Mortgage Revenue Bond 7 (MRB7)
Mississippi Home Corporation is able to assist borrowers with home-ownership by offering a competitive mortgage rate through proceeds from the sale of Mortgage Revenue Bonds which are exempt from federal taxes. $7,000 in down payment is available to assist borrowers with upfront costs associated with their mortgage.
Buyer Eligibility:
- 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” and veterans are exempt from the “first-time homebuyer” rule
- Individuals/families who meet the credit requirements established by FHA, VA, Rural Development, Freddie Mac and FannieMae products
- Individuals/families who are within the income guidelines for the county in which they purchase a home
- Must be a legal resident of the United States
- Must meet loan program credit underwriting requirements for FHA, RD or VA loans and Conventional loans
Property Eligibility:
- New or existing home located in the state of Mississippi
- Single family home, townhouse, condominium
- Manufactured homes permanently affixed to land
- Cost of the home must be within the maximum permissible acquisition cost for the county in which the property is located
Benefits to Homebuyers:
- 30 year fixed rate (rate subject to change)
- FHA insured, VA, Rural Development, and Fannie Mae/Freddie Mac Loans
- No liquid asset limit
- $7,000 deferred 10-year second with 0% interest (forgivable after 10 years)
Find a MRB7 Participating Lender
MRB7 Flyer with Income Limits

MRB7 Features:
- No discount points are allowed for either buyer or seller
- $7,000 deferred 10-year second with 0% interest 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
Any other allowable costs - Upfront MIP, PMI, VA Funding Fee & RD Guarantee Fee
*POC - Paid Outside of Closing