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$424,100$543,000$656,350$815,650
ALCORNCORINTH, MS$424,100$543,000$656,350$815,650
AMITEMCCOMB, MS$424,100$543,000$656,350$815,650
ATTALANON-METRO$424,100$543,000$656,350$815,650
BENTONMEMPHIS, TN-MS-AR$424,100$543,000$656,350$815,650
BOLIVARCLEVELAND, MS$424,100$543,000$656,350$815,650
CALHOUNNON-METRO$424,100$543,000$656,350$815,650
CARROLLGREENWOOD, MS$424,100$543,000$656,350$815,650
CHICKASAWNON-METRO$424,100$543,000$656,350$815,650
CHOCTAWNON-METRO$424,100$543,000$656,350$815,650
CLAIBORNEVICKSBURG, MS$424,100$543,000$656,350$815,650
CLARKEMERIDIAN, MS$424,100$543,000$656,350$815,650
CLAYNON-METRO$424,100$543,000$656,350$815,650
COAHOMACLARKSDALE, MS$424,100$543,000$656,350$815,650
COPIAHJACKSON, MS$424,100$543,000$656,350$815,650
COVINGTONNON-METRO$424,100$543,000$656,350$815,650
DESOTOMEMPHIS, TN-MS-AR$424,100$543,000$656,350$815,650
FORRESTHATTIESBURG, MS$424,100$543,000$656,350$815,650
FRANKLINNON-METRO$424,100$543,000$656,350$815,650
GEORGENON-METRO$424,100$543,000$656,350$815,650
GREENENON-METRO$424,100$543,000$656,350$815,650
GRENADAGRENADA, MS$424,100$543,000$656,350$815,650
HANCOCKGULFPORT-BILOXI-PASCAGOULA, MS$424,100$543,000$656,350$815,650
HARRISONGULFPORT-BILOXI-PASCAGOULA, MS$424,100$543,000$656,350$815,650
HINDSJACKSON, MS$424,100$543,000$656,350$815,650
HOLMESNON-METRO$424,100$543,000$656,350$815,650
HUMPHREYSNON-METRO$424,100$543,000$656,350$815,650
ISSAQUENANON-METRO$424,100$543,000$656,350$815,650
ITAWAMBATUPELO, MS$424,100$543,000$656,350$815,650
JACKSONGULFPORT-BILOXI-PASCAGOULA, MS$424,100$543,000$656,350$815,650
JASPERLAUREL, MS$424,100$543,000$656,350$815,650
JEFFERSONNON-METRO$424,100$543,000$656,350$815,650
JEFFERSON DAVISNON-METRO$424,100$543,000$656,350$815,650
JONESLAUREL, MS$424,100$543,000$656,350$815,650
KEMPERMERIDIAN, MS$424,100$543,000$656,350$815,650
LAFAYETTEOXFORD, MS$424,100$543,000$656,350$815,650
LAMARHATTIESBURG, MS$424,100$543,000$656,350$815,650
LAUDERDALEMERIDIAN, MS$424,100$543,000$656,350$815,650
LAWRENCENON-METRO$424,100$543,000$656,350$815,650
LEAKENON-METRO$424,100$543,000$656,350$815,650
LEETUPELO, MS$424,100$543,000$656,350$815,650
LEFLOREGREENWOOD, MS$424,100$543,000$656,350$815,650
LINCOLNBROOKHAVEN, MS$424,100$543,000$656,350$815,650
LOWNDESCOLUMBUS, MS$424,100$543,000$656,350$815,650
MADISONJACKSON, MS$424,100$543,000$656,350$815,650
MARIONNON-METRO$424,100$543,000$656,350$815,650
MARSHALLMEMPHIS, TN-MS-AR$424,100$543,000$656,350$815,650
MONROENON-METRO$424,100$543,000$656,350$815,650
MONTGOMERYNON-METRO$424,100$543,000$656,350$815,650
NESHOBANON-METRO$424,100$543,000$656,350$815,650
NEWTONNON-METRO$424,100$543,000$656,350$815,650
NOXUBEENON-METRO$424,100$543,000$656,350$815,650
OKTIBBEHASTARKVILLE, MS$424,100$543,000$656,350$815,650
PANOLANON-METRO$424,100$543,000$656,350$815,650
PEARL RIVERPICAYUNE, MS$424,100$543,000$656,350$815,650
PERRYHATTIESBURG, MS$424,100$543,000$656,350$815,650
PIKEMCCOMB, MS$424,100$543,000$656,350$815,650
PONTOTOCTUPELO, MS$424,100$543,000$656,350$815,650
PRENTISSNON-METRO$424,100$543,000$656,350$815,650
QUITMANNON-METRO$424,100$543,000$656,350$815,650
RANKINJACKSON, MS$424,100$543,000$656,350$815,650
SCOTTNON-METRO$424,100$543,000$656,350$815,650
SHARKEYNON-METRO$424,100$543,000$656,350$815,650
SIMPSONJACKSON, MS$424,100$543,000$656,350$815,650
SMITHNON-METRO$424,100$543,000$656,350$815,650
STONENON-METRO$424,100$543,000$656,350$815,650
SUNFLOWERINDIANOLA, MS$424,100$543,000$656,350$815,650
TALLAHATCHIENON-METRO$424,100$543,000$656,350$815,650
TATEMEMPHIS, TN-MS-AR$424,100$543,000$656,350$815,650
TIPPAHNON-METRO$424,100$543,000$656,350$815,650
TISHOMINGONON-METRO$424,100$543,000$656,350$815,650
TUNICAMEMPHIS, TN-MS-AR$424,100$543,000$656,350$815,650
UNIONNON-METRO$424,100$543,000$656,350$815,650
WALTHALLNON-METRO$424,100$543,000$656,350$815,650
WARRENVICKSBURG, MS$424,100$543,000$656,350$815,650
WASHINGTONGREENVILLE, MS$424,100$543,000$656,350$815,650
WAYNENON-METRO$424,100$543,000$656,350$815,650
WEBSTERNON-METRO$424,100$543,000$656,350$815,650
WILKINSONNON-METRO$424,100$543,000$656,350$815,650
WINSTONNON-METRO$424,100$543,000$656,350$815,650
YALOBUSHANON-METRO$424,100$543,000$656,350$815,650
YAZOOJACKSON, MS$424,100$543,000$656,350$815,650

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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