FOR North MISSISSIPPI - MS Home Corp DPA - Down Payment Assistance
Here is some information on a GREAT program that is available for 1st time homebuyers in Mississippi. It was originally posted by Doug Capps with Fairway Independent Mortgage in Northwest Mississippi.
I have personally had several buyer-clients use this program with the result of being able to get into a home with no funds out of their pocket.
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Features of the Down Payment Assistance Program:
- (1st Mortgage) FHA, VA, or RD qualifying guidelines.
- (2nd Mortgage) Interest rate of 1st Mortgage, 10-year fixed rate, no prepayment penalty.
- 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).
Who is Eligible:
- First-time homebuyers or applicants with low to moderate income not to exceed County Income Limits.
- NO first-time homebuyer requirement in TARGET areas - refer to DPA map.
- Applicants who meet the credit eligibility requirements as determined by FHA, VA or USDA guidelines.
- Acceptable credit profile.
Program Requirements:
- Household incomes do not exceed the program's income limits.
- Applicants with no more than $4,500 in liquid assets.
- Property must be owner occupied.
- Property must be primary residence.
- $200.00 reservation fee cannot be paid by the buyer
Property Requirements:
- Owner occupied.
- Single family detached.
- Single family attached.
- Approved townhomes or condominiums.
- Permanently affixed manufactured homes.
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