FHA Loan Limits


Considering buying a house in Mississippi?
Take a look at a FHA Mortgage loan

What exactly is the FHA?
The Federal Housing Administration  (FHA) was founded during the Great Depression to boost the housing market. The FHA remains commited to assist home buyers who do not satisfy standard financing requirements, like having a credit history or perhaps proof of income.

Young family with a child

Is there an income limit with FHA mortgages?
No!

Do I need to be a first time buyer?
No, although many first time homebuyers choose the FHA program because of the low downpayment (3 1/2%) as well as the seller paid settlement costs.

Do I qualify for an FHA home mortgage loan?
If you have a history of paying your bills on time and you do not have an FHA loan, there is a good possibility you will qualify for an FHA loan. Only an approved FHA lender can assess whether or not you meet the requirements for an FHA home loan.

Do I need a lot of money to purchase a house with an FHA mortgage?
No. The FHA down payment requirement is just 3.5%. For illustration, purchase price = $200,000 X 3.5% = $7,000

Can my down payment come from grants?
Yes! You can pay 100% of your down payment with grants from friends, relatives, or endorsed organizations .

Is the seller allowed to pay my closing charges?
Yes! The FHA allows the seller to pay up to 6% of the purchase price toward the settlement costs.

Does the FHA originate the mortgage loan?
No. The FHA insures the loan. The Federal Housing Administration levies insurance on the mortgage. If a borrower defaults on a mortgage the FHA uses the money from these insurance premiums to compensate the lender. This really is how the FHA encourages lenders to give mortgages to otherwise higher-risk applicants.

Is applying for an FHA mortgage hard?
In most cases, it’s certainly not as tough as obtaining the typical conventional mortgage.

Just what types of home mortgage loans are offered with the FHA?
There are a Fixed Interest rate Mortgage, Adjustable Rate Loans, and Hybrid Mortgages

I want to refinance. Can the FHA help me?
Yes! The FHA offers a streamline refinance mortgage program for homeowners who currently have a FHA loan and would like to refinance to lower monthly payment. In {some cases home owners can do this with no up front costs.  You might also get a cash-out mortgage refinance whether the mortgage you're refinancing is an FHA loan. With a cash out refinance, you can get as much as 85% of the value of the house.

Is there a maximum purchase price?
No, but there is a maximum loan amount based on the Mississippi county - see below:

2014 FHA County Loan Limits for Mississippi

One-Family is a single family home or condominium
Two-Family is two separate living units (duplex)
Three-Family three separate living units (triplex)
Four-Family  four separate living units (fourplex)

