Maximum Down Payment
A homebuyer will receive down payment assistance based on the following:
- The Eligible Community Share: The pre-qualified homebuyer will receive $14,999 for the property in an eligible community and zip code.
- Credit Score Share: Once the homebuyer is pre-qualified for a mortgage based on their income, the homebuyer can qualify for up to additional $25,000 depending on their credit score.
The total amount of assistance through the Home Buyer Advantage Program can never exceed $39,999 per household. The total amount of assistance
including other grants, tax credits, or homebuyer subsidies cannot exceed 50% of the home's purchase price.
|
Fund Category |
Maximum Assistance |
|
Eligible Community Share |
$14,999 |
|
Credit Score Share |
Up to $25,000 |
|
Credit Score |
Homebuyer Assistance |
|
750 > |
$25,000 |
|
725 - 749 |
$22,000 |
|
700 - 724 |
$18,750 |
|
675 - 699 |
$15,500 |
|
650 - 674 |
$12,250 |
|
625 - 649 |
$9,000 |
|
600 - 624 |
$5,750 |
|
< 600 |
$2,500 |
|
Fund Amount |
Compliance Period |
|
< $15,000 |
5 years |
|
$15,000 - $39,999 |
10 years |
Loan Terms
The funds can be used for FHA, VA, Rural Development, Fannie Mae or Freddie Mac loan types and can be used in conjunction with Mississippi Home Corporation's Mortgage Credit Certificate program.
The Home Buyer Advantage grant will carry 0% interest and be forgiven over 5 or 10 years based on the amount received. The required occupancy period for $14,999 is 5 years and 10 years for $15,000 - $39,999. You
do not have to stay in the house for 5 or 10 years but if you move before completing your occupancy period of 5 or 10 years, then you will pay back a portion of the grant based on the number of months you lived in the home.
The longer you live in the home, the less money you pay back.