Oxford FHA Loan Rates, Closing Costs & Stats

Oxford, 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.

Oxford's 24 lenders originated 82 FHA loans during 2023. The total origination value was $21,110,000, with an average FHA loan value of $257,439.

Oxford FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Oxford averaged 6.97% for the week of 2024-05-10, compared to the national average (all FHA variants) of 6.786% for the same period.

Oxford's average FHA mortgage closing costs are $7,054.

The average rate for the prior week (2024-05-03) was 6.76% and one month ago for the week of 2024-04-05, the average rate was 6.65%.

The average rate one year ago was 6.25%.

For refis of the same type during the week of 2024-05-10, the average rate was 6.59%.

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

Oxford 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 Oxford level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Regions Bank 14 6.29% $9,759
QUICKEN LOANS, LLC 10 6.31% $13,161
Flagstar Bank, FSB 7 6.39% $12,463
Trustmark National Bank 7 7.07% $9,696
Renasant Bank 4 6.25% $10,737
BankPlus 3 6.13% $6,259
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.54% $7,653
Origin Bank 3 6.04% $10,324
BROKER SOLUTIONS, INC. 2 8.00% $15,932
PENNYMAC LOAN SERVICES, LLC 2 6.00% $9,688
AmeriHome Mortgage Company, LLC 2 6.63% $9,649
CROSSCOUNTRY MORTGAGE, LLC 2 7.50% $11,144
FREEDOM MORTGAGE CORPORATION 2 6.75% $14,851
LOANDEPOT.COM, LLC 2 5.50% $14,731
CARDINAL FINANCIAL 2 6.25% $9,592
UNITED WHOLESALE MORTGAGE, LLC 1 4.88% $10,969
AMERISAVE MORTGAGE CORPORATION 1 6.13% $10,607
Bank of England 1 6.63% $13,789
Community Bank of Mississippi 1 6.25% $8,349
FLAT BRANCH MORTGAGE, INC. 1 6.75% $10,192
Mr. Cooper ( Nationstar Mortgage ) 1 5.25% $12,778
Nations Lending Corporation 1 6.69% $5,224
RELIANCE FIRST CAPITAL, LLC 1 6.88% $20,167
AMERICAN FINANCIAL RESOURCES, INC. 1 6.00% $15,971

The top Oxford FHA lender as defined by loan originations is Regions Bank, with 14 FHA loans originated. Their average total fees are $9,759, which is $3,402 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Oxford FHA lenders (with over 10 loans originated) are Regions Bank ($9,759), QUICKEN LOANS, LLC ($13,161), .

The lowest rate Oxford FHA lenders (with over 10 loans originated) are Regions Bank (6.29%), QUICKEN LOANS, LLC (6.31%), .

