Mississippi’s First-Time Home Buyers Program
We are fortunate in Mississippi to have a first-time home buyer grant program. The state provides grants i.e. free money for residents that need help with the down payment and closing costs on their first home. Mississippi also offers a 2nd mortgage loan at a low interest rate that helps with the down payment and closing costs. Of course, there are limitations associated with these programs, and as your REALTOR®, I’m familiar with the state programs and will be happy to walk you through the process and help you get details from the appropriate lenders.
Who is a First-Time Homebuyer?
- An individual who has not owned a principal residence for three years. A spouse is also considered a first-time homebuyer if he or she meets the above criteria. If you’ve owned a home but your spouse has not, then you can purchase a place together as first-time homebuyers.
- A single parent who has only owned a home with a former spouse while married.
- A displaced homemaker who has only owned with a spouse.
- An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
- An individual who has only owned a property that was not in compliance with state, local or model building codes—and which cannot be brought into compliance for less than the cost of constructing a permanent structure.
Please give me a call at 601.966.3581 or email me so we can discuss how this program might help you.