FOR North MISSISSIPPI - MS Home Corp DPA - Down Payment Assistance

Reblogger Pam Simpson
Real Estate Agent with Bob Leigh & Assoc., LLC

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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 Via Doug Capps (Fairway Independent Mortgage Corp.):

Original content by Doug Capps NMLS ID #68160

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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Pam Simpson

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