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 31 lenders originated 78 FHA loans during 2022. The total origination value was $16,470,000, with an average FHA loan value of $211,154.

Oxford FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Oxford averaged -0.65% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

Oxford's average FHA mortgage closing costs are $6,496.

The average rate for the prior week (2023-11-17) was 6.64% and one month ago for the week of 2023-10-20, the average rate was 6.95%.

The average rate one year ago was 5.87%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.1%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 9 4.48% $9,748
BancorpSouth 6 5.00% $7,341
Regions Bank 5 4.35% $7,400
MOVEMENT MORTGAGE, LLC 5 5.00% $10,136
Nations Lending Corporation 5 5.22% $10,243
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 4.72% $7,104
Trustmark National Bank 4 4.66% $5,795
COMMUNITY MORTGAGE CORPORATION 3 3.75% $6,331
Renasant Bank 3 5.50% $7,703
CHURCHILL MORTGAGE CORPORATION 2 2.75% $4,459
LOANDEPOT.COM, LLC 2 3.62% $10,939
Origin Bank 2 5.69% $8,123
Bank of England 2 5.94% $8,865
UNITED WHOLESALE MORTGAGE, LLC 2 5.07% $10,138
AMERISAVE MORTGAGE CORPORATION 2 5.94% $8,051
Citizens Bank 2 4.75% $11,167
VILLAGE CAPITAL MORTGAGE 1 5.75% $10,669
BankPlus 1 5.75% $10,390
Barrington Bank & Trust Company, N.A. 1 5.75% $6,811
CARDINAL FINANCIAL 1 5.13% $14,407
Carrington Mortgage Services, LLC 1 3.75% $4,334
EMBRACE HOME LOANS, INC. 1 5.75% $6,324
Evolve Bank & Trust 1 7.25% $12,196
FirstBank 1 5.00% $7,099
FIRST COMMUNITY MORTGAGE, INC. 1 5.63% $10,764
Flagstar Bank, FSB 1 5.38% $15,596
GMFS LLC 1 5.75% $10,227
GUARANTEED RATE, INC. 1 5.25% $5,194
RELIANCE FIRST CAPITAL, LLC 1 3.75% $7,031
SOUTHWEST STAGE FUNDING, LLC 1 5.88% $5,869
AMERICAN FINANCING CORPORATION 1 3.50% $7,828

The top Oxford FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 9 FHA loans originated. Their average total fees are $9,748, which is $2,407 higher than the next largest lender, BancorpSouth.

The lowest fee Oxford FHA lenders (with over 10 loans originated) are .

The lowest rate Oxford FHA lenders (with over 10 loans originated) are .

