Picayune FHA Loan Rates, Closing Costs & Stats

Picayune, 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.

Picayune's 49 lenders originated 194 FHA loans during 2023. The total origination value was $39,200,000, with an average FHA loan value of $202,062.

Picayune FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Picayune averaged 6.77% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Picayune's average FHA mortgage closing costs are $7,245.

The average rate for the prior week (2024-05-10) was 6.81% and one month ago for the week of 2024-04-12, the average rate was 6.47%.

The average rate one year ago was 6.33%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.64%.

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

Picayune 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 Picayune level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
PLANET HOME LENDING, LLC 34 6.73% $11,274
KEESLER 21 5.42% $7,523
EUSTIS AND AMERICAN MORTGAGE COMPANY 15 6.85% $9,200
QUICKEN LOANS, LLC 14 6.42% $9,151
GMFS LLC 11 6.40% $6,800
LOANDEPOT.COM, LLC 7 7.18% $10,159
DRAPER AND KRAMER MORTGAGE CORP. 6 6.28% $8,688
CMG MORTGAGE, INC. 5 6.45% $10,364
UNITED WHOLESALE MORTGAGE, LLC 5 6.78% $9,690
Regions Bank 4 6.16% $9,587
CROSSCOUNTRY MORTGAGE, LLC 4 6.80% $9,173
DELMAR FINANCIAL COMPANY 4 7.45% $8,908
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 7.38% $8,885
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.58% $10,727
Mr. Cooper ( Nationstar Mortgage ) 3 6.75% $12,856
NEWREZ LLC 2 6.75% $8,411
SWBC MORTGAGE CORPORATION 2 6.22% $8,568
BROKER SOLUTIONS, INC. 2 6.88% $10,040
AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $9,045
PENTAGON FEDERAL CREDIT UNION 1 6.13% $5,510
Plains Commerce Bank 1 6.25% $10,121
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $7,839
SOUTHWEST STAGE FUNDING, LLC 1 5.75% $14,413
STANDARD MORTGAGE CORPORATION 1 6.50% $6,203
STOCKTON MORTGAGE CORPORATION 1 6.25% $8,370
SUMMIT FUNDING, INC. 1 6.75% $9,481
SUN WEST MORTGAGE COMPANY, INC. 1 5.38% $13,259
The Federal Savings Bank 1 7.13% $7,794
TOTAL MORTGAGE SERVICES, LLC 1 7.75% $7,408
Trustmark National Bank 1 5.75% $8,411
UNION HOME MORTGAGE CORP. 1 6.63% $12,539
PENNYMAC LOAN SERVICES, LLC 1 6.63% $9,910
AmRes Corporation 1 6.75% $8,191
BancorpSouth 1 5.50% $8,400
Bank of England 1 6.19% $9,548
BankPlus 1 5.00% $3,177
Carrington Mortgage Services, LLC 1 6.63% $8,536
Cornerstone First Mortgage, Inc 1 6.25% $13,724
Goldwater Bank, N.A. 1 7.50% $8,189
GUARANTEED RATE, INC. 1 6.13% $7,543
Hancock Whitney Bank 1 6.13% $6,889
INTERLINC MORTGAGE SERVICES, LLC 1 6.75% $15,646
LIBERTY HOME MORTGAGE CORPORATION 1 6.25% $2,016
Magnolia Bank 1 6.63% $10,299
MEMBER FIRST MORTGAGE, LLC 1 6.25% $11,247
Merchants & Marine Bank 1 6.00% $6,310
Mortgage Research Center, LLC 1 7.00% $2,718
MOVEMENT MORTGAGE, LLC 1 6.75% $7,527
Origin Bank 1 7.50% $7,988

The top Picayune FHA lender as defined by loan originations is PLANET HOME LENDING, LLC, with 34 FHA loans originated. Their average total fees are $11,274, which is $3,751 higher than the next largest lender, KEESLER.

