Programs For 1st Time Buyers In MS
First time home buyers in Mississippi have many options available to them for help in purchasing their first residence. The Mississippi Home Corporation (MHC) provides some very noteworthy programs for Mississippi residents seeking to purchase their first home.
Here are some highlights:
Which Program is Right for Me?
We work hard to keep lenders and real estate professionals well educated on our programs and services. Lenders who participate in our programs will help you choose the programs best suited for you when you pre-qualify for your loan. Getting pre-qualified is the first step in the loan process and tells you the maximum amount the Lender will loan you for your home purchase.
Your lender will consider both your household income and credit score. To determine which MHC program is right for you, your lender will make sure you qualify using the income limits for our programs, and meet the first-time homebuyer status (if applicable), for the county in which you are considering purchasing your new home.
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.
For complete details on these programs, including contact information and instructions on how to apply, please visit this MHC programs page.
More Mississippi First Time Buyer Programs
In addition to the above homebuyer programs offered by MHC, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to 1st time property buyers as well. To determine program availability near you, please visit local first time home buyer programs in Mississippi.