Columbus FHA Loan Rates, Closing Costs & Stats

Columbus, 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.

    Columbus's 30 lenders originated 176 FHA loans during 2023. The total origination value was $34,520,000, with an average FHA loan value of $196,136.

    Columbus FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Columbus averaged -0.31% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Columbus's average FHA mortgage closing costs are $6,600.

    The average rate for the prior week (2024-11-08) was 6.3% and one month ago for the week of 2024-10-11, the average rate was 6.1%.

    The average rate one year ago was 7.15%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.1%.

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

    Columbus 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 Columbus level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CARDINAL FINANCIAL 27 5.91% $8,879
    QUICKEN LOANS, LLC 17 6.27% $8,716
    Renasant Bank 17 6.65% $8,992
    Flagstar Bank, FSB 16 6.08% $12,497
    Trustmark National Bank 11 6.45% $7,605
    Magnolia Bank 11 6.45% $9,527
    FIRST COMMUNITY MORTGAGE, INC. 11 6.60% $10,092
    Regions Bank 6 6.40% $9,360
    BancorpSouth 6 6.65% $7,300
    CIS Financial Services, Inc. 5 6.68% $10,950
    LEADERONE FINANCIAL CORPORATION 4 7.41% $9,769
    STOCKTON MORTGAGE CORPORATION 3 7.00% $8,973
    TOWNE MORTGAGE COMPANY 3 6.71% $9,375
    LOANDEPOT.COM, LLC 2 5.99% $8,029
    AMERISAVE MORTGAGE CORPORATION 2 6.00% $7,478
    CROSSCOUNTRY MORTGAGE, LLC 2 7.31% $8,797
    AmeriHome Mortgage Company, LLC 2 6.94% $6,476
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $8,233
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.13% $8,137
    Nations Lending Corporation 1 7.75% $8,854
    Paramount Residential Mortgage Group, Inc. 1 6.63% $10,960
    Carrington Mortgage Services, LLC 1 6.00% $6,434
    BROKER SOLUTIONS, INC. 1 6.63% $9,647
    The Citizens National Bank of Meridian 1 6.63% $5,076
    M&T Bank 1 7.25% $6,048
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.13% $14,260
    GENEVA FINANCIAL, LLC 1 6.13% $14,090
    AMERICAN FINANCING CORPORATION 1 8.25% $9,780
    CMG MORTGAGE, INC. 1 6.25% $9,332
    MOVEMENT MORTGAGE, LLC 1 6.25% $6,429

    The top Columbus FHA lender as defined by loan originations is CARDINAL FINANCIAL, with 27 FHA loans originated. Their average total fees are $8,879, which is $163 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Columbus FHA lenders (with over 10 loans originated) are Trustmark National Bank ($7,605), QUICKEN LOANS, LLC ($8,716), CARDINAL FINANCIAL ($8,879), Renasant Bank ($8,992) and Magnolia Bank ($9,527).

    The lowest rate Columbus FHA lenders (with over 10 loans originated) are CARDINAL FINANCIAL (5.91%), Flagstar Bank, FSB (6.08%), QUICKEN LOANS, LLC (6.27%), Trustmark National Bank (6.45%) and Magnolia Bank (6.45%).

