Laurel FHA Loan Rates, Closing Costs & Stats

Laurel, 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.

Laurel's 44 lenders originated 127 FHA loans during 2023. The total origination value was $22,675,000, with an average FHA loan value of $178,543.

Laurel FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Laurel averaged -0.03% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Laurel's average FHA mortgage closing costs are $6,155.

The average rate for the prior week (2024-11-22) was 6.66% and one month ago for the week of 2024-10-25, the average rate was 6.44%.

The average rate one year ago was 7.33%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.1%.

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

Laurel 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 Laurel level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 17 6.10% $7,030
Regions Bank 14 5.99% $8,971
Trustmark National Bank 10 6.80% $6,953
Community Bank of Mississippi 6 6.57% $5,910
DRAPER AND KRAMER MORTGAGE CORP. 6 7.06% $9,266
STOCKTON MORTGAGE CORPORATION 6 6.77% $10,986
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.79% $7,075
UNITED WHOLESALE MORTGAGE, LLC 2 6.63% $8,165
BancorpSouth 2 7.33% $5,811
Mr. Cooper ( Nationstar Mortgage ) 2 5.88% $12,262
The Citizens National Bank of Meridian 2 6.81% $8,264
AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.94% $7,961
BROKER SOLUTIONS, INC. 2 6.31% $9,043
FirstTrust Home Loans, Inc. 2 7.13% $6,855
MORTGAGE INVESTORS GROUP, INC. 2 6.50% $7,959
LOANDEPOT.COM, LLC 1 6.99% $8,926
Merchants & Marine Bank 1 6.63% $6,961
Mortgage Research Center, LLC 1 7.25% $6,114
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $7,587
NEWREZ LLC 1 6.25% $7,203
Paramount Residential Mortgage Group, Inc. 1 6.63% $10,105
PHH Mortgage Corporation 1 7.13% $9,041
PLAZA HOME MORTGAGE, INC. 1 6.25% $5,552
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $7,183
RELIANCE FIRST CAPITAL, LLC 1 6.13% $13,249
SOUTHWEST STAGE FUNDING, LLC 1 7.75% $3,397
SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $7,781
Wells Fargo Bank 1 6.63% $9,035
AMERICAN FINANCIAL RESOURCES, INC. 1 5.75% $15,545
ZILLOW HOME LOANS, LLC 1 7.25% $7,827
AMERICAN FINANCING CORPORATION 1 6.00% $14,132
Barrington Bank & Trust Company, N.A. 1 6.25% $12,424
Carrington Mortgage Services, LLC 1 5.63% $11,832
CORNERSTONE HOME LENDING, INC. 1 7.38% $11,665
CROSSCOUNTRY MORTGAGE, LLC 1 6.13% $14,898
Equity Prime Mortgage LLC 1 5.75% $10,154
EVERETT FINANCIAL, INC. 1 7.13% $10,024
FIRST COLONY MORTGAGE CORPORATION 1 6.75% $8,506
Flagstar Bank, FSB 1 7.25% $3,819
GMFS LLC 1 6.25% $6,530
Grand Bank for Savings, FSB 1 6.50% $5,491
GUILD MORTGAGE COMPANY 1 6.13% $7,263
Gulf Coast Bank and Trust Company 1 6.75% $6,875
KEESLER 1 5.63% $10,743

The top Laurel FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 17 FHA loans originated. Their average total fees are $7,030, which is $1,940 lower than the next largest lender, Regions Bank.

The lowest fee Laurel FHA lenders (with over 10 loans originated) are Trustmark National Bank ($6,953), QUICKEN LOANS, LLC ($7,030), Regions Bank ($8,971), .

The lowest rate Laurel FHA lenders (with over 10 loans originated) are Regions Bank (5.99%), QUICKEN LOANS, LLC (6.10%), Trustmark National Bank (6.80%), .

