Mississippi home corporation home buyer advantage program 2025

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Yes, teachers can often receive lower mortgage rates through specific programs designed to support educators in the home buying process. Many lenders and organizations offer discounted rates as part of teacher mortgage programs.
To qualify for an FHA loan in Mississippi, borrowers need to have a minimum credit score of 500 but may be required to have a larger down payment. A credit score of 580 or higher can qualify you for a 3.5% down payment. What is the max FHA loan in Mississippi? FHA loans have maximum loan limits based on county.
You may also access HUDs Good Neighbor Next Door program, which provides a 50% discount on homes for eligible teachers, with limited availability and additional eligibility requirements. Teacher Next Door is part of the Next Door Programs, which extends home buying grants and assistance to other public servants.
The Mississippi Employer-Assisted Housing Teacher Program is a special home loan program that is available to licensed teachers who render services in geographical areas of the state that are designated by the State Board of Education as having a critical shortage of teachers.
Down payment: A 3.5% minimum down payment is required.

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FHA loans. What you need to know: This is the go-to program for many first-time home buyers with lower credit scores. The Federal Housing Administration allows down payments as low as 3.5% for those with credit scores of 580 or higher.
Potential for higher interest rates: You may end up with a higher mortgage interest rate due to the assistance, which can increase the overall cost of your loan. The interest rates on mortgages with assistance are also usually 0.5-1% higher [than those without] to offset risk, Morgan says, costing thousands more.
Theres no credit check, and you dont have to provide your financial information up front. Its the first step toward making your dream of homeownership a reality. For more information or to explore additional programs, visit the Teacher Next Door website and take the first step toward owning a home today!

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