Cleveland FHA Loan Rates, Closing Costs & Stats

Cleveland, 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.

    Cleveland's 17 lenders originated 45 FHA loans during 2023. The total origination value was $7,505,000, with an average FHA loan value of $166,778.

    Cleveland FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cleveland averaged 6.55% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Cleveland's average FHA mortgage closing costs are $6,320.

    The average rate for the prior week (2024-04-05) was 6.57% and one month ago for the week of 2024-03-08, the average rate was 6.61%.

    The average rate one year ago was 6.04%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.64%.

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

    Cleveland 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 Cleveland level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    BancorpSouth 15 6.14% $7,395
    QUICKEN LOANS, LLC 7 6.30% $7,221
    Regions Bank 5 5.93% $10,039
    EUSTIS AND AMERICAN MORTGAGE COMPANY 2 7.13% $7,973
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $3,344
    FIDELITY BANK 1 6.75% $9,728
    FIRST COMMUNITY MORTGAGE, INC. 1 6.00% $10,309
    Flagstar Bank, FSB 1 7.63% $7,901
    Mortgage Research Center, LLC 1 5.75% $4,780
    MYCUMORTGAGE, LLC 1 7.63% $7,937
    Nations Lending Corporation 1 7.38% $3,854
    Renasant Bank 1 7.75% $7,020
    SWBC MORTGAGE CORPORATION 1 7.13% $5,921
    UNION HOME MORTGAGE CORP. 1 6.13% $5,047
    BankPlus 1 6.63% $9,946
    BROKER SOLUTIONS, INC. 1 6.50% $15,329
    Citizens Bank 1 5.00% $7,947

    The top Cleveland FHA lender as defined by loan originations is BancorpSouth, with 15 FHA loans originated. Their average total fees are $7,395, which is $174 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Cleveland FHA lenders (with over 10 loans originated) are BancorpSouth ($7,395), .

    The lowest rate Cleveland FHA lenders (with over 10 loans originated) are BancorpSouth (6.14%), .

