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 6.46% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.67% and one month ago for the week of 2025-01-10, the average rate was 6.43%.

    The average rate one year ago was 6.46%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.42%.

    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 $138,900 (5.7%) $189,228 (9.0%) 0.00 406
    2018-02-01 $135,500 (9.3%) $184,958 (7.7%) 0.00 403
    2018-03-01 $137,000 (5.6%) $183,050 (4.4%) 0.00 391
    2018-04-01 $144,750 (4.9%) $192,031 (2.2%) 0.00 375
    2018-05-01 $149,000 (10.4%) $197,166 (3.0%) 0.00 374
    2018-06-01 $146,000 (5.7%) $196,166 (1.3%) 0.00 388
    2018-07-01 $149,000 (2.8%) $193,693 (-0.1%) 0.00 399
    2018-08-01 $155,000 (5.2%) $192,548 (-1.6%) 0.00 391
    2018-09-01 $155,000 (5.1%) $196,520 (-0.6%) 0.00 391
    2018-10-01 $145,750 (-2.6%) $188,281 (-3.5%) 0.00 398
    2018-11-01 $152,500 (2.7%) $183,026 (-5.9%) 0.00 375
    2018-12-01 $149,000 (5.7%) $177,951 (-7.5%) 0.00 361
    2019-01-01 $148,125 (6.6%) $178,767 (-5.5%) 0.00 350
    2019-02-01 $149,925 (10.7%) $178,307 (-3.6%) 0.00 353
    2019-03-01 $149,000 (8.8%) $179,242 (-2.1%) 0.00 355
    2019-04-01 $149,000 (2.9%) $182,516 (-5.0%) 0.00 350
    2019-05-01 $145,950 (-2.1%) $189,349 (-4.0%) 0.00 343
    2019-06-01 $155,000 (6.2%) $197,298 (0.6%) 0.00 356
    2019-07-01 $157,825 (5.9%) $197,978 (2.2%) 0.00 356
    2019-08-01 $153,782 (-0.8%) $194,529 (1.0%) 0.00 343
    2019-09-01 $146,030 (-5.8%) $190,182 (-3.2%) 0.00 326
    2019-10-01 $139,950 (-4.0%) $187,365 (-0.5%) 0.00 313
    2019-11-01 $139,900 (-8.3%) $193,732 (5.9%) 0.00 288
    2019-12-01 $139,900 (-6.1%) $191,764 (7.8%) 0.00 280
    2020-01-01 $135,250 (-8.7%) $192,230 (7.5%) 0.00 272
    2020-02-01 $132,200 (-11.8%) $193,375 (8.5%) 0.00 274
    2020-03-01 $132,350 (-11.2%) $189,808 (5.9%) 0.00 275
    2020-04-01 $140,700 (-5.6%) $203,325 (11.4%) 0.00 263
    2020-05-01 $139,000 (-4.8%) $191,006 (0.9%) 0.00 241
    2020-06-01 $131,125 (-15.4%) $190,420 (-3.5%) 0.00 212
    2020-07-01 $129,375 (-18.0%) $186,483 (-5.8%) 0.00 195
    2020-08-01 $139,450 (-9.3%) $190,881 (-1.9%) 0.00 184
    2020-09-01 $146,175 (0.1%) $187,410 (-1.5%) 0.00 181
    2020-10-01 $155,250 (10.9%) $198,764 (6.1%) 0.00 184
    2020-11-01 $165,475 (18.3%) $199,057 (2.8%) 0.00 183
    2020-12-01 $149,950 (7.2%) $191,841 (0.0%) 0.00 186
    2021-01-01 $176,500 (30.5%) $199,601 (3.8%) 0.00 162
    2021-02-01 $172,450 (30.5%) $199,180 (3.0%) 0.00 128
    2021-03-01 $166,225 (25.6%) $191,455 (0.9%) 0.00 113
    2021-04-01 $161,750 (15.0%) $198,310 (-2.5%) 0.00 108
    2021-05-01 $162,500 (16.9%) $207,487 (8.6%) 0.00 101
