Tupelo FHA Loan Rates, Closing Costs & Stats

Tupelo, 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.

Tupelo's 49 lenders originated 467 FHA loans during 2023. The total origination value was $86,365,000, with an average FHA loan value of $184,936.

Tupelo FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Tupelo averaged -0.08% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Tupelo's average FHA mortgage closing costs are $6,369.

The average rate for the prior week (2024-11-22) was 6.41% and one month ago for the week of 2024-10-25, the average rate was 6.39%.

The average rate one year ago was 6.88%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.22%.

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

Tupelo 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 Tupelo level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Flagstar Bank, FSB 82 6.20% $9,838
QUICKEN LOANS, LLC 52 6.35% $8,384
CROSSCOUNTRY MORTGAGE, LLC 37 6.71% $9,755
BancorpSouth 33 6.46% $7,356
STOCKTON MORTGAGE CORPORATION 29 6.47% $9,071
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 23 6.24% $6,045
Renasant Bank 23 6.72% $6,858
Trustmark National Bank 22 6.23% $8,149
BankPlus 12 6.62% $4,053
FREEDOM MORTGAGE CORPORATION 10 6.96% $12,143
GENEVA FINANCIAL, LLC 10 6.96% $11,371
Bank of England 10 6.22% $7,385
Regions Bank 8 6.33% $7,511
UNITED WHOLESALE MORTGAGE, LLC 7 6.53% $11,635
MOVEMENT MORTGAGE, LLC 6 6.56% $6,913
BROKER SOLUTIONS, INC. 6 6.47% $9,566
CARDINAL FINANCIAL 5 6.43% $10,501
GMFS LLC 5 6.55% $6,318
AMERICAN FINANCIAL RESOURCES, INC. 4 6.09% $8,578
LOANDEPOT.COM, LLC 4 6.31% $8,395
Nations Lending Corporation 4 7.05% $4,767
PENNYMAC LOAN SERVICES, LLC 3 6.37% $9,299
Ixonia Bank 3 6.67% $6,348
Mr. Cooper ( Nationstar Mortgage ) 3 6.29% $8,991
Community Bank of Mississippi 3 6.23% $5,368
FIRST COMMUNITY MORTGAGE, INC. 2 7.44% $7,751
GUARANTEED RATE, INC. 2 6.50% $8,947
MORTGAGE INVESTORS GROUP, INC. 2 6.94% $9,875
RELIANCE FIRST CAPITAL, LLC 2 6.56% $12,393
AMERISAVE MORTGAGE CORPORATION 2 6.19% $16,001
LIBERTY HOME MORTGAGE CORPORATION 1 6.63% $14,876
LAKEVIEW LOAN SERVICING, LLC 1 5.75% $7,947
M&T Bank 1 6.63% $9,018
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $9,855
KEESLER 1 6.75% $6,566
NEWREZ LLC 1 5.75% $6,782
HOMESIDE FINANCIAL, LLC 1 7.25% $10,879
Colonial Savings, F.A. 1 6.63% $16,367
Carrington Mortgage Services, LLC 1 6.25% $10,038
UNIFY FINANCIAL Credit Union 1 7.50% $3,029
FBC MORTGAGE, LLC 1 5.75% $10,060
SOUTHWEST STAGE FUNDING, LLC 1 6.25% $5,012
CANOPY MORTGAGE, LLC 1 6.75% $9,556
SUN WEST MORTGAGE COMPANY, INC. 1 6.50% $5,439
The Citizens National Bank of Meridian 1 7.25% $5,959
TOTAL MORTGAGE SERVICES, LLC 1 7.13% $10,124
Barrington Bank & Trust Company, N.A. 1 6.25% $11,253
Mortgage Research Center, LLC 1 7.25% $2,584
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $7,165

The top Tupelo FHA lender as defined by loan originations is Flagstar Bank, FSB, with 82 FHA loans originated. Their average total fees are $9,838, which is $1,453 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Tupelo FHA lenders (with over 10 loans originated) are BankPlus ($4,053), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,045), Renasant Bank ($6,858), BancorpSouth ($7,356) and Bank of England ($7,385).

The lowest rate Tupelo FHA lenders (with over 10 loans originated) are Flagstar Bank, FSB (6.20%), Bank of England (6.22%), Trustmark National Bank (6.23%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.24%) and QUICKEN LOANS, LLC (6.35%).

