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Mississippi Home Corporation

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Down Payment Assistance Program

A major stumbling block for Mississippians today when trying to acquire a safe, decent, and affordable home is finding cash for downpayment and closing costs.

Sensitive to the need for a program to ease the initial financial burden of home ownership, the Mississippi Home Corporation developed a Down Payment Assistance Program for low to moderate income first-time homebuyers. The program is available statewide and must be originated through a MHC participating lender.

Features of the Down Payment Assistance Program

(1st Mortgage) FHA, VA, or RD qualifying guidelines.
(2nd Mortgage) 10-year fixed rate of 7%, no prepayment penalty.
Maximum down payment assistance is 3% of loan amount (not sales price).
Sales price of property being purchased or built must be at or below $198,000.
Down payment assistance can be used for down payment and closing costs (no pre-paid fees).

Who is Eligible

First-time homebuyers with low to moderate income not to exceed County Income Limits.
Applicants who meet the credit eligibility requirements.
Acceptable credit profile.
Need for a low down payment second mortgage.
Applicant who has successfully completed an 8-hour homebuyer education class.
Program Requirements:

Household incomes do not exceed the program’s income limits.
Applicants with no more than $4,500 in liquid assets.
Property must be owner occupied.
Property must be primary residence.
Credit History

FHA, VA, or RD guidelines apply to each such mortgage originated under this product.
Qualifying Ratios: FHA, VA or RD qualifying ratios for 15, 20, 25 or 30 year loan.
Property Requirements:

Owner occupied.
Single family detached.
Single family attached.
Approved townhomes or condominiums.
Permanently affixed manufactured homes.
For more information contact Ruthie Bilal.