What are Conventional Loans and Conforming Loans?

By definition, a Conventional Loan is any mortgage that’s not guaranteed or insured by the federal government. Mississippi conventional loans may be either “conforming” and “non-conforming”, although ‘conventional loans’ generally refer to ‘conforming loans’. Therefore Mississippi conventional loan limits are the same thing as Mississippi conforming loan limits.

Mississippi Conventional Loan Limits

What is the maximum amount that I can borrow?

Conventional loan limits in Mississippi are determined by:

  • Mississippi Conventional Loan LimitsMaximum LTV Ratio:  The maximum financing loan-to-value ratio for conventional mortgages is 80% – 97% of the appraised value of the home or its selling price, whichever is lower. Learn how to calculate loan-to-value.
  • Maximum Loan Amount: Conventional loan limits in Mississippi are set at the floor amount of $424,100 across the entire state. Metro areas in MS with a conforming limit of $424,100 include Jackson, Biloxi, Southhaven, Oxford and Tupelo.

Search all Conventional Loan Limits in Mississippi:

County Name
Area
1-Unit
2-Unit
3-Unit
4-Unit
ADAMSNATCHEZ, MS-LA$510,400$653,550$789,950$981,700
ALCORNCORINTH, MS$510,400$653,550$789,950$981,700
AMITENON-METRO$510,400$653,550$789,950$981,700
ATTALANON-METRO$510,400$653,550$789,950$981,700
BENTONNON-METRO$510,400$653,550$789,950$981,700
BOLIVARCLEVELAND, MS$510,400$653,550$789,950$981,700
CALHOUNNON-METRO$510,400$653,550$789,950$981,700
CARROLLGREENWOOD, MS$510,400$653,550$789,950$981,700
CHICKASAWNON-METRO$510,400$653,550$789,950$981,700
CHOCTAWNON-METRO$510,400$653,550$789,950$981,700
CLAIBORNENON-METRO$510,400$653,550$789,950$981,700
CLARKEMERIDIAN, MS$510,400$653,550$789,950$981,700
CLAYWEST POINT, MS$510,400$653,550$789,950$981,700
COAHOMACLARKSDALE, MS$510,400$653,550$789,950$981,700
COPIAHJACKSON, MS$510,400$653,550$789,950$981,700
COVINGTONHATTIESBURG, MS$510,400$653,550$789,950$981,700
DESOTOMEMPHIS, TN-MS-AR$510,400$653,550$789,950$981,700
FORRESTHATTIESBURG, MS$510,400$653,550$789,950$981,700
FRANKLINNON-METRO$510,400$653,550$789,950$981,700
GEORGENON-METRO$510,400$653,550$789,950$981,700
GREENENON-METRO$510,400$653,550$789,950$981,700
GRENADAGRENADA, MS$510,400$653,550$789,950$981,700
HANCOCKGULFPORT-BILOXI, MS$510,400$653,550$789,950$981,700
HARRISONGULFPORT-BILOXI, MS$510,400$653,550$789,950$981,700
HINDSJACKSON, MS$510,400$653,550$789,950$981,700
HOLMESJACKSON, MS$510,400$653,550$789,950$981,700
HUMPHREYSNON-METRO$510,400$653,550$789,950$981,700
ISSAQUENANON-METRO$510,400$653,550$789,950$981,700
ITAWAMBATUPELO, MS$510,400$653,550$789,950$981,700
JACKSONGULFPORT-BILOXI, MS$510,400$653,550$789,950$981,700
JASPERLAUREL, MS$510,400$653,550$789,950$981,700
JEFFERSONNON-METRO$510,400$653,550$789,950$981,700
JEFFERSON DAVISNON-METRO$510,400$653,550$789,950$981,700
JONESLAUREL, MS$510,400$653,550$789,950$981,700
KEMPERMERIDIAN, MS$510,400$653,550$789,950$981,700
LAFAYETTEOXFORD, MS$510,400$653,550$789,950$981,700
LAMARHATTIESBURG, MS$510,400$653,550$789,950$981,700
LAUDERDALEMERIDIAN, MS$510,400$653,550$789,950$981,700
LAWRENCENON-METRO$510,400$653,550$789,950$981,700
LEAKENON-METRO$510,400$653,550$789,950$981,700
LEETUPELO, MS$510,400$653,550$789,950$981,700
LEFLOREGREENWOOD, MS$510,400$653,550$789,950$981,700
LINCOLNBROOKHAVEN, MS$510,400$653,550$789,950$981,700
LOWNDESCOLUMBUS, MS$510,400$653,550$789,950$981,700
MADISONJACKSON, MS$510,400$653,550$789,950$981,700
MARIONNON-METRO$510,400$653,550$789,950$981,700
MARSHALLMEMPHIS, TN-MS-AR$510,400$653,550$789,950$981,700
MONROENON-METRO$510,400$653,550$789,950$981,700
MONTGOMERYNON-METRO$510,400$653,550$789,950$981,700
NESHOBANON-METRO$510,400$653,550$789,950$981,700
NEWTONNON-METRO$510,400$653,550$789,950$981,700
NOXUBEENON-METRO$510,400$653,550$789,950$981,700
OKTIBBEHASTARKVILLE, MS$510,400$653,550$789,950$981,700
PANOLANON-METRO$510,400$653,550$789,950$981,700
PEARL RIVERPICAYUNE, MS$510,400$653,550$789,950$981,700
PERRYHATTIESBURG, MS$510,400$653,550$789,950$981,700
PIKEMCCOMB, MS$510,400$653,550$789,950$981,700
PONTOTOCTUPELO, MS$510,400$653,550$789,950$981,700
PRENTISSTUPELO, MS$510,400$653,550$789,950$981,700
QUITMANNON-METRO$510,400$653,550$789,950$981,700
RANKINJACKSON, MS$510,400$653,550$789,950$981,700
SCOTTNON-METRO$510,400$653,550$789,950$981,700
SHARKEYNON-METRO$510,400$653,550$789,950$981,700
SIMPSONJACKSON, MS$510,400$653,550$789,950$981,700
SMITHNON-METRO$510,400$653,550$789,950$981,700
STONEGULFPORT-BILOXI, MS$510,400$653,550$789,950$981,700
SUNFLOWERINDIANOLA, MS$510,400$653,550$789,950$981,700
TALLAHATCHIENON-METRO$510,400$653,550$789,950$981,700
TATEMEMPHIS, TN-MS-AR$510,400$653,550$789,950$981,700
TIPPAHNON-METRO$510,400$653,550$789,950$981,700
TISHOMINGONON-METRO$510,400$653,550$789,950$981,700
TUNICAMEMPHIS, TN-MS-AR$510,400$653,550$789,950$981,700
UNIONNON-METRO$510,400$653,550$789,950$981,700
WALTHALLNON-METRO$510,400$653,550$789,950$981,700
WARRENVICKSBURG, MS$510,400$653,550$789,950$981,700
WASHINGTONGREENVILLE, MS$510,400$653,550$789,950$981,700
WAYNENON-METRO$510,400$653,550$789,950$981,700
WEBSTERSTARKVILLE, MS$510,400$653,550$789,950$981,700
WILKINSONNON-METRO$510,400$653,550$789,950$981,700
WINSTONNON-METRO$510,400$653,550$789,950$981,700
YALOBUSHANON-METRO$510,400$653,550$789,950$981,700
YAZOOJACKSON, MS$510,400$653,550$789,950$981,700

