Mississippi VA Loans

We proudly offer VA loans for our veterans and service members throughout the entire state of Mississippi. Here are just a few of the cities we serve:

• Jackson
• Gulfport
• Biloxi
• Hattiesburg
• Tupelo
• Greenville
• Madison
• Starkville
• Columbus
• Meridian

VA loans in MS provide active-duty service members, veterans, and eligible spouses with mortgage financing that is partially guaranteed by the U.S. Department of Veterans Affairs (VA), which greatly reduces financial risk to the lender. As a result, Griffin Funding can offer qualifying service members and vets a VA purchase loan with highly competitive rates, no required down payment, and more flexible credit criteria than conventional mortgage loans.

First-time VA loan recipients, or those who have completely paid off and sold a home purchased with a previous VA loan, will typically be eligible for full entitlement. This full entitlement can grant well-qualified borrowers with zero-down financing for the full purchase price of the home, regardless of any VA loan limits in place.

For those who have utilized a VA loan before and either still owe money or still own the home, a partial entitlement may still be available. With a partial entitlement, the VA may guarantee up to the VA loan limit set for the home’s county. Any amount over this limit will need to be paid by the borrower.

VA loan limits historically applied to all VA loans in Mississippi. These limits took into account the median home price for each county, and were set by the Federal Housing and Finance Agency (FHFA). However, since 2020, VA home loan limits do not apply when receiving a full entitlement. Well-qualified applicants can often receive full financing that is backed by the VA, regardless of selling price or the home’s location within the state, thanks to a bonus entitlement that covers any overage.

However, partial entitlement VA loans do not generally receive a bonus entitlement and are subject to Mississippi VA loan limits. The current VA loan limit for a single-family home in Mississippi is $766,550 for the majority of counties, with some higher-priced counties capped at $1,149,825.

When taking a partial entitlement, you are not limited by the price of the home. If you are otherwise well qualified, you may just need to cover any amount over the Mississippi VA loan limit with a down payment.

Thanks to the fact that VA home loans in Mississippi are partially backed by the VA, Griffin Funding is able to offer terms with very competitive rates, no down payment requirements, and flexible credit qualifying criteria when compared to conventional mortgages. Here are a few of the most important benefits:

• Very competitive rates
• No down payment required
• FICO scores as low as 550 can qualify
• Limited closing costs
• No prepayment penalties
• No private mortgage insurance (PMI) required
• Cashout for up to 100% of the home’s value

If you’re interested in applying for a Mississippi VA home loan, you can download the Griffin Gold app to monitor your financial strength, get tips to boost your credit score, and begin building an action plan for homeownership. If you’re looking to invest in real estate, Griffin Funding offers Mississippi DSCR loans that are geared toward commercial and investment properties.

Qualified veterans and active-duty service members can take advantage of the following VA loan programs in Mississippi:

• VA Purchase Loan: The most popular financing option for first-time home buyers taking advantage of the VA loan program, VA purchase loans offer qualified service members and veterans a mortgage loan with very competitive rates, no down payment requirements, and limited closing costs.
• VA Streamline Refinance: Also known as interest rate reduction refinance loans (IRRRL), these VA loans are a popular option for Mississippi homeowners that are already utilizing a VA home loan. It allows them to refinance at a lower rate, but without the need for a required appraisal, pest inspection, additional Certificate of Eligibility (COE), or steep out-of-pocket costs that would be necessary with a traditional refinance.
• VA cash-out refinance: Qualified veterans and service members can use a VA cash-out refinance to extract cash from their home’s equity while refinancing their existing mortgage or VA loan with a lower rate. With a cash-out refinance, you take out a loan that’s larger than what you currently owe and replace your current mortgage. The extra cash can then be used to pay off an old mortgage, perform home repairs or improvements, or cover surprise expenses.

In Mississippi, VA loans offer flexible credit qualifying criteria and a fast, straightforward application process. The VA loan requirements are generally more relaxed than with conventional mortgage loans, however applicants should still aim to have a high FICO score, low debt-to-income ratio (DTI), and proof of sufficient income for the best chances at approval. Here are some of the items you’ll need to gather prior to applying:

• Certificate of Eligibility (COE): A COE must be requested directly from the VA. It proves that you meet the necessary service requirements to be considered for a VA loan.
• Identification: Borrowers must have a valid driver’s license or government-issued photo ID.
• Proof of income: You’ll want to gather pay stubs, tax returns, W-2 forms, and any other documentation to prove your income.
• Credit score: In order to qualify for a VA loan with Griffin Funding, you must have a minimum FICO score of 550.

Mississippi VA loans remain one of the easiest ways for service members and veterans to attain their dreams of homeownership. These loans feature very competitive rates, no down payment requirements, and flexible scoring criteria that may not be available from conventional mortgage loans.

Griffin Funding is an experienced VA lender that can provide home financing services across the state of Mississippi. Reach out today to learn more about how your military service can help get you into the home of your dreams or fill out an application to get started.