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 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 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.
Home Of Your Own Program (HOYO) This Mississippi down payment program targets low income, first time buyers with a disability. The home must be a primary residence and the Mississippi borrowers credit has to be in good standing. Eligible Mississippi borrowers can qualify for $15,000 in Mississippi down payment assistance.