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 6.72% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.81% and one month ago for the week of 2024-03-15, the average rate was 6.58%.

    The average rate one year ago was 6.51%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.03%.

    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

    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 $194,500 (11.2%) $258,451 (12.1%) 0.72 540
    2018-02-01 $198,000 (13.2%) $264,700 (10.3%) 0.72 536
    2018-03-01 $204,900 (14.2%) $272,139 (8.7%) 0.72 567
    2018-04-01 $209,750 (15.1%) $276,093 (6.3%) 0.71 600
    2018-05-01 $219,000 (22.0%) $281,836 (7.9%) 0.73 593
    2018-06-01 $219,000 (20.0%) $281,976 (8.6%) 0.73 621
    2018-07-01 $214,900 (13.2%) $279,985 (10.9%) 0.72 646
    2018-08-01 $206,875 (11.8%) $272,457 (9.2%) 0.69 622
    2018-09-01 $199,500 (6.1%) $262,253 (3.6%) 0.67 613
    2018-10-01 $199,500 (3.9%) $259,391 (0.5%) 0.68 599
    2018-11-01 $189,950 (0.8%) $259,480 (3.5%) 0.64 579
    2018-12-01 $195,000 (2.6%) $259,916 (1.3%) 0.67 552
    2019-01-01 $195,000 (0.3%) $258,478 (0.0%) 0.67 527
    2019-02-01 $199,445 (0.7%) $266,038 (0.5%) 0.67 517
    2019-03-01 $196,143 (-4.3%) $267,957 (-1.5%) 0.64 531
    2019-04-01 $195,143 (-7.0%) $269,573 (-2.4%) 0.62 540
    2019-05-01 $196,600 (-10.2%) $274,309 (-2.7%) 0.61 515
    2019-06-01 $199,900 (-8.7%) $276,538 (-1.9%) 0.62 534
    2019-07-01 $209,900 (-2.3%) $276,293 (-1.3%) 0.66 558
    2019-08-01 $195,536 (-5.5%) $269,001 (-1.3%) 0.62 564
    2019-09-01 $188,991 (-5.3%) $259,839 (-0.9%) 0.60 556
    2019-10-01 $184,225 (-7.7%) $253,295 (-2.4%) 0.59 546
    2019-11-01 $185,900 (-2.1%) $249,271 (-3.9%) 0.61 532
    2019-12-01 $192,700 (-1.2%) $251,445 (-3.3%) 0.64 497
    2020-01-01 $190,200 (-2.5%) $250,463 (-3.1%) 0.64 466
    2020-02-01 $194,900 (-2.3%) $253,245 (-4.8%) 0.64 466
    2020-03-01 $198,725 (1.3%) $257,156 (-4.0%) 0.62 430
    2020-04-01 $198,125 (1.5%) $260,083 (-3.5%) 0.62 440
    2020-05-01 $214,750 (9.2%) $274,360 (0.0%) 0.65 390
    2020-06-01 $219,900 (10.0%) $276,264 (-0.1%) 0.65 378
    2020-07-01 $237,450 (13.1%) $282,931 (2.4%) 0.69 342
    2020-08-01 $254,950 (30.4%) $299,200 (11.2%) 0.73 307
    2020-09-01 $249,925 (32.2%) $301,290 (16.0%) 0.72 315
    2020-10-01 $237,000 (28.7%) $311,821 (23.1%) 0.68 322
    2020-11-01 $233,875 (25.8%) $321,232 (28.9%) 0.68 303
