FHA Loans: What You Need to Know in 2022
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2022 FHA Loan Limits in Mississippi

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In Mississippi, the Federal Housing Administration (FHA) mortgage loan limit for a single-family home is $420,680. The limit is the same across all of Mississippi’s counties.

Mississippi FHA loan limits by county

County nameOne unitTwo unitsThree unitsFour unitsMedian sales price
ADAMS$420,680$538,650$651,050$809,150$106,000
ALCORN$420,680$538,650$651,050$809,150$118,000
AMITE$420,680$538,650$651,050$809,150$96,000
ATTALA$420,680$538,650$651,050$809,150$93,000
BENTON$420,680$538,650$651,050$809,150$89,000
BOLIVAR$420,680$538,650$651,050$809,150$110,000
CALHOUN$420,680$538,650$651,050$809,150$81,000
CARROLL$420,680$538,650$651,050$809,150$113,000
CHICKASAW$420,680$538,650$651,050$809,150$76,000
CHOCTAW$420,680$538,650$651,050$809,150$93,000
CLAIBORNE$420,680$538,650$651,050$809,150$77,000
CLARKE$420,680$538,650$651,050$809,150$161,000
CLAY$420,680$538,650$651,050$809,150$103,000
COAHOMA$420,680$538,650$651,050$809,150$84,000
COPIAH$420,680$538,650$651,050$809,150$298,000
COVINGTON$420,680$538,650$651,050$809,150$226,000
DESOTO$420,680$538,650$651,050$809,150$265,000
FORREST$420,680$538,650$651,050$809,150$226,000
FRANKLIN$420,680$538,650$651,050$809,150$88,000
GEORGE$420,680$538,650$651,050$809,150$133,000
GREENE$420,680$538,650$651,050$809,150$89,000
GRENADA$420,680$538,650$651,050$809,150$120,000
HANCOCK$420,680$538,650$651,050$809,150$195,000
HARRISON$420,680$538,650$651,050$809,150$195,000
HINDS$420,680$538,650$651,050$809,150$298,000
HOLMES$420,680$538,650$651,050$809,150$298,000
HUMPHREYS$420,680$538,650$651,050$809,150$79,000
ISSAQUENA$420,680$538,650$651,050$809,150$118,000
ITAWAMBA$420,680$538,650$651,050$809,150$176,000
JACKSON$420,680$538,650$651,050$809,150$195,000
JASPER$420,680$538,650$651,050$809,150$124,000
JEFFERSON$420,680$538,650$651,050$809,150$73,000
JEFFERSON DAVIS$420,680$538,650$651,050$809,150$108,000
JONES$420,680$538,650$651,050$809,150$124,000
KEMPER$420,680$538,650$651,050$809,150$161,000
LAFAYETTE$420,680$538,650$651,050$809,150$265,000
LAMAR$420,680$538,650$651,050$809,150$226,000
LAUDERDALE$420,680$538,650$651,050$809,150$161,000
LAWRENCE$420,680$538,650$651,050$809,150$109,000
LEAKE$420,680$538,650$651,050$809,150$135,000
LEE$420,680$538,650$651,050$809,150$176,000
LEFLORE$420,680$538,650$651,050$809,150$113,000
LINCOLN$420,680$538,650$651,050$809,150$164,000
LOWNDES$420,680$538,650$651,050$809,150$186,000
MADISON$420,680$538,650$651,050$809,150$298,000
MARION$420,680$538,650$651,050$809,150$102,000
MARSHALL$420,680$538,650$651,050$809,150$265,000
MONROE$420,680$538,650$651,050$809,150$105,000
MONTGOMERY$420,680$538,650$651,050$809,150$97,000
NESHOBA$420,680$538,650$651,050$809,150$95,000
NEWTON$420,680$538,650$651,050$809,150$148,000
NOXUBEE$420,680$538,650$651,050$809,150$69,000
OKTIBBEHA$420,680$538,650$651,050$809,150$186,000
PANOLA$420,680$538,650$651,050$809,150$95,000
PEARL RIVER$420,680$538,650$651,050$809,150$185,000
PERRY$420,680$538,650$651,050$809,150$226,000
PIKE$420,680$538,650$651,050$809,150$137,000
PONTOTOC$420,680$538,650$651,050$809,150$176,000
PRENTISS$420,680$538,650$651,050$809,150$176,000
QUITMAN$420,680$538,650$651,050$809,150$60,000
RANKIN$420,680$538,650$651,050$809,150$298,000
SCOTT$420,680$538,650$651,050$809,150$124,000
SHARKEY$420,680$538,650$651,050$809,150$74,000
SIMPSON$420,680$538,650$651,050$809,150$298,000
SMITH$420,680$538,650$651,050$809,150$118,000
STONE$420,680$538,650$651,050$809,150$195,000
SUNFLOWER$420,680$538,650$651,050$809,150$90,000
TALLAHATCHIE$420,680$538,650$651,050$809,150$76,000
TATE$420,680$538,650$651,050$809,150$265,000
TIPPAH$420,680$538,650$651,050$809,150$100,000
TISHOMINGO$420,680$538,650$651,050$809,150$101,000
TUNICA$420,680$538,650$651,050$809,150$265,000
UNION$420,680$538,650$651,050$809,150$115,000
WALTHALL$420,680$538,650$651,050$809,150$172,000
WARREN$420,680$538,650$651,050$809,150$147,000
WASHINGTON$420,680$538,650$651,050$809,150$87,000
WAYNE$420,680$538,650$651,050$809,150$98,000
WEBSTER$420,680$538,650$651,050$809,150$186,000
WILKINSON$420,680$538,650$651,050$809,150$81,000
WINSTON$420,680$538,650$651,050$809,150$97,000
YALOBUSHA$420,680$538,650$651,050$809,150$91,000
YAZOO$420,680$538,650$651,050$809,150$298,000