Laurel FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Laurel (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 $139,700 (8.0%) $166,514 (6.1%) 0.00 262
2018-02-01 $139,375 (9.1%) $166,471 (8.6%) 0.00 264
2018-03-01 $135,000 (5.5%) $162,159 (5.3%) 0.00 255
2018-04-01 $136,000 (4.7%) $163,067 (5.5%) 0.00 261
2018-05-01 $134,875 (6.2%) $164,820 (6.7%) 0.00 259
2018-06-01 $135,000 (-3.0%) $168,247 (4.2%) 0.00 255
2018-07-01 $136,625 (-1.7%) $174,408 (7.2%) 0.00 259
2018-08-01 $131,200 (-1.5%) $176,911 (8.6%) 0.00 249
2018-09-01 $143,700 (2.9%) $183,091 (6.7%) 0.00 252
2018-10-01 $146,600 (6.3%) $182,201 (5.8%) 0.00 257
2018-11-01 $144,900 (3.9%) $182,280 (9.2%) 0.00 242
2018-12-01 $140,000 (0.5%) $179,245 (8.1%) 0.00 223
2019-01-01 $139,950 (0.2%) $175,532 (5.4%) 0.00 223
2019-02-01 $141,875 (1.8%) $179,699 (8.0%) 0.00 221
2019-03-01 $151,386 (12.1%) $188,279 (16.1%) 0.00 214
2019-04-01 $158,511 (16.6%) $196,271 (20.4%) 0.00 206
2019-05-01 $145,450 (7.8%) $188,794 (14.6%) 0.00 205
2019-06-01 $159,000 (17.8%) $197,668 (17.5%) 0.00 202
2019-07-01 $160,625 (17.6%) $208,917 (19.8%) 0.00 198
2019-08-01 $153,705 (17.2%) $207,269 (17.2%) 0.00 193
2019-09-01 $151,761 (5.6%) $205,854 (12.4%) 0.00 187
2019-10-01 $150,466 (2.6%) $205,022 (12.5%) 0.00 182
2019-11-01 $164,500 (13.5%) $214,022 (17.4%) 0.00 173
2019-12-01 $161,000 (15.0%) $221,402 (23.5%) 0.00 167
2020-01-01 $156,750 (12.0%) $207,236 (18.1%) 0.00 157
2020-02-01 $162,000 (14.2%) $218,543 (21.6%) 0.00 148
2020-03-01 $161,500 (6.7%) $216,574 (15.0%) 0.00 139
2020-04-01 $156,450 (-1.3%) $210,192 (7.1%) 0.00 144
2020-05-01 $164,000 (12.8%) $222,469 (17.8%) 0.00 131
2020-06-01 $156,250 (-1.7%) $220,528 (11.6%) 0.00 120
2020-07-01 $149,600 (-6.9%) $218,337 (4.5%) 0.00 114
2020-08-01 $159,500 (3.8%) $228,165 (10.1%) 0.00 104
2020-09-01 $168,375 (11.0%) $243,808 (18.4%) 0.00 92
2020-10-01 $191,000 (26.9%) $241,166 (17.6%) 0.00 82
2020-11-01 $176,350 (7.2%) $230,918 (7.9%) 0.00 78
2020-12-01 $189,250 (17.6%) $243,154 (9.8%) 0.00 91
2021-01-01 $161,000 (2.7%) $251,194 (21.2%) 0.00 87
2021-02-01 $192,000 (18.5%) $256,413 (17.3%) 0.00 82
2021-03-01 $161,013 (-0.3%) $236,700 (9.3%) 0.00 68
2021-04-01 $183,475 (17.3%) $238,007 (13.2%) 0.00 57
2021-05-01 $164,500 (0.3%) $233,428 (4.9%) 0.00 49
2021-06-01 $175,925 (12.6%) $218,972 (-0.7%) 0.00 52
