Mississippi Mortgage Revenue Bond (MRB) Program Guide

Guide to the Mississippi Mortgage Revenue Bond (MRB) Program

The Mississippi Mortgage Revenue Bond (MRB) Program is designed to offer affordable financing options to first-time homebuyers and qualified repeat buyers in Mississippi. This program aims to reduce the barriers to homeownership by providing competitive mortgage rates and down payment assistance, making homeownership more accessible. The MRB program continues to provide financial support to buyers in 2025, ensuring more families can achieve their dream of owning a home in Mississippi.

1. Program Overview:

• Purpose: The MRB program helps eligible homebuyers by offering low-interest loans for purchasing a home, as well as providing down payment assistance. This program supports first-time and certain repeat homebuyers who meet specific income and property requirements.
• Assistance Amount: Depending on the buyer’s needs, the MRB program offers up to $10,000 in down payment and closing cost assistance to help make homeownership more affordable.
• Loan Terms: The program offers fixed-rate mortgages with terms up to 30 years. The loans are designed to be affordable, with lower monthly payments, allowing buyers to manage their mortgage payments with ease.

2. Eligibility Requirements for 2025:

To qualify for the Mississippi Mortgage Revenue Bond Program, applicants must meet the following criteria:

• Income Limits: The program is available to individuals and families with moderate incomes. Income limits are based on household size and the area where the home is located. These limits are updated annually to reflect the housing market and cost of living.
• Credit Score: A minimum credit score of 640 is generally required. Lenders may also take into account other factors, such as your debt-to-income ratio, when assessing your application.
• First-Time or Repeat Homebuyer: The MRB program is primarily aimed at first-time homebuyers, defined as individuals who have not owned a home in the last three years. However, repeat buyers who meet specific income and credit requirements may also qualify.
• Property Requirements: The property being purchased must be located in Mississippi and must be the applicant’s primary residence. The home must also meet specific price limits set by the program to ensure it remains affordable for moderate-income buyers.
• Homebuyer Education: Applicants must complete a homebuyer education course. This requirement ensures that buyers are informed about the mortgage process, budgeting, and responsibilities of homeownership. A certificate of completion from the course is required for the application.

3. How to Apply:

Applying for the Mississippi Mortgage Revenue Bond Program involves the following steps:

• Find a Participating Lender: The MRB program works with a network of approved lenders who can assist with the application process. To begin, contact a participating lender who will help determine your eligibility and guide you through the necessary steps.
• Required Documentation: Be prepared to provide documentation such as proof of income, credit history, tax returns, and a certificate of completion from the homebuyer education course.
• Submit Your Application: Once you have gathered the required documentation, submit your application to the participating lender. The lender will assess your eligibility and help you navigate the next steps.

4. Homebuyer Education Course:

• Mandatory Requirement: All applicants must complete an approved homebuyer education course before applying for the program. This ensures that buyers are well-prepared for the responsibilities of homeownership.
• Course Options: The homebuyer education course is available both online and in-person. After completing the course, you will receive a certificate, which is a necessary component for your loan application.

5. Down Payment and Closing Cost Assistance:

• Assistance Amount: The MRB program offers up to $10,000 in down payment and closing cost assistance. This financial support helps reduce the upfront costs associated with purchasing a home.
• Loan Terms: The assistance is provided as a second mortgage with deferred payments. This means there are no monthly payments required for the second mortgage, and it is repaid when the home is sold, refinanced, or the primary mortgage is paid off.

6. Finalizing the Loan:

• Approval Process: After your application is approved, your lender will help you understand the next steps, including signing the loan documents and preparing for closing.
• Closing Costs: While the MRB program helps with down payment and closing cost assistance, you may still need to cover other costs. Your lender will provide a breakdown of all fees and costs involved in the home purchase.

Our experienced loan officers are available to guide you throughout the entire process. From the initial application to the final closing, they will ensure that you understand every step, making it easier to navigate the Mississippi Mortgage Revenue Bond Program and move one step closer to homeownership in 2025.