Corinth FHA Loan Rates, Closing Costs & Stats

Corinth, 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.

    Corinth's 28 lenders originated 81 FHA loans during 2023. The total origination value was $13,675,000, with an average FHA loan value of $168,827.

    Corinth FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Corinth averaged 6.64% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Corinth's average FHA mortgage closing costs are $6,351.

    The average rate for the prior week (2024-04-12) was 6.73% and one month ago for the week of 2024-03-15, the average rate was 6.8%.

    The average rate one year ago was 6.52%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

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

    Corinth 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 Corinth level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 13 6.74% $7,332
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 6.69% $7,176
    STOCKTON MORTGAGE CORPORATION 8 6.72% $8,267
    Regions Bank 7 6.23% $5,202
    BancorpSouth 6 6.02% $8,850
    Mortgage Research Center, LLC 3 7.25% $9,276
    First Federal Bank, A FSB 2 5.69% $9,135
    Flagstar Bank, FSB 2 6.75% $9,399
    FREEDOM MORTGAGE CORPORATION 2 7.13% $6,898
    GMFS LLC 2 6.00% $5,166
    AMERISAVE MORTGAGE CORPORATION 2 7.13% $7,786
    BROKER SOLUTIONS, INC. 2 6.87% $8,791
    Carrington Mortgage Services, LLC 2 6.56% $8,940
    CIS Financial Services, Inc. 2 6.88% $8,192
    Citizens Bank 2 5.81% $8,626
    CROSSCOUNTRY MORTGAGE, LLC 2 7.00% $8,256
    LOANDEPOT.COM, LLC 2 6.56% $12,395
    Trustmark National Bank 1 5.50% $8,598
    Magnolia Bank 1 5.75% $6,375
    GUILD MORTGAGE COMPANY 1 5.63% $6,507
    Patriot Bank 1 5.63% $6,487
    PENNYMAC LOAN SERVICES, LLC 1 6.25% $12,583
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $14,821
    CB&S Bank, Inc. 1 7.25% $6,992
    CARDINAL FINANCIAL 1 7.25% $5,017
    RELIANCE FIRST CAPITAL, LLC 1 5.38% $17,702
    Bank of England 1 6.25% $3,789
    Leaders Credit Union 1 7.00% $7,061

    The top Corinth FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 13 FHA loans originated. Their average total fees are $7,332, which is $156 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Corinth FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,332), .

    The lowest rate Corinth FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.74%), .

