2015 Mississippi FHA County Loan Limits

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

Young family with a child

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.

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:

2015 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
ADAMS $271,050 $347,000 $419,425 $521,250
ALCORN $271,050 $347,000 $419,425 $521,250
AMITE $271,050 $347,000 $419,425 $521,250
ATTALA $271,050 $347,000 $419,425 $521,250
BENTON $271,050 $347,000 $419,425 $521,250
BOLIVAR $271,050 $347,000 $419,425 $521,250
CALHOUN $271,050 $347,000 $419,425 $521,250
CARROLL $271,050 $347,000 $419,425 $521,250
CHICKASAW $271,050 $347,000 $419,425 $521,250
CHOCTAW $271,050 $347,000 $419,425 $521,250
CLAIBORNE $271,050 $347,000 $419,425 $521,250
CLARKE $271,050 $347,000 $419,425 $521,250
CLAY $271,050 $347,000 $419,425 $521,250
COAHOMA $271,050 $347,000 $419,425 $521,250
COPIAH $276,000 $353,300 $427,100 $530,750
COVINGTON $271,050 $347,000 $419,425 $521,250
DESOTO $271,050 $347,000 $419,425 $521,250
FORREST $271,050 $347,000 $419,425 $521,250
FRANKLIN $271,050 $347,000 $419,425 $521,250
GEORGE $271,050 $347,000 $419,425 $521,250
GREENE $271,050 $347,000 $419,425 $521,250
GRENADA $271,050 $347,000 $419,425 $521,250
HANCOCK $271,050 $347,000 $419,425 $521,250
HARRISON $271,050 $347,000 $419,425 $521,250
HINDS $276,000 $353,300 $427,100 $530,750
HOLMES $271,050 $347,000 $419,425 $521,250
HUMPHREYS $271,050 $347,000 $419,425 $521,250
ISSAQUENA $271,050 $347,000 $419,425 $521,250
ITAWAMBA $271,050 $347,000 $419,425 $521,250
JACKSON $271,050 $347,000 $419,425 $521,250
JASPER $271,050 $347,000 $419,425 $521,250
JEFFERSON $271,050 $347,000 $419,425 $521,250
JEFFERSON DAVIS $271,050 $347,000 $419,425 $521,250
JONES $271,050 $347,000 $419,425 $521,250
KEMPER $271,050 $347,000 $419,425 $521,250
LAFAYETTE $271,050 $347,000 $419,425 $521,250
LAMAR $271,050 $347,000 $419,425 $521,250
LAUDERDALE $271,050 $347,000 $419,425 $521,250
LAWRENCE $271,050 $347,000 $419,425 $521,250
LEAKE $271,050 $347,000 $419,425 $521,250
LEE $271,050 $347,000 $419,425 $521,250
LEFLORE $271,050 $347,000 $419,425 $521,250
LINCOLN $271,050 $347,000 $419,425 $521,250
LOWNDES $271,050 $347,000 $419,425 $521,250
MADISON $276,000 $353,300 $427,100 $530,750
MARION $271,050 $347,000 $419,425 $521,250
MARSHALL $271,050 $347,000 $419,425 $521,250
MONROE $271,050 $347,000 $419,425 $521,250
MONTGOMERY $271,050 $347,000 $419,425 $521,250
NESHOBA $271,050 $347,000 $419,425 $521,250
NEWTON $271,050 $347,000 $419,425 $521,250
NOXUBEE $271,050 $347,000 $419,425 $521,250
OKTIBBEHA $271,050 $347,000 $419,425 $521,250
PANOLA $271,050 $347,000 $419,425 $521,250
PEARL RIVER $271,050 $347,000 $419,425 $521,250
PERRY $271,050 $347,000 $419,425 $521,250
PIKE $271,050 $347,000 $419,425 $521,250
PONTOTOC $271,050 $347,000 $419,425 $521,250
PRENTISS $271,050 $347,000 $419,425 $521,250
QUITMAN $271,050 $347,000 $419,425 $521,250
RANKIN $276,000 $353,300 $427,100 $530,750
SCOTT $271,050 $347,000 $419,425 $521,250
SHARKEY $271,050 $347,000 $419,425 $521,250
SIMPSON $276,000 $353,300 $427,100 $530,750
SMITH $271,050 $347,000 $419,425 $521,250
STONE $271,050 $347,000 $419,425 $521,250
SUNFLOWER $271,050 $347,000 $419,425 $521,250
TALLAHATCHIE $271,050 $347,000 $419,425 $521,250
TATE $271,050 $347,000 $419,425 $521,250
TIPPAH $271,050 $347,000 $419,425 $521,250
TISHOMINGO $271,050 $347,000 $419,425 $521,250
TUNICA $271,050 $347,000 $419,425 $521,250
UNION $271,050 $347,000 $419,425 $521,250
WALTHALL $271,050 $347,000 $419,425 $521,250
WARREN $271,050 $347,000 $419,425 $521,250
WASHINGTON $271,050 $347,000 $419,425 $521,250
WAYNE $271,050 $347,000 $419,425 $521,250
WEBSTER $271,050 $347,000 $419,425 $521,250
WILKINSON $271,050 $347,000 $419,425 $521,250
WINSTON $271,050 $347,000 $419,425 $521,250
YALOBUSHA $271,050 $347,000 $419,425 $521,250
YAZOO $276,000 $353,300 $427,100 $530,750