Gulfport FHA Loan Rates, Closing Costs & Stats

GULFPORT-BILOXI, MS

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.

Gulfport's 100 lenders originated 1,418 FHA loans during 2023. The total origination value was $288,210,000, with an average FHA loan value of $203,251.

Gulfport FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Gulfport averaged 6.46% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Gulfport's average FHA mortgage closing costs are $6,608.

The average rate for the prior week (2024-04-05) was 6.69% and one month ago for the week of 2024-03-08, the average rate was 6.53%.

The average rate one year ago was 6.26%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.86%.

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

Gulfport 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 Gulfport level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 131 6.32% $8,953
CMG MORTGAGE, INC. 114 6.66% $9,711
KEESLER 113 5.66% $7,220
DHI MORTGAGE COMPANY, LTD. 84 5.21% $7,123
Trustmark National Bank 83 6.41% $7,278
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 68 6.52% $9,068
CROSSCOUNTRY MORTGAGE, LLC 63 6.64% $9,983
MORTGAGE SOLUTIONS OF COLORADO, LLC 57 6.81% $8,860
SWBC MORTGAGE CORPORATION 52 6.55% $6,590
Regions Bank 42 6.15% $9,351
BancorpSouth 28 6.49% $7,451
DELMAR FINANCIAL COMPANY 27 6.63% $8,369
BROKER SOLUTIONS, INC. 27 6.83% $8,897
DSLD MORTGAGE, LLC 24 6.67% $5,812
UNITED WHOLESALE MORTGAGE, LLC 24 6.81% $10,401
Bank of England 22 6.47% $8,702
LOANDEPOT.COM, LLC 22 6.33% $11,317
GMFS LLC 19 6.89% $6,855
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 18 6.81% $8,540
CARDINAL FINANCIAL 15 6.55% $9,377
PRIMELENDING, A PLAINSCAPITAL COMPANY 13 7.27% $9,665
Hancock Whitney Bank 13 6.32% $7,449
Renasant Bank 12 6.44% $7,922
FREEDOM MORTGAGE CORPORATION 11 6.93% $13,590
Mr. Cooper ( Nationstar Mortgage ) 10 6.20% $11,541
Magnolia Bank 10 6.54% $9,267
Mortgage Research Center, LLC 10 7.11% $5,696
MUTUAL OF OMAHA MORTGAGE, INC. 9 6.43% $12,394
Plains Commerce Bank 9 6.42% $12,159
Carrington Mortgage Services, LLC 9 6.47% $10,223
NEWREZ LLC 9 6.26% $8,189
AMERICAN PACIFIC MORTGAGE CORPORATION 9 6.34% $8,475
PENNYMAC LOAN SERVICES, LLC 7 6.25% $9,447
AMERISAVE MORTGAGE CORPORATION 7 6.45% $10,231
PLANET HOME LENDING, LLC 5 6.82% $11,459
Merchants & Marine Bank 5 6.65% $7,336
FIRST COMMUNITY MORTGAGE, INC. 5 6.00% $9,867
Flagstar Bank, FSB 5 6.33% $6,139
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 4 7.28% $9,525
Community Bank of Mississippi 4 6.44% $8,616
