Summary List PlacementTable of Contents: Masthead StickyBuying a home in Mississippi
According to Zillow, the typical home value in Mississippi is lower than the typical value of $272,446 across the US. The typical home value in Mississippi is $135,743, and home values have increased 5.5% over the past year.
Mississippi first-time homebuyer programs
You may eligible for one or more of the following programs from the Mississippi Home Corporation:
Smart Solution: Get a 30-year fixed-rate mortgage and receive a 3.5% loan for down payment assistance. The down payment loan will have the same interest rate as your mortgage, and you’ll pay back the loan over 10 years.
Housing Assistance for Teachers: The state will give you a $6,000 grant toward your mortgage costs if you’re a public school teacher in certain counties and subject areas. You don’t need to repay this grant.
MRB 7: Borrow up to $7,000 for down payment assistance. You won’t pay any interest, and you’ll pay off the loan when you sell, refinance, or completely pay off your mortgage.
Mortgage Credit Certificate: Claim 40% of the interest you pay on your mortgage on your federal taxes, up to $2,000 per year. You can combine the MCC program with the Mississippi Home Corporation’s other assistance loans.
Federal Housing Administration mortgage: You can get a down payment of 3.5% with a credit score of at least 580, or get a mortgage with a credit score between 500 and 580 with 10% down using this loan, which is also called an FHA loan.
United States Department of Agriculture mortgage: These loans, also called USDA loans, can be useful if you are a low-to-moderate income borrower looking to buy a home in a rural or suburban area.
Veterans Affairs mortgage: These mortgages, also called VA loans, are for active-service military members or veterans, or spouses of members who have died and can provide lower interest rates than conventional mortgages.
Refinancing your mortgage in Mississippi
Mortgage refinance rates are at all-time lows right now, so it could be a good idea to switch your current mortgage for one with a better interest rate — especially if the new rate would be significantly lower.
You may decide to refinance with the same lender that gave you your initial mortgage, but it’s not always the best idea. A different lender may offer you a better deal the second time around. Shop around for a company that will offer the best interest rate and charge relatively low fees.
How to get a low interest rate on your mortgage
Here are some tips for landing a good interest rate on your mortgage:
Source:: Business Insider