The Mortgage Revenue Bond 7 (MRB7) program is offered through the Mississippi Home Corporation (MHC). This is a mortgage loan with an additional $7,000 loan as down payment assistance.
The $7,000 can be forgiven after 10 years, and these funds are offered as a 10-year loan with 0% interest.
The MHC can offer this program due to revenue from selling Mortgage Revenue Bonds, which are federal tax-exempt.
In order to qualify, an applicant must be either a first-time homebuyer (meaning they have not owned a house in the past three years), a veteran, or buying in a designated target area. Applicants will also have to meet credit and income limits. Finally, applicants must be United States legal residents.
In order for the property being purchased to be eligible, it must be a single-family house, townhome, or condominium, or a manufactured house with a permanent foundation, located in Mississippi. The property will also have to fall within purchase price limits.
Other programs in Mississippi: