Monday, 26 October 2020

2019 FHA Loan Limits in Mississippi

2019 FHA Loan Limits in Mississippi
04 Apr
5:30

Mississippi is known for its many magnolia trees and sprawling farmlands, as well as more urban areas in Jackson and Gulfport. According to a recent report, more than half of Mississippi residents live in rural areas (51.2%), making it one of the nation’s most rural states.

The housing market in Mississippi varies depending on the county where you choose to live. In Sharkey and Quitman counties, the median sales price is the lowest, at $56,000. Counties including Hinds, Copiah, Yazoo, Madison, Simpson and Rankin have the highest median sales price, at $249,000.

A loan by the Federal Housing Administration, or FHA, may be able to help purchase your dream home in Mississippi. FHA loans are attractive because they have low interest rates and down payment requirements. At the same time, they may be easier to qualify for, even if you don’t have a great credit score.

FHA loans do come with loan limits you should know about. These loan limits curb how much you can borrow, and vary on the county of purchase. Living costs and the median sales price are both taken into consideration when determining these loan limits, which are updated each year. In Mississippi for example, the standard FHA loan limits for a single-family home are $314,827, with high-cost areas set at $726,525.

If you’re interested in getting an FHA loan in Mississippi, you’re not alone. An updated 2016 FHA report states that Mississippi ranks No. 11 in the nation for the number of FHA mortgages issued. FHA loans account for 28.7% of the mortgages in Mississippi. In 2018, it was reported 0.81% of all nationwide FHA loans originated in Mississippi.

Mississippi FHA Loan Limits by County

County Name One-Family Two-Family Three-Family Four-Family Median Sale Price
ADAMS $314,827 $403,125 $487,250 $605,525 $95,000
ALCORN $314,827 $403,125 $487,250 $605,525 $92,000
AMITE $314,827 $403,125 $487,250 $605,525 $125,000
ATTALA $314,827 $403,125 $487,250 $605,525 $80,000
BENTON $314,827 $403,125 $487,250 $605,525 $204,000
BOLIVAR $314,827 $403,125 $487,250 $605,525 $92,000
CALHOUN $314,827 $403,125 $487,250 $605,525 $72,000
CARROLL $314,827 $403,125 $487,250 $605,525 $96,000
CHICKASAW $314,827 $403,125 $487,250 $605,525 $64,000
CHOCTAW $314,827 $403,125 $487,250 $605,525 $83,000
CLAIBORNE $314,827 $403,125 $487,250 $605,525 $117,000
CLARKE $314,827 $403,125 $487,250 $605,525 $94,000
CLAY $314,827 $403,125 $487,250 $605,525 $87,000
COAHOMA $314,827 $403,125 $487,250 $605,525 $67,000
COPIAH $314,827 $403,125 $487,250 $605,525 $249,000
COVINGTON $314,827 $403,125 $487,250 $605,525 $77,000
DESOTO $314,827 $403,125 $487,250 $605,525 $204,000
FORREST $314,827 $403,125 $487,250 $605,525 $179,000
FRANKLIN $314,827 $403,125 $487,250 $605,525 $79,000
GEORGE $314,827 $403,125 $487,250 $605,525 $104,000
GREENE $314,827 $403,125 $487,250 $605,525 $94,000
GRENADA $314,827 $403,125 $487,250 $605,525 $101,000
HANCOCK $314,827 $403,125 $487,250 $605,525 $146,000
HARRISON $314,827 $403,125 $487,250 $605,525 $146,000
HINDS $314,827 $403,125 $487,250 $605,525 $249,000
HOLMES $314,827 $403,125 $487,250 $605,525 $55,000
HUMPHREYS $314,827 $403,125 $487,250 $605,525 $66,000
ISSAQUENA $314,827 $403,125 $487,250 $605,525 $82,000
ITAWAMBA $314,827 $403,125 $487,250 $605,525 $128,000
JACKSON $314,827 $403,125 $487,250 $605,525 $146,000
JASPER $314,827 $403,125 $487,250 $605,525 $91,000
JEFFERSON $314,827 $403,125 $487,250 $605,525 $64,000
JEFFERSON DAVIS $314,827 $403,125 $487,250 $605,525 $87,000
JONES $314,827 $403,125 $487,250 $605,525 $91,000
KEMPER $314,827 $403,125 $487,250 $605,525 $94,000
LAFAYETTE $314,827 $403,125 $487,250 $605,525 $246,000
LAMAR $314,827 $403,125 $487,250 $605,525 $179,000
LAUDERDALE $314,827 $403,125 $487,250 $605,525 $94,000
LAWRENCE $314,827 $403,125 $487,250 $605,525 $96,000
LEAKE $314,827 $403,125 $487,250 $605,525 $83,000
LEE $314,827 $403,125 $487,250 $605,525 $128,000
LEFLORE $314,827 $403,125 $487,250 $605,525 $96,000
LINCOLN $314,827 $403,125 $487,250 $605,525 $138,000
LOWNDES $314,827 $403,125 $487,250 $605,525 $161,000
MADISON $314,827 $403,125 $487,250 $605,525 $249,000
MARION $314,827 $403,125 $487,250 $605,525 $82,000
MARSHALL $314,827 $403,125 $487,250 $605,525 $204,000
MONROE $314,827 $403,125 $487,250 $605,525 $88,000
MONTGOMERY $314,827 $403,125 $487,250 $605,525 $82,000
NESHOBA $314,827 $403,125 $487,250 $605,525 $85,000
NEWTON $314,827 $403,125 $487,250 $605,525 $86,000
NOXUBEE $314,827 $403,125 $487,250 $605,525 $72,000
OKTIBBEHA $314,827 $403,125 $487,250 $605,525 $159,000
PANOLA $314,827 $403,125 $487,250 $605,525 $80,000
PEARL RIVER $314,827 $403,125 $487,250 $605,525 $128,000
PERRY $314,827 $403,125 $487,250 $605,525 $179,000
PIKE $314,827 $403,125 $487,250 $605,525 $125,000
PONTOTOC $314,827 $403,125 $487,250 $605,525 $128,000
PRENTISS $314,827 $403,125 $487,250 $605,525 $88,000
QUITMAN $314,827 $403,125 $487,250 $605,525 $56,000
RANKIN $314,827 $403,125 $487,250 $605,525 $249,000
SCOTT $314,827 $403,125 $487,250 $605,525 $89,000
SHARKEY $314,827 $403,125 $487,250 $605,525 $56,000
SIMPSON $314,827 $403,125 $487,250 $605,525 $249,000
SMITH $314,827 $403,125 $487,250 $605,525 $83,000
STONE $314,827 $403,125 $487,250 $605,525 $120,000
SUNFLOWER $314,827 $403,125 $487,250 $605,525 $76,000
TALLAHATCHIE $314,827 $403,125 $487,250 $605,525 $66,000
TATE $314,827 $403,125 $487,250 $605,525 $204,000
TIPPAH $314,827 $403,125 $487,250 $605,525 $88,000
TISHOMINGO $314,827 $403,125 $487,250 $605,525 $85,000
TUNICA $314,827 $403,125 $487,250 $605,525 $204,000
UNION $314,827 $403,125 $487,250 $605,525 $93,000
WALTHALL $314,827 $403,125 $487,250 $605,525 $107,000
WARREN $314,827 $403,125 $487,250 $605,525 $117,000
WASHINGTON $314,827 $403,125 $487,250 $605,525 $78,000
WAYNE $314,827 $403,125 $487,250 $605,525 $79,000
WEBSTER $314,827 $403,125 $487,250 $605,525 $85,000
WILKINSON $314,827 $403,125 $487,250 $605,525 $89,000
WINSTON $314,827 $403,125 $487,250 $605,525 $86,000
YALOBUSHA $314,827 $403,125 $487,250 $605,525 $77,000
YAZOO $314,827 $403,125 $487,250 $605,525 $249,000

