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Buying a home

Data from November 2026

Buying a home in Mississippi

A typical home in Mississippi is worth $169,800 (Average 2020–2024). The FHA limit for one unit is $541,287 depending on the county. Here is the minimum down payment each loan type asks at that price, every county’s limit, and the state’s assistance programs.

Minimum down payment Limits by county
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Typical home
$169,800
median value, Average 2020–2024
49% less than the U.S.
FHA limit
$541,287
one unit, by county
All of Mississippi uses the national floor ($541,287).
Conforming limit
$832,750
one unit, 2026 data
Above this amount, the loan is a “jumbo” loan.
Minimum FHA down payment
$5,943
3.5% of a $169,800 home
VA and USDA ask for no down payment if you qualify.

Source: American Community Survey (ACS) 5-year estimates Average 2020–2024 American Community Survey (ACS) 5-year estimates Source: FHA mortgage limits (HUD) Data from 2026 data FHA mortgage limits (HUD) Source: Conforming loan limits (FHFA) Data from 2026 data Conforming loan limits (FHFA)

Down payment

How much each loan asks up front

For a $169,800 home, the typical value in Mississippi. The minimum down payment is each program’s rule. The monthly figure is an example of principal and interest over 30 years at the 7.18% average rate (November 5, 2026): no taxes, insurance or mortgage insurance.

Your price, rate and down payment will differ: run the calculator with your numbers. Closing costs are extra.

Minimum down payment and monthly payment for a $169,800 home in Mississippi

  1. FHA Program rule

    Minimum down3.5%

    In dollars$5,943

    Per month$1,110

    With a credit score of 580 or more. Carries mortgage insurance (MIP) up front and every month.

    HUD Handbook 4000.1 (Update 18), II.A.2.a.iv — Minimum Required Investment · In effect since September 14, 2016

  2. Conventional Program rule

    Minimum down3%

    In dollars$5,094

    Per month$1,116

    3% is the lowest standard option. With less than 20% down you pay private mortgage insurance (PMI) until you have more equity.

    Fannie Mae Selling Guide B5-6-01 — HomeReady Mortgage Loan and Borrower Eligibility · In effect since January 1, 2024

  3. VA Program rule

    Minimum down0%

    In dollars$0

    Per month$1,150

    For veterans, service members and some spouses. No down payment as long as the price is not above the appraisal; charges a one-time funding fee.

    VA: Purchase loan — benefits · In effect since January 1, 2020

  4. USDA Program rule

    Minimum down0%

    In dollars$0

    Per month$1,150

    Only homes in eligible rural areas and households within USDA’s income limit. Finances the full price.

    7 CFR §3555.103 — Maximum loan amount (Guaranteed Rural Housing Program) · In effect since December 9, 2013

  5. ITIN or other Example, not a rule

    Minimum down15%

    In dollars$25,470

    Per month$978

    ITIN loans follow no federal rule: each lender sets its own down payment and rate, and usually asks for more. 15% is an example.

Loan limits

FHA and conforming limit in every county

In 2026 data, every county in Mississippi uses the national FHA floor ($541,287) for one unit. The conforming limit is the most Fannie Mae and Freddie Mac will buy; above it, the loan is a “jumbo”.

One unit. For 2- to 4-unit homes, each county page has the full table. Source: FHA mortgage limits (HUD) Data from 2026 data FHA mortgage limits (HUD)

Down payment help

Mississippi programs for buyers

3 verified programs that put money toward the down payment or closing costs, or give a tax credit. With the source wording and the date we checked it.

Some help is a grant you never repay; other help is a second loan that is forgiven over the years or repaid when you sell. Each program’s tag says which kind it is.

See all programs

  • Smart7 Mortgage Program

    Verified November 5, 2026

    Mississippi state corporation 30-year mortgage with $7,000 for the down payment or closing costs as a 0% second mortgage, repaid when you sell, refinance, stop living in the home or pay off the mortgage; no first-time buyer requirement

    • Deferred
    See details

  • Easy8

    Verified November 5, 2026

    Mississippi state corporation 30-year mortgage with $8,000 at 0% as a second mortgage for the down payment, closing costs or prepaid expenses, repaid when you sell, refinance, stop living in the home or pay off the mortgage; for first-time buyers, except in designated areas and for veterans

    • Deferred
    See details

  • Home4All

    Verified November 5, 2026

    Mississippi state corporation forgivable grant, with federal HOME funds, of up to $25,000 for the down payment, closing costs or to reduce the principal; for first-time buyers with incomes under 80% of the area median and a fixed-rate mortgage; if you sell before 5 or 10 years (depending on the amount), you may repay part of it

    • Grant
    See details

What the state publishes

Mississippi rules that change the math

Exemptions that lower property tax and taxes paid when the deed is recorded, summarized from the official page each one cites.

Property tax in Mississippi

Exemptions and caps

  • Regular homestead exemption (Tier 1)

    The regular exemption (Tier 1) is for qualified applicants under 65 who do not qualify for a disability exemption under the other tiers. They can receive a tax credit of up to $300 against the taxes due on the property. The amount depends on the property's value.

    Miss. Code Ann. §§27-33-1 through 27-33-79 · Mississippi Department of Revenue · Verified October 24, 2026

  • Age or disability exemption (Tier 2)

    If you are 65 or older, or totally disabled, by January 1 of the year you seek the exemption, you pay no taxes on the first $7,500 of assessed value of your homestead. After the first year, the exemption can increase to include most future increases in value. You must provide proof of age (driver's license or birth certificate) or proof of total disability.

    Miss. Code Ann. §§27-33-1 through 27-33-79 · Mississippi Department of Revenue · Verified October 24, 2026

Your next steps

Where to go next in Mississippi

What you can do today, free and without giving personal information. Go in order: your numbers first, then the help.

  1. Run the numbers with your figures

    The Mississippi calculator already has the typical value, the average rate and the state’s property tax.

  2. Check whether you qualify for help

    Each program says what it gives, who qualifies and when we checked it.

  3. Talk to a counselor for free

    16 HUD-approved agencies help you prepare to buy; 4 say they serve in Spanish.

  4. Follow the steps to buy a home

    From the budget to the keys, in order.

Frequently asked questions

How much down payment do I need for a typical home in Mississippi?

For a $169,800 home (typical value, Average 2020–2024), the FHA minimum (3.5%) is $5,943 and the conventional minimum (3%) is $5,094. VA and USDA ask no down payment if you qualify. State programs can cover part of it.

Are there high-cost counties in Mississippi?

No. In 2026 data, every county in Mississippi uses the national FHA floor ($541,287) for one unit.

What is the conforming loan limit in Mississippi?

In 2026 data, the conforming limit for one unit is $832,750 in every county in Mississippi: the most Fannie Mae and Freddie Mac will buy. Above it, the loan is a “jumbo” and each lender sets its own terms.

What would the monthly payment be on a typical home in Mississippi?

With $169,800, the FHA minimum down payment ($5,943) and the 7.18% average rate (November 5, 2026), principal and interest over 30 years comes to about $1,110 a month. Tax, insurance and mortgage insurance are missing: the calculator adds them.

What down payment help is there in Mississippi?

We have verified 3 state programs in Mississippi that put money toward the down payment or closing costs, or give a tax credit. Each shows the source wording, who qualifies and the date we checked it.