Hattiesburg FHA Loans

HATTIESBURG, 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.

    Hattiesburg's 75 lenders originated 655 FHA loans during 2021. The total origination value was $141,585,000, with an average FHA loan value of $216,160.

    Hattiesburg FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Hattiesburg averaged 5.12% 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 5.35% and one month ago for the week of 2022-04-08, the average rate was 4.81%.

    The average rate one year ago was 2.92%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.1%.

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

    Hattiesburg 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 Hattiesburg level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Trustmark National Bank 102 2.76% $6,246
    LOANDEPOT.COM, LLC 72 3.25% $7,147
    QUICKEN LOANS, LLC 64 2.70% $5,264
    CALIBER HOME LOANS, INC. 40 2.99% $7,738
    Community Bank of Mississippi 21 2.77% $6,677
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 20 3.07% $7,203
    BancorpSouth Bank 15 2.89% $6,028
    Mr. Cooper ( Nationstar Mortgage ) 13 3.18% $4,402
    ACADEMY MORTGAGE CORPORATION 12 3.14% $7,852
    UNITED WHOLESALE MORTGAGE, LLC 12 2.56% $8,177
    Regions Bank 10 3.09% $5,344
    PENNYMAC LOAN SERVICES, LLC 10 3.19% $3,362
    GUILD MORTGAGE COMPANY 9 2.71% $6,341
    STOCKTON MORTGAGE CORPORATION 7 2.93% $7,880
    Bank of England 7 3.16% $6,757
    LAKEVIEW LOAN SERVICING, LLC 6 3.06% $3,755
    HOME POINT FINANCIAL CORPORATION 6 2.69% $5,606
    NEWREZ LLC 5 3.33% $5,556
    EVERETT FINANCIAL, INC. 5 3.55% $6,167
    CMG MORTGAGE, INC. 4 2.87% $8,405
    Hamilton Mortgage Corporation 4 3.50% $6,501
    Hancock Whitney Bank 4 2.56% $7,757
    Hometown Lenders, Inc. 4 3.50% $8,328
    VILLAGE CAPITAL & INVESTMENT LLC 4 2.87% $1,683
    PLANET HOME LENDING, LLC 4 3.53% $8,713
    FIRST COMMUNITY MORTGAGE, INC. 4 3.00% $6,693
    Carrington Mortgage Services, LLC 3 3.25% $6,427
    Flagstar Bank, FSB 3 2.96% $7,136
    FREEDOM MORTGAGE CORPORATION 3 2.92% $3,735
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 3.08% $7,456
    Renasant Bank 3 3.21% $5,659
    Paramount Residential Mortgage Group, Inc. 3 3.38% $7,071
    BROKER SOLUTIONS, INC. 3 3.12% $8,190
    CORNERSTONE HOME LENDING, INC. 3 3.42% $7,153
    MORTGAGE INVESTORS GROUP, INC. 3 3.00% $6,564
    Citizens Bank 3 2.71% $7,445
    ZILLOW HOME LOANS, LLC 2 3.13% $7,433
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.00% $10,140
    AMERISAVE MORTGAGE CORPORATION 2 2.94% $8,261
    ANGEL OAK HOME LOANS LLC 2 3.19% $6,265
    CROSSCOUNTRY MORTGAGE, LLC 2 3.19% $7,825
    DAS Acquisition Company, LLC 2 3.34% $5,041
    DELMAR FINANCIAL COMPANY 2 3.12% $6,469
    FAY SERVICING, LLC 2 2.75% $6,634
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.38% $5,419
    MID AMERICA MORTGAGE, INC. 2 2.38% $3,415
    OCEANSIDE MORTGAGE COMPANY 2 2.49% $2,389
    U.S. Bank 2 2.63% $5,823
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 3.69% $7,710
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.13% $5,439
    Grand Bank for Savings, FSB 1 2.63% $5,309
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.25% $8,186
    GMFS LLC 1 2.25% $6,435
    First Option Mortgage, LLC 1 3.13% $9,932
    AMERICAN FINANCIAL NETWORK, INC. 1 3.25% $9,239
    First Guaranty Mortgage Corporation 1 3.75% $9,424
    FINANCE OF AMERICA MORTGAGE LLC 1 4.25% $3,382
    Peoples Bank 1 2.75% $4,378
    FIDELITY BANK 1 3.25% $8,885
    PLAZA HOME MORTGAGE, INC. 1 2.99% $5,285
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.13% $12,055
    Progress Bank and Trust 1 2.63% $6,066
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 3.13% $13,573
    BankPlus 1 3.13% $3,433
    Austin Capital Bank SSB 1 3.13% $6,921
    RESOURCE FINANCIAL SERVICES, INC. 1 2.88% $9,101
    Amerifirst Financial, Inc. 1 3.00% $4,965
    SUCCESS MORTGAGE PARTNERS, INC. 1 4.13% $7,290
    SUN WEST MORTGAGE COMPANY, INC. 1 3.63% $7,717
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.50% $7,694
    AMERICAN FINANCING CORPORATION 1 4.00% $6,778
    Ixonia Bank 1 3.25% $6,749
    KEESLER 1 3.00% $6,555
    INLANTA MORTGAGE, INC. 1 2.88% $7,782
    HOMESIDE FINANCIAL, LLC 1 3.25% $8,136

    The top Hattiesburg FHA lender as defined by loan originations is Trustmark National Bank, with 102 FHA loans originated. Their average total fees are $6,246, which is $902 lower than the next largest lender, LOANDEPOT.COM, LLC.

