Greenville FHA Loan Rates, Closing Costs & Stats

Greenville, 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.

    Greenville's 17 lenders originated 48 FHA loans during 2023. The total origination value was $7,040,000, with an average FHA loan value of $146,667.

    Greenville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Greenville averaged 0.14% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Greenville's average FHA mortgage closing costs are $5,883.

    The average rate for the prior week (2024-11-08) was 6.35% and one month ago for the week of 2024-10-11, the average rate was 6.15%.

    The average rate one year ago was 7.29%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.2%.

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

    Greenville 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 Greenville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Trustmark National Bank 10 6.51% $6,475
    QUICKEN LOANS, LLC 6 6.16% $9,147
    Regions Bank 5 6.30% $6,729
    UNITED WHOLESALE MORTGAGE, LLC 2 6.75% $6,384
    Cornerstone First Mortgage, Inc 2 6.44% $7,938
    EUSTIS AND AMERICAN MORTGAGE COMPANY 2 7.44% $6,886
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.13% $8,220
    GUARANTEED RATE, INC. 2 6.75% $7,505
    BancorpSouth 2 6.44% $7,386
    LIBERTY HOME MORTGAGE CORPORATION 1 7.25% $3,670
    LOANDEPOT.COM, LLC 1 5.63% $11,328
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $9,758
    OPEN MORTGAGE, LLC 1 5.75% $12,016
    CROSSCOUNTRY MORTGAGE, LLC 1 6.69% $9,061
    Evolve Bank & Trust 1 6.69% $7,911
    COMMUNITY MORTGAGE CORPORATION 1 6.38% $14,747
    CARDINAL FINANCIAL 1 6.99% $9,294

    The top Greenville FHA lender as defined by loan originations is Trustmark National Bank, with 10 FHA loans originated. Their average total fees are $6,475, which is $2,672 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Greenville FHA lenders (with over 10 loans originated) are Trustmark National Bank ($6,475), .

    The lowest rate Greenville FHA lenders (with over 10 loans originated) are Trustmark National Bank (6.51%), .

