Here’s Help With Your Down Payment
If you’re looking for down payment assistance in Mississippi, there’s great news. The Mississippi Home Corporation offers two options for first time property purchasers who need help coming up with the funds for the down payment: Smart Solution and Home Buyer Advantage.
The most lucrative of the two is the Home Buyer Advantage:
Home Buyer Advantage
The Home Buyer Advantage is a grant which carries 0% interest and is forgiven over 5 or 10 years based on the amount received. The required occupancy period for a grant of $14,999 is 5 years and 10 years for a grant of $15,000-$39,999. If the buyer moves before completing the occupancy period, they will pay back a portion of the grant based on number of months of ownership.
A homebuyer will receive down payment assistance based on
- The Eligible Community Share: The pre-qualified homebuyer will receive $14,999 for the property in an eligible community and zip code.
- Credit Score Share: Once the homebuyer is pre-qualified for a mortgage based on their income, the homebuyer can qualify for up to an additional $25,000 depending on their credit score.
To get complete program details and to apply for a down payment assistance grant, go to Home Buyer Advantage.
While the Home Buyer Advantage DPA program provides assistance up to $40,000, the Smart Solution offers more modest help: 3% downpayment as 2nd mortgage.
Mississippi Home Corporation’s Smart Solution Mortgage can give you the funds you need to purchase your first home or move up to your next one. Our new program offers competitive interest rates with down payment assistance as cash advance or a second mortgage. Smart Solution is offered through our participating lenders at a 30 year fixed rate.
- Must serve as your primary residence
- Household annual income cannot exceed $80,000
- Must be a legal resident of the United States
- Must have a minimum credit score of 620 for FHA, USDA or VA loans and Conventional loans
- New or existing home located in the state of Mississippi
- Single family home, townhouse, condominium, or duplex
- Manufactured homes using FHA financing
Benefits to Homebuyers:
- 97% Loan (Conventional Only)
- Lower mortgage insurance premiums
- Competitive interest rates quoted daily
- First-time homebuyers may be eligible for more savings by combining a Mortgage Credit Certificate (MCC) with MHC’s Smart Solution Mortgage. Qualifying homebuyer may claim 40% of their mortgage interest (up to $2000 per year) as credit on federal income taxes, while still claiming the remaining 60% of interest as a deduction
- Smart Solution and the MCC are both available statewide through participating lenders. Contact a participating lender below to find out if you quality for MHC’s Smart Solution mortgage program!
For complete program details, please visit Smart Solution.
More Mississippi Down Payment Assistance
In addition to these statewide programs, you should also check to see if there are local programs offered in Mississippi that provide additional help that can be applied toward your down payment.