The lowest fee Picayune FHA lenders (with over 10 loans originated) are GMFS LLC ($6,800), KEESLER ($7,523), QUICKEN LOANS, LLC ($9,151), EUSTIS AND AMERICAN MORTGAGE COMPANY ($9,200) and PLANET HOME LENDING, LLC ($11,274).

The lowest rate Picayune FHA lenders (with over 10 loans originated) are KEESLER (5.42%), GMFS LLC (6.40%), QUICKEN LOANS, LLC (6.42%), PLANET HOME LENDING, LLC (6.73%) and EUSTIS AND AMERICAN MORTGAGE COMPANY (6.85%).

Picayune FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Picayune (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 $175,000 (-2.7%) $262,403 (12.4%) 0.00 316
2018-02-01 $173,650 (-0.8%) $262,310 (12.5%) 0.00 318
2018-03-01 $171,900 (-2.0%) $268,859 (14.6%) 0.00 310
2018-04-01 $181,950 (7.0%) $275,722 (20.3%) 0.00 300
2018-05-01 $182,075 (5.9%) $286,120 (24.6%) 0.00 309
2018-06-01 $189,000 (10.4%) $287,590 (23.3%) 0.00 309
2018-07-01 $186,875 (3.9%) $291,029 (22.3%) 0.00 297
2018-08-01 $185,750 (2.9%) $290,111 (21.5%) 0.00 297
2018-09-01 $182,700 (1.6%) $289,759 (21.5%) 0.00 304
2018-10-01 $179,850 (-5.3%) $289,097 (16.7%) 0.00 287
2018-11-01 $169,900 (-7.1%) $265,367 (6.0%) 0.00 286
2018-12-01 $175,000 (-2.2%) $271,250 (3.3%) 0.00 277
2019-01-01 $174,950 (0.0%) $263,796 (0.5%) 0.00 268
2019-02-01 $179,900 (3.6%) $273,419 (4.2%) 0.00 273
2019-03-01 $182,086 (5.9%) $277,548 (3.2%) 0.00 286
2019-04-01 $185,000 (1.7%) $282,967 (2.6%) 0.00 294
2019-05-01 $189,900 (4.3%) $286,558 (0.2%) 0.00 293
2019-06-01 $189,900 (0.5%) $284,459 (-1.1%) 0.00 297
2019-07-01 $180,450 (-3.4%) $266,249 (-8.5%) 0.00 297
2019-08-01 $182,391 (-1.8%) $267,263 (-7.9%) 0.00 306
2019-09-01 $186,502 (2.1%) $268,391 (-7.4%) 0.00 304
2019-10-01 $188,893 (5.0%) $269,042 (-6.9%) 0.00 304
2019-11-01 $179,900 (5.9%) $255,005 (-3.9%) 0.00 298
2019-12-01 $172,500 (-1.4%) $244,449 (-9.9%) 0.00 284
2020-01-01 $172,500 (-1.4%) $235,148 (-10.9%) 0.00 258
2020-02-01 $174,950 (-2.8%) $237,137 (-13.3%) 0.00 260
2020-03-01 $180,825 (-0.7%) $242,491 (-12.6%) 0.00 232
2020-04-01 $186,000 (0.5%) $253,113 (-10.6%) 0.00 214
2020-05-01 $199,900 (5.3%) $275,783 (-3.8%) 0.00 195
2020-06-01 $197,500 (4.0%) $287,986 (1.2%) 0.00 178
2020-07-01 $199,990 (10.8%) $288,707 (8.4%) 0.00 178
2020-08-01 $207,000 (13.5%) $291,879 (9.2%) 0.00 160
2020-09-01 $247,725 (32.8%) $305,905 (14.0%) 0.00 146
2020-10-01 $214,950 (13.8%) $295,192 (9.7%) 0.00 150
2020-11-01 $227,450 (26.4%) $307,365 (20.5%) 0.00 140
2020-12-01 $227,450 (31.9%) $320,536 (31.1%) 0.00 144
