Grenada FHA Loan Rates, Closing Costs & Stats

Grenada, 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.

    Grenada's 21 lenders originated 48 FHA loans during 2023. The total origination value was $7,660,000, with an average FHA loan value of $159,583.

    Grenada FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Grenada averaged 6.41% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Grenada's average FHA mortgage closing costs are $5,681.

    The average rate for the prior week (2025-02-07) was 6.52% and one month ago for the week of 2025-01-10, the average rate was 6.68%.

    The average rate one year ago was 6.51%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.42%.

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

    Grenada 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 Grenada level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Regions Bank 10 6.08% $7,724
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.94% $8,471
    QUICKEN LOANS, LLC 4 6.87% $6,172
    BancorpSouth 3 6.30% $6,084
    FirstTrust Home Loans, Inc. 2 6.94% $5,575
    CORNERSTONE HOME LENDING, INC. 1 6.75% $9,991
    Eagle Bank and Trust Company 1 7.63% $8,510
    FREEDOM MORTGAGE CORPORATION 1 6.75% $14,003
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $11,972
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $7,294
    Nations Lending Corporation 1 6.69% $3,344
    Renasant Bank 1 6.75% $6,661
    STOCKTON MORTGAGE CORPORATION 1 6.25% $6,175
    SWBC MORTGAGE CORPORATION 1 6.69% $5,369
    Trustmark National Bank 1 7.13% $5,194
    AmeriHome Mortgage Company, LLC 1 6.13% $6,311
    UNITED WHOLESALE MORTGAGE, LLC 1 6.99% $12,281
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $17,573
    CARDINAL FINANCIAL 1 5.63% $7,071
    CB&S Bank, Inc. 1 6.38% $8,684
    Citizens Bank 1 5.88% $7,810

    The top Grenada FHA lender as defined by loan originations is Regions Bank, with 10 FHA loans originated. Their average total fees are $7,724, which is $747 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Grenada FHA lenders (with over 10 loans originated) are Regions Bank ($7,724), .

    The lowest rate Grenada FHA lenders (with over 10 loans originated) are Regions Bank (6.08%), .

