Gulfport FHA Loans

GULFPORT-BILOXI, MS

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 103 lenders originated 1,989 FHA loans during 2021. The total origination value was $345,395,000, with an average FHA loan value of $173,653.

    Gulfport FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Gulfport averaged 5.46% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.19% and one month ago for the week of 2022-04-08, the average rate was 4.76%.

    The average rate one year ago was 2.87%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.76%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Gulfport level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 206 2.81% $5,484
    CMG MORTGAGE, INC. 201 3.17% $8,285
    Trustmark National Bank 133 2.88% $5,802
    DELMAR FINANCIAL COMPANY 107 3.07% $6,896
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 92 3.06% $6,655
    DHI MORTGAGE COMPANY, LTD. 92 2.79% $6,294
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 88 3.70% $7,177
    INLANTA MORTGAGE, INC. 76 3.10% $7,002
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 40 3.51% $7,784
    LAKEVIEW LOAN SERVICING, LLC 39 2.95% $4,120
    BancorpSouth Bank 37 3.02% $5,763
    GMFS LLC 34 3.16% $5,322
    EVERETT FINANCIAL, INC. 33 3.20% $5,629
    DSLD MORTGAGE, LLC 33 2.64% $5,182
    CALIBER HOME LOANS, INC. 30 3.09% $6,730
    HOME POINT FINANCIAL CORPORATION 29 2.80% $6,750
    FREEDOM MORTGAGE CORPORATION 28 2.95% $3,466
    Mr. Cooper ( Nationstar Mortgage ) 26 3.25% $3,508
    PENNYMAC LOAN SERVICES, LLC 26 2.98% $4,275
    PRIMELENDING, A PLAINSCAPITAL COMPANY 22 3.70% $6,946
    UNITED WHOLESALE MORTGAGE, LLC 22 2.77% $7,109
    KEESLER 22 3.00% $6,015
    Community Bank of Mississippi 21 2.87% $6,102
    NEWREZ LLC 19 3.04% $4,840
    LOANDEPOT.COM, LLC 18 3.39% $6,365
    First Horizon Bank 14 3.09% $6,469
    Hancock Whitney Bank 14 2.60% $6,317
    PLANET HOME LENDING, LLC 14 3.30% $6,407
    Amerifirst Financial, Inc. 13 3.30% $5,168
    Regions Bank 12 2.81% $5,049
    MORTGAGE SOLUTIONS OF COLORADO, LLC 11 3.42% $6,429
    AMERISAVE MORTGAGE CORPORATION 11 2.90% $7,399
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 2.91% $4,978
    FBT Mortgage, L.L.C. 7 2.80% $6,326
    CROSSCOUNTRY MORTGAGE, LLC 7 3.46% $8,312
    ENVOY MORTGAGE, LTD 6 3.13% $7,769
    VILLAGE CAPITAL & INVESTMENT LLC 6 2.89% $1,709
    First Guaranty Mortgage Corporation 6 2.92% $5,672
    Carrington Mortgage Services, LLC 6 3.42% $6,113
    BROKER SOLUTIONS, INC. 6 2.96% $7,717
    ANGEL OAK HOME LOANS LLC 5 3.15% $6,414
    MID AMERICA MORTGAGE, INC. 5 2.75% $4,454
    Nations Lending Corporation 5 3.58% $7,851
    Mortgage Research Center, LLC 5 3.35% $7,420
