Columbus FHA Loan Rates, Closing Costs & Stats
Columbus, MS
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
-0.41%
for the week of 2024-11-29, 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 (2024-11-22) was
6.48% and
one month ago for the week of 2024-10-25, the
average rate was 5.86%.
The average rate one year ago was 6.95%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0.1%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.