First-Time Home Buying in North Mississippi

Your payment is principal, interest, taxes and insurance — plus maintenance nobody budgets for. Decide the monthly number you're comfortable with first, then work backward to a price. Lenders will often approve more than that number.

A pre-approval is a lender's review of your documented income, debt and credit. It sets your real range and makes your offer credible. Ask about programs suited to first-time and rural buyers; several exist and eligibility depends on income, location and the property itself.

Sort your list into requirements and preferences. In this market, condition and location are hard to change; cosmetics are easy. First-time buyers often do better buying a sound, dated house in a good spot than a pretty one with a tired roof.

After an accepted offer, you inspect, the lender appraises, underwriting finishes, and a closing attorney handles title and the deed. Keep your finances still during this period — new debt during underwriting can undo an approval.

Earnest money, inspection, appraisal, down payment and closing costs. Ask your lender for a written estimate early, and ask what portion the seller might be asked to contribute.