    2020-12-01 $234,475 (21.7%) $334,726 (33.1%) 0.70 276
    2021-01-01 $229,700 (20.8%) $343,165 (37.0%) 0.69 245
    2021-02-01 $230,000 (18.0%) $346,881 (37.0%) 0.67 230
    2021-03-01 $239,575 (20.6%) $355,631 (38.3%) 0.68 220
    2021-04-01 $247,250 (24.8%) $383,790 (47.6%) 0.67 195
    2021-05-01 $269,000 (25.3%) $410,176 (49.5%) 0.71 199
    2021-06-01 $270,950 (23.2%) $429,289 (55.4%) 0.71 181
    2021-07-01 $239,250 (0.8%) $379,301 (34.1%) 0.63 211
    2021-08-01 $235,000 (-7.8%) $347,586 (16.2%) 0.63 246
    2021-09-01 $235,875 (-5.6%) $343,562 (14.0%) 0.63 243
    2021-10-01 $224,900 (-5.1%) $322,730 (3.5%) 0.60 238
    2021-11-01 $222,975 (-4.7%) $312,363 (-2.8%) 0.60 237
    2021-12-01 $206,650 (-11.9%) $310,792 (-7.2%) 0.56 217
    2022-01-01 $226,450 (-1.4%) $349,794 (1.9%) 0.61 177
    2022-02-01 $238,653 (3.8%) $393,242 (13.4%) 0.62 145
    2022-03-01 $248,500 (3.7%) $389,513 (9.5%) 0.62 150
    2022-04-01 $293,250 (18.6%) $406,989 (6.0%) 0.70 150
    2022-05-01 $300,400 (11.7%) $412,085 (0.5%) 0.69 196
    2022-06-01 $299,050 (10.4%) $395,672 (-7.8%) 0.67 224
    2022-07-01 $295,000 (23.3%) $364,514 (-3.9%) 0.66 277
    2022-08-01 $279,600 (19.0%) $330,691 (-4.9%) 0.65 296
    2022-09-01 $279,900 (18.7%) $340,706 (-0.8%) 0.65 276
    2022-10-01 $298,500 (32.7%) $350,801 (8.7%) 0.70 280
    2022-11-01 $290,100 (30.1%) $346,915 (11.1%) 0.70 283
    2022-12-01 $279,150 (35.1%) $344,616 (10.9%) 0.69 303
    2023-01-01 $282,000 (24.5%) $339,762 (-2.9%) 0.70 287
    2023-02-01 $298,550 (25.1%) $367,587 (-6.5%) 0.72 270
    2023-03-01 $297,125 (19.6%) $354,292 (-9.0%) 0.70 250
    2023-04-01 $290,000 (-1.1%) $358,125 (-12.0%) 0.67 263
    2023-05-01 $289,950 (-3.5%) $369,034 (-10.5%) 0.66 262
    2023-06-01 $297,950 (-0.4%) $368,712 (-6.8%) 0.67 293
    2023-07-01 $295,000 (0.0%) $365,509 (0.3%) 0.67 311
    2023-08-01 $296,250 (6.0%) $367,129 (11.0%) 0.68 303
    2023-09-01 $289,000 (3.3%) $353,869 (3.9%) 0.67 322
    2023-10-01 $285,000 (-4.5%) $353,560 (0.8%) 0.67 339
    2023-11-01 $281,500 (-3.0%) $372,109 (7.3%) 0.67 362
    2023-12-01 $274,900 (-1.5%) $376,550 (9.3%) 0.67 363
    2024-01-01 $282,300 (0.1%) $384,101 (13.1%) 0.69 359
    2024-02-01 $289,750 (-3.0%) $383,523 (4.3%) 0.70 357
    2024-03-01 $298,000 (0.3%) $399,070 (12.6%) 0.70 353
    Hattiesburg's median listing price for 2024-03-01 was $298,000, a difference of $875 (0.3%) versus the prior year and $8,250 versus the prior month.