Mississippi Counties One-Family Two-Family Three-Family Four-Family MSA
Adams County$271,050 $347,000 $419,425 $521,250 NATCHEZ, MS-LA
Alcorn County$271,050 $347,000 $419,425 $521,250 CORINTH, MS
Amite County$271,050 $347,000 $419,425 $521,250 MCCOMB, MS
Attala County$271,050 $347,000 $419,425 $521,250 NON-METRO
Benton County$271,050 $347,000 $419,425 $521,250 MEMPHIS, TN-MS-AR
Bolivar County$271,050 $347,000 $419,425 $521,250 CLEVELAND, MS
Calhoun County$271,050 $347,000 $419,425 $521,250 NON-METRO
Carroll County$271,050 $347,000 $419,425 $521,250 GREENWOOD, MS
Chickasaw County$271,050 $347,000 $419,425 $521,250 NON-METRO
Choctaw County$271,050 $347,000 $419,425 $521,250 NON-METRO
Claiborne County$271,050 $347,000 $419,425 $521,250 VICKSBURG, MS
Clarke County$271,050 $347,000 $419,425 $521,250 MERIDIAN, MS
Clay County$271,050 $347,000 $419,425 $521,250 NON-METRO
Coahoma County$271,050 $347,000 $419,425 $521,250 CLARKSDALE, MS
Copiah County$276,000 $353,300 $427,100 $530,750 JACKSON, MS
Covington County$271,050 $347,000 $419,425 $521,250 NON-METRO
Desoto County$271,050 $347,000 $419,425 $521,250 MEMPHIS, TN-MS-AR
Forrest County$271,050 $347,000 $419,425 $521,250 HATTIESBURG, MS
Franklin County$271,050 $347,000 $419,425 $521,250 NON-METRO
George County$271,050 $347,000 $419,425 $521,250 NON-METRO
Greene County$271,050 $347,000 $419,425 $521,250 NON-METRO
Grenada County$271,050 $347,000 $419,425 $521,250 GRENADA, MS
Hancock County$271,050 $347,000 $419,425 $521,250 GULFPORT-BILOXI-PASCAGOULA, MS
Harrison County$271,050 $347,000 $419,425 $521,250 GULFPORT-BILOXI-PASCAGOULA, MS
Hinds County$276,000 $353,300 $427,100 $530,750 JACKSON, MS
Holmes County$271,050 $347,000 $419,425 $521,250 NON-METRO
Humphreys County$271,050 $347,000 $419,425 $521,250 NON-METRO
Issaquena County$271,050 $347,000 $419,425 $521,250 NON-METRO
Itawamba County$271,050 $347,000 $419,425 $521,250 TUPELO, MS
Jackson County$271,050 $347,000 $419,425 $521,250 GULFPORT-BILOXI-PASCAGOULA, MS
Jasper County$271,050 $347,000 $419,425 $521,250 LAUREL, MS
Jefferson County$271,050 $347,000 $419,425 $521,250 NON-METRO
Jefferson Davis County$271,050 $347,000 $419,425 $521,250 NON-METRO
Jones County$271,050 $347,000 $419,425 $521,250 LAUREL, MS
Kemper County$271,050 $347,000 $419,425 $521,250 MERIDIAN, MS
Lafayette County$271,050 $347,000 $419,425 $521,250 OXFORD, MS
Lamar County$271,050 $347,000 $419,425 $521,250 HATTIESBURG, MS
Lauderdale County$271,050 $347,000 $419,425 $521,250 MERIDIAN, MS
Lawrence County$271,050 $347,000 $419,425 $521,250 NON-METRO
Leake County$271,050 $347,000 $419,425 $521,250 NON-METRO
Lee County$271,050 $347,000 $419,425 $521,250 TUPELO, MS
Leflore County$271,050 $347,000 $419,425 $521,250 GREENWOOD, MS
Lincoln County$271,050 $347,000 $419,425 $521,250 BROOKHAVEN, MS
Lowndes County$271,050 $347,000 $419,425 $521,250 COLUMBUS, MS
Madison County$276,000 $353,300 $427,100 $530,750 JACKSON, MS
Marion County$271,050 $347,000 $419,425 $521,250 NON-METRO
Marshall County$271,050 $347,000 $419,425 $521,250 MEMPHIS, TN-MS-AR
Monroe County$271,050 $347,000 $419,425 $521,250 NON-METRO
Montgomery County$271,050 $347,000 $419,425 $521,250 NON-METRO
Neshoba County$271,050 $347,000 $419,425 $521,250 NON-METRO
Newton County$271,050 $347,000 $419,425 $521,250 NON-METRO
Noxubee County$271,050 $347,000.00 $419,425 $521,250.00 NON-METRO
Oktibbeha County$271,050 $347,000 $419,425 $521,250 STARKVILLE, MS
Panola County$271,050 $347,000.00 $419,425 $521,250.00 NON-METRO
Pearl River County$271,050 $347,000 $419,425 $521,250 PICAYUNE, MS
Perry County$271,050 $347,000 $419,425 $521,250 HATTIESBURG, MS
Pike County$271,050 $347,000.00 $419,425 $521,250.00 MCCOMB, MS
Pontotoc County$271,050 $347,000.00 $419,425 $521,250.00 TUPELO, MS
Prentiss County$271,050 $347,000 $419,425 $521,250 NON-METRO
Quitman County$271,050 $347,000 $419,425 $521,250 NON-METRO
Rankin County$276,000 $353,300 $427,100 $530,750 JACKSON, MS
Scott County$271,050 $347,000 $419,425 $521,250 NON-METRO
Sharkey County$271,050 $347,000 $419,425 $521,250 NON-METRO
Simpson County$276,000 $353,300 $427,100 $530,750 JACKSON, MS
Smith County$271,050 $347,000 $419,425 $521,250 NON-METRO
Stone County$271,050 $347,000 $419,425 $521,250 NON-METRO
Sunflower County$271,050 $347,000 $419,425 $521,250 INDIANOLA, MS
Tallahatchie County$271,050 $347,000 $419,425 $521,250 NON-METRO
Tate County$271,050 $347,000 $419,425 $521,250 MEMPHIS, TN-MS-AR
Tippah County$271,050 $347,000 $419,425 $521,250 NON-METRO
Tishomingo County$271,050 $347,000 $419,425 $521,250 NON-METRO
Tunica County$271,050 $347,000 $419,425 $521,250 MEMPHIS, TN-MS-AR
Union County$271,050 $347,000 $419,425 $521,250 NON-METRO
Walthall County$271,050 $347,000 $419,425 $521,250 NON-METRO
Warren County$271,050 $347,000 $419,425 $521,250 VICKSBURG, MS
Washington County$271,050 $347,000 $419,425 $521,250 GREENVILLE, MS
Wayne County$271,050 $347,000 $419,425 $521,250 NON-METRO
Webster County$271,050 $347,000 $419,425 $521,250 NON-METRO
Wilkinson County$271,050 $347,000 $419,425 $521,250 NON-METRO
Winston County$271,050 $347,000 $419,425 $521,250 NON-METRO
Yalobusha County$271,050 $347,000 $419,425 $521,250 NON-METRO
Yazoo County$276,000 $353,300 $427,100 $530,750 JACKSON, MS