2021-01-01 $225,000 (30.4%) $315,414 (34.1%) 0.00 140
2021-02-01 $227,350 (30.0%) $327,247 (38.0%) 0.00 126
2021-03-01 $217,500 (20.3%) $331,255 (36.6%) 0.00 106
2021-04-01 $237,000 (27.4%) $349,297 (38.0%) 0.00 88
2021-05-01 $237,000 (18.6%) $428,834 (55.5%) 0.00 79
2021-06-01 $239,750 (21.4%) $425,689 (47.8%) 0.00 86
2021-07-01 $243,600 (21.8%) $501,161 (73.6%) 0.00 96
2021-08-01 $229,000 (10.6%) $462,322 (58.4%) 0.00 101
2021-09-01 $237,860 (-4.0%) $465,657 (52.2%) 0.00 103
2021-10-01 $229,700 (6.9%) $388,306 (31.5%) 0.00 123
2021-11-01 $224,900 (-1.1%) $380,161 (23.7%) 0.00 124
2021-12-01 $237,080 (4.2%) $391,327 (22.1%) 0.00 112
2022-01-01 $233,000 (3.6%) $402,965 (27.8%) 0.00 101
2022-02-01 $228,000 (0.3%) $428,648 (31.0%) 0.00 89
2022-03-01 $229,500 (5.5%) $430,398 (29.9%) 0.00 85
2022-04-01 $250,050 (5.5%) $460,690 (31.9%) 0.00 85
2022-05-01 $254,846 (7.5%) $442,764 (3.3%) 0.00 97
2022-06-01 $260,000 (8.5%) $419,863 (-1.4%) 0.00 116
2022-07-01 $262,500 (7.8%) $439,876 (-12.2%) 0.00 139
2022-08-01 $259,296 (13.2%) $439,249 (-5.0%) 0.00 145
2022-09-01 $258,725 (8.8%) $385,703 (-17.2%) 0.00 157
2022-10-01 $269,450 (17.3%) $351,114 (-9.6%) 0.00 151
2022-11-01 $266,125 (18.3%) $345,645 (-9.1%) 0.00 161
2022-12-01 $265,250 (11.9%) $347,320 (-11.3%) 0.00 164
2023-01-01 $261,330 (12.2%) $334,589 (-17.0%) 0.00 145
2023-02-01 $259,923 (14.0%) $317,154 (-26.0%) 0.00 125
2023-03-01 $259,945 (13.3%) $330,202 (-23.3%) 0.00 134
2023-04-01 $269,000 (7.6%) $362,682 (-21.3%) 0.00 124
2023-05-01 $264,450 (3.8%) $376,307 (-15.0%) 0.00 127
2023-06-01 $286,625 (10.2%) $392,785 (-6.5%) 0.00 124
2023-07-01 $267,450 (1.9%) $347,848 (-20.9%) 0.00 121
2023-08-01 $264,500 (2.0%) $335,157 (-23.7%) 0.00 133
2023-09-01 $280,000 (8.2%) $355,496 (-7.8%) 0.00 165
2023-10-01 $281,875 (4.6%) $358,075 (2.0%) 0.00 174
2023-11-01 $289,725 (8.9%) $369,489 (6.9%) 0.00 168
2023-12-01 $281,755 (6.2%) $378,863 (9.1%) 0.00 170
2024-01-01 $290,000 (11.0%) $390,364 (16.7%) 0.00 155
2024-02-01 $283,005 (8.9%) $393,303 (24.0%) 0.00 152
2024-03-01 $287,500 (10.6%) $395,102 (19.7%) 0.00 161
2024-04-01 $299,700 (11.4%) $400,065 (10.3%) 0.00 166
Picayune's median listing price for 2024-04-01 was $299,700, a difference of $30,700 (11.4%) versus the prior year and $12,200 versus the prior month.

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

Picayune's average listing price for 2024-04-01 was $400,065, a difference of $37,383 (10.3%) versus the prior year and $4,963 versus the prior month.

