Mississippi FHA Loans

If you are considering moving to Mississippi and want to buy a new house, right now is a great time to apply for an FHA loan. With housing prices at an all time low, and loan limits in Mississippi on the rise, it is possible to afford that big family home of your dreams. Plus, right now you will only need to provide 3.5% for a down payment in order to qualify for the loan. The FHA has been helping Americans afford homes for over seventy years, and right now the benefits offered by the FHA are more expansive than ever. Here are a few different types of mortgages you will want to look into for purchasing your new home.

Standard FHA Loan

If you are planning on buying a house in Mississippi as it stands, you will want to apply for a standard FHA loan. With this mortgage you will be able to purchase one to four-unit properties with the low down payment of 3.5%. Additionally, you won’t have to pay for private mortgage insurance (PMI) and will get to take advantage of low interest rates. The other benefits of a standard Mississippi FHA loan include easy approval, streamline refinancing and minimal closing costs.

Energy Efficiency Mortgage

For eco-conscious individuals, the Energy Efficiency Mortgage (EEM) is a great choice. With an EEM you will get a loan for the cost of the house and any upgrades you want to make. These upgrades can be anything from installing a solar heater to buying double-pane windows to upgrading to a new, low-energy refrigerator.

203(k) mortgage

The 203(k) mortgage was designed for people wanting to purchase homes that need rehabilitation. Instead of having to take out three high-interest conventional loans with low amortizations, the FHA rolls all three into the cost of a single loan. The total amount takes into account the purchase price, the work that will go into the property and the projected final value of the house.

Where to Start

No matter what type of loan you are interested in applying for, it’s a good idea to get pre-approved for the loan first. We have a team of FHA home loan specialists who would love to help you get started today. Simply fill out our online form and you’ll be pre-qualified instantly for free!

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