Mississippi home buyers advantage program

Imagine you want to buy a home in Franklin County, Mississippi. Keep in mind, however, that you will still need to meet all of the other requirements for the program, such as the credit score requirement for the underlying loan package you wish to use. Down payment assistance is a major draw for borrowers who choose the MRB7 program.

After all, coming up with thousands or tens of thousands of dollars for the down payment and closing costs is a huge hurdle for many first-time buyers! Here a few details about this down payment assistance program to keep in mind:. The goal of the program is to help qualified teachers buy homes in rural areas. Here is a list of our partners and here's how we make money. Buying a home costs a lot of money upfront, and the Mississippi Home Corporation offers financial help with a down payment and closing costs in order to give first-time home buyers a boost.

The Mississippi Home Corporation defines a first-time home buyer as someone who has not owned a home in the past three years, although exceptions are sometimes made for veterans and people buying in federally designated target areas where incomes are typically low. Buyers may also take advantage of national loan programs with low credit score or down payment requirements.

Explore all the options for buying your first home in the Magnolia State. These loan programs are available in all states. They allow qualified home buyers to purchase homes with a small down payment — or even with no down payment at all.

Loans that require lower down payments are important to many first-time buyers. Mississippi Home Corporation helps home buyers with down payments and closing costs. This is not a program for investors. Current homeowners ARE eligible as long as they occupy the foreclosed property. There are household income limits based on the county in which the property is located. Applicants must spend eight hours in a pre-purchase homebuyer education class through a HUD-approved counselor.

You must qualify for a mortgage. Comments 0 Subscribe to Comments Comment. Please log in or register to comment. Log in Join now. Back to Top. Newer Post. Head over to Bankrate's first-time homebuyer loans and programs guide to learn more. For other Mississippi homeownership programs, visit HUD. When you're ready to buy your first home, consider starting with the Mississippi Home Corporation to learn about the agency's affordable mortgage options and the specific requirements of each.

If you like what you see, you can connect with a participating mortgage lender in your area to determine next steps. Whichever type of financing you ultimately choose, be sure to research mortgage rates and offers to ensure you find the best rate and terms available. The world's insatiable appetite for electricity is setting up a climate disaster.

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