Buying Home In Mississippi With Bad Credit With Lender With No Overlays
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The housing market in Mississippi is booming. Mississippi has one of the most affordable housing markets. The state also has lower property taxes and cost of living. Many home buyers who are priced out of the market in Florida, Texas and other states are looking at buying a home in Mississippi. Real estate experts are confident that Mississippi housing markets will be good for both home buyers and sellers in 2021. This holds true despite high mortgage rates and the shortage of affordable housing at the $200,000 to $300,000 price range. In this article, we will discuss and cover buying a home in Mississippi with bad credit with a lender with no lender overlays on government and conventional loans.
What Mortgage Experts Say About Mississippi Home Values
Alex Carlucci, a senior mortgage advisor at Gustan Cho Associates. and licensed in Mississippi issued the following statement:
“Some areas have experienced a lack of inventory, but not in all price ranges. Houses under $250,000 are in demand and sell quickly. Houses under $150,000 are desirable to both purchasers and investors so they not only sell quickly, they often have multiple purchase offers submitted. The increase in mortgage interest rates does not appear to have impacted purchasers who want to buy in the area. Qualified buyers are still able to obtain affordable loans. Mississippi is fortunate to have home prices that are more economical than in many other areas of the country. The home building industry has been steady in Mississippi. It is not like the Texas or Dallas market, but our building has been steady. The $200,000 homes, we can’t build enough of them if you can even build them for $200,000. Smaller homes are in demand. Larger the home is, the more days the house is going to sit on the market. The upside of this is because our pricing on houses is average, not really high like California or other areas. If there is ever a downturn in the market, Mississippi won’t feel the effect as much. We do have a shortage with our starter homes. But, again, you can’t build a $200,000 home in other areas. In California, it might be twice that much for the same home. It is very expensive to live in California. New York is another place the cost of housing is high. Mississippi homeowners is fortunate to live in a state where the housing in more affordable.”
A large percentage of Alex Carlucci’s borrowers are Mississippi home buyers. Alex is considered the Mississippi Housing Market Expert at Gustan Cho Associates. Alex Carlucci has countless realtor partners and other real estate professionals in Mississippi.
Why Buying Home In Mississippi Is Becoming Popular
According to Michelle McCue, an associate contributing editor and senior mortgage advisor at Gustan Cho Associates said the following:
Home buyers buying home in Mississippi are looking for amenities and not necessarily square footage. Most of my Mississippi pre-approved borrowers are looking for homes in areas close to community conveniences. My referral real estate partners encourage my borrowers to search the public websites BuyInMississippi.com and Realtor.com and check out the available homes and contact them to arrange a showing. Higher rates might keep buyers from purchasing the home they really want. As interest rates go up, the buyer’s ability to borrow money goes down.
Buying Homes In Mississippi Due To Low Cost Of Living And Great Economy
- There are much more residents moving into the state than moving out
- The reason many residents are moving to Mississippi is due to affordable housing and low cost of living
- Housing in all counties of Mississippi is strong with no signs of a housing correction despite high rates
- Sales are up over 7.5% each year for the past three years
- Home prices have been slowly increasing at a rate of 4.7% each year for the past seven years
- Due to the strong housing demand, home inventory is beginning to pose a problem
- Housing prices are expected to increase in 2021 into 2022
Shortage of home inventory means multiple purchase offers. This is not good for those buying homes in Mississippi.
Qualifying For Mortgage In Mississippi For Home Buyers Relocating From Other State
Homebuyers buying homes in Mississippi and relocating from another state need to qualify for a mortgage. Gustan Cho Associates is a mortgage company licensed in multiple states with no lender overlays on government and conventional loans and licensed in Mississippi. If a home buyer is transferring from one state to another state from a current employer, they will have no issues. For homebuyers who have a remote job, there are no issues in getting approved. However, if a home buyer got a new job from Mississippi with a new employer, Gustan Cho Associates can offer a loan approval with just an offer employment letter by the new employer on conventional loans. FHA Loans require an employment offer letter plus 30 days of paycheck stubs by the new employer to close.
Buying Home With Bad Credit
All mortgage lenders need to meet agency mortgage guidelines by FHA, VA, USDA, Fannie Mae, and Freddie Mac. However, lenders can have higher credit and income requirements that are above and beyond agency guidelines. These additional guidelines are called lender overlays. For example, according to FHA guidelines, borrowers can qualify for a 3.5% down payment FHA Loan with a 580 credit score. However, most lenders will require a 620 to 640 credit score by borrowers even though FHA only requires 580 FICO. This higher requirement is lender overlays by the lender. Gustan Cho Associates has no overlays on government and conventional loans. Contact us at 262-716-8151 or text us for a faster response. Or email us at [email protected]