    Greenville FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Greenville (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 $123,625 (25.2%) $148,651 (11.7%) 0.00 120
    2018-02-01 $140,500 (36.4%) $154,788 (8.2%) 0.00 128
    2018-03-01 $140,000 (35.3%) $155,251 (1.8%) 0.00 133
    2018-04-01 $141,500 (20.9%) $159,303 (-1.3%) 0.00 132
    2018-05-01 $135,000 (13.5%) $152,460 (-2.8%) 0.00 136
    2018-06-01 $122,000 (-10.0%) $142,479 (-14.0%) 0.00 147
    2018-07-01 $135,000 (9.8%) $143,522 (-7.4%) 0.00 142
    2018-08-01 $128,450 (7.0%) $139,911 (-8.3%) 0.00 135
    2018-09-01 $119,000 (-0.4%) $139,772 (-5.6%) 0.00 132
    2018-10-01 $119,250 (-0.6%) $141,394 (-2.1%) 0.00 143
    2018-11-01 $123,225 (2.7%) $139,577 (-2.2%) 0.00 138
    2018-12-01 $130,000 (8.3%) $144,745 (1.0%) 0.00 128
    2019-01-01 $130,000 (5.2%) $148,057 (-0.4%) 0.00 113
    2019-02-01 $124,350 (-11.5%) $147,043 (-5.0%) 0.00 110
    2019-03-01 $121,321 (-13.3%) $144,565 (-6.9%) 0.00 106
    2019-04-01 $123,500 (-12.7%) $144,623 (-9.2%) 0.00 110
    2019-05-01 $121,125 (-10.3%) $143,340 (-6.0%) 0.00 116
    2019-06-01 $125,000 (2.5%) $143,742 (0.9%) 0.00 115
    2019-07-01 $128,225 (-5.0%) $149,997 (4.5%) 0.00 103
    2019-08-01 $119,691 (-6.8%) $144,586 (3.3%) 0.00 98
    2019-09-01 $108,052 (-9.2%) $137,499 (-1.6%) 0.00 103
    2019-10-01 $99,625 (-16.5%) $133,664 (-5.5%) 0.00 106
    2019-11-01 $110,000 (-10.7%) $133,418 (-4.4%) 0.00 113
    2019-12-01 $98,750 (-24.0%) $129,567 (-10.5%) 0.00 110
    2020-01-01 $106,125 (-18.4%) $128,213 (-13.4%) 0.00 105
    2020-02-01 $114,950 (-7.6%) $141,561 (-3.7%) 0.00 117
    2020-03-01 $124,950 (3.0%) $148,632 (2.8%) 0.00 119
    2020-04-01 $114,950 (-6.9%) $149,408 (3.3%) 0.00 119
    2020-05-01 $125,000 (3.2%) $155,807 (8.7%) 0.00 108
    2020-06-01 $123,750 (-1.0%) $159,090 (10.7%) 0.00 107
    2020-07-01 $125,000 (-2.5%) $158,746 (5.8%) 0.00 103
    2020-08-01 $120,000 (0.3%) $158,717 (9.8%) 0.00 102
    2020-09-01 $119,900 (11.0%) $154,705 (12.5%) 0.00 91
    2020-10-01 $119,500 (20.0%) $159,869 (19.6%) 0.00 89
    2020-11-01 $109,750 (-0.2%) $154,683 (15.9%) 0.00 95
    2020-12-01 $110,000 (11.4%) $157,048 (21.2%) 0.00 88
    2021-01-01 $110,000 (3.7%) $158,116 (23.3%) 0.00 86
    2021-02-01 $106,250 (-7.6%) $150,548 (6.4%) 0.00 87
    2021-03-01 $114,500 (-8.4%) $154,150 (3.7%) 0.00 77
    2021-04-01 $120,000 (4.4%) $157,559 (5.5%) 0.00 74
    2021-05-01 $135,000 (8.0%) $168,334 (8.0%) 0.00 65
    2021-06-01 $136,250 (10.1%) $179,195 (12.6%) 0.00 66
    2021-07-01 $129,000 (3.2%) $176,869 (11.4%) 0.00 64
    2021-08-01 $129,750 (8.1%) $181,769 (14.5%) 0.00 57
    2021-09-01 $130,125 (8.5%) $173,257 (12.0%) 0.00 58
    2021-10-01 $128,500 (7.5%) $160,327 (0.3%) 0.00 70
    2021-11-01 $129,000 (17.5%) $162,575 (5.1%) 0.00 75
    2021-12-01 $129,250 (17.5%) $170,985 (8.9%) 0.00 67
    2022-01-01 $129,900 (18.1%) $184,405 (16.6%) 0.00 65
    2022-02-01 $125,000 (17.7%) $174,498 (15.9%) 0.00 57
    2022-03-01 $100,000 (-12.7%) $155,993 (1.2%) 0.00 55
    2022-04-01 $139,950 (16.6%) $187,530 (19.0%) 0.00 49
    2022-05-01 $138,950 (2.9%) $172,128 (2.3%) 0.00 51
    2022-06-01 $136,000 (-0.2%) $156,507 (-12.7%) 0.00 51
    2022-07-01 $142,900 (10.8%) $160,291 (-9.4%) 0.00 62
    2022-08-01 $144,625 (11.5%) $161,288 (-11.3%) 0.00 70
    2022-09-01 $149,250 (14.7%) $172,164 (-0.6%) 0.00 67
    2022-10-01 $136,450 (6.2%) $164,016 (2.3%) 0.00 66
    2022-11-01 $135,000 (4.7%) $157,943 (-2.9%) 0.00 66
    2022-12-01 $135,000 (4.5%) $158,798 (-7.1%) 0.00 70
    2023-01-01 $134,998 (3.9%) $156,109 (-15.3%) 0.00 68
    2023-02-01 $128,750 (3.0%) $160,465 (-8.0%) 0.00 64
    2023-03-01 $125,000 (25.0%) $153,021 (-1.9%) 0.00 70
    2023-04-01 $135,000 (-3.5%) $159,078 (-15.2%) 0.00 73
    2023-05-01 $130,873 (-5.8%) $163,222 (-5.2%) 0.00 63
    2023-06-01 $124,975 (-8.1%) $157,278 (0.5%) 0.00 65
    2023-07-01 $117,000 (-18.1%) $153,098 (-4.5%) 0.00 66
    2023-08-01 $114,500 (-20.8%) $153,526 (-4.8%) 0.00 63
    2023-09-01 $111,000 (-25.6%) $148,474 (-13.8%) 0.00 64
    2023-10-01 $97,000 (-28.9%) $137,613 (-16.1%) 0.00 74
    2023-11-01 $95,000 (-29.6%) $126,819 (-19.7%) 0.00 75
    2023-12-01 $97,000 (-28.2%) $130,979 (-17.5%) 0.00 72
    2024-01-01 $123,375 (-8.6%) $138,667 (-11.2%) 0.00 78
    2024-02-01 $118,125 (-8.3%) $141,323 (-11.9%) 0.00 74
    2024-03-01 $135,000 (8.0%) $162,670 (6.3%) 0.00 68
    2024-04-01 $124,750 (-7.6%) $162,151 (1.9%) 0.00 77
    2024-05-01 $126,950 (-3.0%) $167,228 (2.5%) 0.00 74
    2024-06-01 $142,000 (13.6%) $174,770 (11.1%) 0.00 74
    2024-07-01 $137,975 (17.9%) $169,579 (10.8%) 0.00 86
    2024-08-01 $145,000 (26.6%) $169,060 (10.1%) 0.00 68
    2024-09-01 $132,000 (18.9%) $160,484 (8.1%) 0.00 70
    2024-10-01 $129,000 (33.0%) $156,076 (13.4%) 0.00 81
    Greenville's median listing price for 2024-10-01 was $129,000, a difference of $32,000 (33.0%) versus the prior year and $-3,000 versus the prior month.