2021-07-01 $174,950 (17.0%) $222,169 (1.8%) 0.00 70
2021-08-01 $184,925 (15.9%) $220,709 (-3.3%) 0.00 74
2021-09-01 $189,800 (12.7%) $221,076 (-9.3%) 0.00 73
2021-10-01 $184,900 (-3.2%) $214,509 (-11.1%) 0.00 65
2021-11-01 $199,600 (13.2%) $228,088 (-1.2%) 0.00 91
2021-12-01 $201,438 (6.4%) $227,224 (-6.6%) 0.00 85
2022-01-01 $206,925 (28.5%) $229,568 (-8.6%) 0.00 76
2022-02-01 $185,125 (-3.6%) $240,106 (-6.4%) 0.00 61
2022-03-01 $190,875 (18.6%) $240,976 (1.8%) 0.00 59
2022-04-01 $175,000 (-4.6%) $240,370 (1.0%) 0.00 72
2022-05-01 $208,500 (26.8%) $266,031 (14.0%) 0.00 93
2022-06-01 $239,025 (35.9%) $297,078 (35.7%) 0.00 103
2022-07-01 $239,450 (36.9%) $294,144 (32.4%) 0.00 109
2022-08-01 $252,250 (36.4%) $315,897 (43.1%) 0.00 103
2022-09-01 $236,025 (24.4%) $314,001 (42.0%) 0.00 109
2022-10-01 $207,000 (12.0%) $304,003 (41.7%) 0.00 109
2022-11-01 $202,350 (1.4%) $275,421 (20.8%) 0.00 113
2022-12-01 $184,900 (-8.2%) $273,220 (20.2%) 0.00 117
2023-01-01 $179,975 (-13.0%) $260,127 (13.3%) 0.00 112
2023-02-01 $179,700 (-2.9%) $248,246 (3.4%) 0.00 98
2023-03-01 $169,900 (-11.0%) $244,316 (1.4%) 0.00 88
2023-04-01 $182,000 (4.0%) $262,925 (9.4%) 0.00 97
2023-05-01 $194,750 (-6.6%) $261,788 (-1.6%) 0.00 103
2023-06-01 $197,000 (-17.6%) $263,637 (-11.3%) 0.00 99
2023-07-01 $220,000 (-8.1%) $271,231 (-7.8%) 0.00 112
2023-08-01 $214,250 (-15.1%) $267,143 (-15.4%) 0.00 129
2023-09-01 $220,000 (-6.8%) $275,220 (-12.4%) 0.00 131
2023-10-01 $220,000 (6.3%) $266,962 (-12.2%) 0.00 150
2023-11-01 $226,000 (11.7%) $267,286 (-3.0%) 0.00 152
2023-12-01 $225,000 (21.7%) $267,744 (-2.0%) 0.00 148
2024-01-01 $226,000 (25.6%) $269,910 (3.8%) 0.00 145
2024-02-01 $229,000 (27.4%) $284,248 (14.5%) 0.00 151
2024-03-01 $239,000 (40.7%) $292,979 (19.9%) 0.00 146
2024-04-01 $228,250 (25.4%) $282,179 (7.3%) 0.00 154
2024-05-01 $222,500 (14.3%) $293,715 (12.2%) 0.00 138
2024-06-01 $242,450 (23.1%) $296,059 (12.3%) 0.00 140
2024-07-01 $241,725 (9.9%) $291,665 (7.5%) 0.00 138
2024-08-01 $235,000 (9.7%) $287,636 (7.7%) 0.00 133
2024-09-01 $247,000 (12.3%) $287,247 (4.4%) 0.00 139
2024-10-01 $245,950 (11.8%) $285,130 (6.8%) 0.00 150
Laurel's median listing price for 2024-10-01 was $245,950, a difference of $25,950 (11.8%) versus the prior year and $-1,050 versus the prior month.

