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%.

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).