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Mississippi FHA Loan

What are FHA Mississippi Loans?
FHA stands for Federal Housing Authority. FHA Loans provide low-cost insured Home Mortgage Loans that suit a variety of purchasing options. Whether you're buying a home or want to refinance your mortgage, FHA loans might be right for you. If you're unsure about your credit rating, or have concerns about a down payment, FHA loans can give you piece of mind with super low closing costs and flexible payment options.


What factors determine if I am eligible for an FHA Loan in Mississippi?
To be eligible for FHA Mortgage Loans, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be fairly considered. You must be able to make a down payment, cover closing costs and have enough income to pay your monthly debt.

What is the maximum amount that I can borrow?
The maximum amount for an FHA Mortgage is determined by:

Maximum Loan Amount in Mississippi: The Maximum FHA Loan amount allowed for FHA Home Mortgages varies from county to county in Mississippi. The highest maximum FHA Home Loan right now in Mississippi is $271,050. The lowest maximum amount available in any county is $271,050. To see what the limit is in the county in which you're interested, visit the following site https://entp.hud.gov/idapp/html/hicostlook.cfm. This site lists U.S. territories as well as states.

Maximum financing: In Mississippi, the maximum FHA financing will be 97.75% of the appraised value of the home or its selling price, whichever is lower.

How much money will I need for the down payment and closing costs?
Mississippi FHA loans require the home buyer to invest at least 3.5% of the sales price in cash for the down payment and closing costs. If the sales price is $100,000 for example, the home buyer must invest at least $3,500. However, the home buyer can use gifts from family, funds from local, state or government agencies, or other sources for the down payment.

What property types are allowed for FHA Loans in Mississippi?
While FHA Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the borrower intends to occupy one part of the multi-unit residence.

More information on FHA Mortgages

What types of refinance programs does FHA offer in Mississippi?
There are three main types of FHA Refinance loans available in Mississippi.

. FHA Rate/Term Refinance
The FHA Rate/Term Refinance is for borrowers who currently have a conventional fixed rate or ARM mortgage and wish to refinance into an FHA Mortgage. This program helps borrowers who wish to have a stable, fixed rate FHA Insured Loan.

. Cash-Out Refinance
An FHA Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.


. Streamline Refinance

The FHA Streamline Refinance is designed to lower the interest rate on a current FHA House Loan or convert a current FHA adjustable rate mortgage into a fixed rate. An FHA Streamline Refinance can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.

How much can I refinance in Mississippi?
The maximum amount for an FHA loan is determined by

Maximum Loan Amount in Mississippi
The maximum FHA Loan Amount allowed for FHA Mortgage Refinance varies from county to county in Mississippi. The highest maximum FHA Home Refinance amount right now in Mississippi is $271,050. The lowest maximum amount available in any county is $271,050. To see what the limit is in the county in which you're interested, visit the following site https://entp.hud.gov/idapp/html/hicostlook.cfm. This site lists U.S. territories as well as states.

Maximum financing: In Mississippi, the maximum financing for an FHA Rate Term Refinance (No Cash-Out) or FHA Streamline Refinance Program (No Cash-Out) will be 97.75% of the appraised value of the home or its selling price, whichever is lower. The maximum financing for an FHA Cash-Out Refinance in Mississippi is 85%.

What factors determine if I am eligible for an FHA Refinance Loan?
To be eligible for an FHA Mortgage Loan Refinance in Mississippi, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be fairly considered. You must be able to make a down payment, cover closing costs and have enough income to pay your monthly debt.

