) versus the prior year and $0 versus the prior month.

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

    Clarksdale's average listing price for 2024-10-01 was $639,662, a difference of $494,117 (339.5%) versus the prior year and $1,358 versus the prior month.

    For the 2024-10-01 period, Clarksdale had 27 MLS listings, a difference of 1 listings (4%) versus the prior month and -2 listings (-7%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Clarksdale (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,484 sqft
    2018-02-01 0 days 2,181 sqft
    2018-03-01 0 days 2,021 sqft
    2018-04-01 0 days 1,834 sqft
    2018-05-01 0 days 1,846 sqft
    2018-06-01 0 days 2,165 sqft
    2018-07-01 0 days 2,071 sqft
    2018-08-01 0 days 2,071 sqft
    2018-09-01 0 days 2,100 sqft
    2018-10-01 0 days 2,166 sqft
    2018-11-01 0 days 2,200 sqft
    2018-12-01 0 days 2,163 sqft
    2019-01-01 0 days 2,159 sqft
    2019-02-01 0 days 2,166 sqft
    2019-03-01 0 days 2,357 sqft
    2019-04-01 0 days 2,508 sqft
    2019-05-01 0 days 2,491 sqft
    2019-06-01 0 days 2,446 sqft
    2019-07-01 0 days 2,473 sqft
    2019-08-01 0 days 2,326 sqft
    2019-09-01 0 days 2,179 sqft
    2019-10-01 0 days 2,065 sqft
    2019-11-01 0 days 2,424 sqft
    2019-12-01 0 days 2,318 sqft
    2020-01-01 0 days 2,309 sqft
    2020-02-01 0 days 2,316 sqft
    2020-03-01 0 days 2,370 sqft
    2020-04-01 0 days 2,534 sqft
    2020-05-01 0 days 2,424 sqft
    2020-06-01 0 days 2,361 sqft
    2020-07-01 0 days 2,309 sqft
    2020-08-01 0 days 2,408 sqft
    2020-09-01 0 days 2,678 sqft
    2020-10-01 0 days 2,676 sqft
    2020-11-01 0 days 2,457 sqft
    2020-12-01 0 days 2,654 sqft
    2021-01-01 0 days 2,584 sqft
    2021-02-01 0 days 2,557 sqft
    2021-03-01 0 days 2,524 sqft
    2021-04-01 0 days 2,584 sqft
    2021-05-01 0 days 2,854 sqft
    2021-06-01 0 days 2,962 sqft
    2021-07-01 0 days 2,295 sqft
    2021-08-01 0 days 1,893 sqft
    2021-09-01 0 days 1,786 sqft
    2021-10-01 0 days 1,745 sqft
    2021-11-01 0 days 1,745 sqft
    2021-12-01 0 days 1,643 sqft
    2022-01-01 0 days 1,624 sqft
    2022-02-01 0 days 1,654 sqft
    2022-03-01 0 days 1,859 sqft
    2022-04-01 0 days 1,821 sqft
    2022-05-01 0 days 1,900 sqft
    2022-06-01 0 days 1,853 sqft
    2022-07-01 0 days 2,599 sqft
    2022-08-01 0 days 1,922 sqft
    2022-09-01 0 days 1,835 sqft
    2022-10-01 0 days 1,863 sqft
    2022-11-01 0 days 1,474 sqft
    2022-12-01 0 days 1,437 sqft
    2023-01-01 0 days 1,474 sqft
    2023-02-01 0 days 1,478 sqft
    2023-03-01 0 days 1,538 sqft
    2023-04-01 0 days 1,557 sqft
    2023-05-01 0 days 1,854 sqft
    2023-06-01 0 days 2,108 sqft
    2023-07-01 0 days 2,061 sqft
    2023-08-01 0 days 1,792 sqft
    2023-09-01 0 days 1,777 sqft
    2023-10-01 0 days 1,792 sqft
    2023-11-01 0 days 1,792 sqft
    2023-12-01 0 days 1,846 sqft
    2024-01-01 0 days 1,928 sqft
    2024-02-01 0 days 1,902 sqft
    2024-03-01 0 days 1,930 sqft
    2024-04-01 0 days 2,053 sqft
    2024-05-01 0 days 2,102 sqft
    2024-06-01 0 days 2,165 sqft
    2024-07-01 0 days 2,562 sqft
    2024-08-01 0 days 2,070 sqft
    2024-09-01 0 days 2,313 sqft
    2024-10-01 0 days 2,268 sqft
    Clarksdale's median listing age (time on market) for 2024-10-01 was 0 days.

    Clarksdale's median square footage for active listings during the 2024-10-01 period was 2,268 sqft. One year prior, the average listing was 1,792 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).