Vicksburg FHA Loan Rates, Closing Costs & Stats

Vicksburg, 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.

Vicksburg's 23 lenders originated 101 FHA loans during 2023. The total origination value was $18,855,000, with an average FHA loan value of $186,683.

Vicksburg FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Vicksburg averaged -0.07% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Vicksburg's average FHA mortgage closing costs are $6,437.

The average rate for the prior week (2024-11-22) was 6.52% and one month ago for the week of 2024-10-25, the average rate was 6.1%.

The average rate one year ago was 7.19%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.2%.

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

Vicksburg 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 Vicksburg level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
BancorpSouth 20 6.38% $7,152
Trustmark National Bank 15 6.63% $7,516
QUICKEN LOANS, LLC 12 6.07% $8,728
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 6.65% $8,581
UNITED WHOLESALE MORTGAGE, LLC 5 6.61% $10,591
GMFS LLC 4 6.94% $5,113
NEWREZ LLC 3 6.50% $14,162
CORNERSTONE HOME LENDING, INC. 3 6.46% $6,633
FIDELITY BANK 3 6.38% $10,987
Mr. Cooper ( Nationstar Mortgage ) 2 6.19% $12,265
FREEDOM MORTGAGE CORPORATION 2 6.25% $14,042
OPEN MORTGAGE, LLC 2 6.57% $7,815
Origin Bank 2 6.60% $5,790
Carrington Mortgage Services, LLC 2 6.63% $8,058
Community Bank of Mississippi 1 6.39% $3,109
NEW DAY FINANCIAL, LLC 1 7.99% $7,509
Equity Prime Mortgage LLC 1 6.50% $16,258
Towne Bank 1 6.25% $8,034
BROKER SOLUTIONS, INC. 1 6.25% $9,911
Bank of England 1 6.63% $13,912
Flagstar Bank, FSB 1 6.25% $4,699
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.75% $5,296
LOANDEPOT.COM, LLC 1 7.25% $10,493

The top Vicksburg FHA lender as defined by loan originations is BancorpSouth, with 20 FHA loans originated. Their average total fees are $7,152, which is $365 lower than the next largest lender, Trustmark National Bank.

The lowest fee Vicksburg FHA lenders (with over 10 loans originated) are BancorpSouth ($7,152), Trustmark National Bank ($7,516), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,581), QUICKEN LOANS, LLC ($8,728) and .

The lowest rate Vicksburg FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.07%), BancorpSouth (6.38%), Trustmark National Bank (6.63%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.65%) and .

