Areas We Serve

We offer mortgage loans across Mississippi. From Jackson to Biloxi and every community in between, Griffin Funding is your partner for mortgage loans in Mississippi. Areas we serve include:

  • Biloxi
  • Columbus
  • Greenville
  • Gulfport
  • Hattiesburg
  • Horn Lake
  • Jackson
  • Madison
  • Olive Branch
  • Pearl
  • Southaven
  • Starkville
  • Tupelo
  • Vicksburg

Mortgages Available in Mississippi

Secure your dream home with Mississippi mortgage loans tailored to your needs. Whether you’re a veteran, entrepreneur, retiree, or have a unique financial situation, we have a variety of loan options to suit your needs.

  • VA loans: VA loans help veterans, active-duty service members, and surviving spouses achieve their dreams of homeownership with favorable terms and little to no down payment.
  • Bank statement loans: Designed for self-employed individuals and those with seasonal or 1099 income, bank statement loans allow borrowers to qualify based on 12-24 months of bank statements rather than W2s or pay stubs.
  • DSCR loans: For real estate investors, debt service coverage ratio (DSCR) loans use the property’s income-generating potential to determine the borrower’s ability to cover mortgage payments.
  • Conventional loans: Providing flexible terms and competitive rates, conventional loans are popular among homebuyers who meet the eligibility criteria set by Fannie Mae or Freddie Mac.
  • Asset-based loans: Best for borrowers with substantial assets but irregular income, asset-based loans calculate your assets as income. These retirement mortgages allow you to use various financial assets, ranging from your savings and retirement accounts to investments, to qualify.
  • USDA loans: USDA loans offer affordable financing options for homebuyers with low-to-moderate incomes who want to purchase properties in eligible rural or suburban areas.
  • FHA loans: FHA loans offer a low down payment requirement and flexible credit qualification criteria, making them a great option for first-time buyers or those who have struggled with their credit in the past.
  • Home Equity loans: Use a home equity loan to pull equity out of your home and get the cash you need for home improvement projects, renovations, debt consolidation, and other big expenses.
  • ITIN loans: If you don’t have a Social Security number, an ITIN loan provides an alternative route to qualifying for a mortgage.

We also offer fixed-rate and adjustable-rate mortgages (ARMs). Whether you prefer a fixed-rate mortgage’s stability or an ARM’s flexibility, we have options to meet your needs.

Mississippi Mortgage Rates

Various factors influence Mississippi mortgage rates. Current mortgage rates in Mississippi are typically based on inflation, economic growth, and employment trends. Additionally, the Federal Reserve can decide to raise or lower interest rates, which impacts overall rates across the country.

While you may not have any control over external influences, some factors you can control affect your mortgage rate, such as the type of loan, your down payment amount, your credit score, and where you plan to purchase property.

Qualifying for a Mortgage in Mississippi

When applying for a home loan, Mississippi mortgage lenders will consider a number of financial factors to determine your ability to make monthly payments:

  • Credit score: Mortgage companies in Mississippi consider your credit score, which reflects your overall creditworthiness based on past credit history and payment behavior.
  • Debt-to-income (DTI) ratio: This ratio compares your monthly debt to your gross monthly income, helping Mississippi mortgage lenders assess your ability to pay off additional debt (your new mortgage).
  • Down payment: A larger down payment tends to lead to a lower interest rate. Putting more money down also means borrowing less, which results in lower monthly payments.
  • Property appraisal: A third party will appraise the property you wish to purchase to determine its market value to protect you (and the lender) from overpaying.
  • Employment history: Lenders review your employment history to determine whether you earn a consistent income and can make timely mortgage payments.
  • Assets: Your savings, investments, and other assets may be evaluated to assess your financial stability and ability to cover down payment, closing costs, and any reserves.
  • Housing expenses: Lenders consider your potential housing expenses like mortgage payments, property taxes, insurance, and HOA fees to ensure you can afford them.

What credit score is needed to buy a house in Mississippi?

The credit score needed to purchase property in Mississippi varies depending on the type of loan. Most lenders and loan types require a credit score of at least 600. Keep in mind that some loans have more flexible lending requirements than others.

For instance, Griffin Funding allows you to qualify for a VA loan with a credit score as low as 580 and sometimes even 550, depending on your unique financial situation. In contrast, we require a credit score of 620 or higher for bank statement loans.

Remember, the higher your credit score, the better your chances of securing favorable loan terms.

How much is the down payment for a house in Mississippi?

The down payment requirement for a Mississippi mortgage depends on the type of loan you choose. The down payment amount for conventional loans can range from 3% to 20% of the property’s purchase price. Considering a non-QM mortgage instead? Non-QM loans, like bank statement loans, may require a higher down payment, typically ranging from 10% to 20%, depending on your credit score.

VA loans give eligible borrowers the ability to to finance 100% of the home’s purchase price, meaning no down payment is required. Similarly, USDA loans come with low or no down payment requirements for eligible properties and borrowers.

At the same time, first-time home buyers in Mississippi may consider an FHA loan, which requires a 3.5% down payment.

Partner With a Leading Mortgage Company in Mississippi

Realize the benefits of homeownership in Mississippi with one of our mortgage loan options. Griffin Funding can help you find the right loan regardless of your circumstances. Whether you’re buying for the first time or looking to invest, we have a variety of options that can help you take the next step.

With our experience and commitment to your satisfaction, Griffin Funding is a trusted partner for mortgage loans in Mississippi. Unsure if you’re financially ready to become a homeowner? Download the Griffin Gold app today to manage your finances, review loan types, and communicate directly with our specialists.

Apply for a home loan today or contact us to learn more about Mississippi mortgage loans.