Mccomb FHA Loan Rates, Closing Costs & Stats

McComb, 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.

    Mccomb's 29 lenders originated 74 FHA loans during 2023. The total origination value was $12,550,000, with an average FHA loan value of $169,595.

    Mccomb FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mccomb averaged 6.69% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Mccomb's average FHA mortgage closing costs are $6,628.

    The average rate for the prior week (2024-04-12) was 6.68% and one month ago for the week of 2024-03-15, the average rate was 6.54%.

    The average rate one year ago was 6.27%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

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

    Mccomb 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 Mccomb level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 14 6.39% $7,802
    FIDELITY BANK 12 6.90% $8,224
    Trustmark National Bank 4 6.39% $8,172
    Mortgage Research Center, LLC 3 6.79% $7,054
    UNITED WHOLESALE MORTGAGE, LLC 3 6.73% $9,748
    Community Bank of Mississippi 3 6.54% $6,548
    Gulf Coast Bank and Trust Company 2 6.13% $7,717
    Flagstar Bank, FSB 2 6.88% $6,642
    CROSSCOUNTRY MORTGAGE, LLC 2 7.47% $6,601
    Regions Bank 2 5.75% $6,389
    KEESLER 2 5.00% $7,344
    GMFS LLC 1 5.75% $7,919
    Grand Bank for Savings, FSB 1 7.00% $5,019
    LOANDEPOT.COM, LLC 1 5.99% $7,227
    Mr. Cooper ( Nationstar Mortgage ) 1 5.50% $9,190
    Origin Bank 1 6.39% $7,358
    RELIANCE FIRST CAPITAL, LLC 1 6.63% $5,635
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $8,217
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.88% $12,971
    Barrington Bank & Trust Company, N.A. 1 5.75% $9,070
    Capital Bank 1 6.75% $10,374
    Carrington Mortgage Services, LLC 1 6.63% $10,424
    CHURCHILL MORTGAGE CORPORATION 1 6.25% $9,481
    CONTOUR MORTGAGE CORPORATION 1 5.25% $12,890
    CORNERSTONE HOME LENDING, INC. 1 5.63% $9,057
    Equity Prime Mortgage LLC 1 7.75% $8,422
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 6.50% $12,309
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $5,464
    FREEDOM MORTGAGE CORPORATION 1 6.88% $9,709

    The top Mccomb FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 14 FHA loans originated. Their average total fees are $7,802, which is $422 lower than the next largest lender, FIDELITY BANK.

    The lowest fee Mccomb FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,802), FIDELITY BANK ($8,224), .

    The lowest rate Mccomb FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.39%), FIDELITY BANK (6.90%), .