Tupelo FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
TUPELO, MS ITAWAMBA 2022 $420,680 $538,650 $651,050 $809,150
TUPELO, MS LEE 2022 $420,680 $538,650 $651,050 $809,150
TUPELO, MS PONTOTOC 2022 $420,680 $538,650 $651,050 $809,150
TUPELO, MS PRENTISS 2022 $420,680 $538,650 $651,050 $809,150
TUPELO, MS ITAWAMBA 2023 $472,030 $604,400 $730,525 $907,900
TUPELO, MS LEE 2023 $472,030 $604,400 $730,525 $907,900
TUPELO, MS PONTOTOC 2023 $472,030 $604,400 $730,525 $907,900
TUPELO, MS PRENTISS 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Tupelo (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 $165,000 (8.0%) $204,557 (2.7%) 0.61 542
2018-02-01 $172,500 (15.1%) $209,031 (3.4%) 0.63 541
2018-03-01 $173,900 (11.9%) $208,152 (0.6%) 0.61 554
2018-04-01 $178,212 (8.7%) $210,885 (0.4%) 0.60 590
2018-05-01 $178,788 (10.0%) $211,648 (2.7%) 0.60 586
2018-06-01 $175,000 (6.1%) $212,484 (1.8%) 0.58 597
2018-07-01 $179,000 (8.5%) $215,890 (2.3%) 0.60 612
2018-08-01 $179,250 (13.0%) $218,899 (6.6%) 0.60 598
2018-09-01 $179,000 (12.2%) $226,441 (13.3%) 0.60 585
2018-10-01 $175,475 (9.7%) $224,943 (13.0%) 0.59 548
2018-11-01 $175,500 (8.6%) $224,490 (10.3%) 0.59 528
2018-12-01 $175,000 (6.4%) $223,387 (9.8%) 0.60 496
2019-01-01 $175,000 (6.1%) $225,532 (10.3%) 0.60 482
2019-02-01 $177,800 (3.1%) $228,004 (9.1%) 0.60 484
2019-03-01 $188,357 (8.3%) $237,258 (14.0%) 0.62 485
2019-04-01 $200,950 (12.8%) $246,554 (16.9%) 0.64 481
2019-05-01 $204,500 (14.4%) $244,785 (15.7%) 0.64 499
2019-06-01 $199,900 (14.2%) $249,725 (17.5%) 0.62 497
2019-07-01 $198,850 (11.1%) $248,696 (15.2%) 0.62 510
2019-08-01 $197,027 (9.9%) $245,069 (12.0%) 0.62 505
2019-09-01 $193,018 (7.8%) $239,920 (6.0%) 0.62 503
2019-10-01 $189,900 (8.2%) $237,814 (5.7%) 0.61 495
2019-11-01 $188,400 (7.4%) $233,265 (3.9%) 0.62 475
2019-12-01 $184,900 (5.7%) $229,142 (2.6%) 0.62 462
2020-01-01 $182,175 (4.1%) $229,243 (1.7%) 0.61 447
2020-02-01 $182,500 (2.6%) $227,977 (0.0%) 0.60 463
2020-03-01 $187,750 (-0.3%) $236,568 (-0.3%) 0.59 445
2020-04-01 $189,950 (-5.5%) $243,608 (-1.2%) 0.60 425
2020-05-01 $189,950 (-7.1%) $246,282 (0.6%) 0.58 389
2020-06-01 $199,700 (-0.1%) $260,814 (4.4%) 0.59 353
2020-07-01 $215,000 (8.1%) $270,310 (8.7%) 0.62 339
2020-08-01 $212,000 (7.6%) $269,191 (9.8%) 0.61 322
2020-09-01 $209,000 (8.3%) $269,700 (12.4%) 0.60 310
2020-10-01 $215,000 (13.2%) $277,019 (16.5%) 0.62 287
2020-11-01 $219,975 (16.8%) $284,817 (22.1%) 0.64 281
2020-12-01 $219,225 (18.6%) $289,261 (26.2%) 0.65 282
2021-01-01 $212,450 (16.6%) $282,564 (23.3%) 0.63 255