    Cleveland FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Cleveland (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 $130,000 (4.2%) $198,390 (17.1%) 0.00 51
    2018-02-01 $126,500 (0.6%) $175,747 (0.3%) 0.00 59
    2018-03-01 $128,000 (-7.6%) $174,251 (-0.8%) 0.00 55
    2018-04-01 $128,750 (-13.6%) $168,317 (-10.0%) 0.00 60
    2018-05-01 $139,500 (-3.8%) $176,259 (-4.2%) 0.00 64
    2018-06-01 $160,000 (4.2%) $185,115 (-3.4%) 0.00 62
    2018-07-01 $150,475 (-5.4%) $173,085 (-14.1%) 0.00 71
    2018-08-01 $149,125 (1.2%) $170,846 (-21.3%) 0.00 68
    2018-09-01 $150,750 (11.7%) $174,215 (-16.2%) 0.00 60
    2018-10-01 $150,950 (6.1%) $176,390 (-14.4%) 0.00 62
    2018-11-01 $142,250 (4.5%) $168,158 (-17.2%) 0.00 63
    2018-12-01 $139,900 (7.6%) $167,827 (-14.8%) 0.00 67
    2019-01-01 $131,200 (0.9%) $157,319 (-20.7%) 0.00 75
    2019-02-01 $135,600 (7.2%) $159,755 (-9.1%) 0.00 76
    2019-03-01 $138,664 (8.3%) $157,491 (-9.6%) 0.00 74
    2019-04-01 $135,189 (5.0%) $153,512 (-8.8%) 0.00 68
    2019-05-01 $145,750 (4.5%) $168,263 (-4.5%) 0.00 67
    2019-06-01 $143,000 (-10.6%) $164,223 (-11.3%) 0.00 59
    2019-07-01 $143,500 (-4.6%) $174,870 (1.0%) 0.00 51
    2019-08-01 $145,905 (-2.2%) $178,925 (4.7%) 0.00 49
    2019-09-01 $139,911 (-7.2%) $170,755 (-2.0%) 0.00 49
    2019-10-01 $133,100 (-11.8%) $164,409 (-6.8%) 0.00 49
    2019-11-01 $140,000 (-1.6%) $174,268 (3.6%) 0.00 48
    2019-12-01 $143,750 (2.8%) $181,226 (8.0%) 0.00 51
    2020-01-01 $141,750 (8.0%) $179,136 (13.9%) 0.00 44
    2020-02-01 $137,500 (1.4%) $174,756 (9.4%) 0.00 45
    2020-03-01 $140,500 (1.3%) $186,754 (18.6%) 0.00 47
    2020-04-01 $143,875 (6.4%) $182,801 (19.1%) 0.00 47
    2020-05-01 $137,750 (-5.5%) $177,932 (5.8%) 0.00 42
    2020-06-01 $157,475 (10.1%) $196,240 (19.5%) 0.00 42
    2020-07-01 $157,250 (9.6%) $181,947 (4.1%) 0.00 43
    2020-08-01 $164,500 (12.7%) $194,438 (8.7%) 0.00 35
    2020-09-01 $150,100 (7.3%) $187,392 (9.7%) 0.00 33
    2020-10-01 $146,200 (9.8%) $188,116 (14.4%) 0.00 39
    2020-11-01 $156,800 (12.0%) $181,693 (4.3%) 0.00 51
    2020-12-01 $159,975 (11.3%) $188,247 (3.9%) 0.00 47
    2021-01-01 $138,200 (-2.5%) $181,367 (1.3%) 0.00 37
    2021-02-01 $162,450 (18.2%) $218,629 (25.1%) 0.00 34
    2021-03-01 $188,000 (33.8%) $249,712 (33.7%) 0.00 30
    2021-04-01 $192,125 (33.5%) $249,233 (36.3%) 0.00 28
    2021-05-01 $195,000 (41.6%) $232,038 (30.4%) 0.00 24
    2021-06-01 $177,475 (12.7%) $229,092 (16.7%) 0.00 24
    2021-07-01 $165,000 (4.9%) $202,586 (11.3%) 0.00 21
    2021-08-01 $159,925 (-2.8%) $197,425 (1.5%) 0.00 28
    2021-09-01 $159,925 (6.6%) $187,648 (0.1%) 0.00 28
    2021-10-01 $161,750 (10.6%) $185,722 (-1.3%) 0.00 23
    2021-11-01 $159,375 (1.6%) $193,332 (6.4%) 0.00 30
    2021-12-01 $141,625 (-11.5%) $187,144 (-0.6%) 0.00 30
    2022-01-01 $145,000 (4.9%) $200,334 (10.5%) 0.00 26
    2022-02-01 $164,950 (1.5%) $199,370 (-8.8%) 0.00 39
    2022-03-01 $154,975 (-17.6%) $205,066 (-17.9%) 0.00 42
    2022-04-01 $149,500 (-22.2%) $206,295 (-17.2%) 0.00 37
    2022-05-01 $149,875 (-23.1%) $190,928 (-17.7%) 0.00 39
    2022-06-01 $147,500 (-16.9%) $178,301 (-22.2%) 0.00 42
    2022-07-01 $156,000 (-5.5%) $198,349 (-2.1%) 0.00 45
    2022-08-01 $167,000 (4.4%) $201,537 (2.1%) 0.00 43
    2022-09-01 $169,500 (6.0%) $203,929 (8.7%) 0.00 46
    2022-10-01 $175,000 (8.2%) $210,944 (13.6%) 0.00 39
    2022-11-01 $175,000 (9.8%) $202,376 (4.7%) 0.00 37
    2022-12-01 $179,900 (27.0%) $207,988 (11.1%) 0.00 42
    2023-01-01 $175,000 (20.7%) $215,751 (7.7%) 0.00 36
    2023-02-01 $190,000 (15.2%) $242,315 (21.5%) 0.00 35
    2023-03-01 $190,000 (22.6%) $249,749 (21.8%) 0.00 36
    2023-04-01 $190,000 (27.1%) $254,049 (23.2%) 0.00 43
    2023-05-01 $194,550 (29.8%) $253,380 (32.7%) 0.00 41
    2023-06-01 $206,625 (40.1%) $250,891 (40.7%) 0.00 42
    2023-07-01 $215,000 (37.8%) $243,890 (23.0%) 0.00 43
    2023-08-01 $192,000 (15.0%) $223,071 (10.7%) 0.00 46
    2023-09-01 $158,500 (-6.5%) $191,828 (-5.9%) 0.00 59
    2023-10-01 $166,250 (-5.0%) $184,096 (-12.7%) 0.00 57
    2023-11-01 $152,000 (-13.1%) $173,457 (-14.3%) 0.00 55
    2023-12-01 $150,000 (-16.6%) $176,570 (-15.1%) 0.00 54
    2024-01-01 $145,000 (-17.1%) $175,261 (-18.8%) 0.00 56
    2024-02-01 $147,500 (-22.4%) $180,385 (-25.6%) 0.00 50
    2024-03-01 $150,000 (-21.1%) $188,707 (-24.4%) 0.00 54
    Cleveland's median listing price for 2024-03-01 was $150,000, a difference of $-40,000 (-21.1%) versus the prior year and $2,500 versus the prior month.

