Mississippi First-Time Homebuyer Calculator
First-time homebuyer costs in Mississippi: $5,775 FHA down payment, $4,290 closing costs, 0.81% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for Mississippi. Includes down payment, closing costs (2.6%), PMI (required below 20% down), property tax (0.81%), and homeowners insurance ($2,510/yr). Note: Mississippi requires an attorney at closing. DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
Mississippi homebuyer facts: Median price $165,000 | 20% down = $33,000 | FHA 3.5% down = $5,775 | Closing costs ~$4,290 | Property tax 0.81% | Attorney required at closing.
Frequently Asked Questions
How much do I need to buy a house in Mississippi?
For Mississippi's median home ($165,000): FHA minimum down payment is $5,775 (3.5%), plus $4,290 in closing costs. Total minimum: ~$10,065. With 20% down to avoid PMI: ~$37,290.
What are closing costs in Mississippi?
Mississippi closing costs average 2.6% of the home price, or about $4,290 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and required attorney fees. Transfer taxes are 0%.
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