Mississippi USDA Loans

What are Mississippi USDA Loans?

USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you’re unsure about your credit rating, or have concerns about a down payment when you’re doing a home loan comparison, USDA Rural Mortgage Loans can give you piece of mind with zero-down, super low closing costs and low monthly mortgage insurance.

What Types rural development loans does USDA offer in Mississippi?

Currently, there are two kinds of USDA Home Loans available in Mississippi for single family households:

. USDA Guaranteed Rural Housing Loans
USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loan in Mississippi and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.

. USDA Direct Rural Housing Loans
USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program.

What factors determine if I am eligible for a USDA Loan in Mississippi?

To be eligible for A USDA Rural 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 (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Rural Housing Loan approval through most lenders. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.

How much can I borrow?

The maximum amount for an USDA home loan is determined by:

Maximum Loan Amount: The is no set maximum loan amount allowed for USDA Rural Home Loans. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here.

Maximum financing: The maximum USDA Rural Development Loan amount is 102% of the appraised value of the home (100% plus the 2% USDA RD Loan guarantee fee).

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

USDA Rural Development Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).

What property types are allowed for USDA Rural Loan Mortgages?

While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.

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Mississippi USDA Loan Adjusted Maximum Income Limits by County
Updated 05/01/2012

County Name
1-4 Person Households
(Guaranteed Loans)
5-8 Person Households 
(Guaranteed Loans)
NATCHEZ, MS-LA (MICRO)
ADAMS
$73,600
$97,150
CORINTH, MS (MICRO)
ALCORN
$73,600
$97,150
MCCOMB, MS (MICRO)
AMITE
$73,600
$97,150
NON-METRO
ATTALA
$73,600
$97,150
NON-METRO
BENTON
$73,600
$97,150
CLEVELAND, MS (MICRO)
BOLIVAR
$73,600
$97,150
NON-METRO
CALHOUN
$73,600
$97,150
GREENWOOD, MS (MICRO)
CARROLL
$73,600
$97,150
NON-METRO
CHICKASAW
$73,600
$97,150
NON-METRO
CHOCTAW
$73,600
$97,150
NON-METRO
CLAIBORNE
$73,600
$97,150
MERIDIAN, MS (MICRO)
CLARKE
$73,600
$97,150
WEST POINT, MS (MICRO)
CLAY
$73,600
$97,150
CLARKSDALE, MS (MICRO)
COAHOMA
$73,600
$97,150
JACKSON, MS (MSA)
COPIAH
$73,600
$97,150
NON-METRO
COVINGTON
$73,600
$97,150
MEMPHIS, TN-MS-AR (MSA)
DESOTO
$73,600
$97,150
HATTIESBURG, MS (MSA)
FORREST
$73,600
$97,150
NON-METRO
FRANKLIN
$73,600
$97,150
PASCAGOULA, MS (MSA)
GEORGE
$73,600
$97,150
NON-METRO
GREENE
$73,600
