FHA Loan Calculator for Mississippi

FHA Loans in Mississippi

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Mississippi's median home of $155,000, that's a minimum down payment of $5,400.

FHA Loan Limits in Mississippi

FHA loan limits vary by county and are tied to conforming limits. In most Mississippi counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. All Mississippi counties are at the standard conforming limit.

FHA vs Conventional in Mississippi

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Mississippi's median home at $155,000, buyers who can put down $31,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

Mississippi closing costs average $2,100. Mississippi has minimal transfer taxes and recording fees. Closing costs are among the lowest in the South. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

FHA Loan Calculator for Other States