    Mccomb FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mccomb (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 $129,000 (-8.2%) $166,097 (-6.8%) 0.00 205
    2018-02-01 $125,000 (-11.7%) $165,319 (-6.0%) 0.00 204
    2018-03-01 $120,900 (-19.4%) $158,267 (-12.0%) 0.00 215
    2018-04-01 $119,900 (-19.5%) $159,152 (-11.0%) 0.00 227
    2018-05-01 $115,725 (-18.8%) $151,984 (-15.1%) 0.00 228
    2018-06-01 $119,950 (-14.3%) $156,600 (-11.4%) 0.00 242
    2018-07-01 $124,450 (-10.1%) $164,775 (-4.5%) 0.00 254
    2018-08-01 $122,450 (-12.5%) $165,346 (-6.6%) 0.00 257
    2018-09-01 $124,450 (-4.2%) $164,548 (-2.4%) 0.00 265
    2018-10-01 $120,875 (-7.9%) $165,569 (-2.0%) 0.00 262
    2018-11-01 $119,600 (-7.5%) $166,565 (-1.5%) 0.00 258
    2018-12-01 $123,500 (-6.3%) $169,838 (-1.3%) 0.00 260
    2019-01-01 $119,750 (-7.2%) $169,368 (2.0%) 0.00 247
    2019-02-01 $126,850 (1.5%) $171,827 (3.9%) 0.00 247
    2019-03-01 $129,214 (6.9%) $173,329 (9.5%) 0.00 234
    2019-04-01 $129,214 (7.8%) $171,266 (7.6%) 0.00 223
    2019-05-01 $129,075 (11.5%) $169,570 (11.6%) 0.00 217
    2019-06-01 $129,700 (8.1%) $171,319 (9.4%) 0.00 201
    2019-07-01 $120,000 (-3.6%) $165,807 (0.6%) 0.00 200
    2019-08-01 $122,509 (0.1%) $168,534 (1.9%) 0.00 199
    2019-09-01 $126,273 (1.5%) $171,374 (4.2%) 0.00 195
    2019-10-01 $128,782 (6.5%) $175,448 (6.0%) 0.00 187
    2019-11-01 $125,000 (4.5%) $174,890 (5.0%) 0.00 182
    2019-12-01 $125,000 (1.2%) $173,847 (2.4%) 0.00 186
    2020-01-01 $124,950 (4.3%) $174,308 (2.9%) 0.00 181
    2020-02-01 $125,000 (-1.5%) $177,146 (3.1%) 0.00 180
    2020-03-01 $131,625 (1.9%) $184,408 (6.4%) 0.00 178
    2020-04-01 $129,950 (0.6%) $184,452 (7.7%) 0.00 174
    2020-05-01 $130,000 (0.7%) $183,893 (8.5%) 0.00 159
    2020-06-01 $129,250 (-0.4%) $183,608 (7.2%) 0.00 155
    2020-07-01 $129,700 (8.1%) $187,984 (13.4%) 0.00 139
    2020-08-01 $129,900 (6.0%) $190,015 (12.8%) 0.00 143
    2020-09-01 $149,900 (18.7%) $208,916 (21.9%) 0.00 132
    2020-10-01 $149,900 (16.4%) $212,579 (21.2%) 0.00 124
    2020-11-01 $152,000 (21.6%) $215,841 (23.4%) 0.00 121
    2020-12-01 $153,500 (22.8%) $222,085 (27.8%) 0.00 109
    2021-01-01 $168,000 (34.5%) $229,842 (31.9%) 0.00 105
    2021-02-01 $169,500 (35.6%) $232,377 (31.2%) 0.00 94
    2021-03-01 $192,200 (46.0%) $252,734 (37.1%) 0.00 81
    2021-04-01 $192,475 (48.1%) $276,536 (49.9%) 0.00 69
    2021-05-01 $175,000 (34.6%) $265,771 (44.5%) 0.00 61
    2021-06-01 $175,000 (35.4%) $267,881 (45.9%) 0.00 69
    2021-07-01 $169,000 (30.3%) $244,320 (30.0%) 0.00 74
    2021-08-01 $149,900 (15.4%) $231,497 (21.8%) 0.00 74
    2021-09-01 $139,475 (-7.0%) $225,616 (8.0%) 0.00 78
    2021-10-01 $154,450 (3.0%) $237,837 (11.9%) 0.00 81
    2021-11-01 $180,000 (18.4%) $253,420 (17.4%) 0.00 70
    2021-12-01 $189,750 (23.6%) $258,412 (16.4%) 0.00 69
    2022-01-01 $175,000 (4.2%) $248,041 (7.9%) 0.00 64
    2022-02-01 $179,500 (5.9%) $266,295 (14.6%) 0.00 51
    2022-03-01 $173,425 (-9.8%) $266,341 (5.4%) 0.00 51
    2022-04-01 $175,000 (-9.1%) $270,012 (-2.4%) 0.00 41
    2022-05-01 $171,825 (-1.8%) $255,388 (-3.9%) 0.00 55
    2022-06-01 $174,375 (-0.4%) $243,010 (-9.3%) 0.00 68
    2022-07-01 $188,485 (11.5%) $239,970 (-1.8%) 0.00 66
    2022-08-01 $194,900 (30.0%) $252,034 (8.9%) 0.00 65
    2022-09-01 $194,725 (39.6%) $344,588 (52.7%) 0.00 69
    2022-10-01 $189,500 (22.7%) $315,168 (32.5%) 0.00 82
    2022-11-01 $186,375 (3.5%) $293,260 (15.7%) 0.00 85
    2022-12-01 $189,500 (-0.1%) $269,839 (4.4%) 0.00 87
    2023-01-01 $174,175 (-0.5%) $271,286 (9.4%) 0.00 82
    2023-02-01 $164,250 (-8.5%) $248,712 (-6.6%) 0.00 83
    2023-03-01 $166,825 (-3.8%) $257,316 (-3.4%) 0.00 84
    2023-04-01 $170,000 (-2.9%) $255,541 (-5.4%) 0.00 88
    2023-05-01 $169,225 (-1.5%) $242,958 (-4.9%) 0.00 93
    2023-06-01 $178,625 (2.4%) $240,068 (-1.2%) 0.00 94
    2023-07-01 $190,950 (1.3%) $246,399 (2.7%) 0.00 94
    2023-08-01 $180,725 (-7.3%) $234,429 (-7.0%) 0.00 95
    2023-09-01 $166,750 (-14.4%) $217,981 (-36.7%) 0.00 101
    2023-10-01 $165,000 (-12.9%) $214,631 (-31.9%) 0.00 102
    2023-11-01 $178,675 (-4.1%) $223,263 (-23.9%) 0.00 106
    2023-12-01 $175,000 (-7.7%) $223,390 (-17.2%) 0.00 101
    2024-01-01 $173,725 (-0.3%) $229,279 (-15.5%) 0.00 99
    2024-02-01 $179,900 (9.5%) $244,709 (-1.6%) 0.00 91
    2024-03-01 $197,250 (18.2%) $237,129 (-7.8%) 0.00 86
    Mccomb's median listing price for 2024-03-01 was $197,250, a difference of $30,425 (18.2%) versus the prior year and $17,350 versus the prior month.

