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 6.51% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.22% and one month ago for the week of 2025-01-10, the average rate was 6.58%.

    The average rate one year ago was 6.31%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.72%.

    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 $129,900 (2.9%) $163,567 (-4.0%) 0.00 244
    2018-02-01 $119,950 (-11.1%) $160,116 (-10.6%) 0.00 252
    2018-03-01 $129,500 (-4.5%) $160,188 (-11.8%) 0.00 255
    2018-04-01 $132,200 (-2.0%) $167,673 (-5.0%) 0.00 286
    2018-05-01 $139,700 (6.2%) $172,707 (-2.0%) 0.00 279
    2018-06-01 $139,700 (4.7%) $175,393 (-0.7%) 0.00 287
    2018-07-01 $148,663 (14.4%) $180,192 (3.7%) 0.00 280
    2018-08-01 $154,225 (18.7%) $184,666 (8.7%) 0.00 258
    2018-09-01 $154,900 (19.3%) $187,054 (11.9%) 0.00 259
    2018-10-01 $149,975 (15.4%) $187,922 (9.9%) 0.00 261
    2018-11-01 $148,375 (11.9%) $188,589 (11.6%) 0.00 253
    2018-12-01 $149,900 (15.4%) $189,209 (12.0%) 0.00 242
    2019-01-01 $149,900 (15.4%) $184,239 (12.6%) 0.00 245
    2019-02-01 $149,950 (25.0%) $188,028 (17.4%) 0.00 244
    2019-03-01 $156,643 (21.0%) $198,427 (23.9%) 0.00 237
    2019-04-01 $159,900 (21.0%) $206,178 (23.0%) 0.00 236
    2019-05-01 $154,925 (10.9%) $206,822 (19.8%) 0.00 239
    2019-06-01 $159,900 (14.5%) $217,908 (24.2%) 0.00 234
    2019-07-01 $169,575 (14.1%) $227,692 (26.4%) 0.00 225
    2019-08-01 $169,427 (9.9%) $225,019 (21.9%) 0.00 223
    2019-09-01 $169,693 (9.6%) $223,333 (19.4%) 0.00 222
    2019-10-01 $169,870 (13.3%) $222,209 (18.3%) 0.00 219
    2019-11-01 $169,900 (14.5%) $223,977 (18.8%) 0.00 206
    2019-12-01 $172,400 (15.0%) $231,349 (22.3%) 0.00 199
    2020-01-01 $174,675 (16.5%) $225,927 (22.6%) 0.00 200
    2020-02-01 $191,200 (27.5%) $236,534 (25.8%) 0.00 197
    2020-03-01 $198,750 (26.9%) $235,591 (18.7%) 0.00 200
    2020-04-01 $197,988 (23.8%) $235,166 (14.1%) 0.00 200
    2020-05-01 $189,900 (22.6%) $238,089 (15.1%) 0.00 187
    2020-06-01 $196,922 (23.2%) $248,755 (14.2%) 0.00 170
    2020-07-01 $199,475 (17.6%) $251,046 (10.3%) 0.00 164
    2020-08-01 $211,950 (25.1%) $249,857 (11.0%) 0.00 161
    2020-09-01 $214,900 (26.6%) $251,780 (12.7%) 0.00 151
    2020-10-01 $214,900 (26.5%) $251,874 (13.4%) 0.00 152
    2020-11-01 $183,350 (7.9%) $235,562 (5.2%) 0.00 153
    2020-12-01 $185,900 (7.8%) $239,875 (3.7%) 0.00 143
    2021-01-01 $185,900 (6.4%) $226,356 (0.2%) 0.00 134
    2021-02-01 $184,900 (-3.3%) $229,927 (-2.8%) 0.00 114
    2021-03-01 $185,175 (-6.8%) $234,713 (-0.4%) 0.00 105
    2021-04-01 $195,250 (-1.4%) $253,827 (7.9%) 0.00 91
    2021-05-01 $209,900 (10.5%) $263,759 (10.8%) 0.00 82
