First Time Home Buyers Can Get Help From State - WLOX.com - The News for South Mississippi

THEY MUST MEET REQUIREMENTS TO GET LOWER RATES

First Time Home Buyers Can Get Help From State

The state is opening the doors for first time home buyers in Mississippi. The Mississippi Home Corporation, the State's housing finance authority, is issuing $26 million in mortgage loan funds through its Mortgage Revenue Bond Program.

The mortgages will carry an interest rate of 6.9% and will provide Mississippi working families with a 3% cash advance to help with loan down payments and closing costs. This bond issue will also has a special component where $3 million is set aside to assist teachers, disabled people and rural residents.

Potential owners have to meet certain requirements. They have to be a first time buyer. They have to earn an income between $40,000 and $70,000 dollars.

 Buyers also have to be looking for homes that range between $61,000 and $134,000 dollars.

 If you'd like more information, you can log on to The Mississippi Home Corporation at http://www.mshomecorp.com.

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