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Mississippi has very strict laws governing mortgages and many programs within the state are specific only to Mississippi. Any person seeking a large mortgage, price determined by county, is guaranteed to receive a fixed rate conventional mortgage by law. First time home buyers qualify for a below market interest rate program through the FHA in the state. FHA, VA and USDA backed loans are available throughout the state. Mississippi also has a mortgage program that provides down payment assistance and low interest loans to teachers that work for the state system. Interest only 35 year fixed rate loans are also available. These mortgages allow you to pay interest only for 5 years and than pay a regular mortgage payment. This loan is referred to as the Mississippi PLUS loan and is the only loan of this type to be processed within the state.

Mississippi Mortgage Rates

Mississippi mortgage rates are considerably lower than in other places in the country. On average the interest rate is about ¾ of a percent lower than the national average. This is mainly because property values are also than the median average nationwide. The decreased risk lowers the interest amount. Mississippi borrowers can count on finding very agreeable interest rates wherever they go in the state. Some areas offer additional incentives and reduction of interest rates as a way to encourage growth. Final determination will be based on credit, down payment, employment and loan to value ratio.

Mississippi Refinance Rates

Mississippi residents will also enjoy lower than average refinance rates in comparison to other states. This is for the same reasons the regular mortgage rates are lower. However, when applying for a refinancing of your home you may have to pay for an appraisal or a survey of the property. Finance rates will be based on the type of refinancing and the credit score of the applicant. Bad credit refinancing is available in the state but will carry a higher interest rate than a conventional refinancing.

Mississippi Mortgage Brokers And Lenders

There are several hundred different finance companies available to provide mortgages in the state of Mississippi. Credit union, private firms and banks all have the authority to grant mortgages if they comply with Mississippi regulations. Internet mortgages can be processed in the state.