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Mortgage
Revenue Bond
revised 02.06.07
The Mississippi Home Corporation, through proceeds from the sale of Mortgage Revenue Bonds, is able to reduce home ownership costs. The interest on the bonds is exempt from federal taxes which allows MHC to offer borrowers a competitive mortgage loan rate and a cash advance to assist with allowable closing costs and down payment. The program is available statewide and must be originated through a MHC participating lender.
Features of the Bond Program
- 30 year fixed rate (Rate to be determined with each issue.)
- FHA insured, VA, Rural Development and Conventional Loans.
- Cash advance for origination fee, closing costs and down payment.
Who is eligible:
- First-time homebuyers or persons who have not owned a principal interest in a residence in the past 3 years. Certain areas of the state, called “Target Areas” are exempt from the “first time homebuyer” rule.
- Individuals/families
who meet the credit requirements established by FHA, VA, Rural Development
and FannieMae Community Lending Products.
Individuals/families who are within the income guidelines for the county in which they purchase a home.
Program Requirements:
- Property must be owner-occupied.
- Property must be principal residence.
- Single family detached.
- Fee simple townhomes.
- Condominiums that are FHA, VA or conventional approved.
- Permanently affixed manufactured homes that meet FHA, VA, RD, or FannieMae requirements.
- Cost of the home must be within the maximum permissible acquisition cost for the county in which the property is located.
- Borrower must have available a $200 non-refundable reservation fee to participate in the program.
The cash advance is applied to the borrower’s portion of allowable closing costs as follows:
-
Origination Fee
-
Attorney Fees
-
Title Fees (includes Title Policy)
-
Survey
-
Inspection Fees
-
Recording Fee
-
Appraisal (if not a POC item)*
-
Credit Report (if not a POC item)*
-
Down Payment
-
Flood Certification
-
Amortization Fee
-
If funds remain from cash advance, it is to be applied as principal reduction.
*POC - Paid Outside of Closing