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

    Mccomb's average listing price for 2024-03-01 was $237,129, a difference of $-20,187 (-7.8%) versus the prior year and $-7,580 versus the prior month.

    For the 2024-03-01 period, Mccomb had 86 MLS listings, a difference of -5 listings (-5%) versus the prior month and 2 listings (2%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mccomb (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,936 sqft
    2018-02-01 0 days 1,940 sqft
    2018-03-01 0 days 1,900 sqft
    2018-04-01 0 days 1,906 sqft
    2018-05-01 0 days 1,903 sqft
    2018-06-01 0 days 1,907 sqft
    2018-07-01 0 days 1,929 sqft
    2018-08-01 0 days 1,927 sqft
    2018-09-01 0 days 1,901 sqft
    2018-10-01 0 days 1,888 sqft
    2018-11-01 0 days 1,870 sqft
    2018-12-01 0 days 1,872 sqft
    2019-01-01 0 days 1,883 sqft
    2019-02-01 0 days 1,881 sqft
    2019-03-01 0 days 1,875 sqft
    2019-04-01 0 days 1,856 sqft
    2019-05-01 0 days 1,843 sqft
    2019-06-01 0 days 1,840 sqft
    2019-07-01 0 days 1,810 sqft
    2019-08-01 0 days 1,818 sqft
    2019-09-01 0 days 1,830 sqft
    2019-10-01 0 days 1,861 sqft
    2019-11-01 0 days 1,894 sqft
    2019-12-01 0 days 1,892 sqft
    2020-01-01 0 days 1,891 sqft
    2020-02-01 0 days 1,895 sqft
    2020-03-01 0 days 1,894 sqft
    2020-04-01 0 days 1,892 sqft
    2020-05-01 0 days 1,896 sqft
    2020-06-01 0 days 1,920 sqft
    2020-07-01 0 days 1,972 sqft
    2020-08-01 0 days 1,999 sqft
    2020-09-01 0 days 2,149 sqft
    2020-10-01 0 days 2,118 sqft
    2020-11-01 0 days 2,144 sqft
    2020-12-01 0 days 2,187 sqft
    2021-01-01 0 days 2,256 sqft
    2021-02-01 0 days 2,219 sqft
    2021-03-01 0 days 2,251 sqft
    2021-04-01 0 days 2,246 sqft
    2021-05-01 0 days 2,120 sqft
    2021-06-01 0 days 2,268 sqft
    2021-07-01 0 days 2,004 sqft
    2021-08-01 0 days 1,940 sqft
    2021-09-01 0 days 1,900 sqft
    2021-10-01 0 days 2,004 sqft
    2021-11-01 0 days 2,009 sqft
    2021-12-01 0 days 2,132 sqft
    2022-01-01 0 days 2,417 sqft
    2022-02-01 0 days 2,159 sqft
    2022-03-01 0 days 2,012 sqft
    2022-04-01 0 days 2,008 sqft
    2022-05-01 0 days 2,022 sqft
    2022-06-01 0 days 2,003 sqft
    2022-07-01 0 days 2,000 sqft
    2022-08-01 0 days 2,000 sqft
    2022-09-01 0 days 2,035 sqft
    2022-10-01 0 days 2,014 sqft
    2022-11-01 0 days 2,006 sqft
    2022-12-01 0 days 2,004 sqft
    2023-01-01 0 days 2,014 sqft
    2023-02-01 0 days 2,011 sqft
    2023-03-01 0 days 2,015 sqft
    2023-04-01 0 days 2,069 sqft
    2023-05-01 0 days 2,014 sqft
    2023-06-01 0 days 2,052 sqft
    2023-07-01 0 days 2,030 sqft
    2023-08-01 0 days 2,033 sqft
    2023-09-01 0 days 1,906 sqft
    2023-10-01 0 days 1,913 sqft
    2023-11-01 0 days 1,946 sqft
    2023-12-01 0 days 1,953 sqft
    2024-01-01 0 days 1,894 sqft
    2024-02-01 0 days 1,885 sqft
    2024-03-01 0 days 1,936 sqft
    Mccomb's median listing age (time on market) for 2024-03-01 was 0 days.

    Mccomb's median square footage for active listings during the 2024-03-01 period was 1,936 sqft. One year prior, the average listing was 2,015 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).