    Grenada FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Grenada (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 $109,750 (-0.2%) $169,678 (10.3%) 0.00 85
    2018-02-01 $113,750 (1.2%) $171,656 (-6.4%) 0.00 83
    2018-03-01 $118,950 (16.6%) $170,265 (-10.0%) 0.00 82
    2018-04-01 $125,000 (25.0%) $179,987 (-4.5%) 0.00 86
    2018-05-01 $125,000 (25.1%) $185,993 (-5.2%) 0.00 94
    2018-06-01 $126,900 (16.7%) $175,903 (-13.3%) 0.00 94
    2018-07-01 $120,975 (-16.3%) $168,029 (-19.9%) 0.00 94
    2018-08-01 $120,500 (-13.5%) $170,950 (-19.2%) 0.00 85
    2018-09-01 $118,000 (2.7%) $163,916 (-21.1%) 0.00 90
    2018-10-01 $109,000 (6.3%) $159,584 (-12.7%) 0.00 92
    2018-11-01 $110,500 (11.6%) $162,686 (-3.3%) 0.00 91
    2018-12-01 $115,000 (3.6%) $170,517 (-1.5%) 0.00 89
    2019-01-01 $118,750 (8.2%) $178,826 (5.4%) 0.00 90
    2019-02-01 $119,750 (5.3%) $176,773 (3.0%) 0.00 86
    2019-03-01 $119,957 (0.9%) $178,701 (5.0%) 0.00 83
    2019-04-01 $119,907 (-4.1%) $180,087 (0.1%) 0.00 83
    2019-05-01 $125,000 (0.0%) $182,532 (-1.9%) 0.00 74
    2019-06-01 $115,000 (-9.4%) $179,790 (2.2%) 0.00 77
    2019-07-01 $127,300 (5.2%) $194,099 (15.5%) 0.00 74
    2019-08-01 $129,755 (7.7%) $203,237 (18.9%) 0.00 74
    2019-09-01 $129,836 (10.0%) $212,889 (29.9%) 0.00 76
    2019-10-01 $129,900 (19.2%) $220,249 (38.0%) 0.00 77
    2019-11-01 $127,000 (14.9%) $268,917 (65.3%) 0.00 73
    2019-12-01 $128,000 (11.3%) $259,051 (51.9%) 0.00 67
    2020-01-01 $125,725 (5.9%) $255,413 (42.8%) 0.00 66
    2020-02-01 $122,000 (1.9%) $267,128 (51.1%) 0.00 61
    2020-03-01 $139,225 (16.1%) $277,569 (55.3%) 0.00 56
    2020-04-01 $135,725 (13.2%) $264,539 (46.9%) 0.00 59
    2020-05-01 $139,000 (11.2%) $281,347 (54.1%) 0.00 55
    2020-06-01 $117,225 (1.9%) $270,730 (50.6%) 0.00 52
    2020-07-01 $108,975 (-14.4%) $273,353 (40.8%) 0.00 51
    2020-08-01 $105,000 (-19.1%) $267,450 (31.6%) 0.00 49
    2020-09-01 $122,450 (-5.7%) $273,486 (28.5%) 0.00 50
    2020-10-01 $124,950 (-3.8%) $262,482 (19.2%) 0.00 54
    2020-11-01 $136,000 (7.1%) $226,716 (-15.7%) 0.00 52
    2020-12-01 $135,450 (5.8%) $190,307 (-26.5%) 0.00 53
    2021-01-01 $132,500 (5.4%) $183,402 (-28.2%) 0.00 56
    2021-02-01 $125,000 (2.5%) $156,399 (-41.5%) 0.00 45
    2021-03-01 $123,350 (-11.4%) $150,012 (-46.0%) 0.00 39
    2021-04-01 $127,250 (-6.2%) $182,227 (-31.1%) 0.00 31
    2021-05-01 $170,950 (23.0%) $206,986 (-26.4%) 0.00 24
    2021-06-01 $176,500 (50.6%) $232,039 (-14.3%) 0.00 19
    2021-07-01 $149,900 (37.6%) $233,020 (-14.8%) 0.00 24
    2021-08-01 $137,500 (31.0%) $235,223 (-12.1%) 0.00 31
    2021-09-01 $158,675 (29.6%) $251,586 (-8.0%) 0.00 36
    2021-10-01 $169,000 (35.3%) $309,724 (18.0%) 0.00 29
    2021-11-01 $164,450 (20.9%) $301,527 (33.0%) 0.00 25
    2021-12-01 $137,000 (1.1%) $257,481 (35.3%) 0.00 25
    2022-01-01 $133,500 (0.8%) $231,503 (26.2%) 0.00 30
    2022-02-01 $141,875 (13.5%) $231,045 (47.7%) 0.00 32
    2022-03-01 $137,950 (11.8%) $233,126 (55.4%) 0.00 33
    2022-04-01 $135,900 (6.8%) $243,700 (33.7%) 0.00 25
    2022-05-01 $143,000 (-16.4%) $270,029 (30.5%) 0.00 33
    2022-06-01 $151,875 (-14.0%) $255,707 (10.2%) 0.00 39
    2022-07-01 $142,500 (-4.9%) $249,871 (7.2%) 0.00 40
    2022-08-01 $160,000 (16.4%) $264,262 (12.4%) 0.00 40
    2022-09-01 $138,200 (-12.9%) $255,127 (1.4%) 0.00 37
    2022-10-01 $142,500 (-15.7%) $227,667 (-26.5%) 0.00 42
    2022-11-01 $159,750 (-2.9%) $247,329 (-18.0%) 0.00 43
    2022-12-01 $145,500 (6.2%) $218,406 (-15.2%) 0.00 46
    2023-01-01 $149,450 (12.0%) $217,068 (-6.2%) 0.00 46
    2023-02-01 $144,500 (1.9%) $209,776 (-9.2%) 0.00 47
    2023-03-01 $132,500 (-4.0%) $203,280 (-12.8%) 0.00 40
    2023-04-01 $138,750 (2.1%) $206,113 (-15.4%) 0.00 38
    2023-05-01 $131,375 (-8.1%) $200,560 (-25.7%) 0.00 36
    2023-06-01 $152,825 (0.6%) $198,144 (-22.5%) 0.00 41
    2023-07-01 $140,000 (-1.8%) $210,251 (-15.9%) 0.00 48
    2023-08-01 $137,500 (-14.1%) $207,461 (-21.5%) 0.00 53
    2023-09-01 $139,000 (0.6%) $212,565 (-16.7%) 0.00 50
    2023-10-01 $146,250 (2.6%) $209,769 (-7.9%) 0.00 55
    2023-11-01 $142,500 (-10.8%) $215,756 (-12.8%) 0.00 53
    2023-12-01 $168,000 (15.5%) $220,325 (0.9%) 0.00 59
    2024-01-01 $171,125 (14.5%) $230,164 (6.0%) 0.00 60
    2024-02-01 $163,950 (13.5%) $186,418 (-11.1%) 0.00 68
    2024-03-01 $182,250 (37.6%) $221,364 (8.9%) 0.00 69
    2024-04-01 $177,250 (27.8%) $219,586 (6.5%) 0.00 75
    2024-05-01 $170,000 (29.4%) $222,513 (11.0%) 0.00 78
    2024-06-01 $170,000 (11.2%) $211,792 (6.9%) 0.00 76
    2024-07-01 $168,850 (20.6%) $211,402 (0.6%) 0.00 81
    2024-08-01 $168,500 (22.6%) $218,679 (5.4%) 0.00 79
    2024-09-01 $159,125 (14.5%) $214,477 (0.9%) 0.00 86
    2024-10-01 $162,500 (11.1%) $218,896 (4.4%) 0.00 80
    2024-11-01 $175,800 (23.4%) $276,241 (28.0%) 0.00 79
    2024-12-01 $175,000 (4.2%) $270,535 (22.8%) 0.00 82
    2025-01-01 $167,000 (-2.4%) $238,908 (3.8%) 0.00 82
    Grenada's median listing price for 2025-01-01 was $167,000, a difference of $-4,125 (-2.4%) versus the prior year and $-8,000 versus the prior month.

