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Habitat Loan Purchase Program
The Mississippi Home Corporation created the Habitat
Loan Purchase program to provide a funding source for the Mississippi
based affiliates of Habitat for Humanity.
The program is funded with Corporate Reserves and is designed as a revolving
loan fund. The program involves local affiliates of Habitat and MHC
working together to provide the opportunity for safe, decent and affordable
housing for low income Mississippians.
Habitat is responsible for constructing and financing the home for eligible
families, and MHC provides the permanent funding by purchasing the loans
from the Habitat Affiliate.
Eligible Borrowers
- May not earn more than 80% of median income for the state of Mississippi in total family income at the time of loan purchase.
- Cannot have owned a home at any time during the three-year period prior to the closing date of the mortgage loan.
Property Requirements
Properties must be single family homes or townhomes.
Maximum Loan Term, Amounts & Rates
- Maximum loan term will be 30 years.
- Maximum loan can equal 100% of the value of the property.
- All loans must be at a 0% interest rate and must have a history of six monthly payments at the time of purchase by MHC. The Corporation will purchase loans at the full amount of the remaining principal balance on the loan. Loans may be assumed, subject to MHC’s prior approval.
Loan Approval
Each Habitat affiliate must be approved to sell loans to MHC by a Habitat Peer Review Committee, coordinated out of the Habitat Regional Office, in Jackson. Each affiliate will be responsible for establishing its correspondent relationship with the lending institution of its choice.
Loan Volume
Habitat Affiliates may not sell more than 50% of their loans to the Corporation. MHC will purchase the loan from the Habitat Affiliate upon assignment.
Servicing
- Each Habitat affiliate shall retain and be responsible for all loan servicing duties with regard to each loan that is sold to MHC.
- No servicing fees will be earned by Habitat for performing the servicing duties.
Fees
The proceeds from the sale of all mortgages to MHC must be used to provide owner-financing of residences and not acquire or replace existing permanent
For more information contact Ruhtie Bilal