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The state of Mississippi, like the rest of the country, has fallen victim to the recent housing crash. Many homeowners are now upside down on their mortgages, behind on payments and facing foreclosure. Mississippi, however, has stepped up to the housing challenge and provided options to keep homeowners in their homes. Mississippi home mortgage assistance comes in many forms and can help achieve the dream of home ownership for low income families; some of these programs are also designed to help current homeowners take control of their own mortgages again. All of the main Mississippi mortgage assistance programs are run by the Mississippi Home Corporation.
The first Mississippi home mortgage assistance program, the Mississippi Development Authority’s Home Investment Partnership Grant, provides help with down payments to low or middle class Americans out of the housing crunch. It can also help buy down mortgages to keep Mississippi homeowners current on mortgage payments. This Mississippi home mortgage assistance program must be applied for through the county, municipality, or the Community Housing Development Organization.
Mississippi Home Corporation’s Down Payment Assistance Grant is another Mississippi home mortgage assistance program, and offers to pay up to three percent of the total closing costs for a loan for first time buyers. This loan also offers an amazing $6000 grant for teachers to use for closing costs.
Mississippi is also offering programs sanctioned and funded by the United States government. One such loan, the Mortgage Revenue Bond Program, offers help with the required three percent down payments by basically giving a second mortgage for the amounts due. Borrowers receive help from the Department of Veterans Affairs and the Federal Housing Administration under this program. Under a bond program such as this, the government sells bonds to investors who in turn invest the profits in housing projects. It is a helpful Mississippi home mortgage assistance program to aid the first time homeowner who otherwise couldn’t afford to buy a home.
The Mortgage Credit Assistance Program helps homeowners by reducing their Federal Tax Rates, while the Home of Your Own Program offers help to the disabled in the form of credits and home ownership grants up to $15,000.
The Fannie Mae Deed to lease program can allow Mississippi residents to remain in their homes for an additional year by signing their property back to the lender for a short time and becoming tenants in their own homes for a short period of time.
The Mississippi Home Corporation runs all of these programs and many others. Its sole purpose since it has been founded in 1989 has always been to find affordable ways for residents to achieve the dream of home ownership. A quick click to http://www.mshomecorp.com/firstpage.htm can show the struggling homeowner or first time buyer all these programs and many more. The website also shows all lenders who participate in the various programs, links for VA assistance and attorneys who can fight foreclosure and help homeowners receive mortgage assistance in Mississippi.
Residents of Mississippi can take advantage of many programs designed to help them buy a home for the first time or keep the home they are in. Mississippi home mortgage assistance programs offered by the Mississippi Home Corporation can help homeowners find the home loan that is right for them.
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