1st Time Homebuyer Program in Mississippi - Pascagoula, Gautier, Ocean Springs, Biloxi, Gulfport, Diamondhead

Many first time homebuyers are taking advantage of the low interest rate programs offered by the Mississippi Home Corporation Mortgage Revenue Bond Program. While the program name sounds complicated, the program offers Home Buyers below market 30 year fixed interest rates and a cash gift of up to $8691.15 to use towards down payment or closing costs (Cash gift not to exceed 3% of the purchase price of the home with a maximum purchase price of $289,705 & payable at closing). Homebuyers must qualify for an FHA, VA or Conventional Loan Program and earn less than the income limits for the program. Call Molly Lionberger at 228-257-9000 for the income limits for the county that you are looking to purchase a home in. For example, in Harrison County, along the MS Gulf Coast, for a household of 3 or more, the income limit is $68,600. This means that if your household earns less than $68,600, you may qualify for the program.

Credit issues like unpaid collections, unpaid charge-offs, unpaid judgments or unpaid tax liens are the most common roadblocks to qualifying for this program. If a homebuyer has any of these derogatory items on their credit, it will need to be resolved and show ‘debt satisfied' prior to buying a home under this particular program. I recommend that homebuyers set up an account with each of the 3 credit repositories:www.transunion.com www.equifax.com www.experian.com to check their credit and resolve any of these issues. Be an informed homebuyer. For more information on this program and other Mortgage Financing questions, call Molly Lionberger, Assistant Vice President at First Bank and Trust of Mississippi. Equal Housing Lender, at 228-257-9000.