Mississippi FHA Mortgage Limits by County

MSA Name County Name
One-Family
Two-Family
Three-Family
Four-Family
NATCHEZ, MS-LA (MICRO) ADAMS $271,050 $347,000 $419,425 $521,250
CORINTH, MS (MICRO) ALCORN $271,050 $347,000 $419,425 $521,250
MCCOMB, MS (MICRO) AMITE $271,050 $347,000 $419,425 $521,250
NON-METRO ATTALA $271,050 $347,000 $419,425 $521,250
NON-METRO BENTON $271,050 $347,000 $419,425 $521,250
CLEVELAND, MS (MICRO) BOLIVAR $271,050 $347,000 $419,425 $521,250
NON-METRO CALHOUN $271,050 $347,000 $419,425 $521,250
GREENWOOD, MS (MICRO) CARROLL $271,050 $347,000 $419,425 $521,250
NON-METRO CHICKASAW $271,050 $347,000 $419,425 $521,250
NON-METRO CHOCTAW $271,050 $347,000 $419,425 $521,250
NON-METRO CLAIBORNE $271,050 $347,000 $419,425 $521,250
MERIDIAN, MS (MICRO) CLARKE $271,050 $347,000 $419,425 $521,250
WEST POINT, MS (MICRO) CLAY $271,050 $347,000 $419,425 $521,250
CLARKSDALE, MS (MICRO) COAHOMA $271,050 $347,000 $419,425 $521,250
JACKSON, MS (MSA) COPIAH $271,050 $347,000 $419,425 $521,250
NON-METRO COVINGTON $271,050 $347,000 $419,425 $521,250
MEMPHIS, TN-MS-AR (MSA) DESOTO $271,050 $347,000 $419,425 $521,250
HATTIESBURG, MS (MSA) FORREST $271,050 $347,000 $419,425 $521,250
NON-METRO FRANKLIN $271,050 $347,000 $419,425 $521,250
PASCAGOULA, MS (MSA) GEORGE $271,050 $347,000 $419,425 $521,250
NON-METRO GREENE $271,050 $347,000 $419,425 $521,250
GRENADA, MS (MICRO) GRENADA $271,050 $347,000 $419,425 $521,250
GULFPORT-BILOXI, MS (MSA) HANCOCK $271,050 $347,000 $419,425 $521,250
GULFPORT-BILOXI, MS (MSA) HARRISON $271,050 $347,000 $419,425 $521,250
JACKSON, MS (MSA) HINDS $271,050 $347,000 $419,425 $521,250
NON-METRO HOLMES $271,050 $347,000 $419,425 $521,250
NON-METRO HUMPHREYS $271,050 $347,000 $419,425 $521,250
NON-METRO ISSAQUENA $271,050 $347,000 $419,425 $521,250
TUPELO, MS (MICRO) ITAWAMBA $271,050 $347,000 $419,425 $521,250
PASCAGOULA, MS (MSA) JACKSON $271,050 $347,000 $419,425 $521,250
LAUREL, MS (MICRO) JASPER $271,050 $347,000 $419,425 $521,250
NON-METRO JEFFERSON $271,050 $347,000 $419,425 $521,250
NON-METRO JEFFERSON DAVIS $271,050 $347,000 $419,425 $521,250
LAUREL, MS (MICRO) JONES $271,050 $347,000 $419,425 $521,250
MERIDIAN, MS (MICRO) KEMPER $271,050 $347,000 $419,425 $521,250
OXFORD, MS (MICRO) LAFAYETTE $271,050 $347,000 $419,425 $521,250
HATTIESBURG, MS (MSA) LAMAR $271,050 $347,000 $419,425 $521,250
MERIDIAN, MS (MICRO) LAUDERDALE $271,050 $347,000 $419,425 $521,250
NON-METRO LAWRENCE $271,050 $347,000 $419,425 $521,250
NON-METRO LEAKE $271,050 $347,000 $419,425 $521,250
TUPELO, MS (MICRO) LEE $271,050 $347,000 $419,425 $521,250
GREENWOOD, MS (MICRO) LEFLORE $271,050 $347,000 $419,425 $521,250
BROOKHAVEN, MS (MICRO) LINCOLN $271,050 $347,000 $419,425 $521,250
COLUMBUS, MS (MICRO) LOWNDES $271,050 $347,000 $419,425 $521,250
JACKSON, MS (MSA) MADISON $271,050 $347,000 $419,425 $521,250
NON-METRO MARION $271,050 $347,000 $419,425 $521,250
MEMPHIS, TN-MS-AR (MSA) MARSHALL $271,050 $347,000 $419,425 $521,250
NON-METRO MONROE $271,050 $347,000 $419,425 $521,250
NON-METRO MONTGOMERY $271,050 $347,000 $419,425 $521,250
NON-METRO NESHOBA $271,050 $347,000 $419,425 $521,250
MSA Name County Name One-Family Two-Family Three-Family Four-Family
NON-METRO NEWTON $271,050 $347,000 $419,425 $521,250
NON-METRO NOXUBEE $271,050 $347,000 $419,425 $521,250
STARKVILLE, MS (MICRO) OKTIBBEHA $271,050 $347,000 $419,425 $521,250
NON-METRO PANOLA $271,050 $347,000 $419,425 $521,250
PICAYUNE, MS (MICRO) PEARL RIVER $271,050 $347,000 $419,425 $521,250
HATTIESBURG, MS (MSA) PERRY $271,050 $347,000 $419,425 $521,250
MCCOMB, MS (MICRO) PIKE $271,050 $347,000 $419,425 $521,250
TUPELO, MS (MICRO) PONTOTOC $271,050 $347,000 $419,425 $521,250
NON-METRO PRENTISS $271,050 $347,000 $419,425 $521,250
NON-METRO QUITMAN $271,050 $347,000 $419,425 $521,250
JACKSON, MS (MSA) RANKIN $271,050 $347,000 $419,425 $521,250
NON-METRO SCOTT $271,050 $347,000 $419,425 $521,250
NON-METRO SHARKEY $271,050 $347,000 $419,425 $521,250
JACKSON, MS (MSA) SIMPSON $271,050 $347,000 $419,425 $521,250
NON-METRO SMITH $271,050 $347,000 $419,425 $521,250
GULFPORT-BILOXI, MS (MSA) STONE $271,050 $347,000 $419,425 $521,250
INDIANOLA, MS (MICRO) SUNFLOWER $271,050 $347,000 $419,425 $521,250
NON-METRO TALLAHATCHIE $271,050 $347,000 $419,425 $521,250
MEMPHIS, TN-MS-AR (MSA) TATE $271,050 $347,000 $419,425 $521,250
NON-METRO TIPPAH $271,050 $347,000 $419,425 $521,250
NON-METRO TISHOMINGO $271,050 $347,000 $419,425 $521,250
MEMPHIS, TN-MS-AR (MSA) TUNICA $271,050 $347,000 $419,425 $521,250
NON-METRO UNION $271,050 $347,000 $419,425 $521,250
NON-METRO WALTHALL $271,050 $347,000 $419,425 $521,250
VICKSBURG, MS (MICRO) WARREN $271,050 $347,000 $419,425 $521,250
GREENVILLE, MS (MICRO) WASHINGTON $271,050 $347,000 $419,425 $521,250
NON-METRO WAYNE $271,050 $347,000 $419,425 $521,250
NON-METRO WEBSTER $271,050 $347,000 $419,425 $521,250
NON-METRO WILKINSON $271,050 $347,000 $419,425 $521,250
NON-METRO WINSTON $271,050 $347,000 $419,425 $521,250
NON-METRO YALOBUSHA $271,050 $347,000 $419,425 $521,250
YAZOO CITY, MS (MICRO) YAZOO $271,050 $347,000 $419,425 $521,250