    Columbus FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Columbus (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 $132,425 (3.7%) $166,898 (-3.9%) 0.00 223
    2018-02-01 $120,000 (-11.4%) $162,861 (-11.4%) 0.00 230
    2018-03-01 $129,900 (-7.2%) $163,102 (-12.4%) 0.00 238
    2018-04-01 $134,950 (0.0%) $171,143 (-5.1%) 0.00 267
    2018-05-01 $139,900 (4.8%) $177,683 (-1.4%) 0.00 259
    2018-06-01 $149,900 (11.3%) $181,018 (0.1%) 0.00 267
    2018-07-01 $154,900 (19.2%) $186,639 (5.3%) 0.00 259
    2018-08-01 $161,488 (22.9%) $190,684 (10.2%) 0.00 238
    2018-09-01 $160,950 (23.9%) $193,104 (14.1%) 0.00 239
    2018-10-01 $159,125 (21.4%) $192,089 (10.6%) 0.00 243
    2018-11-01 $151,013 (11.9%) $193,311 (12.4%) 0.00 235
    2018-12-01 $154,500 (14.5%) $193,874 (12.9%) 0.00 226
    2019-01-01 $154,350 (16.6%) $188,268 (12.8%) 0.00 228
    2019-02-01 $159,450 (32.9%) $193,405 (18.8%) 0.00 224
    2019-03-01 $162,814 (25.3%) $204,236 (25.2%) 0.00 219
    2019-04-01 $169,600 (25.7%) $213,258 (24.6%) 0.00 218
    2019-05-01 $159,900 (14.3%) $214,237 (20.6%) 0.00 218
    2019-06-01 $168,750 (12.6%) $226,867 (25.3%) 0.00 213
    2019-07-01 $174,450 (12.6%) $234,285 (25.5%) 0.00 209
    2019-08-01 $172,168 (6.6%) $232,190 (21.8%) 0.00 207
    2019-09-01 $175,420 (9.0%) $231,680 (20.0%) 0.00 206
    2019-10-01 $176,364 (10.8%) $231,340 (20.4%) 0.00 203
    2019-11-01 $175,950 (16.5%) $232,584 (20.3%) 0.00 193
    2019-12-01 $177,975 (15.2%) $237,330 (22.4%) 0.00 189
    2020-01-01 $177,975 (15.3%) $231,079 (22.7%) 0.00 191
    2020-02-01 $197,645 (24.0%) $239,507 (23.8%) 0.00 188
    2020-03-01 $201,698 (23.9%) $242,501 (18.7%) 0.00 191
    2020-04-01 $199,800 (17.8%) $242,247 (13.6%) 0.00 189
    2020-05-01 $198,888 (24.4%) $245,103 (14.4%) 0.00 177
    2020-06-01 $203,197 (20.4%) $255,620 (12.7%) 0.00 164
    2020-07-01 $208,675 (19.6%) $255,877 (9.2%) 0.00 159
    2020-08-01 $218,000 (26.6%) $255,138 (9.9%) 0.00 156
    2020-09-01 $219,350 (25.0%) $255,442 (10.3%) 0.00 147
    2020-10-01 $224,500 (27.3%) $259,584 (12.2%) 0.00 144
    2020-11-01 $187,950 (6.8%) $240,247 (3.3%) 0.00 147
    2020-12-01 $198,500 (11.5%) $244,548 (3.0%) 0.00 137
    2021-01-01 $195,900 (10.1%) $231,153 (0.0%) 0.00 128
    2021-02-01 $188,700 (-4.5%) $234,711 (-2.0%) 0.00 110
    2021-03-01 $189,900 (-5.9%) $237,425 (-2.1%) 0.00 101
    2021-04-01 $197,725 (-1.0%) $255,906 (5.6%) 0.00 88
    2021-05-01 $209,900 (5.5%) $266,316 (8.7%) 0.00 80