    The lowest fee Hattiesburg FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC ($3,362), Mr. Cooper ( Nationstar Mortgage ) ($4,402), QUICKEN LOANS, LLC ($5,264), Regions Bank ($5,344) and BancorpSouth Bank ($6,028).

    The lowest rate Hattiesburg FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.56%), QUICKEN LOANS, LLC (2.70%), Trustmark National Bank (2.76%), Community Bank of Mississippi (2.77%) and BancorpSouth Bank (2.89%).

    Hattiesburg FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    HATTIESBURG, MS COVINGTON 2022 $420,680 $538,650 $651,050 $809,150
    HATTIESBURG, MS FORREST 2022 $420,680 $538,650 $651,050 $809,150
    HATTIESBURG, MS LAMAR 2022 $420,680 $538,650 $651,050 $809,150
    HATTIESBURG, MS PERRY 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Hattiesburg (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 $186,750 (5.5%) $255,569 (10.2%) 0.69 528
    2018-02-01 $194,950 (10.3%) $262,350 (8.6%) 0.70 517
    2018-03-01 $200,000 (11.3%) $271,931 (8.2%) 0.69 542
    2018-04-01 $208,250 (12.6%) $276,467 (7.6%) 0.70 581
    2018-05-01 $219,450 (20.3%) $283,752 (9.3%) 0.73 576
    2018-06-01 $219,900 (17.3%) $284,487 (10.0%) 0.73 592
    2018-07-01 $219,200 (15.4%) $282,292 (12.3%) 0.73 630
    2018-08-01 $211,950 (11.9%) $275,112 (9.9%) 0.71 609
    2018-09-01 $199,750 (5.2%) $262,523 (4.1%) 0.67 605
    2018-10-01 $199,900 (3.0%) $265,012 (3.2%) 0.67 587
    2018-11-01 $194,900 (3.1%) $263,035 (5.5%) 0.65 580
    2018-12-01 $197,500 (4.0%) $264,265 (3.6%) 0.68 553
    2019-01-01 $197,500 (5.8%) $263,683 (3.2%) 0.68 522
    2019-02-01 $203,000 (4.1%) $271,124 (3.3%) 0.68 516
    2019-03-01 $199,729 (-0.1%) $274,661 (1.0%) 0.65 528
    2019-04-01 $199,529 (-4.2%) $275,041 (-0.5%) 0.63 535
    2019-05-01 $199,700 (-9.0%) $280,241 (-1.2%) 0.62 502
    2019-06-01 $199,900 (-9.1%) $279,451 (-1.8%) 0.62 513
    2019-07-01 $207,450 (-5.4%) $275,051 (-2.6%) 0.64 535
    2019-08-01 $197,357 (-6.9%) $268,164 (-2.5%) 0.62 534
    2019-09-01 $190,200 (-4.8%) $259,053 (-1.3%) 0.60 522
    2019-10-01 $183,200 (-8.4%) $251,533 (-5.1%) 0.58 525
    2019-11-01 $184,900 (-5.1%) $248,548 (-5.5%) 0.60 505
    2019-12-01 $189,900 (-3.9%) $247,954 (-6.2%) 0.63 483
    2020-01-01 $189,900 (-3.9%) $247,865 (-6.0%) 0.63 459
    2020-02-01 $191,000 (-5.9%) $251,524 (-7.2%) 0.62 447
    2020-03-01 $194,900 (-2.4%) $256,534 (-6.6%) 0.61 419
    2020-04-01 $192,450 (-3.6%) $256,442 (-6.8%) 0.60 432
    2020-05-01 $205,000 (2.7%) $269,957 (-3.7%) 0.62 387
    2020-06-01 $219,400 (9.8%) $271,187 (-3.0%) 0.64 362
    2020-07-01 $234,250 (12.9%) $275,729 (0.3%) 0.67 332
    2020-08-01 $255,000 (29.2%) $298,578 (11.3%) 0.73 288
    2020-09-01 $259,450 (36.4%) $304,003 (17.4%) 0.74 296
    2020-10-01 $236,900 (29.3%) $307,904 (22.4%) 0.68 311
    2020-11-01 $239,200 (29.4%) $318,767 (28.3%) 0.68 291
    2020-12-01 $237,700 (25.2%) $326,252 (31.6%) 0.70 269
    2021-01-01 $229,500 (20.9%) $333,796 (34.7%) 0.68 230
    2021-02-01 $239,230 (25.3%) $337,961 (34.4%) 0.69 214
    2021-03-01 $243,450 (24.9%) $352,983 (37.6%) 0.68 207
    2021-04-01 $249,900 (29.9%) $377,726 (47.3%) 0.67 190
    2021-05-01 $269,900 (31.7%) $420,350 (55.7%) 0.71 187
    2021-06-01 $279,150 (27.2%) $430,468 (58.7%) 0.73 172
    2021-07-01 $249,900 (6.7%) $391,928 (42.1%) 0.65 192
    2021-08-01 $241,400 (-5.3%) $350,393 (17.4%) 0.63 245
    2021-09-01 $244,000 (-6.0%) $345,825 (13.8%) 0.64 245
    2021-10-01 $228,900 (-3.4%) $337,169 (9.5%) 0.60 242
    2021-11-01 $229,450 (-4.1%) $315,615 (-1.0%) 0.60 235
    2021-12-01 $223,000 (-6.2%) $311,959 (-4.4%) 0.59 215
    2022-01-01 $229,900 (0.2%) $353,110 (5.8%) 0.61 179
    2022-02-01 $253,950 (6.2%) $409,648 (21.2%) 0.65 146
    2022-03-01 $257,500 (5.8%) $405,809 (15.0%) 0.64 147
    2022-04-01 $299,000 (19.7%) $415,784 (10.1%) 0.70 149
    Hattiesburg's median listing price for 2022-04-01 was $299,000, a difference of $49,100 (19.7%) versus the prior year and $41,500 versus the prior month.

