If you are a resident of this state whose river’s levee Mark Twain made famous in Huckleberry Finn, you may be missing on a chance of availing a home at an affordable rate. The financing scheme available for the state is FHA mortgage Mississippi. Its attributes lie in a 97% loan-to-value (LTV) offering. This means that you will get almost the entire amount you have borrowed when you subtract the down payment. You can also avail approximately 97.7% LTV once you apply for a Streamline Refinance. This is a plan where you opt for a lower interest rate than the existing one. We’ll also help you to get updates on the maximum limits in your county, which reflect the area median income.
Area Median Income (AMI) Limits
The following is a list of AMI options in an average-cost county when applying for FHA mortgage MS, for a number of family units:
- Single-family units come at a margin of $271050.
- Duplexes come at $347000.
- Triplexes average an AMI of $419425.
- Four-unit properties require a sum of $521250.
In order to avail any of the above housing sizes via FHA mortgage Mississippi, then you ought to have an income that is either 115% or 50-80% of these AMIs. The latter applies to applicants who are in the low income bracket who can apply through our Direct Program.
Am I Eligible?
Yes, you are if you manage to meet the following stipulations concerning the loan:
- You can manage the debt-to-income ratio of 29/41, a special component of FHA mortgage Mississippi. This means that your housing debts do not surpass 29% of your income while your total debts, including housing costs and credit card payments do not exceed 41% of your gross earnings.
- You intend to inhabit the property as your primary residence.
- You have no other outstanding amounts apart from the current FHA mortgage MS.
- You have a credit score of at least 620.
Benefits of FHA mortgage MN
Apart from a low credit score, a virtually small down payment and other advantages, FHA mortgage MN gives you these benefits:
- You can co-opt with another applicant even if the latter does not reside in the same property to share the cost.
- You can use a co-signer including a spouse to verify your qualification details and shoulder any payments in case you breach the loan due to financial constrains.
- You cannot attract a pre-payment penalty if you remit the balance earlier than the repayment period. The same applies when you pay late due to financial difficulties.
You can start the process of applying for FHA mortgage Mississippi by verifying the counties’ limits. This enables you to assess the design that suits your budget best, from a single-family to a four-family unit.
Start by going through our easy pre-qualification stage after which we can help you find a lender with a competitive rate.
Call FHA Home Loan Group for assistance. [888] 202-4479