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Last updated: May 28, 2024
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Mississippi Mortgage Overview

The median home value in Mississippi is $119,000 making it a great place for first-time homebuyers to settle down. Mississippi has a population of 2.9 million and 68 percent of the homes are owner-occupied.

If you're thinking of buying a home in Mississippi, here are the top loan programs available.

Mississippi FHA loans

FHA loans are for borrowers with less than perfect credit. You need just a 580 credit score and a 45 percent debt ratio to qualify. With a 580 credit score, you can put down just 3.5 percent and secure a loan. FHA loans have flexible underwriting guidelines and in exchange charge mortgage insurance for the life of the loan. If you have a 500 - 579 credit score, if you put 10 percent down you may still qualify.

Mississippi VA loans

Veterans have a great program available from the VA. The 100 percent loan requires just a 620 credit score if you served at least 181 days in the military in peacetime or 90 days during wartime. The VA requires only that you prove you can afford your debts and the daily cost of living. The guidelines are flexible and closing costs are low. VA loans also don't charge mortgage insurance, which is another benefit for veterans.

Mississippi USDA loans

If living in a rural area of Mississippi excites you, the USDA loan may be a good option. The loan program is for low to moderate-income families. If you don't qualify for any other loan program, the USDA loan may be a good option. You don't need a down payment and only need a 640 credit score to qualify. USDA loans charge mortgage insurance for the life of the loan, but the rates are low.

Mississippi conventional loans

Conventional loans are for borrowers with great credit and low debt ratios. You need a 660+ credit score to qualify. First-time homebuyers need just a 3 percent down payment, but subsequent homebuyers need a 5 percent down payment. Conventional loans charge Private Mortgage Insurance if you put down less than 20 percent, but only until you owe less than 80 percent of the home's value.

First-Time Homebuyer Programs in Mississippi

Smart Solution

If your household income is less than $95,000, the Smart Solution may be an option. Borrowers need just 3 percent down and will receive below-market interest rates. You can also get down payment assistance which is available as a 10-year second mortgage.


The MRB7 program is a first-time homebuyer program that is a 30-year fixed mortgage, but includes $7,000 in down payment assistance. The down payment assistance is a 10-year mortgage at 0 percent interest. It's forgiven after 10 years. The qualifying requirements vary by county but all buyers must be first-time homebuyers.

Mortgage Credit Certificate

A MCC lowers your tax liabilities by as much as 40 percent of the interest paid on your mortgage up to $2,000 per year. You can still claim the remaining interest on your tax returns as a mortgage interest deduction too.

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