    2021-06-01 $161,875 (23.5%) $219,644 (15.4%) 0.00 99
    2021-07-01 $165,000 (27.5%) $215,448 (15.5%) 0.00 95
    2021-08-01 $159,475 (14.4%) $209,279 (9.6%) 0.00 107
    2021-09-01 $152,200 (4.1%) $216,873 (15.7%) 0.00 103
    2021-10-01 $150,950 (-2.8%) $211,350 (6.3%) 0.00 109
    2021-11-01 $159,950 (-3.3%) $244,802 (23.0%) 0.00 106
    2021-12-01 $148,950 (-0.7%) $238,686 (24.4%) 0.00 99
    2022-01-01 $136,500 (-22.7%) $239,410 (19.9%) 0.00 89
    2022-02-01 $150,925 (-12.5%) $247,378 (24.2%) 0.00 81
    2022-03-01 $165,000 (-0.7%) $263,228 (37.5%) 0.00 79
    2022-04-01 $160,950 (-0.5%) $253,479 (27.8%) 0.00 67
    2022-05-01 $189,900 (16.9%) $276,582 (33.3%) 0.00 74
    2022-06-01 $185,750 (14.8%) $277,857 (26.5%) 0.00 83
    2022-07-01 $165,000 (0.0%) $237,654 (10.3%) 0.00 105
    2022-08-01 $174,425 (9.4%) $242,231 (15.8%) 0.00 112
    2022-09-01 $173,700 (14.1%) $242,187 (11.7%) 0.00 105
    2022-10-01 $159,500 (5.7%) $213,191 (0.9%) 0.00 111
    2022-11-01 $162,000 (1.3%) $217,299 (-11.2%) 0.00 121
    2022-12-01 $144,000 (-3.3%) $200,894 (-15.8%) 0.00 116
    2023-01-01 $157,000 (15.0%) $222,991 (-6.9%) 0.00 111
    2023-02-01 $147,225 (-2.5%) $234,909 (-5.0%) 0.00 109
    2023-03-01 $141,250 (-14.4%) $249,186 (-5.3%) 0.00 85
    2023-04-01 $179,500 (11.5%) $253,605 (0.1%) 0.00 91
    2023-05-01 $192,700 (1.5%) $262,043 (-5.3%) 0.00 89
    2023-06-01 $194,725 (4.8%) $252,156 (-9.3%) 0.00 92
    2023-07-01 $213,750 (29.6%) $255,689 (7.6%) 0.00 116
    2023-08-01 $230,275 (32.0%) $254,070 (4.9%) 0.00 124
    2023-09-01 $192,500 (10.8%) $241,962 (-0.1%) 0.00 118
    2023-10-01 $210,000 (31.7%) $247,764 (16.2%) 0.00 125
    2023-11-01 $191,200 (18.0%) $238,784 (9.9%) 0.00 131
    2023-12-01 $187,250 (30.0%) $237,449 (18.2%) 0.00 141
    2024-01-01 $171,750 (9.4%) $223,685 (0.3%) 0.00 149
    2024-02-01 $167,450 (13.7%) $212,791 (-9.4%) 0.00 135
    2024-03-01 $172,500 (22.1%) $214,156 (-14.1%) 0.00 142
    2024-04-01 $176,000 (-2.0%) $229,826 (-9.4%) 0.00 136
    2024-05-01 $191,100 (-0.8%) $243,518 (-7.1%) 0.00 124
    2024-06-01 $179,950 (-7.6%) $237,013 (-6.0%) 0.00 128
    2024-07-01 $177,675 (-16.9%) $237,385 (-7.2%) 0.00 133
    2024-08-01 $184,500 (-19.9%) $267,207 (5.2%) 0.00 128
    2024-09-01 $197,400 (2.6%) $273,567 (13.1%) 0.00 138
    2024-10-01 $206,750 (-1.6%) $275,116 (11.0%) 0.00 148
    2024-11-01 $179,500 (-6.1%) $255,242 (6.9%) 0.00 166
    2024-12-01 $164,250 (-12.3%) $241,540 (1.7%) 0.00 146
    2025-01-01 $159,450 (-7.2%) $247,167 (10.5%) 0.00 129
    Meridian's median listing price for 2025-01-01 was $159,450, a difference of $-12,300 (-7.2%) versus the prior year and $-4,800 versus the prior month.