FHA loans in Mississippi's top cities:

Biloxi Mississippi FHA Loans Jackson Mississippi FHA Loans Gulfport Mississippi FHA Loans
Meridian Mississippi FHA Loans Vicksburg Mississippi FHA Loans Pearl Mississippi FHA Loans
Tupelo Mississippi FHA Loans Hattiesburg Mississippi FHA Loans Southaven Mississippi FHA Loans
                                                                                                                             

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. FHA Refinance Programs

FHA Rate/Term Refinance
The FHA Rate/Term Refinance is for borrowers who currently have a conventional fixed rate or ARM mortgage and wish to refinance into an FHA Mortgage. This program helps borrowers who wish to have a stable, fixed rate FHA Insured Loan.

Cash-Out Refinance
An FHA Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

FHA Streamline Refinance
The FHA Streamline Refinance is designed to lower the interest rate on a current FHA mortgage or convert a current FHA adjustable rate mortgage into a fixed rate. An FHA Streamline Refinance can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.


. FHA Refinance Questions & Answers

What are the guidelines for an FHA Refinance?
If the borrower wishes to take cash out of the property, then the maximum financing amount is 85% of the appraised value, depending on the borrowers qualifications. If the borrower does not take cash out then the maximum financing will be 97.75% of the appraised value of the home or the amount you are refinancing plus closing costs, whichever is lower.

Why should I consider refinancing into a FHA-insured mortgage?
FHA-insured mortgages do not come with prepayment penalties, have no teaser rates nor balloon payments. They are offered at market rate with terms up to 30 years and are fully amortized, meaning that you pay towards principal and interest every month.

What if I have a prepayment penalty and other refinancing costs and there isn’t enough equity in my home to refinance?
If you do not have sufficient equity in your home to add your prepayment penalty and/or other refinancing costs into your new FHA mortgage, then you should ask your lender to consider a second mortgage to pay the difference or a short payoff on your existing loan. Offering either of these options is at the discretion of the lender.

Does it matter that the value of my home is now less than what I still owe?
Not to The FHA, but your current lender will have to be willing to accept a short payoff on the existing loan OR to hold a second mortgage to make up the difference needed to pay off the existing mortgage and the home’s value.


FHA Mortgage   |   FHA Refinance   |   FHA LOAN REQUIREMENTS   |   FHA MORTGAGE CALCULATOR   |   FHA MORTGAGE RATES

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