If you’re thinking of buying a home in the Magnolia State, you’ll join the nearly three million people who call Mississippi home. There are 1.3 million housing units in the state, and the homeownership rate of 68% is above the national average of 64%, according to the U.S. Census Bureau’s 2018 American Community Survey.
Mississippi’s median housing value is $123,300, which is well below the national median of $229,700. Although home values may be higher in different regions, home prices overall are relatively low across the state, with the highest reported median price by county at $215,100.
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Homefinity launched in 2018 as the online lending division of Fairway Independent Mortgage. It offers a variety of mortgage products, including conventional mortgages, Federal Housing Administration and Veterans Affairs mortgages, and mortgage refinancing.
Caliber Home Loans of Coppell, Texas, offers mortgage products nationwide. Options include conventional, adjustable-rate, jumbo, refinancing, Federal Housing Administration, U.S. Department of Agriculture and Department of Veterans Affairs loans. Caliber has been in business since 2008, and is solely focused on home lending products.
Carrington Mortgage Services, founded in 2007, offers an array of mortgage and refinancing options to borrowers seeking conventional or government-backed loans. Its California-based parent company, Carrington Holding Co., was established in 2003 and provides a range of real estate services. Carrington Mortgage Services is based in California and also has offices in Arizona, Connecticut, Florida, Indiana and Maryland.
Pentagon Federal Credit Union, widely known as PenFed, offers borrowers access to many types of mortgages: conventional, adjustable rate, jumbo and Department of Veterans Affairs, plus refinancing loans and home equity lines of credit. The financial institution, which serves 2.5 million members, was established in 1935 and is based in McLean, Virginia.
Headquartered in Charlotte, North Carolina, Truist Bank was formed in 2019 after SunTrust and BB&T banks merged. Truist Bank offers a variety of mortgage products, including refinancing and home equity lines of credit.
Chase, one of the world’s largest banks, was founded in 1799 in New York and offers fixed-rate, refinance and other mortgage loans.
AmeriSave Mortgage Corp. is an online lender that has been in business since 2002. It was one of the first to offer an offsite digital mortgage experience for customers. The company says it has financed more than 664,000 borrowers since it began operating. With headquarters in Atlanta, AmeriSave services loans in 49 states and Washington, D.C.
Best for VA loans
Veterans United Home Loans
Veterans United Home Loans offers mortgages in all 50 states and Washington, D.C., and specializes in Department of Veterans Affairs loans. Since 2016, Veterans United Home Loans has generated the largest number of VA purchase loans per year in the nation. The lender was founded in 2002 and is based in Columbia, Missouri.
PNC Bank is one of the largest banks in the United States, serving more than 9 million customers in all 50 states. A full-service mortgage lender, PNC offers most mortgage loan product types.
The average mortgage rate in Mississippi is currently 6.03% for the 30-year fixed refinance loan term.
Here are the interest rates offered to Mississippi residents looking to buy or refinance a home as of 12/05/2022:
- 30-year fixed purchase: 6.03%
The 30-year fixed mortgage rate fell to 6.63% this week, down from 6.81% a week ago. Interest rate trends were mixed across fixed- and adjustable-rate home loan products, with some types of mortgage rates rising while others dipped slightly.
Mortgage interest rates are twice as high as they were at the beginning of 2022, which continues to have a tangible impact on mortgage affordability and consumer housing sentiment. However, mortgage rates are widely expected to fall throughout the course of 2023. Here are the current mortgage rates, without discount points unless otherwise noted, as of Jan. 12:
- 30-year fixed: 6.63% (down from 6.81% a week ago).
- 20-year fixed: 6.68% (up from 6.44% a week ago).
- 15-year fixed: 5.95% (down from 5.96% a week ago).
- 10-year fixed: 6.07% (up from 6.01% a week ago).
- 5/1 ARM: 5.51% (up from 5.49% a week ago).
- 7/1 ARM: 5.61% (down from 5.62% a week ago).
- 10/1 ARM: 5.98% (down from 6.02% a week ago).
