Greenwood FHA Loan Rates, Closing Costs & Stats

Greenwood, 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.

    Greenwood's 20 lenders originated 41 FHA loans during 2023. The total origination value was $5,295,000, with an average FHA loan value of $129,146.

    Greenwood FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Greenwood averaged 6.54% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Greenwood's average FHA mortgage closing costs are $5,679.

    The average rate for the prior week (2024-04-05) was 6.57% and one month ago for the week of 2024-03-08, the average rate was 6.5%.

    The average rate one year ago was 6.24%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.64%.

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

    Greenwood 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 Greenwood level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Trustmark National Bank 5 6.28% $5,142
    QUICKEN LOANS, LLC 4 6.31% $6,196
    BankPlus 2 6.50% $3,575
    BancorpSouth 2 6.38% $6,080
    AmeriHome Mortgage Company, LLC 2 6.69% $7,256
    GMFS LLC 2 6.06% $4,263
    Flagstar Bank, FSB 2 6.50% $5,954
    MICHIGAN MUTUAL, INC. 1 7.13% $8,656
    OPEN MORTGAGE, LLC 1 7.38% $6,304
    Origin Bank 1 7.14% $7,873
    STOCKTON MORTGAGE CORPORATION 1 5.89% $6,270
    SWBC MORTGAGE CORPORATION 1 6.50% $7,383
    ACADEMY MORTGAGE CORPORATION 1 7.25% $7,605
    UNITED WHOLESALE MORTGAGE, LLC 1 7.00% $5,500
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $10,297
    Bank of England 1 6.75% $5,973
    BROKER SOLUTIONS, INC. 1 7.13% $8,069
    CARDINAL FINANCIAL 1 6.25% $3,965
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $7,443
    LOANDEPOT.COM, LLC 1 7.63% $9,892

    The top Greenwood FHA lender as defined by loan originations is Trustmark National Bank, with 5 FHA loans originated. Their average total fees are $5,142, which is $1,055 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Greenwood FHA lenders (with over 10 loans originated) are .

    The lowest rate Greenwood FHA lenders (with over 10 loans originated) are .