Vicksburg FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Vicksburg (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 $132,475 (-2.4%) $167,763 (2.6%) 0.00 221
2018-02-01 $129,900 (-1.9%) $167,138 (3.5%) 0.00 220
2018-03-01 $131,500 (-9.3%) $169,082 (-1.7%) 0.00 209
2018-04-01 $134,000 (-7.3%) $174,355 (1.5%) 0.00 204
2018-05-01 $129,900 (-7.2%) $170,651 (-2.0%) 0.00 214
2018-06-01 $129,900 (-8.0%) $175,078 (0.1%) 0.00 214
2018-07-01 $141,175 (-5.2%) $182,431 (1.5%) 0.00 216
2018-08-01 $137,250 (-8.0%) $178,927 (0.3%) 0.00 211
2018-09-01 $143,500 (-4.3%) $180,256 (-1.2%) 0.00 198
2018-10-01 $147,000 (-1.6%) $182,183 (0.6%) 0.00 197
2018-11-01 $144,950 (-2.7%) $186,009 (2.1%) 0.00 192
2018-12-01 $151,250 (4.7%) $189,423 (5.7%) 0.00 180
2019-01-01 $146,500 (10.6%) $189,066 (12.7%) 0.00 165
2019-02-01 $154,200 (18.7%) $188,799 (13.0%) 0.00 155
2019-03-01 $147,143 (11.9%) $185,521 (9.7%) 0.00 156
2019-04-01 $149,643 (11.7%) $186,885 (7.2%) 0.00 155
2019-05-01 $134,975 (3.9%) $179,506 (5.2%) 0.00 147
2019-06-01 $131,500 (1.2%) $176,427 (0.8%) 0.00 147
2019-07-01 $130,000 (-7.9%) $168,267 (-7.8%) 0.00 135
2019-08-01 $130,272 (-5.1%) $166,858 (-6.7%) 0.00 133
2019-09-01 $130,681 (-8.9%) $171,671 (-4.8%) 0.00 126
2019-10-01 $133,500 (-9.2%) $177,331 (-2.7%) 0.00 125
2019-11-01 $140,000 (-3.4%) $193,768 (4.2%) 0.00 123
2019-12-01 $149,000 (-1.5%) $197,185 (4.1%) 0.00 125
2020-01-01 $140,750 (-3.9%) $188,808 (-0.1%) 0.00 112
2020-02-01 $150,000 (-2.7%) $189,455 (0.4%) 0.00 116
2020-03-01 $159,950 (8.7%) $197,921 (6.7%) 0.00 119
2020-04-01 $162,500 (8.6%) $191,250 (2.3%) 0.00 115
2020-05-01 $154,500 (14.5%) $193,765 (7.9%) 0.00 109
2020-06-01 $150,000 (14.1%) $198,237 (12.4%) 0.00 98
2020-07-01 $159,450 (22.7%) $202,861 (20.6%) 0.00 93
2020-08-01 $165,000 (26.7%) $207,730 (24.5%) 0.00 94
2020-09-01 $173,450 (32.7%) $227,647 (32.6%) 0.00 95
2020-10-01 $191,000 (43.1%) $245,539 (38.5%) 0.00 86
2020-11-01 $185,000 (32.1%) $237,069 (22.4%) 0.00 90
2020-12-01 $163,475 (9.7%) $235,006 (19.2%) 0.00 84
2021-01-01 $159,250 (13.1%) $213,167 (12.9%) 0.00 72
2021-02-01 $154,950 (3.3%) $202,758 (7.0%) 0.00 68
2021-03-01 $149,638 (-6.5%) $198,735 (0.4%) 0.00 73
2021-04-01 $143,475 (-11.7%) $194,117 (1.5%) 0.00 68
2021-05-01 $167,500 (8.4%) $210,536 (8.7%) 0.00 67
2021-06-01 $169,950 (13.3%) $252,418 (27.3%) 0.00 67
2021-07-01 $150,000 (-5.9%) $245,402 (21.0%) 0.00 61
2021-08-01 $152,500 (-7.6%) $247,136 (19.0%) 0.00 70
2021-09-01 $159,000 (-8.3%) $254,997 (12.0%) 0.00 62
2021-10-01 $139,450 (-27.0%) $213,983 (-12.9%) 0.00 64
2021-11-01 $145,900 (-21.1%) $228,776 (-3.5%) 0.00 66
2021-12-01 $139,975 (-14.4%) $227,954 (-3.0%) 0.00 65
2022-01-01 $150,000 (-5.8%) $219,374 (2.9%) 0.00 62
2022-02-01 $171,250 (10.5%) $233,396 (15.1%) 0.00 63
2022-03-01 $167,500 (11.9%) $229,715 (15.6%) 0.00 62
2022-04-01 $176,300 (22.9%) $228,085 (17.5%) 0.00 69
2022-05-01 $220,000 (31.3%) $265,771 (26.2%) 0.00 73
2022-06-01 $206,250 (21.4%) $248,896 (-1.4%) 0.00 85
2022-07-01 $220,000 (46.7%) $252,854 (3.0%) 0.00 84
2022-08-01 $200,000 (31.2%) $257,469 (4.2%) 0.00 84
2022-09-01 $215,500 (35.5%) $255,293 (0.1%) 0.00 82
2022-10-01 $195,000 (39.8%) $226,395 (5.8%) 0.00 80
2022-11-01 $189,000 (29.5%) $218,882 (-4.3%) 0.00 87
2022-12-01 $185,250 (32.4%) $212,418 (-6.8%) 0.00 85
2023-01-01 $180,750 (20.5%) $195,919 (-10.7%) 0.00 88
2023-02-01 $160,000 (-6.6%) $188,353 (-19.3%) 0.00 86
2023-03-01 $154,500 (-7.8%) $182,482 (-20.6%) 0.00 84
2023-04-01 $167,700 (-4.9%) $199,200 (-12.7%) 0.00 90
2023-05-01 $159,900 (-27.3%) $197,835 (-25.6%) 0.00 86
2023-06-01 $157,000 (-23.9%) $192,133 (-22.8%) 0.00 88
2023-07-01 $168,750 (-23.3%) $196,594 (-22.3%) 0.00 88
2023-08-01 $182,725 (-8.6%) $207,726 (-19.3%) 0.00 95
2023-09-01 $165,000 (-23.4%) $194,258 (-23.9%) 0.00 98
2023-10-01 $165,450 (-15.2%) $196,602 (-13.2%) 0.00 97
2023-11-01 $165,975 (-12.2%) $201,325 (-8.0%) 0.00 98
2023-12-01 $174,950 (-5.6%) $212,708 (0.1%) 0.00 95
2024-01-01 $183,750 (1.7%) $210,945 (7.7%) 0.00 80
2024-02-01 $183,750 (14.8%) $216,236 (14.8%) 0.00 90
2024-03-01 $192,500 (24.6%) $221,138 (21.2%) 0.00 76
2024-04-01 $172,400 (2.8%) $212,905 (6.9%) 0.00 74
2024-05-01 $213,000 (33.2%) $230,875 (16.7%) 0.00 86
2024-06-01 $230,000 (46.5%) $243,775 (26.9%) 0.00 89
2024-07-01 $216,500 (28.3%) $238,802 (21.5%) 0.00 90
2024-08-01 $211,000 (15.5%) $234,973 (13.1%) 0.00 84
2024-09-01 $196,950 (19.4%) $225,017 (15.8%) 0.00 93
2024-10-01 $210,000 (26.9%) $228,687 (16.3%) 0.00 101
Vicksburg's median listing price for 2024-10-01 was $210,000, a difference of $44,550 (26.9%) versus the prior year and $13,050 versus the prior month.

