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 0.19% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

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

    The average rate for the prior week (2024-11-08) was 6.5% and one month ago for the week of 2024-10-11, the average rate was 6.3%.

    The average rate one year ago was 7.15%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.1%.

    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 $122,175 (-2.3%) $186,637 (14.3%) 0.00 70
    2018-02-01 $133,125 (5.7%) $190,730 (-1.3%) 0.00 65
    2018-03-01 $134,500 (10.9%) $188,057 (-4.5%) 0.00 65
    2018-04-01 $134,500 (23.4%) $196,755 (-1.3%) 0.00 64
    2018-05-01 $134,500 (25.1%) $200,433 (-3.9%) 0.00 70
    2018-06-01 $130,000 (-3.2%) $190,186 (-10.8%) 0.00 67
    2018-07-01 $134,975 (-10.0%) $177,354 (-17.6%) 0.00 67
    2018-08-01 $127,750 (-14.4%) $180,197 (-19.0%) 0.00 64
    2018-09-01 $128,500 (5.4%) $175,542 (-19.5%) 0.00 66
    2018-10-01 $125,375 (11.7%) $171,224 (-11.3%) 0.00 68
    2018-11-01 $137,750 (34.4%) $178,981 (0.6%) 0.00 67
    2018-12-01 $128,500 (11.3%) $187,282 (2.6%) 0.00 67
    2019-01-01 $125,250 (2.5%) $198,618 (6.4%) 0.00 62
    2019-02-01 $119,875 (-10.0%) $185,462 (-2.8%) 0.00 62
    2019-03-01 $122,986 (-8.6%) $187,109 (-0.5%) 0.00 61
    2019-04-01 $126,761 (-5.8%) $191,667 (-2.6%) 0.00 61
    2019-05-01 $137,450 (2.2%) $212,057 (5.8%) 0.00 48
    2019-06-01 $134,450 (3.4%) $205,730 (8.2%) 0.00 53
    2019-07-01 $146,500 (8.5%) $226,876 (27.9%) 0.00 51
    2019-08-01 $147,245 (15.3%) $240,014 (33.2%) 0.00 49
    2019-09-01 $143,114 (11.4%) $246,644 (40.5%) 0.00 48
    2019-10-01 $140,359 (12.0%) $253,031 (47.8%) 0.00 46
    2019-11-01 $139,450 (1.2%) $323,384 (80.7%) 0.00 46
    2019-12-01 $134,125 (4.4%) $321,064 (71.4%) 0.00 42
    2020-01-01 $134,125 (7.1%) $310,347 (56.3%) 0.00 41
    2020-02-01 $139,000 (16.0%) $348,395 (87.9%) 0.00 34
    2020-03-01 $207,750 (68.9%) $367,555 (96.4%) 0.00 30
    2020-04-01 $149,225 (17.7%) $329,952 (72.2%) 0.00 35
    2020-05-01 $169,450 (23.3%) $359,712 (69.6%) 0.00 33
    2020-06-01 $106,250 (-21.0%) $331,495 (61.1%) 0.00 31
    2020-07-01 $97,375 (-33.5%) $310,175 (36.7%) 0.00 35
    2020-08-01 $98,500 (-33.1%) $297,249 (23.9%) 0.00 35
    2020-09-01 $138,000 (-3.6%) $313,036 (26.9%) 0.00 32
    2020-10-01 $131,750 (-6.1%) $297,978 (17.8%) 0.00 36
    2020-11-01 $175,375 (25.8%) $263,770 (-18.4%) 0.00 36
    2020-12-01 $157,000 (17.1%) $213,017 (-33.7%) 0.00 38
    2021-01-01 $130,000 (-3.1%) $205,227 (-33.9%) 0.00 38
    2021-02-01 $123,250 (-11.3%) $160,872 (-53.8%) 0.00 32
    2021-03-01 $123,500 (-40.6%) $156,836 (-57.3%) 0.00 27