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

    Grenada's average listing price for 2025-01-01 was $238,908, a difference of $8,744 (3.8%) versus the prior year and $-31,627 versus the prior month.

    For the 2025-01-01 period, Grenada had 82 MLS listings, a difference of 0 listings (0%) versus the prior month and 22 listings (37%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Grenada (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,291 sqft
    2018-02-01 0 days 2,345 sqft
    2018-03-01 0 days 2,152 sqft
    2018-04-01 0 days 2,386 sqft
    2018-05-01 0 days 2,300 sqft
    2018-06-01 0 days 2,091 sqft
    2018-07-01 0 days 2,009 sqft
    2018-08-01 0 days 2,009 sqft
    2018-09-01 0 days 1,894 sqft
    2018-10-01 0 days 1,981 sqft
    2018-11-01 0 days 2,064 sqft
    2018-12-01 0 days 2,054 sqft
    2019-01-01 0 days 2,148 sqft
    2019-02-01 0 days 2,124 sqft
    2019-03-01 0 days 2,020 sqft
    2019-04-01 0 days 1,936 sqft
    2019-05-01 0 days 1,913 sqft
    2019-06-01 0 days 1,835 sqft
    2019-07-01 0 days 2,072 sqft
    2019-08-01 0 days 2,145 sqft
    2019-09-01 0 days 2,135 sqft
    2019-10-01 0 days 2,129 sqft
    2019-11-01 0 days 1,960 sqft
    2019-12-01 0 days 1,937 sqft
    2020-01-01 0 days 1,921 sqft
    2020-02-01 0 days 1,960 sqft
    2020-03-01 0 days 2,304 sqft
    2020-04-01 0 days 2,012 sqft
    2020-05-01 0 days 1,953 sqft
    2020-06-01 0 days 1,712 sqft
    2020-07-01 0 days 1,698 sqft
    2020-08-01 0 days 1,714 sqft
    2020-09-01 0 days 1,820 sqft
    2020-10-01 0 days 1,798 sqft
    2020-11-01 0 days 2,004 sqft
    2020-12-01 0 days 1,985 sqft
    2021-01-01 0 days 1,926 sqft
    2021-02-01 0 days 1,874 sqft
    2021-03-01 0 days 1,900 sqft
    2021-04-01 0 days 2,009 sqft
    2021-05-01 0 days 2,073 sqft
    2021-06-01 0 days 2,017 sqft
    2021-07-01 0 days 2,056 sqft
    2021-08-01 0 days 2,013 sqft
    2021-09-01 0 days 1,981 sqft
    2021-10-01 0 days 2,084 sqft
    2021-11-01 0 days 1,848 sqft
    2021-12-01 0 days 1,639 sqft
    2022-01-01 0 days 1,672 sqft
    2022-02-01 0 days 1,698 sqft
    2022-03-01 0 days 1,635 sqft
    2022-04-01 0 days 1,527 sqft
    2022-05-01 0 days 1,721 sqft
    2022-06-01 0 days 1,713 sqft
    2022-07-01 0 days 2,012 sqft
    2022-08-01 0 days 1,979 sqft
    2022-09-01 0 days 1,916 sqft
    2022-10-01 0 days 1,861 sqft
    2022-11-01 0 days 1,955 sqft
    2022-12-01 0 days 1,832 sqft
    2023-01-01 0 days 1,938 sqft
    2023-02-01 0 days 1,862 sqft
    2023-03-01 0 days 1,772 sqft
    2023-04-01 0 days 1,943 sqft
    2023-05-01 0 days 1,995 sqft
    2023-06-01 0 days 1,951 sqft
    2023-07-01 0 days 1,943 sqft
    2023-08-01 0 days 1,780 sqft
    2023-09-01 0 days 1,894 sqft
    2023-10-01 0 days 1,850 sqft
    2023-11-01 0 days 1,953 sqft
    2023-12-01 0 days 2,079 sqft
    2024-01-01 0 days 1,975 sqft
    2024-02-01 0 days 1,910 sqft
    2024-03-01 0 days 1,900 sqft
    2024-04-01 0 days 1,954 sqft
    2024-05-01 0 days 1,962 sqft
    2024-06-01 0 days 1,910 sqft
    2024-07-01 0 days 1,854 sqft
    2024-08-01 0 days 1,862 sqft
    2024-09-01 0 days 1,843 sqft
    2024-10-01 0 days 1,865 sqft
    2024-11-01 0 days 1,862 sqft
    2024-12-01 0 days 1,811 sqft
    2025-01-01 0 days 1,798 sqft
    Grenada's median listing age (time on market) for 2025-01-01 was 0 days.

    Grenada's median square footage for active listings during the 2025-01-01 period was 1,798 sqft. One year prior, the average listing was 1,975 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).