What is an FHA Loan? Requirements, How to Get One and Best Lenders
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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

2024 FHA Loan Limits in Mississippi

Updated on:
Content was accurate at the time of publication.

If you want to buy a home in Mississippi, the Federal Housing Administration (FHA) might be able to help. FHA-backed mortgages can be a lifeline for buyers who don’t qualify for other mortgages, since these loans don’t require good credit. In fact, you can qualify with scores as low as 500 and a down payment as low as 3.5% with an FHA loan. The FHA loan limit for a single-family home in Mississippi is $498,257, which could make your down payment as low as $17,439.

County nameOne unitTwo unitsThree unitsFour unitsMedian sales price
ADAMS$498,257$637,950$771,125$958,350$122,000
ALCORN$498,257$637,950$771,125$958,350$241,000
AMITE$498,257$637,950$771,125$958,350$138,000
ATTALA$498,257$637,950$771,125$958,350$117,000
BENTON$498,257$637,950$771,125$958,350$109,000
BOLIVAR$498,257$637,950$771,125$958,350$135,000
CALHOUN$498,257$637,950$771,125$958,350$94,000
CARROLL$498,257$637,950$771,125$958,350$132,000
CHICKASAW$498,257$637,950$771,125$958,350$98,000
CHOCTAW$498,257$637,950$771,125$958,350$110,000
CLAIBORNE$498,257$637,950$771,125$958,350$94,000
CLARKE$498,257$637,950$771,125$958,350$281,000
CLAY$498,257$637,950$771,125$958,350$132,000
COAHOMA$498,257$637,950$771,125$958,350$99,000
COPIAH$498,257$637,950$771,125$958,350$322,000
COVINGTON$498,257$637,950$771,125$958,350$258,000
DESOTO$498,257$637,950$771,125$958,350$328,000
FORREST$498,257$637,950$771,125$958,350$258,000
FRANKLIN$498,257$637,950$771,125$958,350$112,000
GEORGE$498,257$637,950$771,125$958,350$178,000
GREENE$498,257$637,950$771,125$958,350$113,000
GRENADA$498,257$637,950$771,125$958,350$140,000
HANCOCK$498,257$637,950$771,125$958,350$230,000
HARRISON$498,257$637,950$771,125$958,350$230,000
HINDS$498,257$637,950$771,125$958,350$322,000
HOLMES$498,257$637,950$771,125$958,350$322,000
HUMPHREYS$498,257$637,950$771,125$958,350$94,000
ISSAQUENA$498,257$637,950$771,125$958,350$133,000
ITAWAMBA$498,257$637,950$771,125$958,350$216,000
JACKSON$498,257$637,950$771,125$958,350$230,000
JASPER$498,257$637,950$771,125$958,350$157,000
JEFFERSON$498,257$637,950$771,125$958,350$112,000
JEFFERSON DAVIS$498,257$637,950$771,125$958,350$113,000
JONES$498,257$637,950$771,125$958,350$157,000
KEMPER$498,257$637,950$771,125$958,350$281,000
LAFAYETTE$498,257$637,950$771,125$958,350$332,000
LAMAR$498,257$637,950$771,125$958,350$258,000
LAUDERDALE$498,257$637,950$771,125$958,350$281,000
LAWRENCE$498,257$637,950$771,125$958,350$132,000
LEAKE$498,257$637,950$771,125$958,350$180,000
LEE$498,257$637,950$771,125$958,350$216,000
LEFLORE$498,257$637,950$771,125$958,350$132,000
LINCOLN$498,257$637,950$771,125$958,350$177,000
LOWNDES$498,257$637,950$771,125$958,350$203,000
MADISON$498,257$637,950$771,125$958,350$322,000
MARION$498,257$637,950$771,125$958,350$124,000
MARSHALL$498,257$637,950$771,125$958,350$328,000
MONROE$498,257$637,950$771,125$958,350$134,000
MONTGOMERY$498,257$637,950$771,125$958,350$119,000
NESHOBA$498,257$637,950$771,125$958,350$114,000
NEWTON$498,257$637,950$771,125$958,350$114,000
NOXUBEE$498,257$637,950$771,125$958,350$95,000
OKTIBBEHA$498,257$637,950$771,125$958,350$296,000
PANOLA$498,257$637,950$771,125$958,350$120,000
PEARL RIVER$498,257$637,950$771,125$958,350$199,000
PERRY$498,257$637,950$771,125$958,350$258,000
PIKE$498,257$637,950$771,125$958,350$151,000
PONTOTOC$498,257$637,950$771,125$958,350$216,000
PRENTISS$498,257$637,950$771,125$958,350$216,000
QUITMAN$498,257$637,950$771,125$958,350$74,000
RANKIN$498,257$637,950$771,125$958,350$322,000
SCOTT$498,257$637,950$771,125$958,350$142,000
SHARKEY$498,257$637,950$771,125$958,350$97,000
SIMPSON$498,257$637,950$771,125$958,350$322,000
SMITH$498,257$637,950$771,125$958,350$146,000
STONE$498,257$637,950$771,125$958,350$230,000
SUNFLOWER$498,257$637,950$771,125$958,350$123,000
TALLAHATCHIE$498,257$637,950$771,125$958,350$92,000
TATE$498,257$637,950$771,125$958,350$328,000
TIPPAH$498,257$637,950$771,125$958,350$140,000
TISHOMINGO$498,257$637,950$771,125$958,350$139,000
TUNICA$498,257$637,950$771,125$958,350$328,000
UNION$498,257$637,950$771,125$958,350$157,000
WALTHALL$498,257$637,950$771,125$958,350$168,000
WARREN$498,257$637,950$771,125$958,350$177,000
WASHINGTON$498,257$637,950$771,125$958,350$106,000
WAYNE$498,257$637,950$771,125$958,350$105,000
WEBSTER$498,257$637,950$771,125$958,350$296,000
WILKINSON$498,257$637,950$771,125$958,350$91,000
WINSTON$498,257$637,950$771,125$958,350$134,000
YALOBUSHA$498,257$637,950$771,125$958,350$111,000
YAZOO$498,257$637,950$771,125$958,350$322,000