$97,150
GRENADA, MS (MICRO)
GRENADA
$73,600
$97,150
GULFPORT-BILOXI, MS (MSA)
HANCOCK
$73,600
$97,150
GULFPORT-BILOXI, MS (MSA)
HARRISON
$73,600
$97,150
JACKSON, MS (MSA)
HINDS
$73,600
$97,150
NON-METRO
HOLMES
$73,600
$97,150
NON-METRO
HUMPHREYS
$73,600
$97,150
NON-METRO
ISSAQUENA
$73,600
$97,150
TUPELO, MS (MICRO)
ITAWAMBA
$73,600
$97,150
PASCAGOULA, MS (MSA)
JACKSON
$73,600
$97,150
LAUREL, MS (MICRO)
JASPER
$73,600
$97,150
NON-METRO
JEFFERSON
$73,600
$97,150
NON-METRO
JEFFERSON DAVIS
$73,600
$97,150
LAUREL, MS (MICRO)
JONES
$73,600
$97,150
MERIDIAN, MS (MICRO)
KEMPER
$73,600
$97,150
OXFORD, MS (MICRO)
LAFAYETTE
$73,600
$97,150
HATTIESBURG, MS (MSA)
LAMAR
$73,600
$97,150
MERIDIAN, MS (MICRO)
LAUDERDALE
$73,600
$97,150
NON-METRO
LAWRENCE
$73,600
$97,150
NON-METRO
LEAKE
$73,600
$97,150
TUPELO, MS (MICRO)
LEE
$73,600
$97,150
GREENWOOD, MS (MICRO)
LEFLORE
$73,600
$97,150
BROOKHAVEN, MS (MICRO)
LINCOLN
$73,600
$97,150
COLUMBUS, MS (MICRO)
LOWNDES
$73,600
$97,150
JACKSON, MS (MSA)
MADISON
$73,600
$97,150
NON-METRO
MARION
$73,600
$97,150
MEMPHIS, TN-MS-AR (MSA)
MARSHALL
$73,600
$97,150
NON-METRO
MONROE
$73,600
$97,150
NON-METRO
MONTGOMERY
$73,600
$97,150
NON-METRO
NESHOBA
$73,600
$97,150
NON-METRO
NEWTON
$73,600
$97,150
NON-METRO
NOXUBEE
$73,600
$97,150
STARKVILLE, MS (MICRO)
OKTIBBEHA
$73,600
$97,150
NON-METRO
PANOLA
$73,600
$97,150
PICAYUNE, MS (MICRO)
PEARL RIVER
$73,600
$97,150
HATTIESBURG, MS (MSA)
PERRY
$73,600
$97,150
MCCOMB, MS (MICRO)
PIKE
$73,600
$97,150
TUPELO, MS (MICRO)
PONTOTOC
$73,600
$97,150
NON-METRO
PRENTISS
$73,600
$97,150
NON-METRO
QUITMAN
$73,600
$97,150
JACKSON, MS (MSA)
RANKIN
$73,600
$97,150
NON-METRO
SCOTT
$73,600
$97,150
NON-METRO
SHARKEY
$73,600
$97,150
JACKSON, MS (MSA)
SIMPSON
$73,600
$97,150
NON-METRO
SMITH
$73,600
$97,150
GULFPORT-BILOXI, MS (MSA)
STONE
$73,600
$97,150
INDIANOLA, MS (MICRO)
SUNFLOWER
$73,600
$97,150
NON-METRO
TALLAHATCHIE
$73,600
$97,150
MEMPHIS, TN-MS-AR (MSA)
TATE
$73,600
$97,150
NON-METRO
TIPPAH
$73,600
$97,150
NON-METRO
TISHOMINGO
$73,600
$97,150
MEMPHIS, TN-MS-AR (MSA)
TUNICA
$73,600
$97,150
NON-METRO
UNION
$73,600
$97,150
NON-METRO
WALTHALL
$73,600
$97,150
VICKSBURG, MS (MICRO)
WARREN
$73,600
$97,150
GREENVILLE, MS (MICRO)
WASHINGTON
$73,600
$97,150
NON-METRO
WAYNE
$73,600
$97,150
NON-METRO
WEBSTER
$73,600
$97,150
NON-METRO
WILKINSON
$73,600
$97,150
NON-METRO
WINSTON
$73,600
$97,150
NON-METRO
YALOBUSHA
$73,600
$97,150
YAZOO CITY, MS (MICRO)
YAZOO
$73,600
$97,150

 USDA Loan information for Mississippi’s top cities:

Biloxi Mississippi USDA LoansJackson Mississippi USDA LoansGulfport Mississippi USDA Loans
Meridian Mississippi USDA LoansVicksburg Mississippi USDA LoansPearl Mississippi USDA Loans
Tupelo Mississippi USDA LoansHattiesburg Mississippi USDA LoansSouthaven Mississippi USDA Loans

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