Picayune FHA Loan Rates, Closing Costs & Stats

Picayune, 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.

    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% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.07% and one month ago for the week of 2024-11-08, the average rate was 6.43%.

    The average rate one year ago was 6.74%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.28%.

    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
    2024-05-01 $318,750 (20.5%) $379,109 (0.7%) 0.00 172
    2024-06-01 $320,000 (11.6%) $378,686 (-3.6%) 0.00 182
    2024-07-01 $316,250 (18.3%) $370,366 (6.5%) 0.00 203
    2024-08-01 $312,000 (18.0%) $366,271 (9.3%) 0.00 207
    2024-09-01 $306,400 (9.4%) $362,722 (2.0%) 0.00 226
    2024-10-01 $296,450 (5.2%) $355,276 (-0.8%) 0.00 230
    2024-11-01 $298,000 (2.9%) $357,420 (-3.3%) 0.00 224
    Picayune's median listing price for 2024-11-01 was $298,000, a difference of $8,275 (2.9%) versus the prior year and $1,550 versus the prior month.

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

    Picayune's average listing price for 2024-11-01 was $357,420, a difference of $-12,069 (-3.3%) versus the prior year and $2,144 versus the prior month.

    For the 2024-11-01 period, Picayune had 224 MLS listings, a difference of -6 listings (-3%) versus the prior month and 56 listings (33%) 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
    2024-05-01 0 days 2,058 sqft
    2024-06-01 0 days 2,078 sqft
    2024-07-01 0 days 2,008 sqft
    2024-08-01 0 days 1,975 sqft
    2024-09-01 0 days 1,945 sqft
    2024-10-01 0 days 1,921 sqft
    2024-11-01 0 days 1,972 sqft
    Picayune's median listing age (time on market) for 2024-11-01 was 0 days.

    Picayune's median square footage for active listings during the 2024-11-01 period was 1,972 sqft. One year prior, the average listing was 2,005 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).