Oxford FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Oxford (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 $316,975 (-6.4%) $369,775 (-7.0%) 0.00 392
2018-02-01 $319,950 (-4.4%) $369,615 (-4.7%) 0.00 403
2018-03-01 $329,000 (-3.0%) $378,142 (-4.8%) 0.00 410
2018-04-01 $334,975 (-1.5%) $379,275 (-5.0%) 0.00 431
2018-05-01 $325,000 (-6.3%) $369,038 (-10.2%) 0.00 455
2018-06-01 $309,000 (-11.2%) $364,238 (-10.9%) 0.00 467
2018-07-01 $299,450 (-14.4%) $360,140 (-9.9%) 0.00 470
2018-08-01 $284,900 (-12.0%) $348,320 (-8.9%) 0.00 484
2018-09-01 $264,900 (-19.7%) $337,816 (-12.5%) 0.00 515
2018-10-01 $258,225 (-21.5%) $330,002 (-11.7%) 0.00 513
2018-11-01 $258,500 (-19.2%) $329,952 (-9.7%) 0.00 488
2018-12-01 $259,900 (-17.5%) $334,184 (-6.0%) 0.00 480
2019-01-01 $256,150 (-19.2%) $335,332 (-9.3%) 0.00 457
2019-02-01 $250,425 (-21.7%) $335,931 (-9.1%) 0.00 503
2019-03-01 $255,629 (-22.3%) $338,460 (-10.5%) 0.00 526
2019-04-01 $259,500 (-22.5%) $340,054 (-10.3%) 0.00 550
2019-05-01 $269,250 (-17.2%) $352,690 (-4.4%) 0.00 564
2019-06-01 $274,900 (-11.0%) $363,766 (-0.1%) 0.00 577
2019-07-01 $274,950 (-8.2%) $370,656 (2.9%) 0.00 594
2019-08-01 $275,964 (-3.1%) $374,948 (7.6%) 0.00 556
2019-09-01 $278,234 (5.0%) $380,188 (12.5%) 0.00 508
2019-10-01 $281,225 (8.9%) $381,238 (15.5%) 0.00 475
2019-11-01 $279,000 (7.9%) $381,946 (15.8%) 0.00 457
2019-12-01 $269,200 (3.6%) $372,178 (11.4%) 0.00 406
2020-01-01 $264,500 (3.3%) $381,579 (13.8%) 0.00 381
2020-02-01 $258,925 (3.4%) $379,676 (13.0%) 0.00 432
2020-03-01 $258,900 (1.3%) $370,327 (9.4%) 0.00 445
2020-04-01 $262,450 (1.1%) $367,273 (8.0%) 0.00 447
2020-05-01 $263,500 (-2.1%) $373,447 (5.9%) 0.00 458
2020-06-01 $242,463 (-11.8%) $360,737 (-0.8%) 0.00 486
2020-07-01 $254,400 (-7.5%) $379,316 (2.3%) 0.00 476
2020-08-01 $265,500 (-3.8%) $382,222 (1.9%) 0.00 486
2020-09-01 $267,125 (-4.0%) $378,960 (-0.3%) 0.00 479
2020-10-01 $268,750 (-4.4%) $395,904 (3.9%) 0.00 476
2020-11-01 $265,375 (-4.9%) $404,873 (6.0%) 0.00 447
2020-12-01 $262,025 (-2.7%) $381,851 (2.6%) 0.00 433
2021-01-01 $264,100 (-0.2%) $378,450 (-0.8%) 0.00 407
2021-02-01 $291,625 (12.6%) $411,358 (8.3%) 0.00 375
2021-03-01 $297,450 (14.9%) $419,406 (13.3%) 0.00 355
2021-04-01 $348,500 (32.8%) $466,469 (27.0%) 0.00 323
2021-05-01 $379,500 (44.0%) $518,291 (38.8%) 0.00 235
2021-06-01 $396,725 (63.6%) $524,392 (45.4%) 0.00 235
2021-07-01 $429,950 (69.0%) $551,982 (45.5%) 0.00 219
2021-08-01 $414,380 (56.1%) $539,610 (41.2%) 0.00 208
2021-09-01 $399,925 (49.7%) $547,104 (44.4%) 0.00 205
2021-10-01 $389,000 (44.7%) $544,865 (37.6%) 0.00 180
2021-11-01 $389,000 (46.6%) $557,778 (37.8%) 0.00 164
2021-12-01 $424,278 (61.9%) $574,797 (50.5%) 0.00 133
2022-01-01 $449,900 (70.4%) $593,571 (56.8%) 0.00 109
2022-02-01 $490,575 (68.2%) $669,470 (62.8%) 0.00 82
2022-03-01 $483,725 (62.6%) $610,323 (45.5%) 0.00 97
2022-04-01 $497,450 (42.7%) $623,832 (33.7%) 0.00 98
2022-05-01 $432,425 (14.0%) $576,006 (11.1%) 0.00 115
2022-06-01 $397,000 (0.1%) $545,827 (4.1%) 0.00 139
2022-07-01 $399,000 (-7.2%) $539,371 (-2.3%) 0.00 168
2022-08-01 $439,725 (6.1%) $551,716 (2.2%) 0.00 161
2022-09-01 $422,500 (5.6%) $562,573 (2.8%) 0.00 153
2022-10-01 $449,000 (15.4%) $561,446 (3.0%) 0.00 159
2022-11-01 $493,725 (26.9%) $578,114 (3.7%) 0.00 148
2022-12-01 $495,000 (16.7%) $584,111 (1.6%) 0.00 120
2023-01-01 $475,000 (5.6%) $553,417 (-6.8%) 0.00 133
2023-02-01 $486,125 (-0.9%) $569,469 (-14.9%) 0.00 126
2023-03-01 $449,000 (-7.2%) $540,054 (-11.5%) 0.00 129
2023-04-01 $449,900 (-9.6%) $548,848 (-12.0%) 0.00 136
2023-05-01 $447,500 (3.5%) $565,588 (-1.8%) 0.00 129
2023-06-01 $445,000 (12.1%) $562,492 (3.1%) 0.00 132
2023-07-01 $450,000 (12.8%) $599,966 (11.2%) 0.00 130
2023-08-01 $479,450 (9.0%) $599,112 (8.6%) 0.00 144
2023-09-01 $495,500 (17.3%) $613,450 (9.0%) 0.00 162
2023-10-01 $497,250 (10.8%) $614,164 (9.4%) 0.00 152
2023-11-01 $504,675 (2.2%) $635,938 (10.0%) 0.00 151
2023-12-01 $532,985 (7.7%) $665,772 (14.0%) 0.00 141
2024-01-01 $489,925 (3.1%) $637,369 (15.2%) 0.00 167
2024-02-01 $492,000 (1.2%) $645,040 (13.3%) 0.00 158
2024-03-01 $539,900 (20.2%) $669,556 (24.0%) 0.00 142
2024-04-01 $594,750 (32.2%) $717,565 (30.7%) 0.00 149
Oxford's median listing price for 2024-04-01 was $594,750, a difference of $144,850 (32.2%) versus the prior year and $54,850 versus the prior month.

