Mortgage Revenue Bond

Mortgage Revenue Bond The Mississippi Home Corporation uses the sale of mortgage revenue bonds to help reduce costs for first time home buyers. Through this program, Mississippi borrowers receive a competitive mortgage rate and a second mortgage that helps pay closing costs and Mississippi down payments. All loans are 30 years at a fixed rate. There is cash advance for origination fee, closing costs and Mississippi down payments. The home’s purchase price must fall within cost limits for the county in which the property is located, and the Mississippi borrower must have a $200 non refundable reservation fee.

Smart Solution Second Program

Smart Solution Second Program This Mississippi down payment program is for low and moderate income first time home buyers can get Mississippi down payment help for their first mortgages (FHA, VA or RD Mississippi borrowers only) via a second mortgage:10 year, fixed rate at 7 percent with no prepayment penalty. The maximum Mississippi down payment assistance is 3 percent of the loan amount, and the money can be used for Mississippi down payment and closing costs but no pre paid fees. To be eligible, income cannot exceed county limits, and Mississippi borrowers must meet credit requirements. Mississippi borrowers cannot have more than $4,500 in liquid assets.

Smart Solution Program

Smart Solution Program This Mississippi down payment program is for first time buyers can Mississippi borrowers can get a 30 year, fixed rate mortgage at competitive interest rates. Conventional Mississippi borrowers can put as little as 3 percent Mississippi down and still get low mortgage insurance premiums. However, A minimum credit score of 620 is required for all loans. The home must be the primary residence and Mississippi borrowers cannot earn over $80,000.

Mississippi Mortgage Credit Certificate

What is a Mississippi mortgage credit certificate? It’s a tax credit for a part of the mortgage interest paid over a given tax year.

How does the mortgage credit certificate work in Mississippi and who qualifies?

Mississippi mortgage credit certificate has its own principles. So for you to qualify, you need to be a first time home buyer. Furthermore, Mississippi does have a provision for those who have not owned a primary residence for 3 years are eligible. The property has to be your primary residence.

First, find a lender who offers a mortgage credit certificate. Not every lender knows about this program. Once you find a particular lender that that knows the about the Mississippi Tax Credit you can move forward. You can also find participating lenders online.

Mortgage credit certificates encompasses restrictions to the income you earn. Precisely, your income is a deciding case. Consider a person living in Mississippi. They are enforced to set up an utmost family income of $108.220. Whereof, check the resource list to certify that you qualify.

Hence, whenever you are shopping for mortgages, check with your local government to affirm that you meet mortgage credit certificate proviso. Do you know that you can refinance your mortgage credit certificate? Henceforth, a new one will be reissued and thus save you from losing your tax benefits. It’s probable to resell your home after a few years of acquisition. Wherefore, you are obligated to repay mortgage credit subsidies as stated in the certificate. Ahead of applying for your new condo, verify that the lender is authorized to lend with mortgage credit certificate.