How are FHA loan limits determined?

The Federal Housing Finance Agency (FHFA) determines the conforming mortgage loan limits each year. Conventional mortgage limits (also known as conforming loans) are based on the previous year’s average home sales price in each county.

The U.S. Department of Housing and Urban Development (HUD) calculates the FHA loan limits based on these numbers. For 2022, the lowest limit (known as the “floor”) for a single-family home is $420,680, and the highest (the “ceiling”) is $970,800. These numbers reflect 65% of the conforming loan limit — for low-cost areas — and 150% for high-cost areas. Mississippi doesn’t have any counties that exceed the floor.

Loan limits are subject to change on an annual basis. In 2022 the limits increased by 18% to reflect the increase in the median national home price.

How to qualify for an FHA loan in Mississippi

Mississippi FHA loans can make homeownership achievable even if you don’t meet conventional loan requirements. And if you’re buying a home for the first time, you could also qualify for additional help and benefits from Mississippi’s first-time homebuyer program.

To qualify for an FHA mortgage, you’ll have to meet the FHA loan requirements outlined below.

A mortgage amount under the FHA loan limit: You can’t qualify for a mortgage above the county loan limit for the area. If the home you want exceeds the limit, you could put more money toward your down payment to decrease the mortgage amount.

A 3.5% down payment: You can qualify for a 3.5% down payment if your credit score is 580 or higher. If it’s below, your down payment percentage increases.

A minimum 500 credit score: A higher score will qualify you for a lower down payment, but you may be able to qualify with a score in the low 500s if you put at least 10% down.

A debt-to-income (DTI) ratio of 43% or less: Your DTI ratio shows where your money goes each month and can help to determine whether you can afford a mortgage or not. Lenders usually look for a DTI ratio below 43%.

An FHA home appraisal: All FHA loans require an appraisal from an FHA-approved professional appraiser before the loan is approved.

Mortgage insurance: Two types of mortgage insurance apply to FHA loans: an annual mortgage insurance premium (MIP), which costs 0.45% to 1.05% of your loan amount and an upfront mortgage insurance premium (UFMIP), which costs 1.75% of your loan amount. Insurance costs are typically rolled into your monthly mortgage payments.

Occupancy: You’ll have to live in the home you purchase with an FHA loan as your primary residence for at least one year.

Buying a multifamily property with an FHA loan

You’re not limited to a single-family home with an FHA loan — multifamily homes also qualify. The FHA allows you to buy properties that have up to four separate living units, with a stipulation that you occupy one of the units for at least a year.

FHA lenders in Mississippi

Below are five highly rated Mississippi mortgage lenders. Click on the links to read more about each lender.

Lender nameLT ratingMinimum FHA credit score
Lower Mortgage10/10580
Rocket Mortgage9.5/10580
PennyMac Mortgage9/10640
Guild Mortgage9/10540
Fairway Independent Mortgage8/10600

 

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