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The Mississippi Home Corporation began as a direct result of the Mississippi Home Corporation act of 1989. Its main purpose? Provide affordable and sustainable housing for the residents of Mississippi. The Mississippi Home Corporation acts a liaison agency between the Mississippi Governor, the Mississippi Legislature, the U.S. Congress and agencies throughout the U.S. to increase awareness of the serious plight Mississippi residents are facing.
To carry out this agenda the Mississippi Home Corporation has launched various programs to help homeowners and residents that wish to buy a home. These include the Mortgage Revenue Bond Program, the Mortgage Credit Certificate Program, the Down Payment Assistance Program and the Mississippi Home of Your Own Program among others. Let us look at each program individually.
Mortgage Revenue Bond Program and the Down Payment Assistance Program.
This program offers borrowers under the Federal Housing Administration (FHA) and the Department of Veterans Affairs with assistance on the 3 percent down payment required for a home purchase. This aid comes in the form of a second mortgage. The interest rate for this added loan is set at or below the going interest rate. The main benefit of this program is that it opens the housing market for borrowers who could otherwise not afford the down payment they needed to qualify for a mortgage.
Mortgage Credit Certificate Program.
The Mortgage Credit Certificate program helps homeowners qualify for a mortgage by reducing the Federal Income Tax they must pay.
Mississippi Home of Your Own (HOYO) Project.
The HOYO project focuses on residents with disabilities and their families. It aims to provide the financial counseling and financial support they need to qualify and keep their own homes.
These are only a few of the many programs under the Mississippi Home Corporation. Visit their official website for more information on these and other programs.
As you can see, there is not a lack of programs struggling homeowners and potential homeowners can apply for in Mississippi. We just looked at small selection of programs available. The key is to take matters into your own hands and find the help you need to either save your home or get the financing you need to buy one.
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