For the 2024-04-01 period, Picayune had 166 MLS listings, a difference of 5 listings (3%) versus the prior month and 42 listings (34%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Picayune (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,001 sqft
2018-02-01 0 days 2,000 sqft
2018-03-01 0 days 1,998 sqft
2018-04-01 0 days 2,025 sqft
2018-05-01 0 days 2,002 sqft
2018-06-01 0 days 1,999 sqft
2018-07-01 0 days 1,988 sqft
2018-08-01 0 days 1,997 sqft
2018-09-01 0 days 2,016 sqft
2018-10-01 0 days 2,002 sqft
2018-11-01 0 days 1,935 sqft
2018-12-01 0 days 1,985 sqft
2019-01-01 0 days 1,984 sqft
2019-02-01 0 days 1,983 sqft
2019-03-01 0 days 1,968 sqft
2019-04-01 0 days 1,965 sqft
2019-05-01 0 days 1,985 sqft
2019-06-01 0 days 2,000 sqft
2019-07-01 0 days 1,928 sqft
2019-08-01 0 days 1,904 sqft
2019-09-01 0 days 1,910 sqft
2019-10-01 0 days 1,913 sqft
2019-11-01 0 days 1,874 sqft
2019-12-01 0 days 1,884 sqft
2020-01-01 0 days 1,846 sqft
2020-02-01 0 days 1,797 sqft
2020-03-01 0 days 1,817 sqft
2020-04-01 0 days 1,847 sqft
2020-05-01 0 days 1,932 sqft
2020-06-01 0 days 1,966 sqft
2020-07-01 0 days 1,952 sqft
2020-08-01 0 days 1,945 sqft
2020-09-01 0 days 2,167 sqft
2020-10-01 0 days 2,142 sqft
2020-11-01 0 days 2,108 sqft
2020-12-01 0 days 2,067 sqft
2021-01-01 0 days 2,096 sqft
2021-02-01 0 days 2,141 sqft
2021-03-01 0 days 2,148 sqft
2021-04-01 0 days 2,254 sqft
2021-05-01 0 days 2,117 sqft
2021-06-01 0 days 2,089 sqft
2021-07-01 0 days 2,011 sqft
2021-08-01 0 days 1,974 sqft
2021-09-01 0 days 2,074 sqft
2021-10-01 0 days 1,944 sqft
2021-11-01 0 days 1,975 sqft
2021-12-01 0 days 2,045 sqft
2022-01-01 0 days 1,995 sqft
2022-02-01 0 days 2,114 sqft
2022-03-01 0 days 2,126 sqft
2022-04-01 0 days 2,173 sqft
2022-05-01 0 days 2,040 sqft
2022-06-01 0 days 2,132 sqft
2022-07-01 0 days 2,048 sqft
2022-08-01 0 days 2,034 sqft
2022-09-01 0 days 2,033 sqft
2022-10-01 0 days 2,030 sqft
2022-11-01 0 days 1,894 sqft
2022-12-01 0 days 1,887 sqft
2023-01-01 0 days 1,902 sqft
2023-02-01 0 days 1,892 sqft
2023-03-01 0 days 1,902 sqft
2023-04-01 0 days 1,925 sqft
2023-05-01 0 days 1,939 sqft
2023-06-01 0 days 1,932 sqft
2023-07-01 0 days 1,878 sqft
2023-08-01 0 days 1,831 sqft
2023-09-01 0 days 1,886 sqft
2023-10-01 0 days 1,959 sqft
2023-11-01 0 days 2,005 sqft
2023-12-01 0 days 1,974 sqft
2024-01-01 0 days 1,885 sqft
2024-02-01 0 days 1,844 sqft
2024-03-01 0 days 1,952 sqft
2024-04-01 0 days 2,019 sqft
Picayune's median listing age (time on market) for 2024-04-01 was 0 days.

Picayune's median square footage for active listings during the 2024-04-01 period was 2,019 sqft. One year prior, the average listing was 1,925 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).