    Corinth FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Corinth (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 $157,800 (1.9%) $197,135 (6.8%) 0.00 100
    2018-02-01 $150,000 (-0.3%) $192,725 (8.4%) 0.00 102
    2018-03-01 $149,000 (-1.5%) $183,820 (3.0%) 0.00 116
    2018-04-01 $158,000 (5.4%) $192,618 (12.4%) 0.00 112
    2018-05-01 $158,500 (5.7%) $189,886 (10.6%) 0.00 112
    2018-06-01 $149,000 (-1.5%) $176,350 (-2.4%) 0.00 106
    2018-07-01 $149,450 (-0.4%) $178,819 (0.7%) 0.00 103
    2018-08-01 $149,700 (-6.0%) $175,628 (-4.0%) 0.00 104
    2018-09-01 $154,000 (-6.8%) $175,945 (-11.1%) 0.00 112
    2018-10-01 $169,000 (2.5%) $185,902 (-5.1%) 0.00 97
    2018-11-01 $170,600 (3.4%) $190,244 (-2.8%) 0.00 88
    2018-12-01 $162,500 (1.6%) $184,656 (-6.7%) 0.00 81
    2019-01-01 $149,700 (-5.1%) $174,328 (-11.6%) 0.00 76
    2019-02-01 $151,200 (0.8%) $173,463 (-10.0%) 0.00 78
    2019-03-01 $169,746 (13.9%) $184,369 (0.3%) 0.00 81
    2019-04-01 $178,021 (12.7%) $190,126 (-1.3%) 0.00 76
    2019-05-01 $179,475 (13.2%) $198,548 (4.6%) 0.00 86
    2019-06-01 $169,950 (14.1%) $185,081 (5.0%) 0.00 105
    2019-07-01 $173,500 (16.1%) $190,438 (6.5%) 0.00 107
    2019-08-01 $175,700 (17.4%) $193,743 (10.3%) 0.00 105
    2019-09-01 $180,875 (17.5%) $200,612 (14.0%) 0.00 99
    2019-10-01 $184,325 (9.1%) $205,191 (10.4%) 0.00 95
    2019-11-01 $179,900 (5.5%) $202,908 (6.7%) 0.00 89
    2019-12-01 $154,925 (-4.7%) $191,216 (3.6%) 0.00 89
    2020-01-01 $155,950 (4.2%) $191,660 (9.9%) 0.00 86
    2020-02-01 $166,450 (10.1%) $201,121 (15.9%) 0.00 86
    2020-03-01 $186,725 (10.0%) $202,940 (10.1%) 0.00 89
    2020-04-01 $196,000 (10.1%) $211,922 (11.5%) 0.00 85
    2020-05-01 $198,000 (10.3%) $210,491 (6.0%) 0.00 88
    2020-06-01 $192,000 (13.0%) $201,373 (8.8%) 0.00 76
    2020-07-01 $192,000 (10.7%) $203,057 (6.6%) 0.00 69
    2020-08-01 $195,000 (11.0%) $220,940 (14.0%) 0.00 58
    2020-09-01 $192,250 (6.3%) $223,180 (11.3%) 0.00 58
    2020-10-01 $199,900 (8.5%) $232,872 (13.5%) 0.00 50
    2020-11-01 $195,000 (8.4%) $230,633 (13.7%) 0.00 50
    2020-12-01 $210,250 (35.7%) $235,483 (23.2%) 0.00 45
    2021-01-01 $214,000 (37.2%) $234,653 (22.4%) 0.00 42
    2021-02-01 $183,250 (10.1%) $222,030 (10.4%) 0.00 34
    2021-03-01 $180,125 (-3.5%) $233,527 (15.1%) 0.00 32
    2021-04-01 $196,950 (0.5%) $249,268 (17.6%) 0.00 28
    2021-05-01 $199,900 (1.0%) $244,324 (16.1%) 0.00 34
    2021-06-01 $210,000 (9.4%) $235,650 (17.0%) 0.00 33
    2021-07-01 $259,000 (34.9%) $246,706 (21.5%) 0.00 25
    2021-08-01 $241,750 (24.0%) $241,261 (9.2%) 0.00 45
    2021-09-01 $158,100 (-17.8%) $225,399 (1.0%) 0.00 52
    2021-10-01 $150,000 (-25.0%) $230,150 (-1.2%) 0.00 50
    2021-11-01 $223,700 (14.7%) $252,077 (9.3%) 0.00 49
    2021-12-01 $214,925 (2.2%) $239,739 (1.8%) 0.00 45
    2022-01-01 $214,400 (0.2%) $245,018 (4.4%) 0.00 45
    2022-02-01 $210,450 (14.8%) $250,438 (12.8%) 0.00 36
    2022-03-01 $149,900 (-16.8%) $200,397 (-14.2%) 0.00 34
    2022-04-01 $149,900 (-23.9%) $208,133 (-16.5%) 0.00 35
    2022-05-01 $139,450 (-30.2%) $186,557 (-23.6%) 0.00 32
    2022-06-01 $163,725 (-22.0%) $225,854 (-4.2%) 0.00 29
    2022-07-01 $175,000 (-32.4%) $243,715 (-1.2%) 0.00 31
    2022-08-01 $202,250 (-16.3%) $269,706 (11.8%) 0.00 34
    2022-09-01 $191,750 (21.3%) $252,777 (12.2%) 0.00 42
    2022-10-01 $189,900 (26.6%) $237,496 (3.2%) 0.00 53
    2022-11-01 $189,450 (-15.3%) $228,566 (-9.3%) 0.00 57
    2022-12-01 $189,450 (-11.9%) $226,720 (-5.4%) 0.00 54
    2023-01-01 $190,950 (-10.9%) $227,556 (-7.1%) 0.00 45
    2023-02-01 $177,475 (-15.7%) $218,164 (-12.9%) 0.00 45
    2023-03-01 $178,675 (19.2%) $224,021 (11.8%) 0.00 42
    2023-04-01 $169,500 (13.1%) $214,427 (3.0%) 0.00 36
    2023-05-01 $183,250 (31.4%) $262,851 (40.9%) 0.00 38
    2023-06-01 $186,975 (14.2%) $255,382 (13.1%) 0.00 46
    2023-07-01 $199,000 (13.7%) $252,935 (3.8%) 0.00 49
    2023-08-01 $216,425 (7.0%) $239,581 (-11.2%) 0.00 59
    2023-09-01 $219,950 (14.7%) $241,823 (-4.3%) 0.00 62
    2023-10-01 $243,675 (28.3%) $265,382 (11.7%) 0.00 65
    2023-11-01 $233,675 (23.3%) $253,671 (11.0%) 0.00 64
    2023-12-01 $227,450 (20.1%) $249,228 (9.9%) 0.00 60
    2024-01-01 $246,225 (29.0%) $256,279 (12.6%) 0.00 51
    2024-02-01 $232,450 (31.0%) $256,358 (17.5%) 0.00 54
    2024-03-01 $245,000 (37.1%) $278,985 (24.5%) 0.00 54
    Corinth's median listing price for 2024-03-01 was $245,000, a difference of $66,325 (37.1%) versus the prior year and $12,550 versus the prior month.