    EMBRACE HOME LOANS, INC. 4 3.44% $7,112
    Barrington Bank & Trust Company, N.A. 4 3.41% $6,967
    FIRST COMMUNITY MORTGAGE, INC. 4 2.91% $5,940
    EUSTIS AND AMERICAN MORTGAGE COMPANY 3 2.92% $7,350
    RELIANCE FIRST CAPITAL, LLC 3 2.96% $8,650
    Renasant Bank 3 2.92% $5,532
    AMERICAN FINANCING CORPORATION 3 3.13% $4,967
    AMERICAN MORTGAGE SERVICE COMPANY 3 2.96% $6,908
    Lakeview Community Capital, LLC 3 3.17% $4,205
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 3.88% $6,945
    ACADEMY MORTGAGE CORPORATION 2 3.00% $9,122
    AMERICAN FINANCIAL NETWORK, INC. 2 3.81% $10,240
    DAS Acquisition Company, LLC 2 2.88% $5,849
    GUARANTY HOME MORTGAGE CORPORATION 2 2.63% $7,511
    Gulf Coast Bank and Trust Company 2 2.81% $6,772
    Hamilton Mortgage Corporation 2 3.00% $8,648
    LHM FINANCIAL CORPORATION 2 3.06% $6,851
    MOVEMENT MORTGAGE, LLC 2 3.31% $6,363
    UNION HOME MORTGAGE CORP. 2 3.50% $6,106
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 4.25% $8,048
    LIBERTY HOME MORTGAGE CORPORATION 1 3.50% $6,869
    HOMESIDE FINANCIAL, LLC 1 3.25% $7,735
    Magnolia Bank 1 2.50% $7,650
    Manufacturers and Traders Trust Company 1 3.25% $6,024
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.25% $6,291
    GUILD MORTGAGE COMPANY 1 3.13% $7,378
    GUARANTEED RATE, INC. 1 3.13% $9,549
    Wells Fargo Bank 1 3.38% $2,055
    GSF Mortgage Corporation 1 3.13% $7,494
    Goldwater Bank, N.A. 1 3.00% $5,761
    NEW DAY FINANCIAL, LLC 1 2.88% $8,466
    FLAT BRANCH MORTGAGE, INC. 1 3.38% $6,805
    Origin Bank 1 2.75% $6,505
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 3.25% $8,813
    Flagstar Bank, FSB 1 2.75% $4,937
    First Savings Bank 1 5.00% $8,008
    Platinum Home Mortgage Corporation 1 3.25% $11,921
    First Federal Bank 1 3.75% $5,539
    FIDELITY BANK 1 3.38% $6,678
    Prosperity Home Mortgage, LLC 1 2.63% $6,000
    CRESCENT MORTGAGE COMPANY 1 2.50% $6,233
    BETTER MORTGAGE CORPORATION 1 3.13% $5,514
    BAYSHORE MORTGAGE FUNDING, LLC 1 3.63% $7,496
    Bank of England 1 2.63% $6,437
    ROYAL UNITED MORTGAGE LLC 1 3.38% $4,919
    SouthPoint Bank 1 2.75% $6,475
    SOUTHWEST STAGE FUNDING, LLC 1 3.25% $3,020
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.63% $6,684
    STOCKTON MORTGAGE CORPORATION 1 3.25% $7,314
    The Federal Savings Bank 1 3.88% $9,793
    Total Media Management, LLC 1 3.00% $4,844
    Bank of America 1 2.63% $6,844
    Wyndham Capital Mortgage, Inc. 1 2.63% $8,244
    Assurance Financial Group, L.L.C. 1 2.88% $7,652
    ZILLOW HOME LOANS, LLC 1 4.13% $2,334
    KELLER MORTGAGE, LLC 1 2.25% $7,535
    JPMorgan Chase Bank 1 2.99% $3,922
    InterContinental Capital Group, Inc 1 3.25% $9,525
    AMCAP MORTGAGE, LTD. 1 3.88% $8,238

