Indianola FHA Loan Rates, Closing Costs & Stats

Indianola, MS

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Indianola's 11 lenders originated 17 FHA loans during 2023. The total origination value was $2,215,000, with an average FHA loan value of $130,294.

    Indianola FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Indianola averaged 6.66% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Indianola's average FHA mortgage closing costs are $5,874.

    The average rate for the prior week (2024-04-12) was 6.55% and one month ago for the week of 2024-03-15, the average rate was 6.61%.

    The average rate one year ago was 6.44%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

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

    Indianola 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 Indianola level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 4 5.94% $7,773
    Community Bank of Mississippi 2 6.76% $9,042
    CB&S Bank, Inc. 1 5.75% $4,828
    Flagstar Bank, FSB 1 7.00% $1,869
    FREEDOM MORTGAGE CORPORATION 1 6.25% $10,538
    LOANDEPOT.COM, LLC 1 5.99% $8,169
    PENNYMAC LOAN SERVICES, LLC 1 7.13% $8,071
    PLANET HOME LENDING, LLC 1 5.63% $17,681
    BancorpSouth 1 5.89% $4,229
    RUOFF MORTGAGE COMPANY, INC. 1 5.25% $4,521
    Barrington Bank & Trust Company, N.A. 1 6.75% $9,134

    The top Indianola FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 4 FHA loans originated. Their average total fees are $7,773, which is $1,269 lower than the next largest lender, Community Bank of Mississippi.

    The lowest fee Indianola FHA lenders (with over 10 loans originated) are .

    The lowest rate Indianola FHA lenders (with over 10 loans originated) are .

