MHC extends homebuyers program registration

by Associated Press

Published: June 24,2010

Tags: homebuyers, housing, mortgages, real estate

JACKSON — The Mississippi Home Corporation (MHC) has extended the reservation period for its Home Buyer Advantage (HBA) grant program. The previous deadline for homebuyers to reserve funds was July 15, but the reservation period has been extended to Sept. 13.

The extended reservation period will allow MHC to disburse an additional $4 million in funds that were injected into the HBA program. Available HBA funds currently stand at $5.5 million, enough to fund an additional 180 reservations based on the average grant amount.

“The Home Buyer Advantage program has been a success thus far. MHC has reserved $12.8 million in funds for 418 Mississippi families around the state. The longer reservation period and additional funds will mean more Mississippi families can take advantage of this unique opportunity,” said Dr. Ben Mokry, senior vice president at MHC.

HBA provides grants of up to $40,000 to qualified homebuyers who purchase foreclosed properties in any of the 48 eligible communities across Mississippi. Unlike most of MHC’s other programs, the HBA program does not require applicants to be first-time homebuyers. Applicants can earn no more than 120 percent of the area median income.

Qualified homebuyers purchasing a foreclosed property are immediately eligible for a $14,999 grant. The HBA also provides an additional grant of up to $25,000 based on the buyer’s credit score. The grants are forgiven over a period of five years for the initial grant and an additional five years for the credit score-based component.

The following communities are eligible for the HBA program: Batesville, Booneville, Brandon, Byhalia, Canton, Carthage, Clarksdale, Cleveland, Clinton, Coldwater, Columbia, Columbus, Corinth, Greenville, Greenwood, Grenada, Hattiesburg, Hernando, Holly Springs, Horn Lake, Itta Bena, Jackson, Kosciusko, Laurel, Lumberton, Madison, Magnolia, McComb, Meridian, Natchez, Nesbit, New Albany, Olive Branch, Oxford, Pearl, Petal, Pontotoc, Raymond, Ridgeland, Senatobia, Southaven, Starkville, Sumrall, Terry, Tupelo, Vicksburg, Walls and Yazoo City.

For more information about the HBA program, including detailed program guidelines and a list of approved lenders, visit www.mshomecorp.com/hba.

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