MSHDA DOWN PAYMENT ASSISTANCE

Program Highlights

*Zero-interest, non-amortizing loan with no monthly payments.

*Maximum assistance is $7,500.

*Available with MSHDA's FHA or Rual Development first mortgage.

*Funds may be used for down payment, closing costs, prepaid-escrow expenses and a home inspection performed by a qualified home inspector.

*The loan is due upon sale or transfer of the property or if the first mortgage is refinanced or paid in full.

Borrower Guidelines

*Available to low-to-moderate income homebuyers.  Household income limits vary depending on location and family size.

*Sales price limit is $224,500.

*Borrower must complete a homebuyer education class.

*Minimum borrower contribution of one percent of the sales price.

 

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