2021-02-01 $210,450 (15.3%) $270,233 (18.5%) 0.61 235
2021-03-01 $224,450 (19.6%) $269,407 (13.9%) 0.64 213
2021-04-01 $223,425 (17.6%) $281,700 (15.6%) 0.60 188
2021-05-01 $200,000 (5.3%) $270,562 (9.9%) 0.53 200
2021-06-01 $225,725 (13.0%) $286,807 (10.0%) 0.59 218
2021-07-01 $219,900 (2.3%) $284,620 (5.3%) 0.58 229
2021-08-01 $222,450 (4.9%) $294,621 (9.5%) 0.59 241
2021-09-01 $229,475 (9.8%) $296,011 (9.8%) 0.61 245
2021-10-01 $232,000 (7.9%) $302,595 (9.2%) 0.62 274
2021-11-01 $240,000 (9.1%) $309,330 (8.6%) 0.64 252
2021-12-01 $238,363 (8.7%) $299,525 (3.6%) 0.65 241
2022-01-01 $235,275 (10.7%) $288,271 (2.0%) 0.64 212
2022-02-01 $237,400 (12.8%) $292,366 (8.2%) 0.62 178
2022-03-01 $244,000 (8.7%) $293,143 (8.8%) 0.61 175
2022-04-01 $249,900 (11.9%) $296,327 (5.2%) 0.60 182
2022-05-01 $238,675 (19.3%) $290,720 (7.5%) 0.55 215
2022-06-01 $249,900 (10.7%) $286,200 (-0.2%) 0.56 255
2022-07-01 $249,900 (13.6%) $288,507 (1.4%) 0.56 292
2022-08-01 $250,625 (12.7%) $293,585 (-0.4%) 0.58 328
2022-09-01 $249,950 (8.9%) $291,462 (-1.5%) 0.58 344
2022-10-01 $250,000 (7.8%) $291,456 (-3.7%) 0.59 360
2022-11-01 $250,000 (4.2%) $288,879 (-6.6%) 0.60 355
2022-12-01 $249,450 (4.7%) $290,129 (-3.1%) 0.62 323
2023-01-01 $257,000 (9.2%) $296,772 (3.0%) 0.64 280
2023-02-01 $259,950 (9.5%) $306,204 (4.7%) 0.63 267
2023-03-01 $264,975 (8.6%) $308,299 (5.2%) 0.62 257
2023-04-01 $259,900 (4.0%) $309,036 (4.3%) 0.60 267
2023-05-01 $275,000 (15.2%) $320,325 (10.2%) 0.62 268
2023-06-01 $273,575 (9.5%) $327,616 (14.5%) 0.61 285
2023-07-01 $272,000 (8.8%) $320,343 (11.0%) 0.62 281
2023-08-01 $259,950 (3.7%) $317,516 (8.2%) 0.60 297
2023-09-01 $254,950 (2.0%) $302,976 (4.0%) 0.59 323
2023-10-01 $249,575 (-0.2%) $297,326 (2.0%) 0.59 339
2023-11-01 $252,450 (1.0%) $303,562 (5.1%) 0.60 362
2023-12-01 $249,999 (0.2%) $302,366 (4.2%) 0.61 356
2024-01-01 $257,450 (0.2%) $309,658 (4.3%) 0.63 341
2024-02-01 $262,400 (0.9%) $309,560 (1.1%) 0.63 330
2024-03-01 $262,500 (-0.9%) $314,424 (2.0%) 0.62 328
2024-04-01 $279,900 (7.7%) $324,721 (5.1%) 0.65 303
2024-05-01 $281,725 (2.5%) $328,315 (2.5%) 0.64 333
2024-06-01 $277,450 (1.4%) $320,020 (-2.3%) 0.62 323
2024-07-01 $264,956 (-2.6%) $310,967 (-2.9%) 0.61 325
2024-08-01 $257,475 (-1.0%) $298,599 (-6.0%) 0.60 354
2024-09-01 $262,500 (3.0%) $302,692 (-0.1%) 0.62 381
2024-10-01 $269,225 (7.9%) $315,467 (6.1%) 0.63 386
Tupelo's median listing price for 2024-10-01 was $269,225, a difference of $19,650 (7.9%) versus the prior year and $6,725 versus the prior month.

