How to Buy a House in Mississippi
Updated 2026-03-02 | Data from Zillow, HUD, Tax Foundation
Avg Home Price
$189,849
Closing Costs
$12,827
6.76% of price
Property Tax Rate
0.58%
$1,009/yr median
Days on Market
58
Median
FHA Loan Limit
$472,030
Attorney Required
Yes
Foreclosure Type
Non-Judicial
Transfer Tax
None
None
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Key Facts About Buying in Mississippi
- ✓Most affordable state to buy a home
- ✓No transfer tax
- ✓Attorney customarily involved in closing
- ✓Longer days on market — less competition for buyers
The Home Buying Process in Mississippi
Buying a home in Mississippi follows a 10-step process. As an attorney state, you'll need legal representation at closing.
1
Check Your Credit Score & Finances
2
Get Pre-Approved for a Mortgage
3
Find a Real Estate Agent
4
Search for Homes & Make an Offer
5
Get a Home Inspection
6
Secure Your Financing
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First-Time Buyer Programs in Mississippi
MHC Smart Solution
Down payment and closing cost assistance
Up to 3% of loan amountIncome: Varies by county
Cost of Buying a Home in Mississippi
| Down Payment (3.5% FHA) | $6,645 |
| Down Payment (20% Conventional) | $37,970 |
| Average Closing Costs | $12,827 |
| Transfer Tax | None |
| Annual Property Tax (est.) | $1,101/yr |
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Legal & Regulatory Details in Mississippi
Homestead Exemption
Available
Up to $75,000
Licensing Authority
Mississippi Real Estate Commission
Mississippi Real Estate Law Overview
| Conveyance Document | Warranty or quitclaim deed |
| Security Instrument | Deed of trust |
| Foreclosure Process | Non-Judicial |
| Attorney Required at Closing | Yes |
| Deficiency Judgment | Yes |
| Redemption After Sale | No |
| Reinstatement Available | Yes |
| Seller Disclosures | Disclosures are optional but must be in writing and delivered personally or by mail. Buyers can sue sellers for failing to provide them. Topics include pests, structural problems, renovations, roof repairs and appliances; sellers may attach extra pages if needed. |
