Meridian FHA Loan Rates, Closing Costs & Stats

Meridian, 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.

Meridian's 41 lenders originated 159 FHA loans during 2023. The total origination value was $24,415,000, with an average FHA loan value of $153,553.

Meridian FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Meridian averaged 6.89% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Meridian's average FHA mortgage closing costs are $6,087.

The average rate for the prior week (2024-05-10) was 6.63% and one month ago for the week of 2024-04-12, the average rate was 6.69%.

The average rate one year ago was 6.35%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.74%.

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

Meridian 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 Meridian level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Trustmark National Bank 56 6.44% $7,389
QUICKEN LOANS, LLC 17 6.46% $7,028
The Citizens National Bank of Meridian 9 6.82% $7,271
Renasant Bank 6 6.21% $7,199
MORTGAGE INVESTORS GROUP, INC. 5 6.40% $7,532
TOWNE MORTGAGE COMPANY 4 6.97% $8,582
UNITED WHOLESALE MORTGAGE, LLC 3 6.35% $8,443
LOANDEPOT.COM, LLC 3 6.33% $6,690
FIRST COMMUNITY MORTGAGE, INC. 2 6.63% $9,319
GUILD MORTGAGE COMPANY 2 6.63% $6,881
BROKER SOLUTIONS, INC. 2 6.62% $10,041
CARDINAL FINANCIAL 2 6.25% $7,064
Regions Bank 2 5.69% $4,700
ROYAL UNITED MORTGAGE LLC 2 6.44% $8,451
AMERISAVE MORTGAGE CORPORATION 2 5.50% $10,782
Community Bank of Mississippi 2 7.22% $5,274
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $10,327
NEW DAY FINANCIAL, LLC 1 7.50% $3,254
NEWREZ LLC 1 6.75% $7,957
OPEN MORTGAGE, LLC 1 7.63% $7,889
PENTAGON FEDERAL CREDIT UNION 1 5.13% $8,219
Platinum Home Mortgage Corporation 1 6.75% $6,613
SOUTHWEST STAGE FUNDING, LLC 1 6.75% $6,064
SUN WEST MORTGAGE COMPANY, INC. 1 6.50% $6,329
AMERICAN FINANCIAL RESOURCES, INC. 1 5.75% $7,607
ZILLOW HOME LOANS, LLC 1 6.63% $12,834
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.13% $7,108
BancorpSouth 1 5.75% $5,233
Bank of England 1 7.63% $8,258
CHURCHILL MORTGAGE CORPORATION 1 7.13% $7,789
CORNERSTONE HOME LENDING, INC. 1 7.25% $6,489
CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $13,615
EMBRACE HOME LOANS, INC. 1 6.75% $6,421
Evolve Bank & Trust 1 6.25% $13,200
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.63% $8,013
Fifth Third Bank 1 6.00% $5,102
FIRST COLONY MORTGAGE CORPORATION 1 7.25% $12,348
GUARANTEED RATE, INC. 1 6.25% $6,501
HOMESIDE FINANCIAL, LLC 1 7.25% $7,971
LAKEVIEW LOAN SERVICING, LLC 1 6.75% $7,355
Merchants & Marine Bank 1 6.75% $6,711

The top Meridian FHA lender as defined by loan originations is Trustmark National Bank, with 56 FHA loans originated. Their average total fees are $7,389, which is $361 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Meridian FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,028), Trustmark National Bank ($7,389), .

The lowest rate Meridian FHA lenders (with over 10 loans originated) are Trustmark National Bank (6.44%), QUICKEN LOANS, LLC (6.46%), .

