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Conventional loans in Mississippi

Quick answer

Conventional loans in Mississippi allow as little as 3% down (about $4,842 on a $161,400 home) with a 620+ credit score, up to the $832,750 baseline conforming limit.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsLast updated

Conventional loan snapshot for Mississippi

ItemEstimate
Minimum down payment3%
Minimum credit score620
Typical MS home value$161,400
3.5% down on typical home$5,649
20% down on typical home$32,280
Avg. effective property tax0.74%/yr (~$99/mo)
Income for typical home (31% rule)$50,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Which Mississippi programs pair with Conventional loans?

  • Smart6: A first mortgage with down payment assistance repaid as a second loan.
  • Mortgage Credit Certificate: A federal tax credit for part of the mortgage interest paid each year.

Details and current limits: Mississippi Home Corporation (MHC).

How does a conventional loan work?

Conventional loans are made by private lenders and usually sold to Fannie Mae or Freddie Mac. Because they follow those agencies' guidelines, they're called conforming loans. You can choose a fixed rate (15, 20 or 30 years) or an adjustable rate.

Your rate and mortgage insurance cost depend heavily on your credit score and down payment, so improving either before you apply can noticeably lower your payment.

Who qualifies for a conventional loan?

  • Credit score: generally 620 minimum.
  • Debt-to-income (DTI): up to 45%, and sometimes 50% with strong compensating factors.
  • Down payment: 3% (HomeReady, Home Possible, 97% LTV programs) to 5%+.
  • Steady, documented income — usually two years of history.
  • Property: primary homes, second homes and investment properties are all allowed (with higher down payments for non-primary homes).

Conventional loans in Mississippi cities

Conventional in JacksonConventional in GulfportConventional in SouthavenConventional in BiloxiConventional in HattiesburgConventional in Olive BranchConventional in TupeloConventional in MeridianConventional in GreenvilleConventional in MadisonConventional in PearlConventional in ClintonConventional in Horn LakeConventional in OxfordConventional in StarkvilleConventional in BrandonConventional in RidgelandConventional in ColumbusConventional in PascagoulaConventional in VicksburgConventional in GautierConventional in Ocean SpringsConventional in HernandoConventional in LaurelConventional in Long BeachConventional in CorinthConventional in ClarksdaleConventional in NatchezConventional in GreenwoodConventional in D'IbervilleConventional in ByramConventional in GrenadaConventional in McCombConventional in Moss PointConventional in PicayuneConventional in BrookhavenConventional in PetalConventional in CantonConventional in ClevelandConventional in FlowoodConventional in Yazoo City

Frequently asked questions

Yes. Conventional loans are available statewide in Mississippi through approved lenders, subject to county loan limits where they apply.

Often yes. Mississippi Home Corporation (MHC) and local programs frequently pair assistance with FHA, conventional, VA or USDA first mortgages. Eligibility depends on income, price and program rules.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.