Vicksburg FHA Loan Rates, Closing Costs & Stats

Vicksburg, 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.

    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 6.89% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.88% and one month ago for the week of 2024-03-15, the average rate was 6.35%.

    The average rate one year ago was 6.27%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    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
    Vicksburg's median listing price for 2024-03-01 was $192,500, a difference of $38,000 (24.6%) versus the prior year and $8,750 versus the prior month.

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

    Vicksburg's average listing price for 2024-03-01 was $221,138, a difference of $38,656 (21.2%) versus the prior year and $4,902 versus the prior month.

    For the 2024-03-01 period, Vicksburg had 76 MLS listings, a difference of -14 listings (-16%) versus the prior month and -8 listings (-10%) 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
    Vicksburg's median listing age (time on market) for 2024-03-01 was 0 days.

    Vicksburg's median square footage for active listings during the 2024-03-01 period was 1,924 sqft. One year prior, the average listing was 1,847 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).