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

Laurel's average listing price for 2024-10-01 was $285,130, a difference of $18,168 (6.8%) versus the prior year and $-2,117 versus the prior month.

For the 2024-10-01 period, Laurel had 150 MLS listings, a difference of 11 listings (8%) versus the prior month and 0 listings (0%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Laurel (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,805 sqft
2018-02-01 0 days 1,856 sqft
2018-03-01 0 days 1,869 sqft
2018-04-01 0 days 1,905 sqft
2018-05-01 0 days 1,916 sqft
2018-06-01 0 days 1,960 sqft
2018-07-01 0 days 1,932 sqft
2018-08-01 0 days 1,947 sqft
2018-09-01 0 days 1,967 sqft
2018-10-01 0 days 1,998 sqft
2018-11-01 0 days 1,979 sqft
2018-12-01 0 days 1,975 sqft
2019-01-01 0 days 1,976 sqft
2019-02-01 0 days 1,937 sqft
2019-03-01 0 days 1,967 sqft
2019-04-01 0 days 1,983 sqft
2019-05-01 0 days 1,944 sqft
2019-06-01 0 days 1,980 sqft
2019-07-01 0 days 2,006 sqft
2019-08-01 0 days 2,014 sqft
2019-09-01 0 days 2,006 sqft
2019-10-01 0 days 2,009 sqft
2019-11-01 0 days 2,018 sqft
2019-12-01 0 days 2,026 sqft
2020-01-01 0 days 1,932 sqft
2020-02-01 0 days 2,000 sqft
2020-03-01 0 days 2,145 sqft
2020-04-01 0 days 2,038 sqft
2020-05-01 0 days 1,999 sqft
2020-06-01 0 days 1,972 sqft
2020-07-01 0 days 1,927 sqft
2020-08-01 0 days 1,957 sqft
2020-09-01 0 days 2,012 sqft
2020-10-01 0 days 2,064 sqft
2020-11-01 0 days 2,079 sqft
2020-12-01 0 days 2,112 sqft
2021-01-01 0 days 2,025 sqft
2021-02-01 0 days 2,012 sqft
2021-03-01 0 days 1,879 sqft
2021-04-01 0 days 1,875 sqft
2021-05-01 0 days 1,770 sqft
2021-06-01 0 days 1,904 sqft
2021-07-01 0 days 1,944 sqft
2021-08-01 0 days 1,948 sqft
2021-09-01 0 days 2,068 sqft
2021-10-01 0 days 1,964 sqft
2021-11-01 0 days 1,973 sqft
2021-12-01 0 days 1,942 sqft
2022-01-01 0 days 1,921 sqft
2022-02-01 0 days 1,882 sqft
2022-03-01 0 days 1,860 sqft
2022-04-01 0 days 1,811 sqft
2022-05-01 0 days 1,831 sqft
2022-06-01 0 days 1,900 sqft
2022-07-01 0 days 1,907 sqft
2022-08-01 0 days 2,044 sqft
2022-09-01 0 days 2,030 sqft
2022-10-01 0 days 2,028 sqft
2022-11-01 0 days 1,950 sqft
2022-12-01 0 days 1,925 sqft
2023-01-01 0 days 1,891 sqft
2023-02-01 0 days 1,927 sqft
2023-03-01 0 days 1,921 sqft
2023-04-01 0 days 1,947 sqft
2023-05-01 0 days 1,862 sqft
2023-06-01 0 days 1,806 sqft
2023-07-01 0 days 1,906 sqft
2023-08-01 0 days 1,900 sqft
2023-09-01 0 days 1,913 sqft
2023-10-01 0 days 1,879 sqft
2023-11-01 0 days 1,885 sqft
2023-12-01 0 days 1,872 sqft
2024-01-01 0 days 1,872 sqft
2024-02-01 0 days 1,881 sqft
2024-03-01 0 days 1,982 sqft
2024-04-01 0 days 1,945 sqft
2024-05-01 0 days 1,918 sqft
2024-06-01 0 days 2,000 sqft
2024-07-01 0 days 1,990 sqft
2024-08-01 0 days 2,000 sqft
2024-09-01 0 days 2,023 sqft
2024-10-01 0 days 1,979 sqft
Laurel's median listing age (time on market) for 2024-10-01 was 0 days.

Laurel's median square footage for active listings during the 2024-10-01 period was 1,979 sqft. One year prior, the average listing was 1,879 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).