Barrington Bank & Trust Company, N.A. 4 6.63% $8,793
MOVEMENT MORTGAGE, LLC 4 6.91% $8,624
LIBERTY HOME MORTGAGE CORPORATION 3 7.08% $5,906
STOCKTON MORTGAGE CORPORATION 3 6.92% $8,971
FBC MORTGAGE, LLC 3 4.83% $7,754
RELIANCE FIRST CAPITAL, LLC 3 6.29% $12,466
AMERICAN FINANCING CORPORATION 3 6.08% $12,313
EUSTIS AND AMERICAN MORTGAGE COMPANY 3 7.08% $7,271
Northpointe Bank 3 7.00% $8,170
Equity Prime Mortgage LLC 3 6.92% $9,399
AMERICAN FINANCIAL RESOURCES, INC. 3 6.58% $9,736
DRAPER AND KRAMER MORTGAGE CORP. 3 6.96% $8,853
Lakeview Community Capital, LLC 3 5.88% $10,091
UNION HOME MORTGAGE CORP. 2 6.56% $6,590
LAKEVIEW LOAN SERVICING, LLC 2 6.75% $12,548
SUN WEST MORTGAGE COMPANY, INC. 2 7.00% $13,825
GUARANTY HOME MORTGAGE CORPORATION 2 6.69% $8,287
ROYAL UNITED MORTGAGE LLC 2 6.63% $12,851
Wells Fargo Bank 2 6.50% $8,785
ZILLOW HOME LOANS, LLC 1 6.63% $8,591
ACADEMY MORTGAGE CORPORATION 1 8.25% $13,836
AMERICAN FINANCIAL NETWORK, INC. 1 7.25% $8,053
Assurance Financial Group, L.L.C. 1 6.99% $7,766
BankPlus 1 6.89% $4,380
CALCON MUTUAL MORTGAGE LLC 1 7.25% $10,940
Citizens Bank 1 5.75% $14,455
CONTOUR MORTGAGE CORPORATION 1 6.75% $12,686
DAS Acquisition Company, LLC 1 7.63% $10,691
EMBRACE HOME LOANS, INC. 1 6.75% $11,991
EMM LOANS LLC 1 5.75% $10,660
EVERETT FINANCIAL, INC. 1 7.13% $8,306
FIDELITY BANK 1 7.25% $12,600
FirstBank 1 7.13% $11,821
FIRST COLONY MORTGAGE CORPORATION 1 6.75% $11,057
First Federal Bank 1 7.13% $11,251
First State Bank of St. Charles, Missouri 1 5.75% $7,761
GENEVA FINANCIAL, LLC 1 6.63% $12,159
Grand Bank for Savings, FSB 1 6.25% $6,890
GUARANTEED RATE, INC. 1 6.88% $10,949
GUILD MORTGAGE COMPANY 1 6.50% $6,035
Gulf Coast Bank and Trust Company 1 6.13% $7,349
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.75% $5,523
Hometown Equity Mortgage, LLC 1 6.63% $9,102
HOPE FEDERAL CREDIT UNION 1 6.00% $10,357
JPMorgan Chase Bank 1 7.75% $6,224
MORTGAGE INVESTORS GROUP, INC. 1 7.50% $9,915
M&T Bank 1 6.25% $7,195
Nations Lending Corporation 1 7.25% $9,594
NEW DAY FINANCIAL, LLC 1 7.00% $10,461
OPEN MORTGAGE, LLC 1 7.38% $6,746
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.38% $12,706
Paramount Residential Mortgage Group, Inc. 1 6.99% $8,680
Republic State Mortgage Co. 1 6.75% $9,998
SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 7.25% $6,921
SUMMIT FUNDING, INC. 1 6.75% $6,567
Synovus Bank 1 6.50% $11,567
The Federal Savings Bank 1 5.63% $22,394
Towne Bank 1 7.50% $7,519
VILLAGE CAPITAL MORTGAGE 1 6.75% $14,460
1ST SIGNATURE LENDING, LLC 1 7.13% $14,110