    Greenwood FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Greenwood (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 $104,775 (-2.4%) $159,245 (1.4%) 0.00 127
    2018-02-01 $99,750 (-0.2%) $154,067 (3.9%) 0.00 130
    2018-03-01 $99,500 (-0.4%) $157,693 (7.6%) 0.00 133
    2018-04-01 $104,775 (3.7%) $153,737 (0.3%) 0.00 142
    2018-05-01 $112,000 (11.7%) $151,979 (-2.1%) 0.00 142
    2018-06-01 $120,350 (25.2%) $153,254 (2.2%) 0.00 138
    2018-07-01 $116,500 (20.7%) $149,317 (-4.2%) 0.00 141
    2018-08-01 $114,000 (17.5%) $149,159 (-4.5%) 0.00 150
    2018-09-01 $116,000 (22.1%) $151,771 (-3.4%) 0.00 142
    2018-10-01 $119,495 (17.3%) $140,079 (-13.9%) 0.00 139
    2018-11-01 $119,248 (10.9%) $137,800 (-12.8%) 0.00 137
    2018-12-01 $119,000 (19.0%) $138,020 (-11.6%) 0.00 118
    2019-01-01 $120,423 (14.9%) $139,916 (-12.1%) 0.00 116
    2019-02-01 $118,998 (19.3%) $151,940 (-1.4%) 0.00 109
    2019-03-01 $117,593 (18.2%) $160,458 (1.8%) 0.00 114
    2019-04-01 $111,375 (6.3%) $161,139 (4.8%) 0.00 119
    2019-05-01 $119,000 (6.3%) $172,203 (13.3%) 0.00 127
    2019-06-01 $114,900 (-4.5%) $154,347 (0.7%) 0.00 139
    2019-07-01 $117,750 (1.1%) $155,600 (4.2%) 0.00 131
    2019-08-01 $118,273 (3.8%) $162,008 (8.6%) 0.00 129
    2019-09-01 $127,682 (10.1%) $171,557 (13.0%) 0.00 127
    2019-10-01 $135,000 (13.0%) $178,975 (27.8%) 0.00 125
    2019-11-01 $135,000 (13.2%) $196,418 (42.5%) 0.00 131
    2019-12-01 $132,750 (11.6%) $195,478 (41.6%) 0.00 132
    2020-01-01 $136,000 (12.9%) $203,711 (45.6%) 0.00 124
    2020-02-01 $139,950 (17.6%) $212,950 (40.2%) 0.00 131
    2020-03-01 $133,500 (13.5%) $208,700 (30.1%) 0.00 126
    2020-04-01 $131,250 (17.9%) $210,154 (30.4%) 0.00 124
    2020-05-01 $129,500 (8.8%) $164,129 (-4.7%) 0.00 120
    2020-06-01 $129,375 (12.6%) $167,344 (8.4%) 0.00 113
    2020-07-01 $140,000 (18.9%) $175,047 (12.5%) 0.00 105
    2020-08-01 $145,000 (22.6%) $186,406 (15.1%) 0.00 98
    2020-09-01 $148,000 (15.9%) $196,538 (14.6%) 0.00 91
    2020-10-01 $147,450 (9.2%) $207,831 (16.1%) 0.00 78
    2020-11-01 $165,250 (22.4%) $224,340 (14.2%) 0.00 70
    2020-12-01 $161,750 (21.9%) $224,040 (14.6%) 0.00 64
    2021-01-01 $142,500 (4.8%) $223,418 (9.7%) 0.00 63
    2021-02-01 $143,750 (2.7%) $234,337 (10.0%) 0.00 66
    2021-03-01 $142,375 (6.7%) $222,140 (6.4%) 0.00 68
    2021-04-01 $146,250 (11.4%) $233,685 (11.2%) 0.00 61
    2021-05-01 $126,000 (-2.7%) $236,108 (43.9%) 0.00 47
    2021-06-01 $135,000 (4.4%) $213,158 (27.4%) 0.00 39
    2021-07-01 $135,000 (-3.6%) $199,995 (14.3%) 0.00 41
    2021-08-01 $122,750 (-15.3%) $203,170 (9.0%) 0.00 41
    2021-09-01 $110,750 (-25.2%) $166,436 (-15.3%) 0.00 46
    2021-10-01 $112,750 (-23.5%) $155,685 (-25.1%) 0.00 51
    2021-11-01 $100,000 (-39.5%) $138,137 (-38.4%) 0.00 48
    2021-12-01 $107,000 (-33.9%) $136,776 (-39.0%) 0.00 45
    2022-01-01 $107,000 (-24.9%) $152,754 (-31.6%) 0.00 39
    2022-02-01 $118,000 (-17.9%) $164,622 (-29.8%) 0.00 41
    2022-03-01 $119,000 (-16.4%) $173,196 (-22.0%) 0.00 41
    2022-04-01 $125,000 (-14.5%) $169,587 (-27.4%) 0.00 43
    2022-05-01 $110,625 (-12.2%) $152,478 (-35.4%) 0.00 44
    2022-06-01 $112,500 (-16.7%) $154,390 (-27.6%) 0.00 40
    2022-07-01 $117,000 (-13.3%) $155,882 (-22.1%) 0.00 42
    2022-08-01 $115,000 (-6.3%) $144,113 (-29.1%) 0.00 42
    2022-09-01 $116,750 (5.4%) $140,750 (-15.4%) 0.00 38
    2022-10-01 $117,250 (4.0%) $156,983 (0.8%) 0.00 43
    2022-11-01 $138,375 (38.4%) $179,965 (30.3%) 0.00 57
    2022-12-01 $139,500 (30.4%) $196,783 (43.9%) 0.00 58
    2023-01-01 $143,750 (34.4%) $188,710 (23.5%) 0.00 63
    2023-02-01 $155,000 (31.4%) $180,699 (9.8%) 0.00 61
    2023-03-01 $170,250 (43.1%) $184,107 (6.3%) 0.00 68
    2023-04-01 $165,500 (32.4%) $178,656 (5.4%) 0.00 70
    2023-05-01 $165,000 (49.2%) $174,972 (14.8%) 0.00 70
    2023-06-01 $152,950 (36.0%) $171,855 (11.3%) 0.00 64
    2023-07-01 $155,900 (33.3%) $178,367 (14.4%) 0.00 60
    2023-08-01 $152,250 (32.4%) $180,632 (25.3%) 0.00 56
    2023-09-01 $149,500 (28.1%) $175,816 (24.9%) 0.00 62
    2023-10-01 $150,750 (28.6%) $182,621 (16.3%) 0.00 64
    2023-11-01 $153,000 (10.6%) $186,082 (3.4%) 0.00 64
    2023-12-01 $159,000 (14.0%) $186,838 (-5.1%) 0.00 61
    2024-01-01 $149,775 (4.2%) $179,777 (-4.7%) 0.00 59
    2024-02-01 $143,500 (-7.4%) $176,041 (-2.6%) 0.00 57
    2024-03-01 $152,450 (-10.5%) $193,740 (5.2%) 0.00 58
    Greenwood's median listing price for 2024-03-01 was $152,450, a difference of $-17,800 (-10.5%) versus the prior year and $8,950 versus the prior month.