    2021-04-01 $154,725 (3.7%) $209,984 (-36.4%) 0.00 21
    2021-05-01 $214,000 (26.3%) $245,055 (-31.9%) 0.00 17
    2021-06-01 $229,500 (116.0%) $294,464 (-11.2%) 0.00 12
    2021-07-01 $194,500 (99.7%) $293,070 (-5.5%) 0.00 16
    2021-08-01 $174,250 (76.9%) $285,388 (-4.0%) 0.00 20
    2021-09-01 $202,500 (46.7%) $312,098 (-0.3%) 0.00 24
    2021-10-01 $229,000 (73.8%) $372,002 (24.8%) 0.00 20
    2021-11-01 $226,750 (29.3%) $368,079 (39.6%) 0.00 17
    2021-12-01 $133,975 (-14.7%) $306,178 (43.7%) 0.00 16
    2022-01-01 $149,250 (14.8%) $271,368 (32.2%) 0.00 19
    2022-02-01 $166,250 (34.9%) $272,988 (69.7%) 0.00 22
    2022-03-01 $151,250 (22.5%) $274,503 (75.0%) 0.00 21
    2022-04-01 $128,500 (-17.0%) $291,621 (38.9%) 0.00 19
    2022-05-01 $151,000 (-29.4%) $312,004 (27.3%) 0.00 25
    2022-06-01 $174,250 (-24.1%) $299,695 (1.8%) 0.00 30
    2022-07-01 $160,000 (-17.7%) $298,338 (1.8%) 0.00 29
    2022-08-01 $189,500 (8.8%) $284,757 (-0.2%) 0.00 32
    2022-09-01 $173,750 (-14.2%) $294,816 (-5.5%) 0.00 26
    2022-10-01 $178,500 (-22.1%) $244,156 (-34.4%) 0.00 34
    2022-11-01 $167,250 (-26.2%) $227,852 (-38.1%) 0.00 34
    2022-12-01 $149,000 (11.2%) $205,670 (-32.8%) 0.00 33
    2023-01-01 $149,450 (0.1%) $202,917 (-25.2%) 0.00 33
    2023-02-01 $147,625 (-11.2%) $187,614 (-31.3%) 0.00 36
    2023-03-01 $137,375 (-9.2%) $195,052 (-28.9%) 0.00 29
    2023-04-01 $149,500 (16.3%) $230,880 (-20.8%) 0.00 29
    2023-05-01 $145,750 (-3.5%) $224,996 (-27.9%) 0.00 28
    2023-06-01 $157,250 (-9.8%) $213,855 (-28.6%) 0.00 34
    2023-07-01 $139,900 (-12.6%) $229,561 (-23.1%) 0.00 38
    2023-08-01 $133,500 (-29.6%) $228,646 (-19.7%) 0.00 41
    2023-09-01 $145,500 (-16.3%) $247,535 (-16.0%) 0.00 33
    2023-10-01 $138,375 (-22.5%) $241,290 (-1.2%) 0.00 37
    2023-11-01 $135,000 (-19.3%) $247,204 (8.5%) 0.00 35
    2023-12-01 $202,000 (35.6%) $253,409 (23.2%) 0.00 40
    2024-01-01 $202,000 (35.2%) $261,081 (28.7%) 0.00 42
    2024-02-01 $181,000 (22.6%) $198,022 (5.6%) 0.00 48
    2024-03-01 $199,000 (44.9%) $243,220 (24.7%) 0.00 49
    2024-04-01 $200,500 (34.1%) $237,158 (2.7%) 0.00 54
    2024-05-01 $180,250 (23.7%) $243,713 (8.3%) 0.00 52
    2024-06-01 $173,000 (10.0%) $230,705 (7.9%) 0.00 54
    2024-07-01 $182,450 (30.4%) $230,634 (0.5%) 0.00 55
    2024-08-01 $189,900 (42.3%) $243,487 (6.5%) 0.00 55
    2024-09-01 $165,000 (13.4%) $238,707 (-3.6%) 0.00 55
    2024-10-01 $161,225 (16.5%) $252,674 (4.7%) 0.00 46
    Grenada's median listing price for 2024-10-01 was $161,225, a difference of $22,850 (16.5%) versus the prior year and $-3,775 versus the prior month.