    Indianola FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    INDIANOLA, MS SUNFLOWER 2022 $420,680 $538,650 $651,050 $809,150
    INDIANOLA, MS SUNFLOWER 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Indianola (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 $49,750 (-21.5%) $87,609 (22.8%) 0.00 11
    2018-02-01 $64,500 (10.3%) $91,360 (16.9%) 0.00 12
    2018-03-01 $70,000 (16.4%) $93,142 (4.0%) 0.00 12
    2018-04-01 $60,000 (0.0%) $84,382 (-7.5%) 0.00 11
    2018-05-01 $94,500 (38.7%) $100,985 (-14.3%) 0.00 9
    2018-06-01 $85,000 (6.3%) $106,836 (-13.0%) 0.00 9
    2018-07-01 $95,000 (46.2%) $115,522 (0.5%) 0.00 8
    2018-08-01 $113,750 (75.0%) $122,389 (3.1%) 0.00 8
    2018-09-01 $92,500 (37.0%) $97,280 (-14.1%) 0.00 10
    2018-10-01 $92,500 (105.6%) $115,504 (22.9%) 0.00 13
    2018-11-01 $88,250 (96.1%) $115,639 (27.3%) 0.00 17
    2018-12-01 $85,000 (56.0%) $116,775 (19.2%) 0.00 23
    2019-01-01 $78,125 (57.0%) $109,856 (25.4%) 0.00 26
    2019-02-01 $81,875 (26.9%) $118,628 (29.9%) 0.00 23
    2019-03-01 $75,286 (7.6%) $115,139 (23.6%) 0.00 21
    2019-04-01 $74,161 (23.6%) $106,669 (26.4%) 0.00 20
    2019-05-01 $80,375 (-15.0%) $99,660 (-1.3%) 0.00 28
    2019-06-01 $92,000 (8.2%) $98,345 (-8.0%) 0.00 20
    2019-07-01 $90,875 (-4.3%) $93,729 (-18.9%) 0.00 17
    2019-08-01 $88,273 (-22.4%) $91,865 (-24.9%) 0.00 17
    2019-09-01 $86,432 (-6.6%) $96,974 (-0.3%) 0.00 20
    2019-10-01 $85,205 (-7.9%) $103,524 (-10.4%) 0.00 21
    2019-11-01 $87,250 (-1.1%) $111,898 (-3.2%) 0.00 23
    2019-12-01 $85,000 (0.0%) $110,730 (-5.2%) 0.00 27
    2020-01-01 $88,625 (13.4%) $112,499 (2.4%) 0.00 26
    2020-02-01 $89,500 (9.3%) $109,129 (-8.0%) 0.00 28
    2020-03-01 $83,650 (11.1%) $101,522 (-11.8%) 0.00 32
    2020-04-01 $85,000 (14.6%) $108,029 (1.3%) 0.00 28
    2020-05-01 $79,000 (-1.7%) $97,137 (-2.5%) 0.00 26
    2020-06-01 $78,250 (-15.0%) $108,149 (10.0%) 0.00 24
    2020-07-01 $77,500 (-14.7%) $113,856 (21.5%) 0.00 22
    2020-08-01 $106,000 (20.1%) $138,506 (50.8%) 0.00 18
    2020-09-01 $118,750 (37.4%) $132,916 (37.1%) 0.00 20
    2020-10-01 $121,750 (42.9%) $137,382 (32.7%) 0.00 21
    2020-11-01 $112,000 (28.4%) $152,159 (36.0%) 0.00 21
    2020-12-01 $112,500 (32.4%) $146,366 (32.2%) 0.00 25
    2021-01-01 $108,750 (22.7%) $144,455 (28.4%) 0.00 24
    2021-02-01 $120,000 (34.1%) $148,723 (36.3%) 0.00 22
    2021-03-01 $127,375 (52.3%) $156,958 (54.6%) 0.00 21
    2021-04-01 $134,125 (57.8%) $159,011 (47.2%) 0.00 21
    2021-05-01 $145,600 (84.3%) $171,622 (76.7%) 0.00 15
    2021-06-01 $107,250 (37.1%) $149,115 (37.9%) 0.00 19
    2021-07-01 $86,000 (11.0%) $159,245 (39.9%) 0.00 20
    2021-08-01 $88,750 (-16.3%) $134,086 (-3.2%) 0.00 21
    2021-09-01 $71,225 (-40.0%) $120,588 (-9.3%) 0.00 18
    2021-10-01 $157,500 (29.4%) $154,573 (12.5%) 0.00 10
    2021-11-01 $125,000 (11.6%) $154,076 (1.3%) 0.00 11
    2021-12-01 $89,900 (-20.1%) $125,556 (-14.2%) 0.00 12
    2022-01-01 $122,000 (12.2%) $125,811 (-12.9%) 0.00 15
    2022-02-01 $121,000 (0.8%) $108,065 (-27.3%) 0.00 17
    2022-03-01 $125,000 (-1.9%) $105,922 (-32.5%) 0.00 14
    2022-04-01 $145,000 (8.1%) $140,238 (-11.8%) 0.00 14
    2022-05-01 $145,000 (-0.4%) $148,964 (-13.2%) 0.00 17
    2022-06-01 $139,750 (30.3%) $152,992 (2.6%) 0.00 14
    2022-07-01 $139,000 (61.6%) $140,731 (-11.6%) 0.00 13
    2022-08-01 $144,250 (62.5%) $148,011 (10.4%) 0.00 14
    2022-09-01 $133,450 (87.4%) $129,480 (7.4%) 0.00 13
    2022-10-01 $148,000 (-6.0%) $172,869 (11.8%) 0.00 15
    2022-11-01 $155,125 (24.1%) $192,642 (25.0%) 0.00 18
    2022-12-01 $160,000 (78.0%) $182,239 (45.2%) 0.00 18
    2023-01-01 $152,500 (25.0%) $167,110 (32.8%) 0.00 20
    2023-02-01 $150,000 (24.0%) $159,366 (47.5%) 0.00 22
    2023-03-01 $169,750 (35.8%) $173,047 (63.4%) 0.00 27
    2023-04-01 $170,000 (17.2%) $178,081 (27.0%) 0.00 28
    2023-05-01 $165,800 (14.3%) $163,063 (9.5%) 0.00 30
    2023-06-01 $142,500 (2.0%) $152,494 (-0.3%) 0.00 33
    2023-07-01 $145,000 (4.3%) $153,972 (9.4%) 0.00 29
    2023-08-01 $162,000 (12.3%) $378,500 (155.7%) 0.00 31
    2023-09-01 $162,000 (21.4%) $394,043 (204.3%) 0.00 28
    2023-10-01 $157,000 (6.1%) $397,921 (130.2%) 0.00 28
    2023-11-01 $154,500 (-0.4%) $407,917 (111.8%) 0.00 27
    2023-12-01 $152,500 (-4.7%) $395,304 (116.9%) 0.00 29
    2024-01-01 $152,500 (0.0%) $369,569 (121.2%) 0.00 33
    2024-02-01 $152,000 (1.3%) $375,285 (135.5%) 0.00 28
    2024-03-01 $176,750 (4.1%) $516,784 (198.6%) 0.00 23
    Indianola's median listing price for 2024-03-01 was $176,750, a difference of $7,000 (4.1%) versus the prior year and $24,750 versus the prior month.