The top Gulfport FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 131 FHA loans originated. Their average total fees are $8,953, which is $759 lower than the next largest lender, CMG MORTGAGE, INC..

The lowest fee Gulfport FHA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,696), DSLD MORTGAGE, LLC ($5,812), SWBC MORTGAGE CORPORATION ($6,590), GMFS LLC ($6,855) and DHI MORTGAGE COMPANY, LTD. ($7,123).

The lowest rate Gulfport FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.21%), KEESLER (5.66%), Regions Bank (6.15%), Mr. Cooper ( Nationstar Mortgage ) (6.20%) and Hancock Whitney Bank (6.32%).

Gulfport FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
GULFPORT-BILOXI, MS HANCOCK 2022 $420,680 $538,650 $651,050 $809,150
GULFPORT-BILOXI, MS HARRISON 2022 $420,680 $538,650 $651,050 $809,150
GULFPORT-BILOXI, MS JACKSON 2022 $420,680 $538,650 $651,050 $809,150
GULFPORT-BILOXI, MS STONE 2022 $420,680 $538,650 $651,050 $809,150
GULFPORT-BILOXI, MS HANCOCK 2023 $472,030 $604,400 $730,525 $907,900
GULFPORT-BILOXI, MS HARRISON 2023 $472,030 $604,400 $730,525 $907,900
GULFPORT-BILOXI, MS JACKSON 2023 $472,030 $604,400 $730,525 $907,900
GULFPORT-BILOXI, MS STONE 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Gulfport (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 $179,000 (4.8%) $245,444 (5.0%) 0.66 2,027
2018-02-01 $179,850 (4.1%) $242,122 (4.0%) 0.65 2,044
2018-03-01 $186,900 (6.1%) $251,435 (6.6%) 0.66 2,087
2018-04-01 $189,950 (5.9%) $256,140 (6.2%) 0.64 2,152
2018-05-01 $195,475 (8.6%) $259,286 (7.2%) 0.65 2,145
2018-06-01 $195,000 (5.5%) $262,835 (8.7%) 0.65 2,143
2018-07-01 $194,950 (5.4%) $263,098 (8.0%) 0.65 2,109
2018-08-01 $195,450 (7.2%) $260,073 (7.1%) 0.65 2,119
2018-09-01 $197,500 (9.8%) $261,028 (7.4%) 0.66 2,130
2018-10-01 $197,725 (10.5%) $258,922 (7.0%) 0.67 2,092
2018-11-01 $190,813 (6.8%) $255,346 (5.7%) 0.65 2,107
2018-12-01 $189,900 (6.4%) $250,887 (3.2%) 0.66 2,027
2019-01-01 $189,950 (6.1%) $248,294 (1.2%) 0.66 1,999
2019-02-01 $194,950 (8.4%) $252,469 (4.3%) 0.66 1,992
2019-03-01 $195,450 (4.6%) $254,997 (1.4%) 0.64 1,996
2019-04-01 $196,775 (3.6%) $257,035 (0.4%) 0.62 2,038
2019-05-01 $204,375 (4.6%) $259,884 (0.2%) 0.64 2,061
2019-06-01 $201,750 (3.5%) $258,712 (-1.6%) 0.63 2,169
2019-07-01 $204,070 (4.7%) $261,336 (-0.7%) 0.64 2,203
2019-08-01 $203,722 (4.2%) $263,158 (1.2%) 0.65 2,160
2019-09-01 $201,806 (2.2%) $263,320 (0.9%) 0.65 2,098
2019-10-01 $200,494 (1.4%) $263,428 (1.7%) 0.65 2,041
2019-11-01 $199,900 (4.8%) $263,922 (3.4%) 0.66 2,009
2019-12-01 $198,950 (4.8%) $260,169 (3.7%) 0.66 2,010
2020-01-01 $198,450 (4.5%) $259,555 (4.5%) 0.66 1,858
2020-02-01 $199,900 (2.5%) $259,363 (2.7%) 0.65 1,892
2020-03-01 $208,950 (6.9%) $265,934 (4.3%) 0.66 1,888
