Oxford FHA Loan Rates, Closing Costs & Stats

Oxford, 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.

    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 6.84% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.53% and one month ago for the week of 2024-03-15, the average rate was 6.6%.

    The average rate one year ago was 6.22%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

    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
    Oxford's median listing price for 2024-03-01 was $539,900, a difference of $90,900 (20.2%) versus the prior year and $47,900 versus the prior month.

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

    Oxford's average listing price for 2024-03-01 was $669,556, a difference of $129,502 (24.0%) versus the prior year and $24,516 versus the prior month.

    For the 2024-03-01 period, Oxford had 142 MLS listings, a difference of -16 listings (-10%) 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
    Oxford's median listing age (time on market) for 2024-03-01 was 0 days.

    Oxford's median square footage for active listings during the 2024-03-01 period was 2,054 sqft. One year prior, the average listing was 1,911 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).