    2021-06-01 $194,975 (-4.1%) $266,079 (4.1%) 0.00 76
    2021-07-01 $194,900 (-6.6%) $251,268 (-1.8%) 0.00 75
    2021-08-01 $189,750 (-13.0%) $247,557 (-3.0%) 0.00 82
    2021-09-01 $207,400 (-5.5%) $254,648 (-0.3%) 0.00 82
    2021-10-01 $199,900 (-11.0%) $254,293 (-2.0%) 0.00 87
    2021-11-01 $216,175 (15.0%) $275,838 (14.8%) 0.00 95
    2021-12-01 $199,950 (0.7%) $274,688 (12.3%) 0.00 101
    2022-01-01 $197,500 (0.8%) $311,273 (34.7%) 0.00 92
    2022-02-01 $196,000 (3.9%) $312,925 (33.3%) 0.00 82
    2022-03-01 $215,700 (13.6%) $322,171 (35.7%) 0.00 73
    2022-04-01 $259,900 (31.5%) $340,676 (33.1%) 0.00 87
    2022-05-01 $247,450 (17.9%) $328,959 (23.5%) 0.00 96
    2022-06-01 $231,250 (18.6%) $318,640 (19.8%) 0.00 105
    2022-07-01 $229,450 (17.7%) $291,630 (16.1%) 0.00 130
    2022-08-01 $229,600 (21.0%) $293,839 (18.7%) 0.00 128
    2022-09-01 $216,000 (4.2%) $281,847 (10.7%) 0.00 123
    2022-10-01 $217,000 (8.6%) $286,923 (12.8%) 0.00 131
    2022-11-01 $209,450 (-3.1%) $274,552 (-0.5%) 0.00 145
    2022-12-01 $199,000 (-0.5%) $272,951 (-0.6%) 0.00 134
    2023-01-01 $209,000 (5.8%) $286,818 (-7.9%) 0.00 120
    2023-02-01 $204,450 (4.3%) $286,256 (-8.5%) 0.00 122
    2023-03-01 $204,995 (-5.0%) $296,072 (-8.1%) 0.00 118
    2023-04-01 $224,950 (-13.5%) $306,941 (-9.9%) 0.00 108
    2023-05-01 $228,625 (-7.6%) $289,949 (-11.9%) 0.00 110
    2023-06-01 $217,323 (-6.0%) $291,185 (-8.6%) 0.00 101
    2023-07-01 $224,500 (-2.2%) $299,771 (2.8%) 0.00 99
    2023-08-01 $257,000 (11.9%) $304,135 (3.5%) 0.00 106
    2023-09-01 $249,450 (15.5%) $286,745 (1.7%) 0.00 119
    2023-10-01 $249,900 (15.2%) $301,746 (5.2%) 0.00 131
    2023-11-01 $247,400 (18.1%) $302,687 (10.3%) 0.00 131
    2023-12-01 $252,450 (26.9%) $307,848 (12.8%) 0.00 134
    2024-01-01 $246,875 (18.1%) $268,069 (-6.5%) 0.00 136
    2024-02-01 $248,100 (21.4%) $269,823 (-5.7%) 0.00 131
    2024-03-01 $244,900 (19.5%) $266,685 (-9.9%) 0.00 125
    2024-04-01 $236,500 (5.1%) $260,046 (-15.3%) 0.00 138
    2024-05-01 $231,250 (1.2%) $259,261 (-10.6%) 0.00 137
    2024-06-01 $227,400 (4.6%) $258,445 (-11.2%) 0.00 148
    2024-07-01 $239,125 (6.5%) $265,444 (-11.5%) 0.00 146
    2024-08-01 $236,250 (-8.1%) $272,140 (-10.5%) 0.00 145
    2024-09-01 $254,450 (2.0%) $283,390 (-1.2%) 0.00 148
    2024-10-01 $250,975 (0.4%) $281,527 (-6.7%) 0.00 144
    Columbus's median listing price for 2024-10-01 was $250,975, a difference of $1,075 (0.4%) versus the prior year and $-3,475 versus the prior month.