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

    Grenada's average listing price for 2024-10-01 was $252,674, a difference of $11,384 (4.7%) versus the prior year and $13,967 versus the prior month.

    For the 2024-10-01 period, Grenada had 46 MLS listings, a difference of -9 listings (-16%) versus the prior month and 9 listings (24%) 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 2,608 sqft
    2018-02-01 0 days 2,667 sqft
    2018-03-01 0 days 1,982 sqft
    2018-04-01 0 days 2,357 sqft
    2018-05-01 0 days 2,199 sqft
    2018-06-01 0 days 2,108 sqft
    2018-07-01 0 days 1,926 sqft
    2018-08-01 0 days 1,759 sqft
    2018-09-01 0 days 1,748 sqft
    2018-10-01 0 days 1,926 sqft
    2018-11-01 0 days 2,064 sqft
    2018-12-01 0 days 2,073 sqft
    2019-01-01 0 days 2,096 sqft
    2019-02-01 0 days 2,094 sqft
    2019-03-01 0 days 2,041 sqft
    2019-04-01 0 days 1,989 sqft
    2019-05-01 0 days 1,957 sqft
    2019-06-01 0 days 1,913 sqft
    2019-07-01 0 days 2,214 sqft
    2019-08-01 0 days 2,275 sqft
    2019-09-01 0 days 2,235 sqft
    2019-10-01 0 days 2,208 sqft
    2019-11-01 0 days 2,200 sqft
    2019-12-01 0 days 1,934 sqft
    2020-01-01 0 days 1,889 sqft
    2020-02-01 0 days 2,092 sqft
    2020-03-01 0 days 2,305 sqft
    2020-04-01 0 days 1,992 sqft
    2020-05-01 0 days 2,040 sqft
    2020-06-01 0 days 1,788 sqft
    2020-07-01 0 days 1,773 sqft
    2020-08-01 0 days 1,500 sqft
    2020-09-01 0 days 1,789 sqft
    2020-10-01 0 days 1,874 sqft
    2020-11-01 0 days 2,033 sqft
    2020-12-01 0 days 1,965 sqft
    2021-01-01 0 days 1,874 sqft
    2021-02-01 0 days 1,856 sqft
    2021-03-01 0 days 1,850 sqft
    2021-04-01 0 days 2,007 sqft
    2021-05-01 0 days 2,294 sqft
    2021-06-01 0 days 2,112 sqft
    2021-07-01 0 days 2,140 sqft
    2021-08-01 0 days 2,041 sqft
    2021-09-01 0 days 2,106 sqft
    2021-10-01 0 days 2,213 sqft
    2021-11-01 0 days 2,101 sqft
    2021-12-01 0 days 1,697 sqft
    2022-01-01 0 days 1,761 sqft
    2022-02-01 0 days 1,743 sqft
    2022-03-01 0 days 1,659 sqft
    2022-04-01 0 days 1,546 sqft
    2022-05-01 0 days 1,751 sqft
    2022-06-01 0 days 1,672 sqft
    2022-07-01 0 days 2,154 sqft
    2022-08-01 0 days 2,099 sqft
    2022-09-01 0 days 2,025 sqft
    2022-10-01 0 days 1,950 sqft
    2022-11-01 0 days 1,974 sqft
    2022-12-01 0 days 1,936 sqft
    2023-01-01 0 days 1,945 sqft
    2023-02-01 0 days 1,865 sqft
    2023-03-01 0 days 1,880 sqft
    2023-04-01 0 days 2,000 sqft
    2023-05-01 0 days 2,033 sqft
    2023-06-01 0 days 1,928 sqft
    2023-07-01 0 days 1,950 sqft
    2023-08-01 0 days 1,699 sqft
    2023-09-01 0 days 1,796 sqft
    2023-10-01 0 days 1,673 sqft
    2023-11-01 0 days 1,866 sqft
    2023-12-01 0 days 2,272 sqft
    2024-01-01 0 days 1,976 sqft
    2024-02-01 0 days 1,936 sqft
    2024-03-01 0 days 1,920 sqft
    2024-04-01 0 days 1,954 sqft
    2024-05-01 0 days 1,970 sqft
    2024-06-01 0 days 1,915 sqft
    2024-07-01 0 days 1,826 sqft
    2024-08-01 0 days 1,883 sqft
    2024-09-01 0 days 1,846 sqft
    2024-10-01 0 days 1,940 sqft
    Grenada's median listing age (time on market) for 2024-10-01 was 0 days.

    Grenada's median square footage for active listings during the 2024-10-01 period was 1,940 sqft. One year prior, the average listing was 1,673 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).