The Best Mortgage Lenders in Waveland, MS
Compare verified mortgage lenders serving Waveland, Mississippi. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Waveland
Featured Mortgage Lenders
Keesler Federal Credit Union
Keesler Federal Credit Union
Keesler Federal Credit Union is one of the most highly-rated mortgage lenders serving the Mississippi Gulf Coast region, including Waveland. With over 75 years of experience and an exceptional 4.8-star rating, they offer personalized service through local branches. Their mortgage team specializes in coastal property financing and offers competitive rates for conventional, FHA, VA, and USDA loans. As a member-owned credit union, they prioritize customer satisfaction over profit, resulting in consistently high customer satisfaction scores and comprehensive mortgage counseling for first-time homebuyers.
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Hancock Whitney Bank
Hancock Whitney Bank
Hancock Whitney Bank has deep roots in South Mississippi with over a century of service to coastal communities including Waveland. Their 4.6-star rating reflects strong customer satisfaction with their mortgage lending services. They offer local underwriting and decision-making, which speeds up the loan process significantly. Specializing in both primary residences and investment properties along the coast, their experienced loan officers provide personalized guidance through the entire mortgage process. Their construction-to-permanent loans are particularly popular in the Waveland area for new home builds.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation maintains a highly-rated local office serving Waveland and the entire Mississippi Gulf Coast region. With an outstanding 4.9-star rating and nearly 400 reviews, they're known for exceptional customer service and competitive rates. Their local loan officers have extensive experience with coastal property financing and understand the unique aspects of the Waveland market. They offer a wide variety of loan programs with fast turnaround times and excellent communication throughout the process. Their strong reputation for handling complex loan scenarios makes them a top choice for both purchase and refinance transactions.
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Frequently Asked Questions
Common questions about mortgage lending in Waveland, MS
What are the current mortgage rates like in Waveland, MS compared to the national average?
Mortgage rates in Waveland typically align with national averages but may be slightly higher due to Mississippi's insurance requirements and coastal location factors. Currently, 30-year fixed rates in Waveland range from 6.5% to 7.25%, with coastal properties sometimes requiring additional flood insurance that can affect overall housing costs. Local lenders often offer competitive rates specifically for Hancock County residents.
Are there special mortgage considerations for buying a home in Waveland's flood zones?
Yes, most Waveland properties require flood insurance due to the city's coastal location and FEMA flood zone designations. Lenders will mandate this coverage, which can add $1,500-$4,000 annually to your housing costs depending on elevation and proximity to the Gulf. It's crucial to factor this into your budget when determining how much house you can afford in Waveland.
What first-time homebuyer programs are available specifically for Waveland residents?
Waveland homebuyers can access the Mississippi Home Corporation's Mortgage Credit Certificate program, which provides a federal tax credit up to $2,000 annually. Additionally, the MHC Down Payment Assistance program offers up to $8,000 in forgivable loans for qualified buyers. Local lenders also participate in USDA rural development loans, which are available throughout Hancock County.
How does Waveland's coastal location affect the mortgage approval process?
Waveland's coastal position requires additional property inspections and insurance verifications that can extend the mortgage timeline by 1-2 weeks. Lenders pay close attention to wind mitigation features, elevation certificates, and hurricane-resistant construction. Properties must meet specific building codes established after Hurricane Katrina to qualify for conventional financing.
What are the typical down payment requirements for Waveland homes given the local market conditions?
Down payments in Waveland typically range from 3.5% for FHA loans to 20% for conventional loans, with many local buyers utilizing USDA loans that require 0% down in eligible rural areas. Given Waveland's median home price of approximately $200,000, most buyers need $7,000-$40,000 for down payments, though first-time buyer programs can reduce this amount significantly.
Nearby Cities
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Why Choose a Mortgage Lender in Waveland?
Local Market Knowledge
Lenders who understand Waveland'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 Waveland and get competitive rates on your home loan.