Home financing in Marshall County.

Home financing is a loan you use to purchase, build, or improve a home — paid back in regular monthly installments over time, typically 15 to 30 years. The home itself serves as collateral, which means the lender holds a legal claim on the property until the loan is fully repaid.

There are several common types of home loans:

• **Conventional loans** — offered by private banks and credit unions, usually requiring a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** — backed by the Federal Housing Administration, allowing lower credit scores (as low as 580) and down payments as low as 3.5%. These are often a good starting point for first-time buyers.

• **USDA Rural Development loans** — because much of Marshall County is classified as rural, many residents qualify for USDA loans, which can offer zero down payment for eligible buyers.

• **ITIN loans** — designed for buyers who have an Individual Taxpayer Identification Number but no Social Security number. These are offered by select community lenders and CDFIs.

• **Home equity loans / HELOCs** — if you already own property, you can borrow against its equity for renovations or other purchases.

Federal loan programs like FHA and USDA are tools — but the local lender or CDFI you work with is the real relationship. Choose your local partner first.

Marshall County sits in the northern Mississippi hill country, anchored by Holly Springs and serving a diverse mix of long-time rural families, small farmers, and newer arrivals. The local economy includes poultry processing, small manufacturing, agriculture, and a growing number of self-employed tradespeople.

You may qualify for home financing if you:

• Have steady income — including W-2 wages, 1099 self-employment income, farm income, or rental income. Lenders will want to see at least two years of consistent earnings.

• Have a credit score of 580 or higher (some ITIN lenders work with no formal credit score, using alternative credit history instead).

• Can document your income, even if you are self-employed or paid in cash — bank statements, tax returns, and profit-and-loss statements all count.

• Are a legal resident, citizen, or non-citizen with an ITIN — immigration status does not disqualify you from many community lender programs.

• Are purchasing in a rural or semi-rural area — most of Marshall County qualifies for USDA Rural Development financing.

**Self-employed contractors:** Lenders will average your last two years of net income from Schedule C. If your business is growing, ask your lender about bank statement loans, which some community banks and CDFIs offer.

**First-time buyers:** Mississippi considers you a first-time buyer if you have not owned a primary residence in the past three years — even if you owned before.

Gathering your paperwork ahead of time makes the process smoother and faster. Here is what most lenders in Marshall County will ask for:

**Identity & Residency**

• Government-issued photo ID (driver's license, passport, or consular ID/matrícula consular)

• Social Security number — OR — Individual Taxpayer Identification Number (ITIN)

• Proof of residency (utility bill, lease, or bank statement with your address)

**Income**

• Last two years of federal tax returns (personal and business if self-employed)

• Last two years of W-2s or 1099s

• Last 60 days of pay stubs (if employed)

• Last 12–24 months of bank statements (especially for self-employed applicants)

• Profit-and-loss statement prepared by an accountant (for business owners)

**Assets**

• Last 2–3 months of bank and investment account statements

• Documentation of any gift funds (a gift letter from the donor)

**Property**

• Signed purchase agreement (once you have one)

• Property address for USDA rural eligibility check

**Credit**

• Lenders will pull your credit report — you do not need to bring it, but you should review it at annualcreditreport.com before applying

• If you have no credit score, ask about alternative credit references: rent receipts, utility payment history, insurance payments

Tip: Keep all documents in a single folder — physical or digital — so nothing is lost during the process.