An exciting new program is making funds available for Mississippi homebuyers to purchase bank owned foreclosures throughout the state. The program, "Home Buyer Advantage" hasn't received a lot of press, but it is a tremendous opportunity.
Don't confuse this program, which is funded by the Mississippi Development Authority (MDA) through Congress's Neighborhood Stabilization Program with the $8,000 Federal Tax Credit. They are two separate homebuyer incentive programs. And guess what? You could be eligible for BOTH credits!
The "Home Buyer Advantage" is designed to prevent neighborhood decline from having too many foreclosures. The requirements are relatively simple, but the highlights are as follows:
- The foreclosure you wish to purchase MUST BE your primary residence. This is not a program for investors.
- Current homeowners ARE eligible (as long as they occupy the foreclosed property).
- There are household income limits based on the county in which the property is located. For Madison, Rankin, and Hinds Counties, the income limit cannot exceed $47,650.
- Applicants must spend eight hours in a pre-purchase homebuyer education class (through a HUD-approved counselor).
- You must qualify for a mortgage.
- The purchase price of the property must be 1% BELOW the current appraised market value.
- The purchase price cannot exceed $238,000.
For further information, visit MS Home Corp or contact this Realtor.
Written and Published by Pat Starnes REALTOR
Pat specializes in Residential and New Home Sales
Primary Service Area:
Brandon, Pearl, Ridgeland, Flowood and the Ross Barnett Reservoir area
Pat Starnes, Broker Associate
Front Gate Real Estate, 6700 Old Canton Rd., Suite C
Ridgeland, MS 39157
601-278-4513 - Cell
Recent Blog Posts by Pat Starnes:
Are you looking to buy or sell a home in the Brandon MS market? Call me!