Mississippi Unemployment Office 8274298

Mississippi Unemployment Office

State of Mississippi know that one of the main difficulties people face when trying to find a suitable home is an upfront cash needed for the down payment. People need help in this regard and also for payment of closing costs. For this reason, the Mississippi Home Corporation has arranged for a down payment Assistance Program to help those with low to moderate income to buy their first home. First-time homebuyers with low or moderate income and have an acceptable credit rating are eligible if they meet the requirements of credit eligibility and need a second mortgage to pay for the down payment.

They are also required to complete an 8-hour residential training.

The down payment Assistance Program consists of a first mortgage (FHA, VA, or RD Eligible guidelines) and a second mortgage with ten year fixed rate f 7%. The maximum down payment assistance is 3% of the loan amount and can be used for closing costs as well. It is required that the applicant's liquid assets may not exceed $ 4,500. The property must be the primary residence of the owner.

Mississippi Home Loan Plus grants of up to $ 14,999 are available to low-income homebuyers who qualify. The funds to the Mississippi Home Corporation (MHC) of the Mississippi Development Authority (MDA), Community Service Division is to make it possible for those who otherwise would not buy a property own to acquire their first home. There are certain requirements that must be met for the grant to be awarded. For example, the property to be purchased must meet Section 8 housing quality standards must have written approval from a U.S. HUD approved appraiser or must meet local housing quality standards in areas that have their own local building codes. It should be noted that the entire landscape Harrison and City Hattiesburg, as well as the city of Jackson is not eligible for this program. The grant can be used with MHC Program Mortgage Revenue Bond without advance (MRB) and Mortgage Certificate (MCC).

Read more : http://www.ms-unemployment.com/