Payment Assistance Program
major stumbling block for Mississippians today when trying to acquire
a safe, decent, and affordable home is finding cash for downpayment and
to the need for a program to ease the initial financial burden of home
ownership, the Mississippi Home Corporation developed a Down Payment Assistance
Program for low to moderate income first-time homebuyers. The program
is available statewide and must be originated through a
MHC participating lender.
of the Down Payment Assistance Program:
- (1st Mortgage)
FHA, VA, or RD qualifying guidelines.
- (2nd Mortgage)
10-year fixed rate of 7%, no prepayment penalty.
- Maximum down payment
assistance is 3% of loan amount (not sales price).
- Sales price of
property being purchased or built must be at or below $198,000.
- Down payment assistance
can be used for down payment and closing costs (no pre-paid fees).
- First-time homebuyers
with low to moderate income not to exceed County
- Applicants who
meet the credit eligibility requirements.
- Acceptable credit
- Need for a low
down payment second mortgage.
- Applicant who has successfully completed an 8-hour homebuyer education class.
- Household incomes
do not exceed the program’s income limits.
- Applicants with
no more than $4,500 in liquid assets.
- Property must
be owner occupied.
- Property must
be primary residence.
- FHA, VA, or RD guidelines apply to each such mortgage originated under this product.
- Qualifying Ratios:
FHA, VA or RD qualifying ratios for 15, 20, 25 or 30 year loan.
Single family detached.
Single family attached.
- Approved townhomes or condominiums.
Permanently affixed manufactured homes.
more information contact Ruthie