What is the Mississippi Home Buyer Advantage Program?
The Mississippi Home Buyer Advantage Program offers low-interest, fixed-rate mortgages and down payment assistance to help eligible homebuyers purchase a primary residence.
Who qualifies for the Home Buyer Advantage Program?
The program is available to first-time homebuyers and repeat buyers in targeted areas who meet income, credit, and property eligibility requirements.
Does the program provide down payment assistance?
Yes, the program offers up to 3% of the loan amount in down payment and closing cost assistance to reduce upfront expenses.
What types of mortgages are available through the Home Buyer Advantage Program?
The program provides 30-year fixed-rate mortgages, ensuring stable and predictable monthly payments for the life of the loan.
What is the minimum credit score required for the program?
A minimum credit score of 640 is generally required to qualify, though higher credit scores may improve approval chances.
Are there income limits for the Home Buyer Advantage Program?
Yes, income limits apply and vary by household size and the property's location. These limits are updated annually to reflect market conditions.
What is the maximum purchase price allowed under the program?
The maximum purchase price is typically $300,000, though it may vary based on the property's location and specific program guidelines.
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Get Started NowWhat types of properties are eligible for the Home Buyer Advantage Program?
Eligible properties include single-family homes, townhouses, and condominiums. Manufactured homes may also qualify if they are permanently affixed to a foundation.
Is homebuyer education required for the program?
Yes, completing a homebuyer education course is mandatory to ensure buyers are prepared for the responsibilities of homeownership.
Can the Home Buyer Advantage Program be used for newly constructed homes?
Yes, newly built homes are eligible as long as they meet program requirements and are intended as the buyer's primary residence.
Can the program be combined with other assistance programs?
Yes, eligible buyers can combine this program with other state or local assistance programs to maximize financial support.
Are there debt-to-income (DTI) ratio limits for the program?
Yes, the program generally allows a maximum DTI ratio of 45%, though exceptions may apply depending on the applicant's financial profile.
Is the down payment assistance a loan or a grant?
The assistance is provided as a second mortgage loan, which may be forgivable if specific conditions, such as occupancy requirements, are met.
Are there reserve requirements for borrowers in the program?
No specific reserve requirements are imposed, but having reserves may strengthen an applicant’s financial profile during the approval process.
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Get Started NowWhat fees are associated with the Home Buyer Advantage Program?
Standard fees, including origination, appraisal, and processing fees, may apply. Borrowers should consult their lender to understand all potential costs.
What happens if I sell or move before meeting the program's requirements?
If you sell or move before fulfilling the program's conditions, you may be required to repay some or all of the assistance provided.
Can the program be used to refinance an existing home?
No, the Home Buyer Advantage Program is specifically designed for purchasing a primary residence and does not apply to refinancing.
Are there location restrictions for the program?
Yes, the property must be located in Mississippi, and additional guidelines may apply based on whether the property is in a targeted or non-targeted area.
What are the benefits of the Home Buyer Advantage Program?
The program offers competitive mortgage rates, down payment assistance, and homebuyer education, making it easier for buyers to afford and maintain homeownership.
What is the loan term for the Home Buyer Advantage Program?
The program provides a 30-year fixed-rate mortgage, ensuring long-term affordability and stable monthly payments for homebuyers.