    The top Gulfport FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 206 FHA loans originated. Their average total fees are $5,484, which is $2,801 lower than the next largest lender, CMG MORTGAGE, INC..

    The lowest fee Gulfport FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($3,466), Mr. Cooper ( Nationstar Mortgage ) ($3,508), LAKEVIEW LOAN SERVICING, LLC ($4,120), PENNYMAC LOAN SERVICES, LLC ($4,275) and NEWREZ LLC ($4,840).

    The lowest rate Gulfport FHA lenders (with over 10 loans originated) are Hancock Whitney Bank (2.60%), DSLD MORTGAGE, LLC (2.64%), UNITED WHOLESALE MORTGAGE, LLC (2.77%), DHI MORTGAGE COMPANY, LTD. (2.79%) and HOME POINT FINANCIAL CORPORATION (2.80%).

    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

    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 $179,900 (5.8%) $250,365 (4.7%) 0.66 1,952
    2018-02-01 $182,450 (5.5%) $246,991 (4.1%) 0.66 1,963
    2018-03-01 $189,500 (6.3%) $256,355 (6.9%) 0.66 2,002
    2018-04-01 $195,000 (8.6%) $260,725 (6.2%) 0.65 2,069
    2018-05-01 $199,500 (10.6%) $264,020 (7.2%) 0.67 2,060
    2018-06-01 $199,000 (7.3%) $271,314 (10.0%) 0.66 2,068
    2018-07-01 $199,250 (7.2%) $271,885 (9.5%) 0.66 2,040
    2018-08-01 $199,700 (9.2%) $268,712 (9.0%) 0.67 2,051
    2018-09-01 $199,900 (11.1%) $269,159 (8.7%) 0.67 2,054
    2018-10-01 $199,450 (10.9%) $267,235 (8.6%) 0.67 2,020
    2018-11-01 $195,000 (8.4%) $263,699 (7.2%) 0.65 2,033
    2018-12-01 $189,990 (5.6%) $258,277 (4.2%) 0.65 1,966
    2019-01-01 $192,450 (7.0%) $256,368 (2.4%) 0.66 1,936
    2019-02-01 $196,513 (7.7%) $259,217 (5.0%) 0.66 1,924
    2019-03-01 $198,371 (4.7%) $261,880 (2.2%) 0.65 1,925
    2019-04-01 $199,000 (2.1%) $264,142 (1.3%) 0.63 1,969
    2019-05-01 $206,735 (3.6%) $266,516 (1.0%) 0.64 2,003
    2019-06-01 $205,185 (3.1%) $265,177 (-2.3%) 0.63 2,099
    2019-07-01 $208,385 (4.6%) $268,745 (-1.2%) 0.65 2,153
    2019-08-01 $209,429 (4.9%) $274,243 (2.1%) 0.66 2,066
    2019-09-01 $209,929 (5.0%) $277,057 (2.9%) 0.67 1,962
    2019-10-01 $205,073 (2.8%) $274,409 (2.7%) 0.65 1,971
    2019-11-01 $204,515 (4.9%) $273,418 (3.7%) 0.66 1,954
    2019-12-01 $199,900 (5.2%) $269,818 (4.5%) 0.67 1,969
    2020-01-01 $199,450 (3.6%) $268,922 (4.9%) 0.67 1,825
    2020-02-01 $202,900 (3.3%) $268,557 (3.6%) 0.65 1,836
    2020-03-01 $210,450 (6.1%) $273,813 (4.6%) 0.66 1,838
    2020-04-01 $211,950 (6.5%) $272,795 (3.3%) 0.66 1,825
    2020-05-01 $217,100 (5.0%) $277,048 (4.0%) 0.66 1,650
    2020-06-01 $225,475 (9.9%) $286,999 (8.2%) 0.66 1,441
    2020-07-01 $233,750 (12.2%) $291,647 (8.5%) 0.67 1,338
    2020-08-01 $240,900 (15.0%) $297,155 (8.4%) 0.69 1,227
    2020-09-01 $246,038 (17.2%) $304,055 (9.7%) 0.70 1,159
    2020-10-01 $249,000 (21.4%) $302,412 (10.2%) 0.71 1,107
    2020-11-01 $240,800 (17.7%) $289,266 (5.8%) 0.69 1,091
    2020-12-01 $239,450 (19.8%) $286,465 (6.2%) 0.70 1,010
    2021-01-01 $238,777 (19.7%) $287,284 (6.8%) 0.70 901
    2021-02-01 $242,575 (19.6%) $297,868 (10.9%) 0.70 754
    2021-03-01 $234,889 (11.6%) $301,124 (10.0%) 0.66 724
    2021-04-01 $230,000 (8.5%) $314,399 (15.3%) 0.62 658
    2021-05-01 $229,900 (5.9%) $317,957 (14.8%) 0.61 666
    2021-06-01 $229,700 (1.9%) $326,237 (13.7%) 0.60 715
    2021-07-01 $237,450 (1.6%) $331,729 (13.7%) 0.62 795
    2021-08-01 $235,000 (-2.5%) $326,153 (9.8%) 0.62 850
    2021-09-01 $234,999 (-4.5%) $323,910 (6.5%) 0.62 868
    2021-10-01 $245,000 (-1.6%) $332,969 (10.1%) 0.64 880
    2021-11-01 $256,000 (6.3%) $350,193 (21.1%) 0.67 824
    2021-12-01 $260,950 (9.0%) $345,793 (20.7%) 0.70 802
    2022-01-01 $259,000 (8.5%) $360,081 (25.3%) 0.69 712
    2022-02-01 $269,350 (11.0%) $367,109 (23.3%) 0.69 689
    2022-03-01 $278,950 (18.8%) $366,910 (21.9%) 0.69 715
    2022-04-01 $289,999 (26.1%) $377,703 (20.1%) 0.68 769
    Gulfport's median listing price for 2022-04-01 was $289,999, a difference of $59,999 (26.1%) versus the prior year and $11,049 versus the prior month.

