JACKSON — The Mississippi Home Corporation (MHC) has launched its new HOME Loan Plus program to provide eligible borrowers a $15,000 grant toward the purchase of a home. The grant funds can be used for down payment and principal reduction for new and existing homeowners in qualified areas of the state.
The HOME Loan Plus program uses federal HOME program funds from the Mississippi Development Authority.
“MDA has been administering the HOME program since 1992,” said Dr. Ben Mokry, executive vice president of research and development at MHC. “The HOME Loan Plus program is a new way to distribute those funds through MHC’s statewide network of participating lenders. Borrowers will also use MHC’s counseling partners to receive homebuyer education, which the program requires.”
While administering the recently ended Home Buyer Advantage grant program, MHC said it noticed a pool of credit-worthy borrowers who make 80% of their respective area median income or less.
The HOME Loan Plus program will use approximately $1.6 million of HOME Funds from the Mississippi Development Authority. Eligible borrowers must qualify for the home loan to receive the grant funds and make 80 percent or less of their area median income. Funds will be available on a first-come, first-served basis.
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