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

    Cleveland's average listing price for 2024-03-01 was $188,707, a difference of $-61,042 (-24.4%) versus the prior year and $8,322 versus the prior month.

    For the 2024-03-01 period, Cleveland had 54 MLS listings, a difference of 4 listings (8%) versus the prior month and 18 listings (50%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Cleveland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,920 sqft
    2018-02-01 0 days 1,691 sqft
    2018-03-01 0 days 1,693 sqft
    2018-04-01 0 days 1,693 sqft
    2018-05-01 0 days 1,760 sqft
    2018-06-01 0 days 1,887 sqft
    2018-07-01 0 days 1,828 sqft
    2018-08-01 0 days 1,763 sqft
    2018-09-01 0 days 1,765 sqft
    2018-10-01 0 days 1,824 sqft
    2018-11-01 0 days 1,748 sqft
    2018-12-01 0 days 1,624 sqft
    2019-01-01 0 days 1,605 sqft
    2019-02-01 0 days 1,683 sqft
    2019-03-01 0 days 1,742 sqft
    2019-04-01 0 days 1,756 sqft
    2019-05-01 0 days 1,767 sqft
    2019-06-01 0 days 1,769 sqft
    2019-07-01 0 days 1,832 sqft
    2019-08-01 0 days 1,887 sqft
    2019-09-01 0 days 1,804 sqft
    2019-10-01 0 days 1,761 sqft
    2019-11-01 0 days 1,865 sqft
    2019-12-01 0 days 1,798 sqft
    2020-01-01 0 days 1,712 sqft
    2020-02-01 0 days 1,723 sqft
    2020-03-01 0 days 1,793 sqft
    2020-04-01 0 days 1,795 sqft
    2020-05-01 0 days 1,764 sqft
    2020-06-01 0 days 1,920 sqft
    2020-07-01 0 days 1,965 sqft
    2020-08-01 0 days 2,078 sqft
    2020-09-01 0 days 2,000 sqft
    2020-10-01 0 days 2,035 sqft
    2020-11-01 0 days 1,875 sqft
    2020-12-01 0 days 1,996 sqft
    2021-01-01 0 days 1,780 sqft
    2021-02-01 0 days 1,873 sqft
    2021-03-01 0 days 2,047 sqft
    2021-04-01 0 days 2,097 sqft
    2021-05-01 0 days 1,963 sqft
    2021-06-01 0 days 1,871 sqft
    2021-07-01 0 days 1,964 sqft
    2021-08-01 0 days 1,790 sqft
    2021-09-01 0 days 1,825 sqft
    2021-10-01 0 days 1,790 sqft
    2021-11-01 0 days 1,652 sqft
    2021-12-01 0 days 1,645 sqft
    2022-01-01 0 days 1,751 sqft
    2022-02-01 0 days 1,938 sqft
    2022-03-01 0 days 1,961 sqft
    2022-04-01 0 days 1,938 sqft
    2022-05-01 0 days 1,789 sqft
    2022-06-01 0 days 1,831 sqft
    2022-07-01 0 days 1,793 sqft
    2022-08-01 0 days 1,856 sqft
    2022-09-01 0 days 1,826 sqft
    2022-10-01 0 days 1,851 sqft
    2022-11-01 0 days 1,948 sqft
    2022-12-01 0 days 1,948 sqft
    2023-01-01 0 days 1,882 sqft
    2023-02-01 0 days 2,046 sqft
    2023-03-01 0 days 1,944 sqft
    2023-04-01 0 days 1,952 sqft
    2023-05-01 0 days 2,000 sqft
    2023-06-01 0 days 2,090 sqft
    2023-07-01 0 days 2,151 sqft
    2023-08-01 0 days 1,994 sqft
    2023-09-01 0 days 1,763 sqft
    2023-10-01 0 days 1,778 sqft
    2023-11-01 0 days 1,654 sqft
    2023-12-01 0 days 1,664 sqft
    2024-01-01 0 days 1,525 sqft
    2024-02-01 0 days 1,500 sqft
    2024-03-01 0 days 1,549 sqft
    Cleveland's median listing age (time on market) for 2024-03-01 was 0 days.

    Cleveland's median square footage for active listings during the 2024-03-01 period was 1,549 sqft. One year prior, the average listing was 1,944 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).