    Hattiesburg's median listing price comes in at 70% of the national average.

    Hattiesburg's average listing price for 2022-04-01 was $415,784, a difference of $38,058 (10.1%) versus the prior year and $9,975 versus the prior month.

    For the 2022-04-01 period, Hattiesburg had 149 MLS listings, a difference of 2 listings (1%) versus the prior month and -41 listings (-22%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Hattiesburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 101 days 1,998 sqft
    2018-02-01 96 days 2,036 sqft
    2018-03-01 69 days 2,120 sqft
    2018-04-01 60 days 2,196 sqft
    2018-05-01 71 days 2,187 sqft
    2018-06-01 74 days 2,235 sqft
    2018-07-01 74 days 2,204 sqft
    2018-08-01 78 days 2,165 sqft
    2018-09-01 78 days 2,130 sqft
    2018-10-01 81 days 2,102 sqft
    2018-11-01 83 days 2,117 sqft
    2018-12-01 94 days 2,132 sqft
    2019-01-01 96 days 2,049 sqft
    2019-02-01 99 days 2,049 sqft
    2019-03-01 68 days 2,081 sqft
    2019-04-01 64 days 2,111 sqft
    2019-05-01 67 days 2,223 sqft
    2019-06-01 69 days 2,251 sqft
    2019-07-01 72 days 2,235 sqft
    2019-08-01 78 days 2,236 sqft
    2019-09-01 74 days 2,186 sqft
    2019-10-01 72 days 2,079 sqft
    2019-11-01 77 days 2,041 sqft
    2019-12-01 80 days 2,027 sqft
    2020-01-01 80 days 2,041 sqft
    2020-02-01 79 days 2,001 sqft
    2020-03-01 63 days 2,059 sqft
    2020-04-01 63 days 2,008 sqft
    2020-05-01 73 days 2,131 sqft
    2020-06-01 72 days 2,195 sqft
    2020-07-01 65 days 2,183 sqft
    2020-08-01 61 days 2,359 sqft
    2020-09-01 58 days 2,267 sqft
    2020-10-01 52 days 2,178 sqft
    2020-11-01 60 days 2,238 sqft
    2020-12-01 65 days 2,189 sqft
    2021-01-01 70 days 2,077 sqft
    2021-02-01 58 days 2,034 sqft
    2021-03-01 48 days 2,125 sqft
    2021-04-01 41 days 2,211 sqft
    2021-05-01 46 days 2,275 sqft
    2021-06-01 44 days 2,383 sqft
    2021-07-01 37 days 2,290 sqft
    2021-08-01 37 days 2,089 sqft
    2021-09-01 45 days 2,043 sqft
    2021-10-01 51 days 1,957 sqft
    2021-11-01 54 days 1,940 sqft
    2021-12-01 63 days 1,845 sqft
    2022-01-01 68 days 1,950 sqft
    2022-02-01 68 days 2,247 sqft
    2022-03-01 35 days 2,147 sqft
    2022-04-01 37 days 2,183 sqft
    Hattiesburg's median listing age (time on market) for 2022-04-01 was 37 days. This is -10% shorter than the same period one year ago.

    Hattiesburg's median square footage for active listings during the 2022-04-01 period was 2,183 sqft. One year prior, the average listing was 2,211 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).