Meridian FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Meridian (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 $138,800 (6.8%) $188,600 (9.2%) 0.00 416
2018-02-01 $133,625 (8.9%) $184,124 (8.0%) 0.00 411
2018-03-01 $136,500 (7.1%) $181,762 (4.2%) 0.00 401
2018-04-01 $143,750 (6.5%) $190,515 (2.2%) 0.00 385
2018-05-01 $147,500 (9.6%) $195,608 (3.0%) 0.00 383
2018-06-01 $142,000 (3.9%) $194,521 (1.4%) 0.00 398
2018-07-01 $144,250 (1.9%) $191,886 (0.2%) 0.00 410
2018-08-01 $153,250 (5.2%) $190,583 (-1.6%) 0.00 402
2018-09-01 $152,500 (6.3%) $193,671 (-1.2%) 0.00 402
2018-10-01 $140,625 (-5.8%) $185,637 (-4.3%) 0.00 410
2018-11-01 $148,500 (0.2%) $181,137 (-6.4%) 0.00 386
2018-12-01 $147,000 (4.3%) $176,421 (-7.9%) 0.00 372
2019-01-01 $145,500 (4.8%) $177,478 (-5.9%) 0.00 360
2019-02-01 $149,000 (11.5%) $176,743 (-4.0%) 0.00 364
2019-03-01 $146,543 (7.4%) $177,445 (-2.4%) 0.00 366
2019-04-01 $147,818 (2.8%) $180,671 (-5.2%) 0.00 360
2019-05-01 $144,725 (-1.9%) $188,018 (-3.9%) 0.00 350
2019-06-01 $151,800 (6.9%) $194,988 (0.2%) 0.00 365
2019-07-01 $156,600 (8.6%) $196,464 (2.4%) 0.00 365
2019-08-01 $153,427 (0.1%) $193,330 (1.4%) 0.00 352
2019-09-01 $145,818 (-4.4%) $189,665 (-2.1%) 0.00 336
2019-10-01 $139,450 (-0.8%) $187,138 (0.8%) 0.00 323
2019-11-01 $139,450 (-6.1%) $192,199 (6.1%) 0.00 298
2019-12-01 $138,750 (-5.6%) $191,141 (8.3%) 0.00 291
2020-01-01 $133,500 (-8.3%) $191,425 (7.9%) 0.00 284
2020-02-01 $129,000 (-13.4%) $192,462 (8.9%) 0.00 285
2020-03-01 $129,350 (-11.7%) $185,617 (4.6%) 0.00 288
2020-04-01 $136,850 (-7.4%) $198,690 (10.0%) 0.00 278
2020-05-01 $129,000 (-10.9%) $185,505 (-1.3%) 0.00 258
2020-06-01 $127,950 (-15.7%) $184,083 (-5.6%) 0.00 227
2020-07-01 $127,225 (-18.8%) $180,939 (-7.9%) 0.00 207
2020-08-01 $134,000 (-12.7%) $185,880 (-3.9%) 0.00 194
2020-09-01 $139,500 (-4.3%) $183,212 (-3.4%) 0.00 188
2020-10-01 $150,000 (7.6%) $195,675 (4.6%) 0.00 190
2020-11-01 $164,700 (18.1%) $196,614 (2.3%) 0.00 189
2020-12-01 $149,925 (8.1%) $189,734 (-0.7%) 0.00 191
2021-01-01 $169,700 (27.1%) $195,079 (1.9%) 0.00 168
2021-02-01 $168,100 (30.3%) $194,165 (0.9%) 0.00 135
2021-03-01 $164,500 (27.2%) $186,581 (0.5%) 0.00 119
2021-04-01 $151,000 (10.3%) $192,000 (-3.4%) 0.00 115
2021-05-01 $150,000 (16.3%) $198,830 (7.2%) 0.00 110
2021-06-01 $154,450 (20.7%) $211,725 (15.0%) 0.00 107
2021-07-01 $154,500 (21.4%) $210,002 (16.1%) 0.00 102
2021-08-01 $159,450 (19.0%) $204,959 (10.3%) 0.00 114
2021-09-01 $149,800 (7.4%) $210,938 (15.1%) 0.00 109
2021-10-01 $149,900 (-0.1%) $207,545 (6.1%) 0.00 117
2021-11-01 $159,500 (-3.2%) $236,151 (20.1%) 0.00 113
2021-12-01 $147,175 (-1.8%) $233,163 (22.9%) 0.00 106
2022-01-01 $140,000 (-17.5%) $235,162 (20.6%) 0.00 95
2022-02-01 $154,700 (-8.0%) $242,838 (25.1%) 0.00 85
2022-03-01 $165,000 (0.3%) $254,197 (36.2%) 0.00 85
2022-04-01 $160,000 (6.0%) $247,263 (28.8%) 0.00 74
2022-05-01 $189,175 (26.1%) $267,871 (34.7%) 0.00 80
2022-06-01 $182,250 (18.0%) $267,857 (26.5%) 0.00 93
2022-07-01 $170,000 (10.0%) $262,376 (24.9%) 0.00 114
2022-08-01 $176,675 (10.8%) $270,855 (32.2%) 0.00 123
2022-09-01 $174,300 (16.4%) $269,545 (27.8%) 0.00 116
2022-10-01 $157,000 (4.7%) $241,067 (16.2%) 0.00 124
2022-11-01 $162,100 (1.6%) $247,096 (4.6%) 0.00 130
2022-12-01 $152,500 (3.6%) $236,074 (1.3%) 0.00 126
2023-01-01 $158,000 (12.9%) $256,383 (9.0%) 0.00 120
2023-02-01 $147,350 (-4.8%) $272,307 (12.1%) 0.00 116
2023-03-01 $143,750 (-12.9%) $292,627 (15.1%) 0.00 91
2023-04-01 $177,200 (10.8%) $296,235 (19.8%) 0.00 97
2023-05-01 $192,700 (1.9%) $302,410 (12.9%) 0.00 97
2023-06-01 $187,450 (2.9%) $290,182 (8.3%) 0.00 101
2023-07-01 $213,750 (25.7%) $287,257 (9.5%) 0.00 124
2023-08-01 $222,500 (25.9%) $281,785 (4.0%) 0.00 132
2023-09-01 $190,500 (9.3%) $272,511 (1.1%) 0.00 125
2023-10-01 $199,900 (27.3%) $284,398 (18.0%) 0.00 131
2023-11-01 $191,200 (18.0%) $274,116 (10.9%) 0.00 137
2023-12-01 $187,250 (22.8%) $269,861 (14.3%) 0.00 147
2024-01-01 $169,950 (7.6%) $254,970 (-0.6%) 0.00 155
2024-02-01 $167,000 (13.3%) $246,481 (-9.5%) 0.00 145
2024-03-01 $169,950 (18.2%) $250,464 (-14.4%) 0.00 150
2024-04-01 $175,000 (-1.2%) $265,624 (-10.3%) 0.00 146
Meridian's median listing price for 2024-04-01 was $175,000, a difference of $-2,200 (-1.2%) versus the prior year and $5,050 versus the prior month.

