The Mississippi Downpayment Assistance Program is offered by the Mississippi Home Corporation in help first time home buyers. While down payments, closing costs, and mortgages are among the many new terms you would have to familiarize yourself, the Mississippi Downpayment Assistance Program helps you get started on the path to home ownership.
Details of the Mississippi Downpayment Assistance Program:
First you’ll need to attain a 1st mortgage such as a FHA, VA, or RD. Based on their qualifying guidelines. Your second mortgage will be a 10-year fixed rate of 7% with no prepayment penalty. The maximum down payment assistance is 3% of loan amount (not sales price). Sales price of property being purchased or built must be at or below $198,000.
Down payment assistance can be used for down payment and closing costs (no pre-paid fees).
Mississippi Home Corporation
735 Riverside Drive
Jackson, MS 39202