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

    Gulfport's average listing price for 2022-04-01 was $377,703, a difference of $63,304 (20.1%) versus the prior year and $10,793 versus the prior month.

    For the 2022-04-01 period, Gulfport had 769 MLS listings, a difference of 54 listings (8%) versus the prior month and 111 listings (17%) 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
    2018-01-01 102 days 1,844 sqft
    2018-02-01 100 days 1,837 sqft
    2018-03-01 91 days 1,856 sqft
    2018-04-01 78 days 1,881 sqft
    2018-05-01 74 days 1,914 sqft
    2018-06-01 78 days 1,910 sqft
    2018-07-01 83 days 1,920 sqft
    2018-08-01 86 days 1,927 sqft
    2018-09-01 91 days 1,916 sqft
    2018-10-01 94 days 1,905 sqft
    2018-11-01 96 days 1,890 sqft
    2018-12-01 100 days 1,880 sqft
    2019-01-01 105 days 1,861 sqft
    2019-02-01 99 days 1,876 sqft
    2019-03-01 88 days 1,891 sqft
    2019-04-01 80 days 1,899 sqft
    2019-05-01 76 days 1,928 sqft
    2019-06-01 74 days 1,903 sqft
    2019-07-01 74 days 1,925 sqft
    2019-08-01 84 days 1,940 sqft
    2019-09-01 87 days 1,958 sqft
    2019-10-01 87 days 1,943 sqft
    2019-11-01 84 days 1,925 sqft
    2019-12-01 87 days 1,906 sqft
    2020-01-01 95 days 1,886 sqft
    2020-02-01 95 days 1,906 sqft
    2020-03-01 79 days 1,923 sqft
    2020-04-01 79 days 1,909 sqft
    2020-05-01 84 days 1,916 sqft
    2020-06-01 92 days 1,936 sqft
    2020-07-01 79 days 1,996 sqft
    2020-08-01 71 days 2,000 sqft
    2020-09-01 68 days 2,001 sqft
    2020-10-01 66 days 1,983 sqft
    2020-11-01 66 days 1,954 sqft
    2020-12-01 70 days 1,917 sqft
    2021-01-01 80 days 1,887 sqft
    2021-02-01 72 days 1,876 sqft
    2021-03-01 52 days 1,853 sqft
    2021-04-01 50 days 1,800 sqft
    2021-05-01 38 days 1,746 sqft
    2021-06-01 39 days 1,800 sqft
    2021-07-01 41 days 1,828 sqft
    2021-08-01 41 days 1,840 sqft
    2021-09-01 49 days 1,848 sqft
    2021-10-01 16 days 1,892 sqft
    2021-11-01 41 days 1,916 sqft
    2021-12-01 63 days 1,903 sqft
    2022-01-01 74 days 1,892 sqft
    2022-02-01 74 days 1,920 sqft
    2022-03-01 46 days 1,879 sqft
    2022-04-01 42 days 1,902 sqft
    Gulfport's median listing age (time on market) for 2022-04-01 was 42 days. This is -16% shorter than the same period one year ago.

    Gulfport's median square footage for active listings during the 2022-04-01 period was 1,902 sqft. One year prior, the average listing was 1,800 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).