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 38 lenders originated 192 FHA loans during 2024. The total origination value was $40,530,000, with an average FHA loan value of $211,094.

    Columbus FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Columbus averaged 0.05% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Columbus's average FHA mortgage closing costs are $6,984.

    The average rate for the prior week (2025-06-13) was 6.63% and one month ago for the week of 2025-05-16, the average rate was 6.69%.

    The average rate one year ago was 6.95%.

    For refis of the same type during the week of 2025-06-20, 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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Trustmark National Bank 23 6.13% $7,030
    Renasant Bank 20 6.63% $9,511
    CARDINAL FINANCIAL 17 6.11% $10,222
    QUICKEN LOANS, LLC 15 6.30% $9,176
    BancorpSouth 13 6.43% $7,650
    Flagstar Bank, FSB 11 5.93% $11,922
    LEADERONE FINANCIAL CORPORATION 6 6.79% $9,335
    TOWNE MORTGAGE COMPANY 5 6.68% $13,141
    UNITED WHOLESALE MORTGAGE, LLC 5 5.93% $12,758
    FIRST COLONY MORTGAGE CORPORATION 4 6.38% $10,196
    GENEVA FINANCIAL, LLC 3 6.54% $5,850
    FIRST COMMUNITY MORTGAGE, INC. 3 7.13% $8,801
    Magnolia Bank 3 6.66% $8,514
    BROKER SOLUTIONS, INC. 2 7.50% $6,845
    LAND HOME FINANCIAL SERVICES, INC. 2 6.81% $15,409
    STOCKTON MORTGAGE CORPORATION 2 7.25% $8,899
    PENNYMAC LOAN SERVICES, LLC 2 7.06% $4,261
    AmeriHome Mortgage Company, LLC 2 6.50% $6,504
    American Mortgage Bank, LLC 2 5.59% $5,004
    ZILLOW HOME LOANS, LLC 1 6.25% $13,830
    AMERISAVE MORTGAGE CORPORATION 1 6.13% $14,168
    AMERITRUST MORTGAGE CORPORATION 1 7.50% $11,876
    CIS Financial Services, Inc. 1 6.63% $8,662
    Equity Prime Mortgage LLC 1 6.50% $6,685
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $7,858
    GUILD MORTGAGE COMPANY 1 7.13% $10,034
    KEESLER 1 5.75% $7,296
    Mr. Cooper ( Nationstar Mortgage ) 1 7.25% $12,441
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $8,216
    NEWREZ LLC 1 5.75% $9,093
    Paramount Residential Mortgage Group, Inc. 1 6.25% $13,451
    PLANET HOME LENDING, LLC 1 5.75% $7,540
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.00% $19,987
    Regions Bank 1 6.75% $10,130
    SWBC MORTGAGE CORPORATION 1 6.49% $3,605
    The Citizens National Bank of Meridian 1 6.13% $7,098
    The Federal Savings Bank 1 7.25% $7,501
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $13,157

    The top Columbus FHA lender as defined by loan originations is Trustmark National Bank, with 23 FHA loans originated. Their average total fees are $7,030, which is $2,481 lower than the next largest lender, Renasant Bank.

    The lowest fee Columbus FHA lenders (with over 10 loans originated) are Trustmark National Bank ($7,030), BancorpSouth ($7,650), QUICKEN LOANS, LLC ($9,176), Renasant Bank ($9,511) and CARDINAL FINANCIAL ($10,222).

    The lowest rate Columbus FHA lenders (with over 10 loans originated) are Flagstar Bank, FSB (5.93%), CARDINAL FINANCIAL (6.11%), Trustmark National Bank (6.13%), QUICKEN LOANS, LLC (6.30%) and BancorpSouth (6.43%).

    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

    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).