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

Vicksburg's average listing price for 2024-10-01 was $228,687, a difference of $32,085 (16.3%) versus the prior year and $3,670 versus the prior month.

For the 2024-10-01 period, Vicksburg had 101 MLS listings, a difference of 8 listings (9%) versus the prior month and 4 listings (4%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Vicksburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,837 sqft
2018-02-01 0 days 1,839 sqft
2018-03-01 0 days 1,866 sqft
2018-04-01 0 days 1,908 sqft
2018-05-01 0 days 1,893 sqft
2018-06-01 0 days 1,891 sqft
2018-07-01 0 days 1,910 sqft
2018-08-01 0 days 1,907 sqft
2018-09-01 0 days 1,907 sqft
2018-10-01 0 days 1,915 sqft
2018-11-01 0 days 1,955 sqft
2018-12-01 0 days 1,958 sqft
2019-01-01 0 days 1,944 sqft
2019-02-01 0 days 1,929 sqft
2019-03-01 0 days 1,880 sqft
2019-04-01 0 days 1,882 sqft
2019-05-01 0 days 1,824 sqft
2019-06-01 0 days 1,805 sqft
2019-07-01 0 days 1,770 sqft
2019-08-01 0 days 1,755 sqft
2019-09-01 0 days 1,759 sqft
2019-10-01 0 days 1,762 sqft
2019-11-01 0 days 1,812 sqft
2019-12-01 0 days 1,806 sqft
2020-01-01 0 days 1,800 sqft
2020-02-01 0 days 1,780 sqft
2020-03-01 0 days 1,849 sqft
2020-04-01 0 days 1,868 sqft
2020-05-01 0 days 1,851 sqft
2020-06-01 0 days 1,820 sqft
2020-07-01 0 days 1,838 sqft
2020-08-01 0 days 1,851 sqft
2020-09-01 0 days 1,926 sqft
2020-10-01 0 days 2,100 sqft
2020-11-01 0 days 2,034 sqft
2020-12-01 0 days 1,861 sqft
2021-01-01 0 days 1,850 sqft
2021-02-01 0 days 1,825 sqft
2021-03-01 0 days 1,767 sqft
2021-04-01 0 days 1,672 sqft
2021-05-01 0 days 1,839 sqft
2021-06-01 0 days 1,735 sqft
2021-07-01 0 days 1,661 sqft
2021-08-01 0 days 1,727 sqft
2021-09-01 0 days 1,702 sqft
2021-10-01 0 days 1,703 sqft
2021-11-01 0 days 1,703 sqft
2021-12-01 0 days 1,644 sqft
2022-01-01 0 days 1,675 sqft
2022-02-01 0 days 1,759 sqft
2022-03-01 0 days 1,745 sqft
2022-04-01 0 days 1,912 sqft
2022-05-01 0 days 2,054 sqft
2022-06-01 0 days 1,862 sqft
2022-07-01 0 days 1,864 sqft
2022-08-01 0 days 1,856 sqft
2022-09-01 0 days 1,860 sqft
2022-10-01 0 days 1,822 sqft
2022-11-01 0 days 1,803 sqft
2022-12-01 0 days 1,832 sqft
2023-01-01 0 days 1,827 sqft
2023-02-01 0 days 1,843 sqft
2023-03-01 0 days 1,847 sqft
2023-04-01 0 days 1,929 sqft
2023-05-01 0 days 1,821 sqft
2023-06-01 0 days 1,816 sqft
2023-07-01 0 days 1,829 sqft
2023-08-01 0 days 1,866 sqft
2023-09-01 0 days 1,853 sqft
2023-10-01 0 days 1,902 sqft
2023-11-01 0 days 1,892 sqft
2023-12-01 0 days 1,916 sqft
2024-01-01 0 days 1,925 sqft
2024-02-01 0 days 1,924 sqft
2024-03-01 0 days 1,924 sqft
2024-04-01 0 days 1,871 sqft
2024-05-01 0 days 1,977 sqft
2024-06-01 0 days 2,048 sqft
2024-07-01 0 days 2,010 sqft
2024-08-01 0 days 1,956 sqft
2024-09-01 0 days 1,926 sqft
2024-10-01 0 days 1,936 sqft
Vicksburg's median listing age (time on market) for 2024-10-01 was 0 days.

Vicksburg's median square footage for active listings during the 2024-10-01 period was 1,936 sqft. One year prior, the average listing was 1,902 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).