Whether you receive PCS orders to relocate to Mississippi or are already a resident, purchasing a home can be a great financial move. Using a VA loan in Mississippi has many benefits for seasoned and first-time homebuyers alike.
With the average listing price of a home in Mississippi landing at $278,274, the VA loan’s signature $0-money-down benefit is a considerable advantage for Mississippi homebuyers.
See also: VA Loan Options for Other States
VA loans are made by private lenders and guaranteed by the Department of Veterans Affairs. Because private lenders make the loans and not the VA, you need to find a lender licensed in the state you plan to purchase or refinance.
For example, if you're purchasing a home in Biloxi, MS, you'll need to find a lender licensed in Mississippi to do the loan.
VA borrowers in Mississippi should also consider the cost and impact of VA loan limits and property taxes when making their home purchase.
As of January 1, 2020, VA borrowers in Mississippi with their full VA loan entitlement are not restricted by VA loan limits. This means you can borrow as much as a lender is willing to lend without needing a down payment.
However, veterans without their full VA loan entitlement are still bound to Mississippi’s VA loan limits.
As of Jan 1, 2021, VA loan limits for all counties in Mississippi are $548,250.
Another consideration for VA buyers in Mississippi is property taxes. For certain VA buyers, there are exemptions.
You may be eligible for a property tax exemption in Mississippi if you meet one of the following conditions:
If you are required to pay property tax in Mississippi, the American Community Survey by the U.S. Census Bureau estimates you may pay the following in each county:
|County||Property Tax Rate|
|Jefferson Davis County||0.65%|
|Pearl River County||0.72%|
View the graphic below to learn more about how VA loans work in Mississippi.