Home financing in Washington County.

Home financing means borrowing money to purchase, refinance, or improve a home, with the property itself serving as collateral for the loan. The most common tool is a mortgage — you receive a lump sum, buy the home, and repay the lender in monthly installments over a set period, usually 15 or 30 years. The interest rate on your loan determines how much you pay on top of the principal balance each month.

There are several types of home loans available in Mississippi:

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

• **FHA loans** — insured by the federal government, allowing down payments as low as 3.5% and credit scores as low as 580. These are popular with first-time buyers.

• **USDA Rural Development loans** — because much of Washington County qualifies as rural, some buyers may access zero-down-payment USDA loans for primary residences.

• **ITIN loans** — offered by select lenders and CDFIs for borrowers who do not have a Social Security number but have an Individual Taxpayer Identification Number (ITIN). These are real, legal loans.

• **Home improvement and rehabilitation loans** — programs specifically for fixing up an existing property, including some offered by state and local agencies.

The right loan type depends on your income, credit profile, immigration status, and what you plan to do with the property.

Washington County sits in the Mississippi Delta, one of the most historically underserved regions in the United States.

Greenville is the county seat and the economic hub.

Agriculture, healthcare, manufacturing, and small retail and service businesses make up most of the local economy. Many residents are self-employed, work in seasonal agricultural jobs, or run informal businesses — which means standard income documentation requirements can be a real barrier.

Local qualification realities to know:

• **Self-employed contractors and farmers** can qualify, but lenders will typically look at two years of tax returns to verify income. A CDFI or credit union may be more flexible than a large bank.

• **ITIN holders** are eligible for ITIN mortgage products. You do not need a Social Security number to own a home in Mississippi. You do need to show a consistent history of tax filing and income.

• **Low-to-moderate income buyers** may qualify for down payment assistance through the Mississippi Home Corporation (MHC), the state's housing finance agency.

• **First-time homebuyers** in Washington County can access MHC's Smart6 loan program, which pairs a 30-year fixed mortgage with up to 6% in down payment and closing cost assistance.

• **Credit scores below 620** are not automatic disqualifiers — FHA and CDFI products exist that allow lower scores, especially when compensating factors like steady employment or low debt are present.

Do not assume you do not qualify before speaking with a local loan officer or housing counselor. Many people in Washington County are surprised to learn they are closer to ownership than they thought.

Gathering your documents before you apply saves time and reduces stress. Here is a practical checklist for most home loan applications in Mississippi:

**Identity and residency:**

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

- ITIN letter from the IRS (if applicable) or Social Security card

- Proof of current address (utility bill, lease agreement)

**Income and employment:**

- Two years of federal tax returns (personal and business if self-employed)

- W-2s or 1099s for the past two years

- Recent pay stubs (last 30 days) if you are a W-2 employee

- Profit and loss statement for the current year if self-employed

- Bank statements for the last 2–3 months

**Assets:**

- Bank account statements showing your down payment funds

- Statements for any retirement accounts, stocks, or other assets

- Gift letter if part of your down payment is a gift from family

**Property:**

- Signed purchase agreement (if you have already found a home)

- Address of the property

**For ITIN borrowers, additional items may include:**

- 2 years of ITIN-filed tax returns (transcripts from the IRS work well)

- 12–24 months of bank statements as alternative income verification

- Letters of reference from an employer or long-term landlord

Organize these documents in a folder — physical or digital — before your first lender meeting. Being prepared shows lenders you are serious and makes the process move faster.