    2021-06-01 $194,900 (-1.0%) $260,671 (4.8%) 0.00 78
    2021-07-01 $189,900 (-4.8%) $246,121 (-2.0%) 0.00 78
    2021-08-01 $182,300 (-14.0%) $240,005 (-3.9%) 0.00 87
    2021-09-01 $202,400 (-5.8%) $251,648 (-0.1%) 0.00 87
    2021-10-01 $199,450 (-7.2%) $248,500 (-1.3%) 0.00 91
    2021-11-01 $214,450 (17.0%) $267,436 (13.5%) 0.00 101
    2021-12-01 $196,700 (5.8%) $265,565 (10.7%) 0.00 106
    2022-01-01 $191,750 (3.2%) $302,316 (33.6%) 0.00 95
    2022-02-01 $190,625 (3.1%) $302,956 (31.8%) 0.00 85
    2022-03-01 $211,425 (14.2%) $315,466 (34.4%) 0.00 75
    2022-04-01 $259,900 (33.1%) $338,058 (33.2%) 0.00 90
    2022-05-01 $247,450 (17.9%) $325,309 (23.3%) 0.00 99
    2022-06-01 $231,250 (18.7%) $316,345 (21.4%) 0.00 108
    2022-07-01 $229,450 (20.8%) $290,577 (18.1%) 0.00 132
    2022-08-01 $229,000 (25.6%) $290,624 (21.1%) 0.00 130
    2022-09-01 $215,000 (6.2%) $280,059 (11.3%) 0.00 124
    2022-10-01 $215,000 (7.8%) $283,378 (14.0%) 0.00 134
    2022-11-01 $203,700 (-5.0%) $270,396 (1.1%) 0.00 150
    2022-12-01 $195,450 (-0.6%) $268,699 (1.2%) 0.00 138
    2023-01-01 $196,225 (2.3%) $280,746 (-7.1%) 0.00 124
    2023-02-01 $200,225 (5.0%) $282,947 (-6.6%) 0.00 126
    2023-03-01 $204,495 (-3.3%) $293,472 (-7.0%) 0.00 120
    2023-04-01 $220,000 (-15.4%) $302,114 (-10.6%) 0.00 111
    2023-05-01 $228,500 (-7.7%) $288,052 (-11.5%) 0.00 112
    2023-06-01 $213,675 (-7.6%) $286,485 (-9.4%) 0.00 105
    2023-07-01 $209,750 (-8.6%) $295,554 (1.7%) 0.00 103
    2023-08-01 $257,000 (12.2%) $304,357 (4.7%) 0.00 111
    2023-09-01 $249,450 (16.0%) $290,050 (3.6%) 0.00 123
    2023-10-01 $249,900 (16.2%) $302,727 (6.8%) 0.00 134
    2023-11-01 $244,900 (20.2%) $300,954 (11.3%) 0.00 137
    2023-12-01 $250,000 (27.9%) $306,771 (14.2%) 0.00 140
    2024-01-01 $246,875 (25.8%) $269,951 (-3.8%) 0.00 139
    2024-02-01 $247,500 (23.6%) $267,058 (-5.6%) 0.00 136
    2024-03-01 $239,000 (16.9%) $263,747 (-10.1%) 0.00 129
    2024-04-01 $231,700 (5.3%) $255,724 (-15.4%) 0.00 143
    2024-05-01 $229,500 (0.4%) $255,213 (-11.4%) 0.00 141
    2024-06-01 $224,500 (5.1%) $252,677 (-11.8%) 0.00 151
    2024-07-01 $235,250 (12.2%) $263,147 (-11.0%) 0.00 149
    2024-08-01 $234,700 (-8.7%) $270,200 (-11.2%) 0.00 149
    2024-09-01 $242,875 (-2.6%) $277,235 (-4.4%) 0.00 156
    2024-10-01 $242,250 (-3.1%) $274,231 (-9.4%) 0.00 152
    2024-11-01 $239,000 (-2.4%) $273,138 (-9.2%) 0.00 148
    2024-12-01 $239,000 (-4.4%) $272,840 (-11.1%) 0.00 140
    2025-01-01 $233,375 (-5.5%) $266,842 (-1.2%) 0.00 135
    Columbus's median listing price for 2025-01-01 was $233,375, a difference of $-13,500 (-5.5%) versus the prior year and $-5,625 versus the prior month.