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

    Greenville's average listing price for 2024-10-01 was $156,076, a difference of $18,463 (13.4%) versus the prior year and $-4,408 versus the prior month.

    For the 2024-10-01 period, Greenville had 81 MLS listings, a difference of 11 listings (16%) versus the prior month and 7 listings (9%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Greenville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,971 sqft
    2018-02-01 0 days 2,140 sqft
    2018-03-01 0 days 2,140 sqft
    2018-04-01 0 days 2,152 sqft
    2018-05-01 0 days 2,069 sqft
    2018-06-01 0 days 1,998 sqft
    2018-07-01 0 days 2,030 sqft
    2018-08-01 0 days 1,997 sqft
    2018-09-01 0 days 2,030 sqft
    2018-10-01 0 days 2,042 sqft
    2018-11-01 0 days 1,997 sqft
    2018-12-01 0 days 2,035 sqft
    2019-01-01 0 days 2,054 sqft
    2019-02-01 0 days 2,090 sqft
    2019-03-01 0 days 2,088 sqft
    2019-04-01 0 days 2,100 sqft
    2019-05-01 0 days 2,045 sqft
    2019-06-01 0 days 2,039 sqft
    2019-07-01 0 days 2,016 sqft
    2019-08-01 0 days 1,959 sqft
    2019-09-01 0 days 1,895 sqft
    2019-10-01 0 days 1,861 sqft
    2019-11-01 0 days 1,884 sqft
    2019-12-01 0 days 1,885 sqft
    2020-01-01 0 days 1,895 sqft
    2020-02-01 0 days 1,966 sqft
    2020-03-01 0 days 1,996 sqft
    2020-04-01 0 days 1,920 sqft
    2020-05-01 0 days 2,000 sqft
    2020-06-01 0 days 2,036 sqft
    2020-07-01 0 days 1,994 sqft
    2020-08-01 0 days 2,165 sqft
    2020-09-01 0 days 2,142 sqft
    2020-10-01 0 days 2,121 sqft
    2020-11-01 0 days 1,876 sqft
    2020-12-01 0 days 2,020 sqft
    2021-01-01 0 days 1,961 sqft
    2021-02-01 0 days 1,835 sqft
    2021-03-01 0 days 1,923 sqft
    2021-04-01 0 days 1,967 sqft
    2021-05-01 0 days 2,131 sqft
    2021-06-01 0 days 2,297 sqft
    2021-07-01 0 days 2,207 sqft
    2021-08-01 0 days 2,230 sqft
    2021-09-01 0 days 2,126 sqft
    2021-10-01 0 days 1,896 sqft
    2021-11-01 0 days 1,765 sqft
    2021-12-01 0 days 1,700 sqft
    2022-01-01 0 days 1,868 sqft
    2022-02-01 0 days 1,820 sqft
    2022-03-01 0 days 1,672 sqft
    2022-04-01 0 days 1,950 sqft
    2022-05-01 0 days 1,907 sqft
    2022-06-01 0 days 1,842 sqft
    2022-07-01 0 days 1,811 sqft
    2022-08-01 0 days 1,745 sqft
    2022-09-01 0 days 1,800 sqft
    2022-10-01 0 days 1,736 sqft
    2022-11-01 0 days 1,761 sqft
    2022-12-01 0 days 1,775 sqft
    2023-01-01 0 days 1,727 sqft
    2023-02-01 0 days 1,749 sqft
    2023-03-01 0 days 1,711 sqft
    2023-04-01 0 days 1,749 sqft
    2023-05-01 0 days 1,710 sqft
    2023-06-01 0 days 1,648 sqft
    2023-07-01 0 days 1,688 sqft
    2023-08-01 0 days 1,734 sqft
    2023-09-01 0 days 1,797 sqft
    2023-10-01 0 days 1,657 sqft
    2023-11-01 0 days 1,489 sqft
    2023-12-01 0 days 1,531 sqft
    2024-01-01 0 days 1,682 sqft
    2024-02-01 0 days 1,674 sqft
    2024-03-01 0 days 1,845 sqft
    2024-04-01 0 days 1,819 sqft
    2024-05-01 0 days 1,830 sqft
    2024-06-01 0 days 1,791 sqft
    2024-07-01 0 days 1,819 sqft
    2024-08-01 0 days 1,854 sqft
    2024-09-01 0 days 1,771 sqft
    2024-10-01 0 days 1,750 sqft
    Greenville's median listing age (time on market) for 2024-10-01 was 0 days.

    Greenville's median square footage for active listings during the 2024-10-01 period was 1,750 sqft. One year prior, the average listing was 1,657 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).