    Indianola's median listing price comes in at 0% of the national average.

    Indianola's average listing price for 2024-03-01 was $516,784, a difference of $343,737 (198.6%) versus the prior year and $141,499 versus the prior month.

    For the 2024-03-01 period, Indianola had 23 MLS listings, a difference of -5 listings (-18%) versus the prior month and -4 listings (-15%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Indianola (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,309 sqft
    2018-02-01 0 days 1,292 sqft
    2018-03-01 0 days 1,309 sqft
    2018-04-01 0 days 1,596 sqft
    2018-05-01 0 days 1,763 sqft
    2018-06-01 0 days 1,846 sqft
    2018-07-01 0 days 1,855 sqft
    2018-08-01 0 days 1,816 sqft
    2018-09-01 0 days 1,751 sqft
    2018-10-01 0 days 1,749 sqft
    2018-11-01 0 days 1,636 sqft
    2018-12-01 0 days 1,664 sqft
    2019-01-01 0 days 1,718 sqft
    2019-02-01 0 days 1,821 sqft
    2019-03-01 0 days 1,825 sqft
    2019-04-01 0 days 1,744 sqft
    2019-05-01 0 days 1,669 sqft
    2019-06-01 0 days 1,636 sqft
    2019-07-01 0 days 1,632 sqft
    2019-08-01 0 days 1,504 sqft
    2019-09-01 0 days 1,571 sqft
    2019-10-01 0 days 1,710 sqft
    2019-11-01 0 days 1,828 sqft
    2019-12-01 0 days 1,796 sqft
    2020-01-01 0 days 1,793 sqft
    2020-02-01 0 days 1,702 sqft
    2020-03-01 0 days 1,747 sqft
    2020-04-01 0 days 1,786 sqft
    2020-05-01 0 days 1,665 sqft
    2020-06-01 0 days 1,636 sqft
    2020-07-01 0 days 1,551 sqft
    2020-08-01 0 days 1,965 sqft
    2020-09-01 0 days 1,925 sqft
    2020-10-01 0 days 1,925 sqft
    2020-11-01 0 days 2,234 sqft
    2020-12-01 0 days 2,312 sqft
    2021-01-01 0 days 2,058 sqft
    2021-02-01 0 days 2,004 sqft
    2021-03-01 0 days 1,969 sqft
    2021-04-01 0 days 2,178 sqft
    2021-05-01 0 days 2,265 sqft
    2021-06-01 0 days 2,095 sqft
    2021-07-01 0 days 2,050 sqft
    2021-08-01 0 days 1,824 sqft
    2021-09-01 0 days 1,818 sqft
    2021-10-01 0 days 1,828 sqft
    2021-11-01 0 days 1,824 sqft
    2021-12-01 0 days 1,552 sqft
    2022-01-01 0 days 1,606 sqft
    2022-02-01 0 days 1,589 sqft
    2022-03-01 0 days 1,552 sqft
    2022-04-01 0 days 1,785 sqft
    2022-05-01 0 days 1,785 sqft
    2022-06-01 0 days 1,800 sqft
    2022-07-01 0 days 1,589 sqft
    2022-08-01 0 days 1,818 sqft
    2022-09-01 0 days 1,818 sqft
    2022-10-01 0 days 2,193 sqft
    2022-11-01 0 days 2,285 sqft
    2022-12-01 0 days 2,285 sqft
    2023-01-01 0 days 2,028 sqft
    2023-02-01 0 days 2,068 sqft
    2023-03-01 0 days 2,224 sqft
    2023-04-01 0 days 2,225 sqft
    2023-05-01 0 days 1,960 sqft
    2023-06-01 0 days 1,920 sqft
    2023-07-01 0 days 2,058 sqft
    2023-08-01 0 days 2,047 sqft
    2023-09-01 0 days 2,035 sqft
    2023-10-01 0 days 2,090 sqft
    2023-11-01 0 days 2,046 sqft
    2023-12-01 0 days 2,178 sqft
    2024-01-01 0 days 2,178 sqft
    2024-02-01 0 days 2,131 sqft
    2024-03-01 0 days 2,222 sqft
    Indianola's median listing age (time on market) for 2024-03-01 was 0 days.

    Indianola's median square footage for active listings during the 2024-03-01 period was 2,222 sqft. One year prior, the average listing was 2,224 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).