Gulfport FHA Loan Rates, Closing Costs & Stats

GULFPORT-BILOXI, MS

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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 6.51% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.67% and one month ago for the week of 2024-06-14, the average rate was 6.32%.

    The average rate one year ago was 6.71%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.81%.

    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

    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).