Mississippi Mortgage Revenue Bond (MRB) Program

What is the Mississippi Mortgage Revenue Bond (MRB) Program?

The Mississippi Mortgage Revenue Bond (MRB) Program provides low-interest, fixed-rate mortgages and down payment assistance to eligible homebuyers, helping them afford their first home or primary residence.

Who qualifies for the MRB Program?

The program is available to first-time homebuyers and repeat buyers in targeted areas who meet income, credit, and property eligibility requirements.

What types of mortgages are available through the MRB Program?

The program offers 30-year fixed-rate mortgages, providing predictable monthly payments and long-term affordability for homebuyers.

Does the MRB Program provide down payment assistance?

Yes, the program includes up to 3% of the loan amount in down payment and closing cost assistance, reducing upfront expenses for eligible buyers.

What is the minimum credit score required for the MRB Program?

A minimum credit score of 640 is typically required, although higher scores may strengthen an application.

Are there income limits for the MRB Program?

Yes, income limits apply and vary based on household size and the location of the property. These limits are updated annually to reflect market conditions.

What is the maximum purchase price allowed under the MRB Program?

The maximum purchase price is generally $300,000, but this may vary for properties in certain targeted areas.

What types of properties are eligible for the MRB Program?

Eligible properties include single-family homes, condominiums, and townhouses. Manufactured homes may also qualify if they are permanently affixed to a foundation and meet program standards.

Is homebuyer education required for the MRB Program?

Yes, completing a homebuyer education course is mandatory to help buyers prepare for the financial responsibilities of owning a home.

Can the MRB Program be used for newly constructed homes?

Yes, newly built homes are eligible, provided they meet program requirements and are used as the buyer's primary residence.

Can the MRB Program be combined with other assistance programs?

Yes, eligible buyers can combine the MRB Program with other local or state assistance programs to maximize financial support.

Is the down payment assistance a loan or a grant?

The down payment assistance is provided as a second mortgage loan, which may be forgivable if program conditions, such as living in the home for a set period, are met.

Are there debt-to-income (DTI) ratio limits for the MRB Program?

Yes, the program typically allows a maximum DTI ratio of 45%, although exceptions may apply depending on the applicant's financial profile.

Are there reserve requirements for the MRB Program?

No specific reserve requirements are mandated, but reserves may strengthen an applicant’s financial profile during the approval process.

What fees are associated with the MRB Program?

Standard loan-related fees, such as origination, appraisal, and processing fees, may apply. Buyers should discuss these costs with their lender for clarity.

What happens if I sell or move before meeting the program's conditions?

If you sell or move before fulfilling the program's requirements, you may be required to repay some or all of the assistance provided.

Can the MRB Program be used to refinance an existing home?

No, the MRB Program is specifically designed to assist with purchasing a primary residence and does not apply to refinancing.

Are there location restrictions for the MRB Program?

Yes, the property must be located in Mississippi, and additional guidelines apply based on whether the property is in a targeted or non-targeted area.

What are the benefits of the MRB Program?

The program offers low-interest mortgage rates, down payment assistance, and homebuyer education, making it easier for eligible buyers to afford a home.

What is the loan term for the MRB Program?

The program provides a 30-year fixed-rate mortgage, offering long-term affordability and predictable monthly payments for homebuyers.