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.