Tupelo FHA Loan Rates, Closing Costs & Stats

Tupelo, 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.

    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 6.45% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.12% and one month ago for the week of 2024-10-04, the average rate was 5.64%.

    The average rate one year ago was 7.49%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.25%.

    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).