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 $317,700 (-6.0%) $369,723 (-6.8%) 0.00 393
2018-02-01 $319,950 (-4.2%) $369,564 (-4.5%) 0.00 404
2018-03-01 $329,000 (-3.0%) $378,072 (-4.7%) 0.00 411
2018-04-01 $336,000 (-1.1%) $379,207 (-4.8%) 0.00 431
2018-05-01 $325,000 (-6.3%) $369,051 (-10.0%) 0.00 456
2018-06-01 $309,000 (-11.1%) $364,260 (-10.8%) 0.00 469
2018-07-01 $299,450 (-14.4%) $360,143 (-9.7%) 0.00 472
2018-08-01 $284,925 (-11.9%) $348,371 (-8.9%) 0.00 486
2018-09-01 $265,000 (-19.7%) $337,904 (-12.5%) 0.00 517
2018-10-01 $259,175 (-21.2%) $330,121 (-11.7%) 0.00 515
2018-11-01 $259,225 (-19.0%) $330,076 (-9.7%) 0.00 490
2018-12-01 $261,000 (-17.1%) $334,293 (-6.0%) 0.00 482
2019-01-01 $257,950 (-18.8%) $335,440 (-9.3%) 0.00 459
2019-02-01 $251,100 (-21.5%) $336,028 (-9.1%) 0.00 505
2019-03-01 $256,857 (-21.9%) $338,534 (-10.5%) 0.00 528
2019-04-01 $260,482 (-22.5%) $340,109 (-10.3%) 0.00 551
2019-05-01 $269,350 (-17.1%) $352,120 (-4.6%) 0.00 566
2019-06-01 $274,900 (-11.0%) $363,168 (-0.3%) 0.00 578
2019-07-01 $274,950 (-8.2%) $370,602 (2.9%) 0.00 595
2019-08-01 $276,291 (-3.0%) $374,882 (7.6%) 0.00 557
2019-09-01 $278,377 (5.1%) $380,106 (12.5%) 0.00 509
2019-10-01 $282,450 (9.0%) $381,152 (15.5%) 0.00 476
2019-11-01 $279,250 (7.7%) $381,874 (15.7%) 0.00 458
2019-12-01 $269,800 (3.4%) $372,124 (11.3%) 0.00 407
2020-01-01 $265,000 (2.7%) $381,493 (13.7%) 0.00 382
2020-02-01 $259,900 (3.5%) $379,607 (13.0%) 0.00 433
2020-03-01 $260,350 (1.4%) $370,280 (9.4%) 0.00 446
2020-04-01 $263,350 (1.1%) $367,232 (8.0%) 0.00 448
2020-05-01 $263,750 (-2.1%) $373,395 (6.0%) 0.00 459
2020-06-01 $242,863 (-11.7%) $360,713 (-0.7%) 0.00 487
2020-07-01 $255,525 (-7.1%) $379,317 (2.4%) 0.00 477
2020-08-01 $265,500 (-3.9%) $382,230 (2.0%) 0.00 487
2020-09-01 $267,250 (-4.0%) $378,974 (-0.3%) 0.00 480
2020-10-01 $269,000 (-4.8%) $395,884 (3.9%) 0.00 477
2020-11-01 $265,500 (-4.9%) $404,832 (6.0%) 0.00 448
2020-12-01 $262,075 (-2.9%) $381,860 (2.6%) 0.00 434
2021-01-01 $264,200 (-0.3%) $378,490 (-0.8%) 0.00 408
2021-02-01 $291,625 (12.2%) $411,358 (8.4%) 0.00 375
2021-03-01 $297,450 (14.3%) $419,406 (13.3%) 0.00 355
2021-04-01 $348,500 (32.3%) $466,469 (27.0%) 0.00 323
2021-05-01 $379,000 (43.7%) $517,562 (38.6%) 0.00 235
2021-06-01 $396,725 (63.4%) $524,392 (45.4%) 0.00 235
2021-07-01 $429,950 (68.3%) $551,982 (45.5%) 0.00 219
2021-08-01 $418,130 (57.5%) $539,346 (41.1%) 0.00 208
2021-09-01 $399,975 (49.7%) $546,517 (44.2%) 0.00 206
2021-10-01 $389,000 (44.6%) $546,820 (38.1%) 0.00 181
2021-11-01 $389,000 (46.5%) $559,956 (38.3%) 0.00 163
2021-12-01 $429,106 (63.7%) $577,633 (51.3%) 0.00 132
2022-01-01 $449,900 (70.3%) $597,110 (57.8%) 0.00 108
2022-02-01 $490,575 (68.2%) $666,941 (62.1%) 0.00 82
2022-03-01 $481,850 (62.0%) $608,108 (45.0%) 0.00 98
2022-04-01 $499,000 (43.2%) $622,545 (33.5%) 0.00 99
2022-05-01 $434,913 (14.8%) $575,444 (11.2%) 0.00 116
2022-06-01 $398,000 (0.3%) $545,338 (4.0%) 0.00 141
2022-07-01 $399,500 (-7.1%) $538,916 (-2.4%) 0.00 170
2022-08-01 $446,950 (6.9%) $551,186 (2.2%) 0.00 163
2022-09-01 $427,500 (6.9%) $561,960 (2.8%) 0.00 155
2022-10-01 $454,900 (16.9%) $560,708 (2.5%) 0.00 161
2022-11-01 $495,000 (27.3%) $575,972 (2.9%) 0.00 151
2022-12-01 $495,000 (15.4%) $581,935 (0.7%) 0.00 122
2023-01-01 $475,000 (5.6%) $552,489 (-7.5%) 0.00 135
2023-02-01 $486,125 (-0.9%) $568,350 (-14.8%) 0.00 126
2023-03-01 $449,000 (-6.8%) $539,781 (-11.2%) 0.00 129
2023-04-01 $449,900 (-9.8%) $546,004 (-12.3%) 0.00 138
2023-05-01 $447,500 (2.9%) $562,559 (-2.2%) 0.00 131
2023-06-01 $445,000 (11.8%) $559,627 (2.6%) 0.00 133
2023-07-01 $450,000 (12.6%) $599,966 (11.3%) 0.00 130
2023-08-01 $479,450 (7.3%) $599,112 (8.7%) 0.00 144
2023-09-01 $495,500 (15.9%) $613,450 (9.2%) 0.00 162
2023-10-01 $497,250 (9.3%) $614,164 (9.5%) 0.00 152
Oxford's median listing price for 2023-10-01 was $497,250, a difference of $42,350 (9.3%) versus the prior year and $1,750 versus the prior month.

