Compare mortgage rates and fees for leading lenders in Southaven, MS. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Southaven.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Southaven. Plus, shopping lenders is free and there is no obligation.
July 12, 2020
The current average rate for a 30 year fixed rate mortgage in Southaven is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we provide helpful information on the real estate market, home prices and housing affordability in Southaven. Understand how much you need to earn to afford a home in Southaven, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Southaven fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Southaven is right for you.
The median home value for Southaven, MS (DeSoto County) is $186,646
Based on current mortgage rates and a 10% down payment, you need to make $33,591 per year to buy the median priced home in Southaven
With this income, you could qualify for a $167,981 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Southaven is $778
The median household income for Southaven, MS (DeSoto County) is $66,015
Based on this income, you can afford a home valued at approximately $366,804
The home price you can afford to buy based on household income in Southaven is 197% of the median home value which means housing prices are average. Southaven (DeSoto County) ranks 60 out of 82 counties in Mississippi and 1,640 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Southaven, MS is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Southaven (DeSoto County) below.
Conforming loan limits for Southaven, MS
FHA loan limits for Southaven, MS
VA loan limits for Southaven, MS