Desoto County Grant - Homebuyer Assistance for Mississippi

DESOTO COUNTY RECEIVES FUNDS FOR HOMEBUYER ASSISTANCE

(The following information is from a Memo dated August 8, 2009 from the Desoto County, Office of the County Administrator)

Desoto County recently received a Home Investment Partnership Program Homebuyer Assistance Grant. This project was funded with a $500,000.00 Home Grant from the Mississippi Development Authority. The grant funding is intended for down payment assistance toward the purchase of homes in Desoto County that were built before March 2008.

The homebuyer assistance funds should assist approximately (16) families. The primary goal of this program is to help individuals who can afford a monthly mortgage, but cannot afford the down payment cost. Funds enable low-to-moderate families to become homeowners.

The criteria for this grant is:

1. Must be a US citizen
2. House must be in Desoto County or any city in Desoto County
3. You cannot own a home now
4. How many people live in the home?
5. Maximum incomes are: 1 = $32,400.00, 2 = $37,000.00, 3 = $41,650.00, 4 = $46,250.00, 5 = $49,950.00, 6 = $53,600.00, 7 = $57,350.00
6. You must attend Home Buyer Education Class
7. Home buyer must find the home and get qualified through a mortgage company for a mortgage
8. Funds in the amount of $28,750.00 will be given for the down payment and closing costs on the home
9. Homebuyer must live in the house for (10) years and they cannot sell or lease, or funds will have to be repaid.

For more information on this program, please call DOUG CAPPS at (662) 429-5100 Ext. 105.

Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company." An Equal Housing Lender. All loans are subject to credit approval and compliance with investor guidelines.

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