Laurel FHA Loan Rates, Closing Costs & Stats

Laurel, 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.

    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 -0.13% for the week of 2024-11-15, 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 (2024-11-08) was 6.38% and one month ago for the week of 2024-10-11, the average rate was 6.28%.

    The average rate one year ago was 7.23%.

    For refis of the same type during the week of 2024-11-15, 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).