Mississippi conforming limits can change anytime. Check back often to ensure accuracy.

What factors determine if i’m eligible for a Conventional Loan in Mississippi?

Conventional conforming loans follow the terms and conditions set forth by government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. To be eligible for a Conforming Loan in Mississippi, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. A FICO credit score of 620 or above is generally required to obtain a conventional loan approval. You must also have enough income to pay your housing costs plus all additional monthly debt.

How much money will I need for the down payment and closing costs?

Conventional home loans require the home buyer to invest between 3% and 20% of the sales price towards the down payment and closing costs. If the sales price is $100,000 for example, the mortgage applicant must invest at least $3,000 – $20,000 to meet conventional mortgage down payment requirements, depending on the program.

Minimum Mississippi Conventional Loan Down Payment:

Residence UsageFixed-Rate Mortgage (FRM)Adjustable-Rate Mortgage (ARM)
1 Unit Primary3% Down Payment10% Down Payment
2 Units Primary15% Down Payment25% Down Payment
3 Units Primary25% Down Payment35% Down Payment
4 Units Primary25% Down Payment35% Down Payment
1 Unit Second Home10% Down Payment20% Down Payment
1 Unit Investment15% Down Payment25% Down Payment
2 Units Investment25% Down Payment35% Down Payment
3 Units Investment25% Down Payment35% Down Payment
4 Units Investment25% Down Payment35% Down Payment

What property types are allowed for Conventional Conforming Mortgages?

Conventional Loan Income Requirements - MSConventional mortgage guidelines allow you to purchase warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional loans can be used to finance primary residences, second homes and investment property.

Learn more about conventional mortgages.

What types of mortgage and refinance programs do Conventional Loans offer in Mississippi?

There are several varieties of standard home purchase, first-time home buyer and conventional refinance loans available in Mississippi:

  • Conventional Purchase Loans – Conventional loans offer a variety of programs for applicants with good credit ratings to buy a home. Both 3% down mortgage and 5% down mortgage options are available, however 20% down is the minimum amount required to avoid private mortgage insurance.
  • Conventional Rate/Term Refinance: Conventional Rate/Term refinancing loans are for borrowers who currently have an FHA, VA, USDA or conventional fixed rate mortgage or ARM loan and wish to refinance into a conventional mortgage with a lower interest rate. If you’re a homeowners considering a stable, conventional fixed-rate mortgage, this program may also eliminate your mortgage insurance if you have at 20% equity in your home.  If not, Conventional 97% loan programs may also work for you.
  • Cash-Out Refinance: A Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

What factors determine if I am eligible for a Conventional Refinance Loan?

To meet conventional refinance mortgage requirements in Mississippi, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. You must be able to cover closing costs and have enough income to pay your monthly debt.

Conventional Loan Requirements

More Mississippi Mortgage Limits

You may also want to visit these additional home loan resources before deciding on a mortgage program:

 

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