Hattiesburg FHA Loan Rates, Closing Costs & Stats

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 67 lenders originated 452 FHA loans during 2023. The total origination value was $97,260,000, with an average FHA loan value of $215,177.

    Hattiesburg FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Hattiesburg averaged 6.56% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Hattiesburg's average FHA mortgage closing costs are $6,888.

    The average rate for the prior week (2024-07-12) was 6.61% and one month ago for the week of 2024-06-14, the average rate was 6.87%.

    The average rate one year ago was 6.55%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.57%.

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

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Trustmark National Bank 64 6.37% $8,006
    QUICKEN LOANS, LLC 49 6.45% $9,399
    Merchants & Marine Bank 19 6.80% $10,600
    Regions Bank 17 6.38% $7,588
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 6.70% $7,812
    STOCKTON MORTGAGE CORPORATION 12 6.67% $11,293
    CROSSCOUNTRY MORTGAGE, LLC 12 6.83% $9,267
    UNITED WHOLESALE MORTGAGE, LLC 11 6.42% $12,073
    SWBC MORTGAGE CORPORATION 11 6.72% $7,685
    KEESLER 9 5.60% $8,024
    Equity Prime Mortgage LLC 9 6.76% $11,755
    BancorpSouth 9 6.68% $7,117
    Grand Bank for Savings, FSB 9 6.49% $7,226
    GMFS LLC 9 6.39% $8,010
    DRAPER AND KRAMER MORTGAGE CORP. 9 6.82% $10,320
    Hancock Whitney Bank 6 6.42% $11,362
    BROKER SOLUTIONS, INC. 6 6.68% $11,476
    The Citizens National Bank of Meridian 6 6.69% $10,348
    FREEDOM MORTGAGE CORPORATION 6 7.19% $12,281
    Citizens Bank 5 5.78% $7,579
    PLAZA HOME MORTGAGE, INC. 5 6.05% $10,400
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 7.25% $10,751
    Flagstar Bank, FSB 5 6.88% $7,256
    AMERICAN PACIFIC MORTGAGE CORPORATION 5 6.83% $10,248
    LOANDEPOT.COM, LLC 5 5.22% $9,733
    Hamilton Mortgage Corporation 4 6.75% $8,320
    GUILD MORTGAGE COMPANY 4 6.75% $8,022
    NEWREZ LLC 4 6.63% $6,751
    FIRST COLONY MORTGAGE CORPORATION 3 6.92% $20,097
    PLANET HOME LENDING, LLC 3 6.71% $15,114
    EVERETT FINANCIAL, INC. 3 6.85% $9,589
    AMERISAVE MORTGAGE CORPORATION 3 5.88% $9,917
    Community Bank of Mississippi 2 6.38% $8,020
    CORNERSTONE HOME LENDING, INC. 2 7.63% $7,574
    PENNYMAC LOAN SERVICES, LLC 2 6.31% $7,554
    MORTGAGE INVESTORS GROUP, INC. 2 6.56% $6,951
    FIRST COMMUNITY MORTGAGE, INC. 2 6.88% $8,577
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.75% $13,057
    Mortgage Research Center, LLC 2 6.44% $5,612
    FirstTrust Home Loans, Inc. 2 7.44% $10,061
    ZILLOW HOME LOANS, LLC 2 7.50% $7,983
    FIDELITY BANK 2 6.88% $6,706
    Renasant Bank 2 6.62% $11,179
    Carrington Mortgage Services, LLC 2 6.25% $11,130
    Mr. Cooper ( Nationstar Mortgage ) 2 6.25% $13,422
    NEW DAY FINANCIAL, LLC 2 7.99% $7,003
    Republic State Mortgage Co. 1 7.25% $10,455
    AMERICAN FINANCING CORPORATION 1 7.75% $7,194
    Bank of England 1 6.19% $8,098
    CHURCHILL MORTGAGE CORPORATION 1 6.25% $15,805
    CMG MORTGAGE, INC. 1 7.38% $9,401
    EMM LOANS LLC 1 6.25% $11,781
    First Federal Bank, A FSB 1 6.63% $10,622
    GUARANTY HOME MORTGAGE CORPORATION 1 5.38% $7,152
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.88% $15,330
    HOMESIDE FINANCIAL, LLC 1 6.75% $8,625
    JPMorgan Chase Bank 1 6.50% $17,261
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $8,313
    Magnolia Bank 1 5.63% $14,035
    Merchants Bank of Indiana 1 6.75% $4,620
    M&T Bank 1 6.25% $5,306
    Origin Bank 1 6.99% $7,433
    Plains Commerce Bank 1 5.63% $9,541
    RELIANCE FIRST CAPITAL, LLC 1 6.75% $6,406
    AMERICAN FINANCIAL NETWORK, INC. 1 7.38% $14,958
    SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $11,270
    VILLAGE CAPITAL MORTGAGE 1 5.25% $22,923

    The top Hattiesburg FHA lender as defined by loan originations is Trustmark National Bank, with 64 FHA loans originated. Their average total fees are $8,006, which is $1,393 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Hattiesburg FHA lenders (with over 10 loans originated) are Regions Bank ($7,588), SWBC MORTGAGE CORPORATION ($7,685), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,812), Trustmark National Bank ($8,006) and CROSSCOUNTRY MORTGAGE, LLC ($9,267).

    The lowest rate Hattiesburg FHA lenders (with over 10 loans originated) are Trustmark National Bank (6.37%), Regions Bank (6.38%), UNITED WHOLESALE MORTGAGE, LLC (6.42%), QUICKEN LOANS, LLC (6.45%) and STOCKTON MORTGAGE CORPORATION (6.67%).

    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
    HATTIESBURG, MS COVINGTON 2023 $472,030 $604,400 $730,525 $907,900
    HATTIESBURG, MS FORREST 2023 $472,030 $604,400 $730,525 $907,900
    HATTIESBURG, MS LAMAR 2023 $472,030 $604,400 $730,525 $907,900
    HATTIESBURG, MS PERRY 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).