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

    Hattiesburg's average listing price for 2024-03-01 was $399,070, a difference of $44,778 (12.6%) versus the prior year and $15,547 versus the prior month.

    For the 2024-03-01 period, Hattiesburg had 353 MLS listings, a difference of -4 listings (-1%) versus the prior month and 103 listings (41%) 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 95 days 2,003 sqft
    2018-02-01 88 days 2,024 sqft
    2018-03-01 61 days 2,107 sqft
    2018-04-01 59 days 2,138 sqft
    2018-05-01 68 days 2,172 sqft
    2018-06-01 72 days 2,200 sqft
    2018-07-01 71 days 2,155 sqft
    2018-08-01 75 days 2,129 sqft
    2018-09-01 78 days 2,097 sqft
    2018-10-01 81 days 2,071 sqft
    2018-11-01 83 days 2,075 sqft
    2018-12-01 95 days 2,072 sqft
    2019-01-01 92 days 2,036 sqft
    2019-02-01 91 days 2,027 sqft
    2019-03-01 73 days 2,069 sqft
    2019-04-01 61 days 2,107 sqft
    2019-05-01 62 days 2,137 sqft
    2019-06-01 64 days 2,160 sqft
    2019-07-01 66 days 2,182 sqft
    2019-08-01 68 days 2,156 sqft
    2019-09-01 68 days 2,091 sqft
    2019-10-01 71 days 2,044 sqft
    2019-11-01 75 days 2,016 sqft
    2019-12-01 81 days 1,999 sqft
    2020-01-01 80 days 2,000 sqft
    2020-02-01 78 days 1,977 sqft
    2020-03-01 62 days 2,008 sqft
    2020-04-01 64 days 1,996 sqft
    2020-05-01 67 days 2,076 sqft
    2020-06-01 68 days 2,143 sqft
    2020-07-01 64 days 2,135 sqft
    2020-08-01 57 days 2,265 sqft
    2020-09-01 56 days 2,206 sqft
    2020-10-01 52 days 2,141 sqft
    2020-11-01 59 days 2,174 sqft
    2020-12-01 66 days 2,110 sqft
    2021-01-01 69 days 2,089 sqft
    2021-02-01 54 days 2,090 sqft
    2021-03-01 46 days 2,076 sqft
    2021-04-01 44 days 2,212 sqft
    2021-05-01 43 days 2,256 sqft
    2021-06-01 44 days 2,303 sqft
    2021-07-01 37 days 2,100 sqft
    2021-08-01 37 days 2,019 sqft
    2021-09-01 45 days 1,969 sqft
    2021-10-01 50 days 1,910 sqft
    2021-11-01 55 days 1,910 sqft
    2021-12-01 60 days 1,795 sqft
    2022-01-01 64 days 1,852 sqft
    2022-02-01 62 days 2,048 sqft
    2022-03-01 33 days 2,148 sqft
    2022-04-01 35 days 2,200 sqft
    2022-05-01 25 days 2,171 sqft
    2022-06-01 32 days 2,170 sqft
    2022-07-01 34 days 2,151 sqft
    2022-08-01 48 days 2,097 sqft
    2022-09-01 58 days 2,232 sqft
    2022-10-01 58 days 2,276 sqft
    2022-11-01 62 days 2,175 sqft
    2022-12-01 64 days 2,103 sqft
    2023-01-01 65 days 2,142 sqft
    2023-02-01 66 days 2,186 sqft
    2023-03-01 53 days 2,156 sqft
    2023-04-01 46 days 2,100 sqft
    2023-05-01 44 days 2,078 sqft
    2023-06-01 41 days 2,061 sqft
    2023-07-01 50 days 2,056 sqft
    2023-08-01 58 days 2,091 sqft
    2023-09-01 51 days 2,005 sqft
    2023-10-01 52 days 2,002 sqft
    2023-11-01 56 days 2,004 sqft
    2023-12-01 61 days 1,913 sqft
    2024-01-01 67 days 1,911 sqft
    2024-02-01 63 days 1,977 sqft
    2024-03-01 49 days 2,040 sqft
    Hattiesburg's median listing age (time on market) for 2024-03-01 was 49 days. This is -7% shorter than the same period one year ago.

    Hattiesburg's median square footage for active listings during the 2024-03-01 period was 2,040 sqft. One year prior, the average listing was 2,156 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).