Mississippi First-Time Homebuyer Programs

First-time homebuyers who are residents of the state of Mississippi have a number of choices available when they start shopping for loans. It’s important to be well-versed on the mortgage options available.

FHA Loans
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An FHA loan is insured by the Federal Housing Administration and protects lenders from financial risk. These loans come with low a down payment requirement of 3.5% making them a viable option for young, first-time homebuyers who have not had as much time to save for a large down payment or establish a high credit score.

Conventional Mortgage 
A mortgage not backed by a government agency (such as FHA) is known as a conventional loan. Such mortgages can have either fixed or adjustable rates, and usually require a down payment of 20% or more. Some conventional loans conform to Fannie Mae and Freddie Mac guidelines, making them “conforming” loans as well, and those can be backed by either agency.

VA Loans
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VA Home Loans are available through or backed by the Veterans Affairs Department to service members, veterans, and eligible surviving spouses. These loans are typically low interest and are available for no money down to qualified borrowers.

USDA Loans
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The United States Department of Agriculture’s (USDA) Rural Department aims to build healthy and sustainable rural communities by providing USDA backed mortgages. These homes loans are zero-down and low interest, helping low- and moderate-income residents find safe and affordable housing.