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

    Greenwood's average listing price for 2024-03-01 was $193,740, a difference of $9,633 (5.2%) versus the prior year and $17,699 versus the prior month.

    For the 2024-03-01 period, Greenwood had 58 MLS listings, a difference of 1 listings (2%) versus the prior month and -10 listings (-15%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Greenwood (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,860 sqft
    2018-02-01 0 days 1,831 sqft
    2018-03-01 0 days 1,840 sqft
    2018-04-01 0 days 1,840 sqft
    2018-05-01 0 days 1,839 sqft
    2018-06-01 0 days 1,839 sqft
    2018-07-01 0 days 1,859 sqft
    2018-08-01 0 days 1,858 sqft
    2018-09-01 0 days 1,810 sqft
    2018-10-01 0 days 1,844 sqft
    2018-11-01 0 days 1,882 sqft
    2018-12-01 0 days 1,968 sqft
    2019-01-01 0 days 1,978 sqft
    2019-02-01 0 days 1,964 sqft
    2019-03-01 0 days 1,925 sqft
    2019-04-01 0 days 1,831 sqft
    2019-05-01 0 days 1,924 sqft
    2019-06-01 0 days 1,756 sqft
    2019-07-01 0 days 1,737 sqft
    2019-08-01 0 days 1,778 sqft
    2019-09-01 0 days 1,849 sqft
    2019-10-01 0 days 1,911 sqft
    2019-11-01 0 days 1,911 sqft
    2019-12-01 0 days 1,907 sqft
    2020-01-01 0 days 1,959 sqft
    2020-02-01 0 days 2,035 sqft
    2020-03-01 0 days 2,026 sqft
    2020-04-01 0 days 2,077 sqft
    2020-05-01 0 days 2,084 sqft
    2020-06-01 0 days 2,000 sqft
    2020-07-01 0 days 2,047 sqft
    2020-08-01 0 days 2,051 sqft
    2020-09-01 0 days 2,121 sqft
    2020-10-01 0 days 2,011 sqft
    2020-11-01 0 days 2,175 sqft
    2020-12-01 0 days 2,168 sqft
    2021-01-01 0 days 2,149 sqft
    2021-02-01 0 days 2,094 sqft
    2021-03-01 0 days 2,030 sqft
    2021-04-01 0 days 2,051 sqft
    2021-05-01 0 days 2,052 sqft
    2021-06-01 0 days 1,933 sqft
    2021-07-01 0 days 1,913 sqft
    2021-08-01 0 days 1,774 sqft
    2021-09-01 0 days 1,719 sqft
    2021-10-01 0 days 1,674 sqft
    2021-11-01 0 days 1,733 sqft
    2021-12-01 0 days 1,732 sqft
    2022-01-01 0 days 1,767 sqft
    2022-02-01 0 days 1,757 sqft
    2022-03-01 0 days 1,791 sqft
    2022-04-01 0 days 1,622 sqft
    2022-05-01 0 days 1,610 sqft
    2022-06-01 0 days 1,723 sqft
    2022-07-01 0 days 1,680 sqft
    2022-08-01 0 days 1,603 sqft
    2022-09-01 0 days 1,558 sqft
    2022-10-01 0 days 1,611 sqft
    2022-11-01 0 days 1,728 sqft
    2022-12-01 0 days 1,718 sqft
    2023-01-01 0 days 1,731 sqft
    2023-02-01 0 days 1,771 sqft
    2023-03-01 0 days 1,830 sqft
    2023-04-01 0 days 1,784 sqft
    2023-05-01 0 days 1,798 sqft
    2023-06-01 0 days 1,848 sqft
    2023-07-01 0 days 1,848 sqft
    2023-08-01 0 days 1,847 sqft
    2023-09-01 0 days 1,748 sqft
    2023-10-01 0 days 1,770 sqft
    2023-11-01 0 days 1,821 sqft
    2023-12-01 0 days 1,912 sqft
    2024-01-01 0 days 1,777 sqft
    2024-02-01 0 days 1,735 sqft
    2024-03-01 0 days 1,797 sqft
    Greenwood's median listing age (time on market) for 2024-03-01 was 0 days.

    Greenwood's median square footage for active listings during the 2024-03-01 period was 1,797 sqft. One year prior, the average listing was 1,830 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).