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

Meridian's average listing price for 2024-04-01 was $265,624, a difference of $-30,611 (-10.3%) versus the prior year and $15,160 versus the prior month.

For the 2024-04-01 period, Meridian had 146 MLS listings, a difference of -4 listings (-3%) versus the prior month and 49 listings (51%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Meridian (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,950 sqft
2018-02-01 0 days 1,943 sqft
2018-03-01 0 days 1,943 sqft
2018-04-01 0 days 1,954 sqft
2018-05-01 0 days 1,981 sqft
2018-06-01 0 days 1,999 sqft
2018-07-01 0 days 1,981 sqft
2018-08-01 0 days 1,974 sqft
2018-09-01 0 days 1,954 sqft
2018-10-01 0 days 1,944 sqft
2018-11-01 0 days 1,934 sqft
2018-12-01 0 days 1,914 sqft
2019-01-01 0 days 1,914 sqft
2019-02-01 0 days 1,913 sqft
2019-03-01 0 days 1,935 sqft
2019-04-01 0 days 1,965 sqft
2019-05-01 0 days 1,975 sqft
2019-06-01 0 days 2,033 sqft
2019-07-01 0 days 1,976 sqft
2019-08-01 0 days 1,953 sqft
2019-09-01 0 days 1,963 sqft
2019-10-01 0 days 1,964 sqft
2019-11-01 0 days 1,972 sqft
2019-12-01 0 days 1,951 sqft
2020-01-01 0 days 1,928 sqft
2020-02-01 0 days 1,887 sqft
2020-03-01 0 days 1,935 sqft
2020-04-01 0 days 1,953 sqft
2020-05-01 0 days 1,943 sqft
2020-06-01 0 days 1,918 sqft
2020-07-01 0 days 1,896 sqft
2020-08-01 0 days 1,938 sqft
2020-09-01 0 days 1,908 sqft
2020-10-01 0 days 1,944 sqft
2020-11-01 0 days 1,946 sqft
2020-12-01 0 days 1,936 sqft
2021-01-01 0 days 1,975 sqft
2021-02-01 0 days 1,990 sqft
2021-03-01 0 days 1,916 sqft
2021-04-01 0 days 1,998 sqft
2021-05-01 0 days 2,000 sqft
2021-06-01 0 days 2,046 sqft
2021-07-01 0 days 1,972 sqft
2021-08-01 0 days 1,943 sqft
2021-09-01 0 days 1,928 sqft
2021-10-01 0 days 1,837 sqft
2021-11-01 0 days 1,929 sqft
2021-12-01 0 days 1,819 sqft
2022-01-01 0 days 1,932 sqft
2022-02-01 0 days 1,902 sqft
2022-03-01 0 days 1,965 sqft
2022-04-01 0 days 1,926 sqft
2022-05-01 0 days 1,952 sqft
2022-06-01 0 days 1,930 sqft
2022-07-01 0 days 1,892 sqft
2022-08-01 0 days 1,923 sqft
2022-09-01 0 days 1,939 sqft
2022-10-01 0 days 1,917 sqft
2022-11-01 0 days 1,929 sqft
2022-12-01 0 days 1,730 sqft
2023-01-01 0 days 1,799 sqft
2023-02-01 0 days 1,945 sqft
2023-03-01 0 days 1,919 sqft
2023-04-01 0 days 2,050 sqft
2023-05-01 0 days 2,296 sqft
2023-06-01 0 days 2,121 sqft
2023-07-01 0 days 2,179 sqft
2023-08-01 0 days 2,252 sqft
2023-09-01 0 days 2,172 sqft
2023-10-01 0 days 2,147 sqft
2023-11-01 0 days 2,122 sqft
2023-12-01 0 days 2,040 sqft
2024-01-01 0 days 1,997 sqft
2024-02-01 0 days 1,946 sqft
2024-03-01 0 days 1,934 sqft
2024-04-01 0 days 1,951 sqft
Meridian's median listing age (time on market) for 2024-04-01 was 0 days.

Meridian's median square footage for active listings during the 2024-04-01 period was 1,951 sqft. One year prior, the average listing was 2,050 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).