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Guide to Mississippi Mortgages
Maybe you are buying your first home in Mississippi, or perhaps you're relocating to Mississippi from another state. Then again, you may be a long-time Mississippi resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Mississippi home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Mississippi:
The median price of a home in Mississippi is $211,500. Recently, homes in Mississippi have been appreciating at rates well above the national average. As a result, income levels in many parts of Mississippi are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Mississippi are below the national average, Mississippi has one of the lowest levels of home affordability in the nation.
In Mississippi, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Mississippi's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Mississippi law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Mississippi law enacted a set of anti-predatory lending laws in order to help protect Mississippi homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Mississippi, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Mississippi FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Mississippi's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Mississippi also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Mississippi's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Mississippi Housing Finance Agency.
Last Updated: Saturday, May 10, 2008
Mississippi Real Estate Market View
updated Saturday, May 10, 2008
| Housing & Social Facts |
Mississippi |
United States |
| Total housing units |
1,235,496 |
n/a |
| Owner-occupied housing units |
69.9% |
66.9% |
| Renter-occupied housing units |
30.1% |
33.1% |
| Vacant housing units |
12.3% |
10.8% |
| Average Home Value |
$82,700 |
$167,500 |
| Average Mortgage Payment |
$870.00 |
$1,295.00 |
| Average Rental Payment |
$279 .00 |
$388.00 |
| Total Population |
2,824,156 |
n/a |
| Percentage Male |
48.1% |
49.0% |
| Percentage Female |
51.9% |
51.0% |
| Median Age |
35.5 |
36.4 |
| Under 5 years |
7.4% |
7.0% |
| 18 years and over |
73.7% |
74.6% |
| 65 years and over |
11.9% |
12.1% |
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1 Year Market Value Change for Mississippi |
| 1yr | 5yr | 10yr |
 |
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Popular Mississippi Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Biloxi |
50,644 |
$34,106 |
| Clarksdale |
20,645 |
$22,188 |
| Clinton |
23,347 |
$47,092 |
| Columbus |
25,944 |
$27,393 |
| Greenville |
41,633 |
$25,928 |
| Greenwood |
18,425 |
$21,867 |
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| Direct Mortgage, LLC |
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I are pleased to offer our services to you. I started this business after I had experienced trying to secure a home loan myself. I found that it can be a very frustrating experience. Most of the people I spoke with were only concerned with one thing - taking a credit application and getting my credit score. No one was willing to help me get through the process and to understand all the fees, charges, and programs that were actually available to me. Instead from most banks to most mortgage companies, no one wanted to give me any information. At Direct Mortgage, LLC we treat you like the person that you are - not the credit score that so many other companies believe you represent. We offer personalized service, honesty, consultations, and answers to all your questions to each and every customer and promise the quickest response time possible. - Kirk Bivens, Owner/Mortgage Broker Direct Mortgage, LLC offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide: First and Second Mortgages, Interest Only, Refinance, VA & FHA Loans, Adjustable Rate Mortgages (ARM's), 100% Financing, Investment Property Loans, Construction Loans and many other programs and loan options to fit your financial and mortgage needs We offer free consultations to assist that you receive the money you need to purchase a home or refinance the home you currently own to lower your payments or to pull cash that you need to consolidate. We have many programs available for just about every credit situation; from "A" credit to less-than-perfect credit. We have over 15 years of finance experience working for you. We hold ourselves to a higher standard to ensure you the service you deserve. "Mississippi Licensed Mortgage Company" Direct Mortgage, LLC
120 South Pointe Drive, Suite A
Byram, MS 39272
601.372.9850 - Phone
888.372.9850 - Toll Free
601.372.9851 - Fax Direct Mortgage, LLC is a real estate broker licensed by the MS Dept of Real Estate License
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| The Madison Logan Agency, LLC |
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Buying a new home is a source of anxiety, frustration and a huge sense of accomplishment. You did not pick the house that was best for someone else; you picked the one that is right for you! Trust our professionals to find the mortgage loan that best suits your needs, too. Less paperwork and more personal attention means you enter a frustration-free zone from application to decision.
Refinancing your current mortgage has never been easier. If you thought refinancing meant filling out endless forms, think again! We make it easy and worry-free to reduce your interest rate and monthly payment. We can even help you pay down your balance quickly for comparable monthly payment. Let our professionals guide you to the very best refinanced loan! Tapping into your home equity is easier than ever before. You've been paying down your balance, and property values have gone up! Tap into that wealth and reward yourself. We'll help with the best program to fit your goals. Our mortgage professionals give you the personal attention you deserve and treat you with the respect due a valued customer. We understand you're making a commitment in buying a new home, refinancing and mortgage or cashing out your home equity. So we make a commitment to you. We will help you qualify, apply and be approved for the right mortgage loan for you. Not anybody else! The Madison Logan Agency, LLC
3010 Lakeland Cove, Suite E
Flowood, MS 39232
601.932.9355 - Phone
866.932.9354 - Toll Free
601.326.0063 - Fax The Madison Logan Agency, LLC is a real estate broker licensed by the MS Dept of Real Estate License
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| 1st Alliance Mortgage |
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1st Alliance Mortgage is the Mississippi Gulf Coast’s premiere mortgage lender specializing in a full range of lending products from the self-employed borrower to the fixed income applicant. We offer products tailored to every need and lifestyle. Conventional, VA, FHA, Stated Income, No Doc. loans and also offer the newest in 100% financing programs. We at 1st Alliance Mortgage specialize in service, guiding you through every step of the mortgage process. Our friendly, low stress approach offers you, the client, more solutions and more options tailored to your specific needs. At 1st Alliance Mortgage we make the difficult process of finding the right mortgage as painless as possible. We understand that purchasing a home or deciding to refinance an existing mortgage is a tremendous financial obligation. Also, we know that the loan process can be overwhelming and confusing. We treat each client as an individual and give personalized attention to your needs to make the loan process as easy, efficient and stress-free as possible. At 1st Alliance Mortgage we know that financing a home is not about dealing with real estate, but about helping people just like you. Let us help you find the mortgage you need to finance your dreams. 1st Alliance Mortgage
232 Debuys Rd
Biloxi, MS 39531
(228) 594-9000 Office
(228) 594-9001 Fax
(866) 260-6963 Toll Free 1st Alliance Mortgage is a real estate broker licensed by the MS Dept of Real Estate License
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