Meridian FHA Loan Rates, Closing Costs & Stats

Meridian, 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.

    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 7% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.89% and one month ago for the week of 2024-03-15, the average rate was 6.46%.

    The average rate one year ago was 6.19%.

    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.

    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
    Meridian's median listing price for 2024-03-01 was $169,950, a difference of $26,200 (18.2%) versus the prior year and $2,950 versus the prior month.

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

    Meridian's average listing price for 2024-03-01 was $250,464, a difference of $-42,163 (-14.4%) versus the prior year and $3,983 versus the prior month.

    For the 2024-03-01 period, Meridian had 150 MLS listings, a difference of 5 listings (3%) versus the prior month and 59 listings (65%) 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
    Meridian's median listing age (time on market) for 2024-03-01 was 0 days.

    Meridian's median square footage for active listings during the 2024-03-01 period was 1,934 sqft. One year prior, the average listing was 1,919 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).