2020-04-01 $209,950 (6.7%) $265,607 (3.3%) 0.66 1,862
2020-05-01 $215,000 (5.2%) $269,827 (3.8%) 0.65 1,685
2020-06-01 $225,000 (11.5%) $279,844 (8.2%) 0.66 1,450
2020-07-01 $233,505 (14.4%) $286,870 (9.8%) 0.68 1,344
2020-08-01 $243,100 (19.3%) $294,779 (12.0%) 0.70 1,216
2020-09-01 $246,770 (22.3%) $300,032 (13.9%) 0.71 1,158
2020-10-01 $247,738 (23.6%) $296,993 (12.7%) 0.71 1,114
2020-11-01 $238,900 (19.5%) $286,521 (8.6%) 0.70 1,098
2020-12-01 $238,819 (20.0%) $286,023 (9.9%) 0.71 1,026
2021-01-01 $239,000 (20.4%) $286,648 (10.4%) 0.71 924
2021-02-01 $240,900 (20.5%) $297,496 (14.7%) 0.70 779
2021-03-01 $233,950 (12.0%) $300,336 (12.9%) 0.66 750
2021-04-01 $232,000 (10.5%) $315,325 (18.7%) 0.63 682
2021-05-01 $234,900 (9.3%) $319,055 (18.2%) 0.62 684
2021-06-01 $231,125 (2.7%) $327,543 (17.0%) 0.61 740
2021-07-01 $239,000 (2.4%) $331,803 (15.7%) 0.63 837
2021-08-01 $236,385 (-2.8%) $325,073 (10.3%) 0.63 890
2021-09-01 $235,000 (-4.8%) $320,465 (6.8%) 0.63 912
2021-10-01 $245,000 (-1.1%) $330,478 (11.3%) 0.65 869
2021-11-01 $254,375 (6.5%) $341,770 (19.3%) 0.68 765
2021-12-01 $256,213 (7.3%) $339,575 (18.7%) 0.69 728
2022-01-01 $255,000 (6.7%) $350,187 (22.2%) 0.69 648
2022-02-01 $269,475 (11.9%) $363,837 (22.3%) 0.70 619
2022-03-01 $277,450 (18.6%) $358,218 (19.3%) 0.69 647
2022-04-01 $294,450 (26.9%) $371,220 (17.7%) 0.70 699
2022-05-01 $295,825 (25.9%) $375,393 (17.7%) 0.68 789
2022-06-01 $297,000 (28.5%) $375,443 (14.6%) 0.66 913
2022-07-01 $295,900 (23.8%) $368,732 (11.1%) 0.67 1,022
2022-08-01 $289,950 (22.7%) $362,329 (11.5%) 0.67 1,107
2022-09-01 $295,340 (25.7%) $360,217 (12.4%) 0.69 1,108
2022-10-01 $297,500 (21.4%) $358,566 (8.5%) 0.70 1,142
2022-11-01 $288,400 (13.4%) $354,748 (3.8%) 0.69 1,175
2022-12-01 $279,950 (9.3%) $357,634 (5.3%) 0.69 1,106
2023-01-01 $293,053 (14.9%) $364,710 (4.2%) 0.73 1,011
2023-02-01 $299,178 (11.0%) $381,491 (4.9%) 0.72 983
2023-03-01 $304,500 (9.8%) $391,521 (9.3%) 0.72 973
2023-04-01 $315,900 (7.3%) $398,589 (7.4%) 0.73 943
2023-05-01 $300,900 (1.7%) $392,960 (4.7%) 0.68 1,033
2023-06-01 $297,738 (0.3%) $384,093 (2.3%) 0.67 1,103
2023-07-01 $305,000 (3.1%) $385,261 (4.5%) 0.69 1,181
2023-08-01 $304,963 (5.2%) $378,845 (4.6%) 0.70 1,222
2023-09-01 $299,900 (1.5%) $371,743 (3.2%) 0.70 1,281
2023-10-01 $289,475 (-2.7%) $360,891 (0.7%) 0.68 1,388
2023-11-01 $295,000 (2.3%) $364,905 (2.9%) 0.70 1,501
2023-12-01 $294,950 (5.4%) $362,061 (1.2%) 0.72 1,501
2024-01-01 $289,000 (-1.4%) $360,381 (-1.2%) 0.71 1,484
2024-02-01 $287,495 (-3.9%) $361,020 (-5.4%) 0.69 1,506
2024-03-01 $289,000 (-5.1%) $365,795 (-6.6%) 0.68 1,581
Gulfport's median listing price for 2024-03-01 was $289,000, a difference of $-15,500 (-5.1%) versus the prior year and $1,505 versus the prior month.

