USDA Loans in Meridian, MS

When shopping for a home near Meridian, it might not occur to you to consider a “rural” housing loan. But the USDA mortgage program is available in Mississippi, and may be just the lending product you need to save on a new home.

What is a USDA Loan?

USDA home loans are insured by the US Department of Agriculture (USDA). The program is income-based, and requires that you purchase a home in a “rural” location. But what many homebuyers do not realize is that both the income limits and the definition of a “rural” area according to the USDA are quite flexible.

This means that many opportunities exist to buy a home with an affordable USDA mortgage in Mississippi.

Mississippi USDA Mortgage Benefits

Why apply for a USDA mortgage in MS? Here are some of the incentives:

• You may have zero down payment requirement.
• The USDA does not cap the size of the house you purchase, so long as it is not much larger than most other homes in the same area.
• You can qualify for competitive mortgage rates with a USDA loan even if your credit score and DTI ratio are not ideal.
• While a USDA mortgage requires that you pay for mortgage insurance, it comes with a discount.
• In some scenarios, the seller may cover some of the closing costs.
• With a USDA-insured mortgage, you can buy, build or repair a home, or purchase a vacant lot.

Qualifying for a USDA Home Loan in Mississippi

Do you qualify to buy a home in MS with a USDA mortgage? These are the basic criteria:

• There are income requirements to qualify for USDA loans. When you call us for your consultation, we can check to see whether you come in under these income caps.
• The address of the home you wish to purchase must be located in a “rural zone” according to the USDA. We can also look this up for you during your consultation.
• You can only apply for a USDA home loan as a legal resident of the USA.

Apply Today for a USDA 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.