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 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).