Gulfport's median listing price comes in at 68% of the national average.

Gulfport's average listing price for 2024-03-01 was $365,795, a difference of $-25,726 (-6.6%) versus the prior year and $4,775 versus the prior month.

For the 2024-03-01 period, Gulfport had 1,581 MLS listings, a difference of 75 listings (5%) versus the prior month and 608 listings (62%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Gulfport (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 93 days 1,843 sqft
2018-02-01 91 days 1,835 sqft
2018-03-01 73 days 1,854 sqft
2018-04-01 70 days 1,875 sqft
2018-05-01 67 days 1,902 sqft
2018-06-01 71 days 1,900 sqft
2018-07-01 76 days 1,908 sqft
2018-08-01 78 days 1,912 sqft
2018-09-01 82 days 1,900 sqft
2018-10-01 84 days 1,900 sqft
2018-11-01 86 days 1,880 sqft
2018-12-01 91 days 1,861 sqft
2019-01-01 95 days 1,854 sqft
2019-02-01 88 days 1,857 sqft
2019-03-01 78 days 1,874 sqft
2019-04-01 71 days 1,895 sqft
2019-05-01 68 days 1,921 sqft
2019-06-01 67 days 1,900 sqft
2019-07-01 68 days 1,907 sqft
2019-08-01 73 days 1,913 sqft
2019-09-01 76 days 1,923 sqft
2019-10-01 78 days 1,928 sqft
2019-11-01 79 days 1,920 sqft
2019-12-01 82 days 1,894 sqft
2020-01-01 89 days 1,879 sqft
2020-02-01 87 days 1,900 sqft
2020-03-01 67 days 1,916 sqft
2020-04-01 72 days 1,907 sqft
2020-05-01 78 days 1,914 sqft
2020-06-01 82 days 1,930 sqft
2020-07-01 66 days 2,016 sqft
2020-08-01 60 days 2,009 sqft
2020-09-01 58 days 2,001 sqft
2020-10-01 58 days 1,981 sqft
2020-11-01 59 days 1,949 sqft
2020-12-01 65 days 1,921 sqft
2021-01-01 73 days 1,886 sqft
2021-02-01 63 days 1,876 sqft
2021-03-01 46 days 1,843 sqft
2021-04-01 44 days 1,808 sqft
2021-05-01 31 days 1,748 sqft
2021-06-01 36 days 1,800 sqft
2021-07-01 38 days 1,820 sqft
2021-08-01 39 days 1,848 sqft
2021-09-01 47 days 1,852 sqft
2021-10-01 24 days 1,900 sqft
2021-11-01 42 days 1,914 sqft
2021-12-01 54 days 1,919 sqft
2022-01-01 59 days 1,900 sqft
2022-02-01 53 days 1,924 sqft
2022-03-01 35 days 1,874 sqft
2022-04-01 32 days 1,887 sqft
2022-05-01 35 days 1,897 sqft
2022-06-01 37 days 1,896 sqft
2022-07-01 43 days 1,880 sqft
2022-08-01 48 days 1,899 sqft
2022-09-01 56 days 1,898 sqft
2022-10-01 60 days 1,892 sqft
2022-11-01 65 days 1,895 sqft
2022-12-01 74 days 1,872 sqft
2023-01-01 84 days 1,861 sqft
2023-02-01 86 days 1,913 sqft
2023-03-01 63 days 1,942 sqft
2023-04-01 58 days 1,933 sqft
2023-05-01 52 days 1,905 sqft
2023-06-01 48 days 1,858 sqft
2023-07-01 52 days 1,824 sqft
2023-08-01 55 days 1,807 sqft
2023-09-01 58 days 1,773 sqft
2023-10-01 56 days 1,747 sqft
2023-11-01 58 days 1,725 sqft
2023-12-01 67 days 1,700 sqft
2024-01-01 76 days 1,702 sqft
2024-02-01 75 days 1,692 sqft
2024-03-01 59 days 1,724 sqft
Gulfport's median listing age (time on market) for 2024-03-01 was 59 days. This is -6% shorter than the same period one year ago.

Gulfport's median square footage for active listings during the 2024-03-01 period was 1,724 sqft. One year prior, the average listing was 1,942 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).