- 30-year jumbo loans: 6.63% (down from 6.85% a week ago).
- 30-year FHA loans: 5.85% with 0.06 point (down from 5.99% a week ago).
- VA purchase loans: 6% with 0.05 point (down from 6.03% a week ago).
Mississippi homebuyers can get help with down payments and closing costs from these Mississippi Home Corporation (MHC) programs.
- Available to: Borrowers with a minimum 640 credit score.
- Income limits: Household annual income of $95,000 or less.
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Benefit: Lower mortgage insurance premiums and competitive interest rates.
- Down payment and closing cost assistance: Borrowers may be eligible for Smart Solution Second, a 10-year second mortgage with the same rate as the first that covers a 3.5% down payment.
- Available to: First-time homebuyers or buyers who have not owned a principal interest in a residence in the past three years, or buyers in target areas.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only?: No.
- Benefit: Claim 40% of your mortgage interest (up to $2,000 per year) as credit on federal income taxes, and the remaining 60% of interest as a deduction.
- Available to: Applicants who agree to live and teach in specific counties with critical teacher shortages for a period of three years.
- Income limits: None, unless using with another MHC loan product.
- First-time homebuyers only?: No.
- Loan options: 25- or 30-year fixed-rate Fannie Mae conventional loans.
- Down payment and closing cost assistance: Mississippi Department of Education assistance will cover closing costs up to $6,000. Assistance can also be used to cover the required down payment (less borrower’s 1% required contribution).
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
Best Mississippi Mortgage Lenders of 2023
PrimeLending is a Dallas-based mortgage lender in operation since 1986. The company offers several mortgage loan options, including conventional loans, jumbo loans, government-backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.
Real Genius is a division of FirstBank, a publicly traded bank based in Nashville, Tennessee. Real Genius, formerly known as ConsumerDirect Mortgage, offers both home purchase and refinance loans.
SoFi is an online lender founded in 2011 and headquartered in San Francisco that offers fixed-rate mortgages. Refinance, jumbo and home equity loans are also available.
CMG Financial, a trade name of CMG Mortgage Inc., is a privately-held mortgage banking firm operating nationwide and based in San Ramon, California. Founded in 1993, the lender offers a range of products, including conventional, government and specialty mortgages, like jumbo loans.
Founded in 1990 and headquartered in Mount Laurel, New Jersey, Freedom Mortgage is a full-service mortgage company. It’s the fifth-largest mortgage provider in the country and is licensed to operate in all 50 states. Freedom Mortgage offers a variety of mortgage options, including conventional loans, refinancing and first-time homebuyer friendly programs such as FHA loans.
LoanDepot is a mortgage lender that operates nationally with more than 200 branches and delivers both a digital experience and face-to-face service. The lender offers fixed- and adjustable-rate conventional mortgages, Federal Housing Administration and Department of Veterans Affairs loans, as well as refinance and renovation loans. The company was founded in 2010 and is based in Foothill Ranch, California.
Alliant Credit Union is a not-for-profit financial cooperative that serves customers in all 50 states. Alliant offers products such as conventional, jumbo, refinancing and home equity line of credit loans, but specific mortgage products may not be available in certain states.
Rocket Mortgage, the largest mortgage lender in the nation, was founded in 1985. The Detroit-based company is best known for its fully digital experience of buying or refinancing a home. Rocket Mortgage changed its name from Quicken Loans in the summer of 2021.
Navy Federal Credit Union serves more than 11 million active-duty and retired military, veteran, and Department of Defense members as well as their families. Founded in 1933 and based in Vienna, Virginia, this not-for-profit credit union offers a range of products, from credit cards to auto loans. Navy Federal is the largest credit union in the U.S., with $160.5 billion in assets and 349 branches worldwide.
Bank of America serves roughly 67 million customers in all 50 states. The lender offers conventional, Federal Housing Administration, Department of Veterans Affairs and jumbo loans as well as home equity lines of credit and mortgage refinancing.
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