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 6.41% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.37% and one month ago for the week of 2024-06-14, the average rate was 6.52%.

    The average rate one year ago was 6.81%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.39%.

    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

    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).