First Time Home Buyer
Programs in Mississippi
Complete First Time Home Buyer Programs Available in
Mississippi.
The state agency created by the legislature in Mississippi to
offer first time home buyer programs is the Mississippi Home Corporation. Here is a
summary of the current first time home buyer programs that are offered:
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 down payment 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, 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 $155,000.
Down payment assistance can be used for down payment and closing costs (no
pre-paid fees).
Who is Eligible:
First-time homebuyers or applicants 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.
HAT Program
Housing Assistance for Teachers
HomeRun Mortgage
Mississippi Home Corporation (MHC) remains committed to providing financial
assistance to qualifying low and moderate-income first time homebuyers to ease
the initial financial burden of home ownership. To meet this commitment, MHC
developed the HomeRun Mortgage Program that will utilize funds from MHC to
originate second mortgage loans that will be serviced by MHC. HomeRun Mortgage
loans must be originated by a MHC approved lender.
Program Features
Fannie Mae conventional 30 year fixed rate mortgage
HomeRun
10 year fixed rate second mortgage loan with no prepayment penalty
Interest Rate same as First Mortgage Rate
Reservation Fee: $200.
Maximum down payment assistance: 3% of Full First Mortgage Amount
Maximum sales price of property being purchased or built must be at or below
$155,000
HRM assistance can be used for portion of down payment, closing costs & private
mortgage insurance
For complete details on these first time home buyer programs
available to Mississippi residents, visit the
Mississippi Home Corporation
website.
It is highly recommend that you also visit the
First Time Home Buyer Grants page
for free assistance with the down payment.
Best Lender For First Time Home Buyer Loans
Unfortunately, some lenders do not like
to work with first time home buyers (due to not having a track record), and prefer instead to only provide
mortgages to people who have previously owned a home.
If you do not need help with the down payment and are not
in need of any state program, but simply want to apply for a mortgage,
we recommend ING DIRECT Orange Mortgage
They have great rates, an easy online application, and welcome first
time home buyers. Additionally they have not been as severely hurt by the
subprime mortgage crisis and are still approving the majority of applications.
Other First Time Home Buyer Programs & Resources