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

    Columbus's average listing price for 2025-01-01 was $266,842, a difference of $-3,109 (-1.2%) versus the prior year and $-5,998 versus the prior month.

    For the 2025-01-01 period, Columbus had 135 MLS listings, a difference of -5 listings (-4%) versus the prior month and -4 listings (-3%) 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 1,880 sqft
    2018-02-01 0 days 1,814 sqft
    2018-03-01 0 days 1,829 sqft
    2018-04-01 0 days 1,817 sqft
    2018-05-01 0 days 1,834 sqft
    2018-06-01 0 days 1,832 sqft
    2018-07-01 0 days 1,848 sqft
    2018-08-01 0 days 1,860 sqft
    2018-09-01 0 days 1,891 sqft
    2018-10-01 0 days 1,914 sqft
    2018-11-01 0 days 1,897 sqft
    2018-12-01 0 days 1,917 sqft
    2019-01-01 0 days 1,896 sqft
    2019-02-01 0 days 1,917 sqft
    2019-03-01 0 days 1,976 sqft
    2019-04-01 0 days 2,015 sqft
    2019-05-01 0 days 2,000 sqft
    2019-06-01 0 days 2,000 sqft
    2019-07-01 0 days 2,080 sqft
    2019-08-01 0 days 2,027 sqft
    2019-09-01 0 days 2,021 sqft
    2019-10-01 0 days 2,048 sqft
    2019-11-01 0 days 2,162 sqft
    2019-12-01 0 days 2,179 sqft
    2020-01-01 0 days 2,100 sqft
    2020-02-01 0 days 2,220 sqft
    2020-03-01 0 days 2,189 sqft
    2020-04-01 0 days 2,146 sqft
    2020-05-01 0 days 2,172 sqft
    2020-06-01 0 days 2,295 sqft
    2020-07-01 0 days 2,258 sqft
    2020-08-01 0 days 2,300 sqft
    2020-09-01 0 days 2,318 sqft
    2020-10-01 0 days 2,328 sqft
    2020-11-01 0 days 2,143 sqft
    2020-12-01 0 days 2,128 sqft
    2021-01-01 0 days 2,100 sqft
    2021-02-01 0 days 2,109 sqft
    2021-03-01 0 days 2,216 sqft
    2021-04-01 0 days 2,340 sqft
    2021-05-01 0 days 2,300 sqft
    2021-06-01 0 days 2,267 sqft
    2021-07-01 0 days 2,201 sqft
    2021-08-01 0 days 2,229 sqft
    2021-09-01 0 days 2,244 sqft
    2021-10-01 0 days 2,258 sqft
    2021-11-01 0 days 2,161 sqft
    2021-12-01 0 days 2,053 sqft
    2022-01-01 0 days 2,079 sqft
    2022-02-01 0 days 2,033 sqft
    2022-03-01 0 days 2,178 sqft
    2022-04-01 0 days 2,192 sqft
    2022-05-01 0 days 2,190 sqft
    2022-06-01 0 days 2,114 sqft
    2022-07-01 0 days 2,104 sqft
    2022-08-01 0 days 2,092 sqft
    2022-09-01 0 days 2,093 sqft
    2022-10-01 0 days 2,020 sqft
    2022-11-01 0 days 1,985 sqft
    2022-12-01 0 days 1,978 sqft
    2023-01-01 0 days 1,951 sqft
    2023-02-01 0 days 1,971 sqft
    2023-03-01 0 days 2,031 sqft
    2023-04-01 0 days 2,079 sqft
    2023-05-01 0 days 2,080 sqft
    2023-06-01 0 days 1,991 sqft
    2023-07-01 0 days 1,923 sqft
    2023-08-01 0 days 1,998 sqft
    2023-09-01 0 days 2,004 sqft
    2023-10-01 0 days 1,991 sqft
    2023-11-01 0 days 2,032 sqft
    2023-12-01 0 days 2,048 sqft
    2024-01-01 0 days 2,056 sqft
    2024-02-01 0 days 2,059 sqft
    2024-03-01 0 days 2,052 sqft
    2024-04-01 0 days 1,997 sqft
    2024-05-01 0 days 1,989 sqft
    2024-06-01 0 days 1,960 sqft
    2024-07-01 0 days 2,009 sqft
    2024-08-01 0 days 1,983 sqft
    2024-09-01 0 days 2,042 sqft
    2024-10-01 0 days 2,008 sqft
    2024-11-01 0 days 1,960 sqft
    2024-12-01 0 days 2,009 sqft
    2025-01-01 0 days 1,954 sqft
    Columbus's median listing age (time on market) for 2025-01-01 was 0 days.

    Columbus's median square footage for active listings during the 2025-01-01 period was 1,954 sqft. One year prior, the average listing was 2,056 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).