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FHA loan limits are adjusted yearly based on home sale prices in each individual county and metro area. In 2024, the FHA loan limits for single-family homes in every single county and MSA in Mississippi increased by $26,227.

In addition to local sale prices, the FHA uses national conforming loan limit data from the Federal Housing Finance Agency (FHFA) to set its minimum and maximum loan limits. These amounts are known, respectively, as the floor and ceiling loan limits. As a rule, the floor for FHA loans is equal to 65% of the national conforming loan limit, and the ceiling is 150%.

While the ceiling on the FHA’s single-family loans for 2024 is $1,149,825, the maximum amount available in Mississippi — regardless of which part of the state — is $498,257.

FHA-backed loans are available through private mortgage lenders, including banks and credit unions. To qualify, you’ll need to meet both the FHA’s requirements and the lender’s requirements.

While some details vary by lender, including the closing costs on the loan, there are other FHA loan requirements that stay the same no matter where you buy, including:

 Credit scores. Your credit score must be 500 or higher.

 Down payment. Depending on your credit scores, your minimum down payment will be either 3.5% (for scores 580 and up) or 10% (for scores between 500 and 579).

 Debt-to-income ratio (DTI). Your minimum monthly debt payments can’t add up to more than 43% of your gross monthly income.

 Federal debt. You have no outstanding federal liens or overdue federal debt.

Borrowers also have to pay an upfront mortgage insurance premium equal to 1.75% of the loan amount, due when you close on the loan. For a $498,257 loan, that amounts to a one-time fee of $8,719. In addition to that, you’ll also have to pay a monthly mortgage insurance premium that ranges between 0.15% to 0.75% of the loan amount.

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Buying a multifamily property with an FHA loan

FHA loans can be used for a variety of purchase types, including for building, rehabilitating or buying a multifamily home with up to four units. Depending on the number of units, you can potentially borrow close to $960,000 for your purchase.

The majority of the FHA’s single-family qualifications also apply to those seeking multifamily housing, including just 3.5% down for credit scores of 580 or higher. One thing to keep in mind: You can rent out the other units in the home, and even use projected rental income to help you qualify, but you must live in one of the units for at least one year.

Number of unitsLow-cost FHA loan limit
Two$637,950
Three$771,125
Four$958,350

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

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