Conventional Loans in Meridian, MS

Homebuyers who want to purchase property in MS with a low down payment and competitive loan terms can apply for conventional mortgages.

With the right qualification criteria, your down payment with a conventional home loan might be just 3%.

What is a Conventional Loan?

A conventional loan in MS is one within the conforming loan limits for Fannie Mae and Freddie Mac. If you need to borrow more, you can apply for a jumbo mortgage.

What Are the Conventional Loan Limits in Meridian in 2020?

Every county has its own conventional loan limits. So, to figure out if you can buy a home with a conventional loan, you need to check those limits for the county where you are house shopping.

Here are the Meridian, MS conventional loan limits:

The majority of Mississippi counties share these same loan limits, with the exception of the more expensive Monroe County, which features slightly higher limits.

Benefits of Conventional Loans in MS

Here are some of the advantages of qualifying for a conventional mortgage in Mississippi:

• Conventional mortgages with fixed rates are available, as are those with adjustable rates. Longer and shorter loan terms are available for differing needs.
• Conventional mortgages start out with down payments as low as 3%.
• It is fast and easy to process a conventional loan. This can make a conventional mortgage a suitable option if closing fast is a priority.
• Compared to requirements to qualify for a jumbo mortgage, those for conventional loans are more relaxed.
• Just one appraisal is needed for a conventional mortgage versus the two required for a jumbo loan.
• You do not have to purchase private mortgage insurance with a conventional home loan.

Qualifying for Conventional Loans in MS

Are you eligible for a Mississippi conventional mortgage? Here are the requirements:

• You must be borrowing within the previously stated conventional loan limits for your county.
• You need to get one appraisal performed on the property.
• FICO score requirements for conventional mortgages depend on the lender you use, but a minimum credit score requirement of around 620 is typical.
• Usually, the debt-to-income (DTI) ratio is required to be no higher than 43%, but there can be exceptions if your credit score is sufficiently high or you have high cash reserves or assets.

Apply Today for a Conventional Loan in Meridian

It is time to purchase the home of your dreams in Mississippi with a low down payment of just 3.5% and low or no closing costs. To get started now, please give us a call today at (601) 686-0445. We look forward to helping you move quickly and affordably into your home in Meridian or anywhere in MS.