2016 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:

2016 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)

County Name  One-Family  Two-Family  Three-Family  Four-Family  Median Sale Price 
MSA Name  MSA Code 
ADAMS  271,050 347,000 419,425 521,250 82,000
NATCHEZ, MS-LA  35,020
ALCORN  271,050 347,000 419,425 521,250 89,000
CORINTH, MS  18,420
AMITE  271,050 347,000 419,425 521,250 132,000
MCCOMB, MS  32,620
ATTALA  271,050 347,000 419,425 521,250 75,000
NON-METRO  99,999
BENTON  271,050 347,000 419,425 521,250 169,000
MEMPHIS, TN-MS-AR  32,820
BOLIVAR  271,050 347,000 419,425 521,250 88,000
CLEVELAND, MS  17,380
CALHOUN  271,050 347,000 419,425 521,250 65,000
NON-METRO  99,999
CARROLL  271,050 347,000 419,425 521,250 73,000
GREENWOOD, MS  24,900
CHICKASAW  271,050 347,000 419,425 521,250 68,000
NON-METRO  99,999
CHOCTAW  271,050 347,000 419,425 521,250 75,000
NON-METRO  99,999
CLAIBORNE  271,050 347,000 419,425 521,250 109,000
VICKSBURG, MS  46,980
CLARKE  271,050 347,000 419,425 521,250 85,000
MERIDIAN, MS  32,940
CLAY  271,050 347,000 419,425 521,250 97,000
NON-METRO  99,999
COAHOMA  271,050 347,000 419,425 521,250 59,000
CLARKSDALE, MS  17,260
COPIAH  278,300 356,250 430,650 535,200 242,000
JACKSON, MS  27,140
COVINGTON  271,050 347,000 419,425 521,250 76,000
NON-METRO  99,999
DESOTO  271,050 347,000 419,425 521,250 169,000
MEMPHIS, TN-MS-AR  32,820
FORREST  271,050 347,000 419,425 521,250 165,000
HATTIESBURG, MS  25,620
FRANKLIN  271,050 347,000 419,425 521,250 67,000
NON-METRO  99,999
GEORGE  271,050 347,000 419,425 521,250 99,000
NON-METRO  99,999
GREENE  271,050 347,000 419,425 521,250 88,000
NON-METRO  99,999
GRENADA  271,050 347,000 419,425 521,250 102,000
GRENADA, MS  24,980
HANCOCK  271,050 347,000 419,425 521,250 133,000
GULFPORT-BILOXI-PASCAGOULA, MS  25,060
HARRISON  271,050 347,000 419,425 521,250 133,000
GULFPORT-BILOXI-PASCAGOULA, MS  25,060
HINDS  278,300 356,250 430,650 535,200 242,000
JACKSON, MS  27,140
HOLMES  271,050 347,000 419,425 521,250 52,000
NON-METRO  99,999
HUMPHREYS  271,050 347,000 419,425 521,250 67,000
NON-METRO  99,999
ISSAQUENA  271,050 347,000 419,425 521,250 64,000
NON-METRO  99,999
ITAWAMBA  271,050 347,000 419,425 521,250 161,000
TUPELO, MS  46,180
JACKSON  271,050 347,000 419,425 521,250 133,000
GULFPORT-BILOXI-PASCAGOULA, MS  25,060
JASPER  271,050 347,000 419,425 521,250 87,000
LAUREL, MS  29,860
JEFFERSON  271,050 347,000 419,425 521,250 65,000
NON-METRO  99,999
JEFFERSON DAVIS  271,050 347,000 419,425 521,250 83,000
NON-METRO  99,999
JONES  271,050 347,000 419,425 521,250 87,000
LAUREL, MS  29,860
KEMPER  271,050 347,000 419,425 521,250 85,000
MERIDIAN, MS  32,940
LAFAYETTE  271,050 347,000 419,425 521,250 206,000
OXFORD, MS  37,060
LAMAR  271,050 347,000 419,425 521,250 165,000
HATTIESBURG, MS  25,620
LAUDERDALE  271,050 347,000 419,425 521,250 85,000
MERIDIAN, MS  32,940
LAWRENCE  271,050 347,000 419,425 521,250 84,000
