Mississippians who want to buy a home in Mississippi, but need some type of home buyer assistance like down payment assistance or help qualifying for a mortgage can turn to the Mississippi Home Corporation and participating mortgage lenders and banks for help. The Mississippi Home Corporation or MHC is the arm of the Mississippi government that is responsible for managing first time homebuyer programs and down payment assistance programs in the state of Mississippi.
Who Can Qualify For Mississippi Home Corporation Assistance?
There are a wide variety of possible ways that you may qualify for home buyer assistance in Mississippi. The following is a brief list of some of the characteristics of home buyers using MHC programs to buy a home.
- First Time Home Buyers - You can qualify for an MHC housing assistance program if you have never owned a home or have not owned one in the last three years.
- You currently own a property but want to buy a home that is used as a primary residence.
- You have income that does not go over the program income limitations.
- You agree to participate in a post and pre purchase delinquency counseling program.
What Other Types Of Loan Programs Are There For First Time Home Buyers In Mississippi?
The Habitat Loan Purchase Program provides funding for the Mississippi based affiliates of Habitat for Humanity. The program is funded by corporate reserves and is designed as a revolving loan fund. This program involves local affiliates of MHC and Habitat For Humanity.
An eligible borrower may not have owned a home in the last three years or earn over 80% of the median income for the state of Mississippi. Properties must be townhomes or single family residences. Loans are allowed up to 100% of the purchase price of the property. All loans are at 0% interest rates.
How Do I Get Mississippi Housing Assistance?
Your first step in securing MHC assistance is to contact one of the Mississippi Home Corporation's participating lenders and banks to get prequalified for your home loan. Getting pre qualified is your first step in the loan process. This will give you an idea of the maximum that you will be able to borrow. Be sure that they have the credentials to be able to offer you an MHC loan.
How Do I Get Down Payment Assistance In Mississippi?
The biggest hurdle for any home buyers to conquer is saving up for enough money to cover the down payment and closing costs associated with buying a home. With the prices of everything going up on top of inflation it is taking people longer than ever before to save. The MHC offers down payment assistance to bring the dream to reality of home ownership assistance faster than ever though possible.
The program is designed for low to moderate income level buyers and their families. You can have no more than $4500 in liquid assets. You must live in the property. Down Payment Assistance cannot be obtained for second homes and rental property. The maximum down payment assistance is 3% of the loan amount. The loan is in the form of a second mortgage. It is a 10 year fixed rate with no pre payment penalty. Manufactured properties are eligible to receive down assistance.
Are There Down Payment Assistance Programs For Teachers In Mississippi?
In Mississippi there is the HAT Program for teachers. It is better known as the Housing Assistance for Teachers program. In rural Mississippi there is an urgent need for qualified teachers. In response to this urgent need, the Mississippi Legislature passed the Mississippi Critical Teacher Shortage Act of 1996 which give incentives to qualified teachers.
The act helps teachers buy property easier than they could on their own. If a teacher agrees to teach for three years in a school designated to have a teacher shortage. A teacher can receive assistance up to $6000 for money needed to close a home. This money can be used for pre paid expenses, closing costs and Private Mortgage Insurance. An applicant must put 1% of their own money into the transaction. You can get the 1% as a gift from a family member if you don’t have the money.
To get additional information about down payment assistance programs, or to find out more about mortgage programs please complete the information below:
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