2015 First Time Home Buyer Programs for Mississippi Smart Solution Second Program Smart Solution Second Program is for low and moderate income first time homebuyers can get down payment help for their first mortgages (FHA, VA or RD borrowers only) via a second mortgage:10 year, fixed rate at 7 percent with no prepayment penalty. The maximum down payment assistance is 3 percent of the loan amount, and the money can be used for down payment and closing costs but no pre paid fees. To be eligible, income cannot exceed county limits, and borrowers must meet credit requirements. Borrowers cannot have more than $4,500 in liquid assets. Qualified buyers in Mississippi may apply. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. Smart Solution Program Smart Solution Program is for first time buyers can borrowers can get a 30 year, fixed rate mortgage at competitive interest rates. Conventional borrowers can put as little as 3 percent 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 borrowers cannot earn over $80,000. Qualified buyers in Mississippi may apply. Smart Solution Premium Program Smart Solution Premium Program offers a 4 percent grant that does not need to be repaid. Smart Solution Premium Program has no deed restriction and this program is easier for borrowers to qualify. Qualified buyers in Mississippi may apply. Mortgage Revenue Bond The Mississippi Home Corporation uses the sale of mortgage revenue bonds to help reduce costs for first time homebuyers. Through this program, borrowers receive a competitive mortgage rate and a second mortgage that helps pay closing costs and down payments. All loans are 30 years at a fixed rate. There is cash advance for origination fee, closing costs and down payments. The home's purchase price must fall within cost limits for the county in which the property is located, and the borrower must have a $200 nonrefundable reservation fee. Qualified buyers in Mississippi may apply. Mississippi Mortgage Credit Certificate Mississippi Mortgage Credit Certificate reduces the federal income tax liability by allowing borrowers to take a credit equal to 40 percent of the annual interest paid on a mortgage. The tax credit cannot exceed $2,000 per year. Mississippi Housing Corporation bond financing is not eligible to be paired with the MCC program. Properties must be single family residences. Borrowers must use the property as their primary residence, and must pay a $300 nonrefundable reservation fee. Qualified buyers in Mississippi may apply.
Home Of Your Own Program (HOYO) Home Of Your Own Program (HOYO) targets low income, first time buyers with a disability. The home must be a primary residence and the borrower’s credit has to be in good standing. Eligible borrowers can qualify for $15,000 in down ‘payment assistance. Qualified buyers in Mississippi may apply. Habitat Loan Purchase Program Habitat Loan Purchase Program provides funding to Mississippi based Habitat for Humanity affiliates. The maximum loan term is 30 years, and all loans have a zero percent interest rate. The loan can equal 100 percent of the property. Eligible borrowers must earn 80 percent or less of the state median income, and cannot have owned a home in the three years previous to the mortgage loan closing. Properties must be single family homes or townhomes. Qualified buyers in Mississippi may apply. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs.
To apply visit http://buyerprograms.net/mississippi