Mississippi Veterans Home Purchase Board Loan

The Veterans' Home Purchase Board is a mortgage lender run by the State of Mississippi. It is not a referral service and not the federal VA guaranty, though it requires you to hold a federal VA Certificate of Eligibility before it will lend. VHPB originates the loan, keeps it, and services it for the life of the loan, which means the servicer never changes hands. The rate is the reason to look. Effective March 1, 2026, VHPB quotes 4.50 percent for 5 to 15 year terms and 5.00 percent for 16 to 30 year terms, for a purchase or a VHPB refinance. The agency states its rates typically run one to two percentage points below market. Terms available are 5, 10, 15, 20, 25, and 30 years. Rates move, so pull the current sheet rather than relying on any figure in a guide, including this one. The maximum loan is $400,000. That number has moved recently and the state's own publication is behind it: the Mississippi Veterans Affairs benefit guidebook still prints $300,000. VHPB's own loan terms page is the figure to use. Structure: 100 percent loan to value, fixed for the term, with hazard insurance and taxes escrowed monthly and payments drafted automatically from a checking account. The actual APR depends on the VA funding fee, loan amount, and term. The property rules are narrow and they disqualify a lot of buyers. The property must be a single-family residence located in Mississippi. Permanent financing of a construction loan for a single-family residence is available subject to VA guidelines. Townhomes, condominiums, mobile homes, farms, and raw land do not qualify. The provision that surprises people is the divestment requirement. If you own a home that is not adequate for your needs at the time of application, the governing statute requires you to sell it before your VHPB loan closes, and VHPB wants a recorded warranty deed with book and page numbers as proof. A buyer who planned to keep the current house as a rental cannot do that and use this loan. Plan the sale into the timeline, because the closing depends on it. Eligibility runs on Mississippi residency rather than on a rating. You qualify if you were a Mississippi resident immediately before entering military service, or if you have lived in Mississippi for two consecutive years immediately preceding the application. You need the VA Certificate of Eligibility and a discharge from active duty under conditions other than dishonorable. Reserve and National Guard members with six or more years of service qualify, as do those activated for extended active duty under Title 10. Active duty members qualify with the two-year residency. The unmarried surviving spouse of an otherwise eligible veteran who died as a result of service or a service-connected injury may qualify. Apply online or request a package by phone, email, or mail. Only applications with a property already under contract are considered, so establish eligibility and get preapproved before you go shopping. VHPB asks for scanned or digital copies of official documents and will not accept screenshots: driver's license, Social Security card, discharge or service document, two years of W-2s or returns or 1099s, thirty days of pay stubs, two months of complete bank statements, and retirement account statements. VHPB is at 3466 Highway 80 East, P.O. Box 54411, Pearl, MS 39288-4411, (601) 576-4800.