How are FHA loan limits calculated?

FHA loan limits are set annually by the U.S. Department of Housing and Urban Development (HUD). These limits are stemmed from the conforming loan limit, which is the maximum mortgage amount Fannie Mae and Freddie Mac will insure. The current limit for 2019 is $484,350 for a single-family home.

The largest mortgage amount that the agency will insure is called the FHA “floor.” Currently, most of the country will likely have the standard limit of $314,827. In high-cost areas, this limit is much larger and set at 150% of the conforming loan limit. This is referred to as the FHA “ceiling,” and for 2019, it is set at $726,525. The “ceiling” is normally the highest mortgage the agency will insure for a single-family home, although there can be exceptions. There can also be some areas where loan limits are within the middle of the FHA floor and ceiling.

Here are the 2019 standard FHA limits for all property types nationwide:

  • One-unit: $314,827
  • Two-unit: $403,125
  • Three-unit: $487,250
  • Four-unit: $605,525

Here are the 2019 standard FHA limits for high-cost areas nationwide:

  • One-unit: $726,525
  • Two-unit: $930,300
  • Three-unit: $1,124,475
  • Four-unit: $1,397,400

Are you eligible for an FHA loan in Mississippi?

Using an FHA loan to purchase your new home in Mississippi can be a good option. Just know that you’ll be required to obtain mortgage insurance with FHA loans. To learn more about FHA loans and the requirements, check out MagnifyMoney’s complete guide to FHA loans to see whether this is a good option for you.

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Carissa Chesanek

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Source: https://www.magnifymoney.com/blog/mortgage/fha-loan-limits-in-mississippi/

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