Home Point Financial is pleased to announce that we now have Mississippi USDA financing. USDA Loans in Mississippi are intended to provide lower-income homeowners with 100% financing (with no down payment). USDA (United States Department of Agriculture) loans, once known as farm loans, are now available to Mississippi residents in almost every MS county outside of major metropolitan areas (rural areas in Mississippi including Holmes, Panola, Pontotoc, Newton, and many others).

USDA Loan Requirements and Guidelines (Mississippi)

There are a number of requirements to quality for Mississippi USDA Loans:

  1. Monthly Mississippi housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio).
  2. Credit background will be fairly considered. At least a 640 FICO credit score is required to obtain a USDA approval through most lenders in Mississippi.
  3. Mississippi borrower must have enough income to pay your housing costs plus all additional monthly debt (41% ratio with some flexibility).
  4. Income can be up to 115% of the median income for the area.
  5. Bankruptcy: Have been discharged from a Chapter 7 bankruptcy for three years or more (if applicable).
  6. Mississippi property must be considered rural which is generally defined as open country with fewer than 10,000 people. Learn more here: http://eligibility.sc.egov.usda.gov.

Mississippi families must be able to afford the mortgage payments, including taxes and insurance.

Mississippi USDA Mortgage Rates

MS USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, Mississippi property being financed, etc. In general, MS USDA rates are better than average compared to other options for qualifying individuals.

Mississippi USDA Lender

Apply now or contact the Mississippi USDA Mortgage experts at Home Point Financial to learn more about home loans in Mississippi, eligibility and more.