Doug Capps

The MS Home Corporation has a new program called "Homebuyer Advantage." This program will provide funds for homebuyers to aid in principle reduction, covering closing cost/ prepaids and "half" of the required down payment (based on loan type) for foreclosed properties.

Other conditions do apply. See below:

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.

Know your mortgage options!

A personal story - I was pretty blown away by a client that I had helped with a VA loan.

He was transferring from up north to Mississippi because of a new job. Since he only had a few weeks to make the move, I quickly got him prequalified for a VA loan and the seller was willing to allow him to move in until the loan closed (less than 30 days). Sounds easy enough...

When the appraisal was received, it appraised for $13,000.00 less than the purchase price. So, to make a long story short, no deal.

So... this guy is moving from out-of-state, cannot purchase the house he just moved in too...You can see where this is leading.

In less than (2) days he found another home (even better than the original - Thanks to his Realtor), got into contract and we "still" closed within 2 weeks, meeting the "first" contract due date. Nonetheless, the buyer was VERY happy. I just didn't know that he would come to my office, have a sit down talk with my manager and then present me with this "civilian" version of a Certificate of Achievement (all you military folks know what I'm talking about).

You hear more horror stories, then good ones. Thought I would share this one.

Here's the certificate - what you cannot see is that it was matted and framed in a brushed-silver frame.

HERNANDO HOMEBUYER ASSISTANCE PROGRAM

The City of Hernando has received State grant funds from the Mississippi Development Authority to assist low and moderate income persons who would like to purchase a home. The program provides a grant of $30,000.00 per applicant that can be used toward a down payment on a home, help with closing costs, or help with reducing a home's price so that the buyer can afford it.

Income Eligibility:

Family Size 1 = $32,400, 2 = $37,000, 3 = $41,650, 4 = $46,250, 5 = $49,950, 6 = $53,650, 7 = $57,350 and 8 = $61,050

Other Eligibility Criteria:

• There are only 9 grants available. Applications are approved on a first-come, first-served basis.
• No first-time home buyer requirement. Applicants must not currently own a home and must secure a mortgage through a financial institution at a fixed interest rate.
• Property must be located within the city limits of Hernando.
• Primary residence only.
• The home must be kept for 15 years, or teh $30,000 or a portion must be repaid.
• Homebuyer education is required through Sacred Heart

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.

Know your mortgage options!

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.

Know your mortgage options!

For more information about this program, please contact DOUG CAPPS at (662) 429-5100 Ext. 105 or by email at dougc@fairwaymc.com. Fairway Independent Mortgage Corp., 224 West Commerce St., Hernando, MS is a "MS and TN Licensed Mortgage Company." An Equal Housing Lender.