The Best Mortgage Lenders in University, MS
Compare verified mortgage lenders serving University, Mississippi. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in University
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender with a strong local presence in Oxford, serving the University area with exceptional customer service and competitive rates. Founded in 1996, they have built a reputation for personalized mortgage solutions, efficient processing, and a wide range of loan options, making them a preferred choice for homebuyers in Lafayette County and surrounding regions. Their high customer satisfaction scores and community involvement further solidify their standing as a reliable mortgage provider.
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Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a nationally recognized mortgage lender known for its innovative digital platform and competitive loan products. With over two decades of experience, they serve the University area through online and phone services, offering streamlined applications and fast approvals. Their high ratings stem from excellent customer support, transparency in rates, and a commitment to making the mortgage process efficient and accessible for Mississippi residents.
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New American Funding
New
Top-rated mortgage lender serving University, Mississippi.
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Frequently Asked Questions
Common questions about mortgage lending in University, MS
What are the current average mortgage rates in University, MS, and how do they compare to the national average?
Mortgage rates in University typically run very close to the national average, but local credit unions like the Mississippi Federal Credit Union often offer competitive rates. As of late 2023, rates for a 30-year fixed mortgage in the area were generally between 6.5% and 7%, but it's essential to get personalized quotes from a few local lenders for the most accurate pricing.
Are there any special mortgage programs for University of Mississippi staff or faculty?
Yes, the University of Mississippi offers a Homebuyer Assistance Program for eligible full-time employees, providing a forgivable second mortgage loan of up to $10,000 to help with down payment and closing costs. This program is administered in partnership with local lenders and is a significant benefit for faculty and staff looking to buy a home in Oxford or the broader University area.
How does the competitive student rental market in University affect mortgage options for buying an investment property?
The high demand for student housing makes investment properties appealing, but lenders often have stricter requirements. You'll typically need a larger down payment (20-25%) and will need to demonstrate that the projected rental income from the property will adequately cover your mortgage payment, often at a rate of 125% or more of the PITI (Principal, Interest, Taxes, Insurance).
What should I know about property taxes and insurance when calculating my mortgage payment in University, MS?
Lafayette County, which includes University, has relatively moderate property tax rates, but insurance costs can be higher than the national average due to Mississippi's weather risks. When budgeting for your total monthly payment, factor in homeowners insurance that includes wind/hail coverage and be aware that property taxes are reassessed upon sale, which can cause a significant increase from the previous owner's bill.
Are there any first-time homebuyer programs specific to the University, MS area that can help with down payments?
The Mississippi Home Corporation (MHC) offers the "Home in 5" and "MCC" programs, which are available to eligible first-time homebuyers in University. These programs can provide competitive interest rates, down payment assistance, and federal tax credits. Additionally, some local lenders offer their own proprietary assistance programs, so it's wise to ask specifically about first-time buyer options.
Why Choose a Mortgage Lender in University?
Local Market Knowledge
Lenders who understand University's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Mississippi.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in University and get competitive rates on your home loan.