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

    Corinth's average listing price for 2024-03-01 was $278,985, a difference of $54,964 (24.5%) versus the prior year and $22,627 versus the prior month.

    For the 2024-03-01 period, Corinth had 54 MLS listings, a difference of 0 listings (0%) versus the prior month and 12 listings (29%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Corinth (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,238 sqft
    2018-02-01 0 days 2,155 sqft
    2018-03-01 0 days 2,057 sqft
    2018-04-01 0 days 2,067 sqft
    2018-05-01 0 days 1,905 sqft
    2018-06-01 0 days 1,858 sqft
    2018-07-01 0 days 1,854 sqft
    2018-08-01 0 days 1,899 sqft
    2018-09-01 0 days 2,007 sqft
    2018-10-01 0 days 2,045 sqft
    2018-11-01 0 days 2,027 sqft
    2018-12-01 0 days 2,004 sqft
    2019-01-01 0 days 2,092 sqft
    2019-02-01 0 days 2,043 sqft
    2019-03-01 0 days 2,094 sqft
    2019-04-01 0 days 2,193 sqft
    2019-05-01 0 days 2,287 sqft
    2019-06-01 0 days 2,200 sqft
    2019-07-01 0 days 2,288 sqft
    2019-08-01 0 days 2,302 sqft
    2019-09-01 0 days 2,336 sqft
    2019-10-01 0 days 2,358 sqft
    2019-11-01 0 days 2,321 sqft
    2019-12-01 0 days 2,207 sqft
    2020-01-01 0 days 2,083 sqft
    2020-02-01 0 days 2,233 sqft
    2020-03-01 0 days 2,301 sqft
    2020-04-01 0 days 2,378 sqft
    2020-05-01 0 days 2,316 sqft
    2020-06-01 0 days 2,291 sqft
    2020-07-01 0 days 2,320 sqft
    2020-08-01 0 days 2,363 sqft
    2020-09-01 0 days 2,301 sqft
    2020-10-01 0 days 2,481 sqft
    2020-11-01 0 days 2,309 sqft
    2020-12-01 0 days 2,327 sqft
    2021-01-01 0 days 2,387 sqft
    2021-02-01 0 days 1,936 sqft
    2021-03-01 0 days 2,127 sqft
    2021-04-01 0 days 2,352 sqft
    2021-05-01 0 days 2,245 sqft
    2021-06-01 0 days 2,221 sqft
    2021-07-01 0 days 2,198 sqft
    2021-08-01 0 days 2,159 sqft
    2021-09-01 0 days 1,816 sqft
    2021-10-01 0 days 2,020 sqft
    2021-11-01 0 days 2,146 sqft
    2021-12-01 0 days 2,134 sqft
    2022-01-01 0 days 2,184 sqft
    2022-02-01 0 days 2,099 sqft
    2022-03-01 0 days 1,728 sqft
    2022-04-01 0 days 1,759 sqft
    2022-05-01 0 days 1,688 sqft
    2022-06-01 0 days 1,665 sqft
    2022-07-01 0 days 1,759 sqft
    2022-08-01 0 days 2,105 sqft
    2022-09-01 0 days 2,088 sqft
    2022-10-01 0 days 2,000 sqft
    2022-11-01 0 days 1,949 sqft
    2022-12-01 0 days 1,874 sqft
    2023-01-01 0 days 1,862 sqft
    2023-02-01 0 days 1,769 sqft
    2023-03-01 0 days 1,858 sqft
    2023-04-01 0 days 1,758 sqft
    2023-05-01 0 days 1,877 sqft
    2023-06-01 0 days 1,899 sqft
    2023-07-01 0 days 1,821 sqft
    2023-08-01 0 days 1,896 sqft
    2023-09-01 0 days 1,899 sqft
    2023-10-01 0 days 2,107 sqft
    2023-11-01 0 days 2,039 sqft
    2023-12-01 0 days 2,013 sqft
    2024-01-01 0 days 1,983 sqft
    2024-02-01 0 days 1,928 sqft
    2024-03-01 0 days 1,948 sqft
    Corinth's median listing age (time on market) for 2024-03-01 was 0 days.

    Corinth's median square footage for active listings during the 2024-03-01 period was 1,948 sqft. One year prior, the average listing was 1,858 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).