Is there down payment assistant program available in OliveBranch, MS?

Asked by ;, Missal, IL Mon Oct 10, 2011

I have been approve for a FHA loan and I am a first time homebuyer, but dont currently have the downpayment to get in a home.

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6
, ,
Mon Oct 10, 2011
Yes, there are a few options for down payment assitance. MS Home Corp http://(www.mshomecorp.com) have a few programs that you may be able to qualify for. The more poplar programs are: Mortgage Revenue Bond (3%), DPA - Down Payment Assistance (3%) and the Home Loan Plus grant ($14,999.00). The minimum down payment for FHA is 3.5%, but the Bond and DPA will only give you 3%. So you will have to come up with the .5% difference. Keep in mind that both the Bond and DPA are "paid back" in the form of a second mortgage. The HLP grant is that is not repaid, but has a 5 year compliance period (cannot sell or rent). Income limits apply to these programs. If you would like more information, please visit the website above, or feel free to contact me via email or phone.

Thank you!
Doug Capps, Fairway Mortgage, 662-429-5100 Ext. 105, NMLS ID #68160
1 vote
Kathy Lewis, , Valdosta, GA
Mon Nov 9, 2015
USDA is great for approved locations. 100% financing, with sellers concessions for closing costs!


USDA Mortgage Hub
100% USDA Rural Housing Loans
Serving all 50 states
Ph: 800-691-8826 (7 days a week)
http://www.UsdaMortgageHub.com
0 votes
Carson O'Con…, Agent, OLIVE BRANCH, MS
Mon Oct 10, 2011
You should ask your lender about USDA loan that is a 100% financing. Another option for FHA would be the $100 down program to purchase a HUD foreclosure. In addition to both these programs if you income quailify you may be eligible to use the $14,999 down payment grant with both of these programs. Ms. Bond would be another option. All lender are different and not all lenders take part in these loan programs. Feel free to call me and we can discuss your different options.
662-910-0069
Loretta Carson, First National Realty
0 votes
Carson O'Con…, Agent, OLIVE BRANCH, MS
Mon Oct 10, 2011
You should ask your lender about USDA loan that is a 100% financing. Another option for FHA would be the $100 down program to purchase a HUD foreclosure. In addition to both these programs if you income quailify you may be eligible to use the $14,999 down payment grant with both of these programs. Ms. Bond would be another option. All lender are different and not all lenders take part in these loan programs. Feel free to call me and we can discuss your different options.
662-910-0069
Loretta Carson, First National Realty
0 votes
Barbara Stac…, Agent, Southaven, MS
Mon Oct 10, 2011
Your lender should see if there is MS Bond money for your downpayment or you can go a USDA loan, which is 100%. If you need any futher help feel free to call me. 901-283-6652 Thanks Barbara Stacks
0 votes
, ,
Mon Oct 10, 2011
Also, have you looked into the USDA Guaranteed Rural Housing loan? It's 100% financing with no down payment. Please let me know if you would like more information. Thanks!
0 votes
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