NON-METRO  99,999
LEAKE  271,050 347,000 419,425 521,250 78,000
NON-METRO  99,999
LEE  271,050 347,000 419,425 521,250 161,000
TUPELO, MS  46,180
LEFLORE  271,050 347,000 419,425 521,250 73,000
GREENWOOD, MS  24,900
LINCOLN  271,050 347,000 419,425 521,250 120,000
BROOKHAVEN, MS  15,020
LOWNDES  271,050 347,000 419,425 521,250 152,000
COLUMBUS, MS  18,060
MADISON  278,300 356,250 430,650 535,200 242,000
JACKSON, MS  27,140
MARION  271,050 347,000 419,425 521,250 82,000
NON-METRO  99,999
MARSHALL  271,050 347,000 419,425 521,250 169,000
MEMPHIS, TN-MS-AR  32,820
MONROE  271,050 347,000 419,425 521,250 83,000
NON-METRO  99,999
MONTGOMERY  271,050 347,000 419,425 521,250 72,000
NON-METRO  99,999
NESHOBA  271,050 347,000 419,425 521,250 78,000
NON-METRO  99,999
NEWTON  271,050 347,000 419,425 521,250 76,000
NON-METRO  99,999
NOXUBEE  271,050 347,000 419,425 521,250 68,000
NON-METRO  99,999
OKTIBBEHA  271,050 347,000 419,425 521,250 136,000
STARKVILLE, MS  44,260
PANOLA  271,050 347,000 419,425 521,250 82,000
NON-METRO  99,999
PEARL RIVER  271,050 347,000 419,425 521,250 118,000
PICAYUNE, MS  38,100
PERRY  271,050 347,000 419,425 521,250 165,000
HATTIESBURG, MS  25,620
PIKE  271,050 347,000 419,425 521,250 132,000
MCCOMB, MS  32,620
PONTOTOC  271,050 347,000 419,425 521,250 161,000
TUPELO, MS  46,180
PRENTISS  271,050 347,000 419,425 521,250 77,000
NON-METRO  99,999
QUITMAN  271,050 347,000 419,425 521,250 52,000
NON-METRO  99,999
RANKIN  278,300 356,250 430,650 535,200 242,000
JACKSON, MS  27,140
SCOTT  271,050 347,000 419,425 521,250 85,000
NON-METRO  99,999
SHARKEY  271,050 347,000 419,425 521,250 69,000
NON-METRO  99,999
SIMPSON  278,300 356,250 430,650 535,200 242,000
JACKSON, MS  27,140
SMITH  271,050 347,000 419,425 521,250 82,000
NON-METRO  99,999
STONE  271,050 347,000 419,425 521,250 113,000
NON-METRO  99,999
SUNFLOWER  271,050 347,000 419,425 521,250 73,000
INDIANOLA, MS  26,940
TALLAHATCHIE  271,050 347,000 419,425 521,250 68,000
NON-METRO  99,999
TATE  271,050 347,000 419,425 521,250 169,000
MEMPHIS, TN-MS-AR  32,820
TIPPAH  271,050 347,000 419,425 521,250 79,000
NON-METRO  99,999
TISHOMINGO  271,050 347,000 419,425 521,250 77,000
NON-METRO  99,999
TUNICA  271,050 347,000 419,425 521,250 169,000
MEMPHIS, TN-MS-AR  32,820
UNION  271,050 347,000 419,425 521,250 90,000
NON-METRO  99,999
WALTHALL  271,050 347,000 419,425 521,250 90,000
NON-METRO  99,999
WARREN  271,050 347,000 419,425 521,250 109,000
VICKSBURG, MS  46,980
WASHINGTON  271,050 347,000 419,425 521,250 87,000
GREENVILLE, MS  24,740
WAYNE  271,050 347,000 419,425 521,250 72,000
NON-METRO  99,999
WEBSTER  271,050 347,000 419,425 521,250 89,000
NON-METRO  99,999
WILKINSON  271,050 347,000 419,425 521,250 63,000
NON-METRO  99,999
WINSTON  271,050 347,000 419,425 521,250 81,000
NON-METRO  99,999
YALOBUSHA  271,050 347,000 419,425 521,250 72,000
NON-METRO  99,999
YAZOO  278,300 356,250 430,650 535,200 242,000
JACKSON, MS  27,140