Tupelo's median listing price comes in at 63% of the national average.

Tupelo's average listing price for 2024-10-01 was $315,467, a difference of $18,141 (6.1%) versus the prior year and $12,775 versus the prior month.

For the 2024-10-01 period, Tupelo had 386 MLS listings, a difference of 5 listings (1%) versus the prior month and 47 listings (14%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Tupelo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 92 days 2,001 sqft
2018-02-01 86 days 2,058 sqft
2018-03-01 68 days 2,029 sqft
2018-04-01 68 days 2,099 sqft
2018-05-01 72 days 2,102 sqft
2018-06-01 74 days 2,047 sqft
2018-07-01 80 days 2,088 sqft
2018-08-01 81 days 2,101 sqft
2018-09-01 81 days 2,100 sqft
2018-10-01 88 days 2,081 sqft
2018-11-01 87 days 2,100 sqft
2018-12-01 95 days 2,090 sqft
2019-01-01 100 days 2,132 sqft
2019-02-01 86 days 2,136 sqft
2019-03-01 76 days 2,170 sqft
2019-04-01 72 days 2,228 sqft
2019-05-01 66 days 2,226 sqft
2019-06-01 68 days 2,230 sqft
2019-07-01 77 days 2,240 sqft
2019-08-01 76 days 2,218 sqft
2019-09-01 71 days 2,182 sqft
2019-10-01 71 days 2,166 sqft
2019-11-01 81 days 2,144 sqft
2019-12-01 90 days 2,101 sqft
2020-01-01 100 days 2,060 sqft
2020-02-01 93 days 2,029 sqft
2020-03-01 85 days 2,060 sqft
2020-04-01 85 days 2,091 sqft
2020-05-01 92 days 2,143 sqft
2020-06-01 90 days 2,199 sqft
2020-07-01 86 days 2,233 sqft
2020-08-01 68 days 2,183 sqft
2020-09-01 60 days 2,174 sqft
2020-10-01 66 days 2,253 sqft
2020-11-01 65 days 2,300 sqft
2020-12-01 72 days 2,288 sqft
2021-01-01 83 days 2,263 sqft
2021-02-01 75 days 2,148 sqft
2021-03-01 52 days 2,145 sqft
2021-04-01 46 days 2,145 sqft
2021-05-01 43 days 2,094 sqft
2021-06-01 37 days 2,140 sqft
2021-07-01 45 days 2,123 sqft
2021-08-01 46 days 2,145 sqft
2021-09-01 55 days 2,127 sqft
2021-10-01 61 days 2,145 sqft
2021-11-01 59 days 2,103 sqft
2021-12-01 71 days 2,123 sqft
2022-01-01 80 days 2,096 sqft
2022-02-01 70 days 2,140 sqft
2022-03-01 46 days 2,100 sqft
2022-04-01 39 days 2,112 sqft
2022-05-01 41 days 2,048 sqft
2022-06-01 40 days 2,036 sqft
2022-07-01 41 days 2,070 sqft
2022-08-01 49 days 2,064 sqft
2022-09-01 55 days 2,048 sqft
2022-10-01 66 days 2,082 sqft
2022-11-01 77 days 2,100 sqft
2022-12-01 87 days 2,090 sqft
2023-01-01 85 days 2,112 sqft
2023-02-01 78 days 2,098 sqft
2023-03-01 67 days 2,152 sqft
2023-04-01 60 days 2,150 sqft
2023-05-01 52 days 2,204 sqft
2023-06-01 47 days 2,190 sqft
2023-07-01 53 days 2,076 sqft
2023-08-01 58 days 2,102 sqft
2023-09-01 60 days 2,100 sqft
2023-10-01 59 days 2,010 sqft
2023-11-01 53 days 1,979 sqft
2023-12-01 65 days 1,956 sqft
2024-01-01 77 days 2,013 sqft
2024-02-01 89 days 2,029 sqft
2024-03-01 68 days 2,066 sqft
2024-04-01 61 days 2,200 sqft
2024-05-01 53 days 2,207 sqft
2024-06-01 57 days 2,124 sqft
2024-07-01 60 days 2,059 sqft
2024-08-01 59 days 1,988 sqft
2024-09-01 60 days 1,998 sqft
2024-10-01 64 days 2,000 sqft
Tupelo's median listing age (time on market) for 2024-10-01 was 64 days. This is 9% longer than the same period one year ago.

Tupelo's median square footage for active listings during the 2024-10-01 period was 2,000 sqft. One year prior, the average listing was 2,010 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).