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

    Meridian's average listing price for 2025-01-01 was $247,167, a difference of $23,482 (10.5%) versus the prior year and $5,627 versus the prior month.

    For the 2025-01-01 period, Meridian had 129 MLS listings, a difference of -17 listings (-12%) versus the prior month and -20 listings (-13%) 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 1,953 sqft
    2018-02-01 0 days 1,944 sqft
    2018-03-01 0 days 1,944 sqft
    2018-04-01 0 days 1,960 sqft
    2018-05-01 0 days 1,979 sqft
    2018-06-01 0 days 1,997 sqft
    2018-07-01 0 days 1,978 sqft
    2018-08-01 0 days 1,975 sqft
    2018-09-01 0 days 1,957 sqft
    2018-10-01 0 days 1,944 sqft
    2018-11-01 0 days 1,934 sqft
    2018-12-01 0 days 1,913 sqft
    2019-01-01 0 days 1,914 sqft
    2019-02-01 0 days 1,914 sqft
    2019-03-01 0 days 1,939 sqft
    2019-04-01 0 days 1,971 sqft
    2019-05-01 0 days 1,981 sqft
    2019-06-01 0 days 2,039 sqft
    2019-07-01 0 days 1,987 sqft
    2019-08-01 0 days 1,965 sqft
    2019-09-01 0 days 1,969 sqft
    2019-10-01 0 days 1,971 sqft
    2019-11-01 0 days 1,989 sqft
    2019-12-01 0 days 1,963 sqft
    2020-01-01 0 days 1,942 sqft
    2020-02-01 0 days 1,910 sqft
    2020-03-01 0 days 1,950 sqft
    2020-04-01 0 days 1,981 sqft
    2020-05-01 0 days 1,966 sqft
    2020-06-01 0 days 1,951 sqft
    2020-07-01 0 days 1,945 sqft
    2020-08-01 0 days 1,950 sqft
    2020-09-01 0 days 1,940 sqft
    2020-10-01 0 days 1,946 sqft
    2020-11-01 0 days 1,951 sqft
    2020-12-01 0 days 1,941 sqft
    2021-01-01 0 days 2,000 sqft
    2021-02-01 0 days 2,065 sqft
    2021-03-01 0 days 2,010 sqft
    2021-04-01 0 days 2,024 sqft
    2021-05-01 0 days 2,059 sqft
    2021-06-01 0 days 2,087 sqft
    2021-07-01 0 days 2,013 sqft
    2021-08-01 0 days 2,010 sqft
    2021-09-01 0 days 1,958 sqft
    2021-10-01 0 days 1,905 sqft
    2021-11-01 0 days 1,940 sqft
    2021-12-01 0 days 1,900 sqft
    2022-01-01 0 days 1,942 sqft
    2022-02-01 0 days 1,928 sqft
    2022-03-01 0 days 2,000 sqft
    2022-04-01 0 days 1,937 sqft
    2022-05-01 0 days 1,959 sqft
    2022-06-01 0 days 1,948 sqft
    2022-07-01 0 days 1,902 sqft
    2022-08-01 0 days 1,948 sqft
    2022-09-01 0 days 1,977 sqft
    2022-10-01 0 days 1,966 sqft
    2022-11-01 0 days 1,925 sqft
    2022-12-01 0 days 1,728 sqft
    2023-01-01 0 days 1,784 sqft
    2023-02-01 0 days 1,883 sqft
    2023-03-01 0 days 1,838 sqft
    2023-04-01 0 days 2,023 sqft
    2023-05-01 0 days 2,285 sqft
    2023-06-01 0 days 2,039 sqft
    2023-07-01 0 days 2,177 sqft
    2023-08-01 0 days 2,231 sqft
    2023-09-01 0 days 2,165 sqft
    2023-10-01 0 days 2,143 sqft
    2023-11-01 0 days 2,112 sqft
    2023-12-01 0 days 2,016 sqft
    2024-01-01 0 days 1,994 sqft
    2024-02-01 0 days 1,949 sqft
    2024-03-01 0 days 1,934 sqft
    2024-04-01 0 days 1,952 sqft
    2024-05-01 0 days 1,999 sqft
    2024-06-01 0 days 1,976 sqft
    2024-07-01 0 days 1,935 sqft
    2024-08-01 0 days 1,955 sqft
    2024-09-01 0 days 1,989 sqft
    2024-10-01 0 days 2,050 sqft
    2024-11-01 0 days 1,979 sqft
    2024-12-01 0 days 1,982 sqft
    2025-01-01 0 days 2,027 sqft
    Meridian's median listing age (time on market) for 2025-01-01 was 0 days.

    Meridian's median square footage for active listings during the 2025-01-01 period was 2,027 sqft. One year prior, the average listing was 1,994 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).