Mortgage Revenue Bond
Financial Assistance for Homebuyers in Mississippi
In addition to competitive interest rates, the Mortgage Revenue Bonds program offers eligible, first-time homebuyers up to 3.5 percent of the purchase price as down payment and/or closing costs assistance. These funds can come in the form of a cash advance or second mortgage.
In order to be eligible for the Mortgage Revenue Bonds program, all applicants must meet certain requirements. They must be first-time homebuyers (individuals who have not owned a principal interest in a residence in the past three years), unless they reside in “Target Areas.” Applicants must meet the credit requirements established by FHA, VA, Rural Development, Freddie Mac and FannieMae products. They must be legal U.S. residents whose annual household income falls under the program’s set limits.
Any home purchased under the program must serve as the applicant’s primary residence, be located in the state of Mississippi, and fall under the maximum purchase price of the county. Eligible property types include new or existing single-family homes, townhouses, condominiums, or manufactured homes permanently affixed to land.
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.
Note: This information was accurate at the time of publication and may no longer be current - visit the program website for updated information.
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Mississippi
In an effort to help individuals afford the purchase of a new home, the Mississippi Home Corporation offers competitive interest rates and down payment assistance via proceeds from the sale of Mortgage Revenue Bonds.
In an effort to help individuals afford a mortgage the Mississippi Home Corporation started the Smart Solution program and offer eligible applicants down payment assistance.
Do you know what's on your credit report?
Learn what your score means.