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

Oxford's average listing price for 2024-04-01 was $717,565, a difference of $168,717 (30.7%) versus the prior year and $48,009 versus the prior month.

For the 2024-04-01 period, Oxford had 149 MLS listings, a difference of 7 listings (5%) versus the prior month and 13 listings (10%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Oxford (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,930 sqft
2018-02-01 0 days 2,049 sqft
2018-03-01 0 days 2,070 sqft
2018-04-01 0 days 2,081 sqft
2018-05-01 0 days 2,075 sqft
2018-06-01 0 days 2,066 sqft
2018-07-01 0 days 2,039 sqft
2018-08-01 0 days 1,956 sqft
2018-09-01 0 days 1,875 sqft
2018-10-01 0 days 1,846 sqft
2018-11-01 0 days 1,834 sqft
2018-12-01 0 days 1,829 sqft
2019-01-01 0 days 1,802 sqft
2019-02-01 0 days 1,804 sqft
2019-03-01 0 days 1,826 sqft
2019-04-01 0 days 1,837 sqft
2019-05-01 0 days 1,847 sqft
2019-06-01 0 days 1,859 sqft
2019-07-01 0 days 1,860 sqft
2019-08-01 0 days 1,862 sqft
2019-09-01 0 days 1,862 sqft
2019-10-01 0 days 1,863 sqft
2019-11-01 0 days 1,862 sqft
2019-12-01 0 days 1,839 sqft
2020-01-01 0 days 1,852 sqft
2020-02-01 0 days 1,838 sqft
2020-03-01 0 days 1,807 sqft
2020-04-01 0 days 1,807 sqft
2020-05-01 0 days 1,800 sqft
2020-06-01 0 days 1,760 sqft
2020-07-01 0 days 1,800 sqft
2020-08-01 0 days 1,849 sqft
2020-09-01 0 days 1,859 sqft
2020-10-01 0 days 1,855 sqft
2020-11-01 0 days 1,834 sqft
2020-12-01 0 days 1,820 sqft
2021-01-01 0 days 1,860 sqft
2021-02-01 0 days 1,864 sqft
2021-03-01 0 days 1,868 sqft
2021-04-01 0 days 2,033 sqft
2021-05-01 0 days 2,102 sqft
2021-06-01 0 days 2,120 sqft
2021-07-01 0 days 2,248 sqft
2021-08-01 0 days 2,183 sqft
2021-09-01 0 days 2,056 sqft
2021-10-01 0 days 2,052 sqft
2021-11-01 0 days 2,051 sqft
2021-12-01 0 days 2,048 sqft
2022-01-01 0 days 2,039 sqft
2022-02-01 0 days 2,162 sqft
2022-03-01 0 days 2,067 sqft
2022-04-01 0 days 2,377 sqft
2022-05-01 0 days 2,108 sqft
2022-06-01 0 days 2,033 sqft
2022-07-01 0 days 2,000 sqft
2022-08-01 0 days 2,033 sqft
2022-09-01 0 days 2,065 sqft
2022-10-01 0 days 2,070 sqft
2022-11-01 0 days 2,287 sqft
2022-12-01 0 days 2,350 sqft
2023-01-01 0 days 2,143 sqft
2023-02-01 0 days 2,088 sqft
2023-03-01 0 days 1,911 sqft
2023-04-01 0 days 1,996 sqft
2023-05-01 0 days 1,933 sqft
2023-06-01 0 days 2,081 sqft
2023-07-01 0 days 2,100 sqft
2023-08-01 0 days 2,122 sqft
2023-09-01 0 days 2,142 sqft
2023-10-01 0 days 2,144 sqft
2023-11-01 0 days 2,195 sqft
2023-12-01 0 days 2,188 sqft
2024-01-01 0 days 2,019 sqft
2024-02-01 0 days 1,992 sqft
2024-03-01 0 days 2,054 sqft
2024-04-01 0 days 2,210 sqft
Oxford's median listing age (time on market) for 2024-04-01 was 0 days.

Oxford's median square footage for active listings during the 2024-04-01 period was 2,210 sqft. One year prior, the average listing was 1,996 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).