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

    Columbus's average listing price for 2024-10-01 was $281,527, a difference of $-20,219 (-6.7%) versus the prior year and $-1,863 versus the prior month.

    For the 2024-10-01 period, Columbus had 144 MLS listings, a difference of -4 listings (-3%) versus the prior month and 13 listings (10%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Columbus (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,859 sqft
    2018-02-01 0 days 1,806 sqft
    2018-03-01 0 days 1,819 sqft
    2018-04-01 0 days 1,808 sqft
    2018-05-01 0 days 1,830 sqft
    2018-06-01 0 days 1,829 sqft
    2018-07-01 0 days 1,837 sqft
    2018-08-01 0 days 1,850 sqft
    2018-09-01 0 days 1,889 sqft
    2018-10-01 0 days 1,892 sqft
    2018-11-01 0 days 1,878 sqft
    2018-12-01 0 days 1,897 sqft
    2019-01-01 0 days 1,874 sqft
    2019-02-01 0 days 1,896 sqft
    2019-03-01 0 days 1,967 sqft
    2019-04-01 0 days 2,019 sqft
    2019-05-01 0 days 2,000 sqft
    2019-06-01 0 days 1,965 sqft
    2019-07-01 0 days 2,044 sqft
    2019-08-01 0 days 2,007 sqft
    2019-09-01 0 days 2,018 sqft
    2019-10-01 0 days 2,047 sqft
    2019-11-01 0 days 2,162 sqft
    2019-12-01 0 days 2,176 sqft
    2020-01-01 0 days 2,100 sqft
    2020-02-01 0 days 2,181 sqft
    2020-03-01 0 days 2,181 sqft
    2020-04-01 0 days 2,159 sqft
    2020-05-01 0 days 2,177 sqft
    2020-06-01 0 days 2,296 sqft
    2020-07-01 0 days 2,269 sqft
    2020-08-01 0 days 2,322 sqft
    2020-09-01 0 days 2,323 sqft
    2020-10-01 0 days 2,330 sqft
    2020-11-01 0 days 2,161 sqft
    2020-12-01 0 days 2,152 sqft
    2021-01-01 0 days 2,109 sqft
    2021-02-01 0 days 2,107 sqft
    2021-03-01 0 days 2,202 sqft
    2021-04-01 0 days 2,335 sqft
    2021-05-01 0 days 2,300 sqft
    2021-06-01 0 days 2,267 sqft
    2021-07-01 0 days 2,208 sqft
    2021-08-01 0 days 2,240 sqft
    2021-09-01 0 days 2,236 sqft
    2021-10-01 0 days 2,247 sqft
    2021-11-01 0 days 2,162 sqft
    2021-12-01 0 days 2,064 sqft
    2022-01-01 0 days 2,175 sqft
    2022-02-01 0 days 2,098 sqft
    2022-03-01 0 days 2,241 sqft
    2022-04-01 0 days 2,200 sqft
    2022-05-01 0 days 2,193 sqft
    2022-06-01 0 days 2,144 sqft
    2022-07-01 0 days 2,120 sqft
    2022-08-01 0 days 2,092 sqft
    2022-09-01 0 days 2,090 sqft
    2022-10-01 0 days 2,030 sqft
    2022-11-01 0 days 2,001 sqft
    2022-12-01 0 days 1,979 sqft
    2023-01-01 0 days 1,970 sqft
    2023-02-01 0 days 1,979 sqft
    2023-03-01 0 days 2,036 sqft
    2023-04-01 0 days 2,080 sqft
    2023-05-01 0 days 2,058 sqft
    2023-06-01 0 days 1,977 sqft
    2023-07-01 0 days 1,872 sqft
    2023-08-01 0 days 1,993 sqft
    2023-09-01 0 days 2,004 sqft
    2023-10-01 0 days 2,022 sqft
    2023-11-01 0 days 2,039 sqft
    2023-12-01 0 days 2,048 sqft
    2024-01-01 0 days 2,056 sqft
    2024-02-01 0 days 2,060 sqft
    2024-03-01 0 days 2,051 sqft
    2024-04-01 0 days 1,983 sqft
    2024-05-01 0 days 1,947 sqft
    2024-06-01 0 days 1,959 sqft
    2024-07-01 0 days 2,005 sqft
    2024-08-01 0 days 1,979 sqft
    2024-09-01 0 days 2,070 sqft
    2024-10-01 0 days 2,009 sqft
    Columbus's median listing age (time on market) for 2024-10-01 was 0 days.

    Columbus's median square footage for active listings during the 2024-10-01 period was 2,009 sqft. One year prior, the average listing was 2,022 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).