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

Oxford's average listing price for 2023-10-01 was $614,164, a difference of $53,456 (9.5%) versus the prior year and $714 versus the prior month.

For the 2023-10-01 period, Oxford had 152 MLS listings, a difference of -10 listings (-6%) versus the prior month and -9 listings (-6%) 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 1,927 sqft
2018-02-01 0 days 2,048 sqft
2018-03-01 0 days 2,068 sqft
2018-04-01 0 days 2,072 sqft
2018-05-01 0 days 2,074 sqft
2018-06-01 0 days 2,060 sqft
2018-07-01 0 days 2,033 sqft
2018-08-01 0 days 1,953 sqft
2018-09-01 0 days 1,872 sqft
2018-10-01 0 days 1,845 sqft
2018-11-01 0 days 1,831 sqft
2018-12-01 0 days 1,827 sqft
2019-01-01 0 days 1,802 sqft
2019-02-01 0 days 1,802 sqft
2019-03-01 0 days 1,818 sqft
2019-04-01 0 days 1,829 sqft
2019-05-01 0 days 1,845 sqft
2019-06-01 0 days 1,858 sqft
2019-07-01 0 days 1,859 sqft
2019-08-01 0 days 1,860 sqft
2019-09-01 0 days 1,860 sqft
2019-10-01 0 days 1,862 sqft
2019-11-01 0 days 1,859 sqft
2019-12-01 0 days 1,839 sqft
2020-01-01 0 days 1,850 sqft
2020-02-01 0 days 1,836 sqft
2020-03-01 0 days 1,806 sqft
2020-04-01 0 days 1,806 sqft
2020-05-01 0 days 1,800 sqft
2020-06-01 0 days 1,758 sqft
2020-07-01 0 days 1,800 sqft
2020-08-01 0 days 1,847 sqft
2020-09-01 0 days 1,858 sqft
2020-10-01 0 days 1,854 sqft
2020-11-01 0 days 1,831 sqft
2020-12-01 0 days 1,813 sqft
2021-01-01 0 days 1,860 sqft
2021-02-01 0 days 1,863 sqft
2021-03-01 0 days 1,868 sqft
2021-04-01 0 days 2,033 sqft
2021-05-01 0 days 2,100 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 2,053 sqft
2021-10-01 0 days 2,053 sqft
2021-11-01 0 days 2,052 sqft
2021-12-01 0 days 2,049 sqft
2022-01-01 0 days 2,039 sqft
2022-02-01 0 days 2,162 sqft
2022-03-01 0 days 2,062 sqft
2022-04-01 0 days 2,350 sqft
2022-05-01 0 days 2,097 sqft
2022-06-01 0 days 2,022 sqft
2022-07-01 0 days 1,997 sqft
2022-08-01 0 days 2,021 sqft
2022-09-01 0 days 2,060 sqft
2022-10-01 0 days 2,061 sqft
2022-11-01 0 days 2,272 sqft
2022-12-01 0 days 2,346 sqft
2023-01-01 0 days 2,098 sqft
2023-02-01 0 days 2,077 sqft
2023-03-01 0 days 1,912 sqft
2023-04-01 0 days 1,925 sqft
2023-05-01 0 days 1,922 sqft
2023-06-01 0 days 2,077 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
Oxford's median listing age (time on market) for 2023-10-01 was 0 days.

Oxford's median square footage for active listings during the 2023-10-01 period was 2,144 sqft. One year prior, the average listing was 2,061 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).