Mississippi USDA Rural Development Program
The USDA Home Loans in Mississippi program is dedicated to providing Mississippi residents with a variety of great home loans to individuals in rural communities to help promote community and economic growth. By providing vital programs for housing, utility systems, and businesses, the USDA is working together with it’s rural communities to not only improve Mississippi’s rural economies, but improve their citizen’s quality of life as well. And one of the most popular programs the Mississippi USDA Rural development program offers is the Mississippi USDA loan program.
Mississippi USDA Home Loans
The USDA mortgage home loan program was designed to help moderate to low income households purchase affordable housing located within USDA eligible rural areas. USDA home loan funds can be used a number of different ways. They can be used to purchase a home, renovate, repair, relocate, or even build a new home from scratch. USDA home loans can also be used to upgrade important infrastructure projects around your property like upgrading your water and sewer systems.
For Mississippi residents, the USDA home loan program offers excellent benefits for middle to low income households looking to own a home in a USDA designated rural area. Mississippi USDA home loans all come with 100% financing, require no money down, plus the seller can pay up to 6% of your closing costs. The only costs Mississippi buyers need to worry about upfront is the appraisal, pre-close costs and any third party costs like a pest or home inspections.
Mississippi USDA Loans Eligibility
Because the USDA home loan program is specifically aimed to help moderate to low income families, USDA home loans come with a stricter set of eligibility guidelines. First of all, applicants cannot have an income that exceeds 115% of the average median income for that area. Eligible applicants must be able to afford monthly mortgage payments that includes interest, principle, as well as property and homeowner insurance. Applicants must also have above average credit histories with a minimum score of 640. Applicants with credit scores between 640-580 may still be eligible depending on the lender.
Lastly, all properties being considered must be within a designed USDA approved rural area. However, USDA defined rural areas can change from state to state, and mostly depends on the population size of each community. Generally, any community with less than 20,000 residents may be eligible for a USDA home loan, regardless of whether it’s in a rural area or not.
