Gulfport FHA Loans

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 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).