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

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

*No Prepaids

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