Coahoma County residents looking to embark on the journey of homeownership are in for a treat on Wednesday, January 24, 2024. The Clarksdale Carnegie Public Library will be hosting the DPA 14 Coahoma County Homebuyer Fair from 11 am to 1 pm, providing a unique opportunity for potential homebuyers to gain valuable insights and assistance from mortgage industry experts.
Financial Assistance for Homebuyers: Organized by the Mississippi Home Corporation in collaboration with the Coahoma County Board of Supervisors, this event aims to make homeownership more accessible by offering a competitive mortgage rate through the proceeds from the sale of Mortgage Revenue Bonds (MRB). The total assistance provided amounts to a generous $14,000, specifically targeted to help borrowers cover upfront costs associated with their mortgage purchase.
Program Benefits: Attendees can expect an array of benefits under this program, including a 30-year fixed-rate first mortgage. The mortgage options are diverse, with FHA-insured, VA, Rural Development, and Fannie Mae/Freddie Mac Loans available. The financial support doesn’t stop there; eligible individuals can benefit from a $7,000 deferred 10-year second mortgage with 0% interest, which becomes forgivable after a decade. Additionally, a $7,000 grant from the Coahoma County Board of Supervisors further sweetens the deal.
Eligibility & Requirements: To qualify for this financial assistance program, individuals must meet specific criteria. The property must be owner-occupied and serve as the principal residence. There is an acquisition limit of $332,000 to ensure the program caters to a diverse range of homebuyers. Income guidelines are also in place, with varying limits based on the number of persons in the household:
- 1 Person: $43,740
- 2 Persons: $59,160
- 3 Persons: $74,580
- 4 Persons: $90,000
It’s important to note that households with five or more persons cannot exceed the MRB7 income limit amount.
The Coahoma County Homebuyer Fair promises to be a pivotal event for individuals dreaming of homeownership. This initiative showcases the commitment of the Mississippi Home Corporation and the Coahoma County Board of Supervisors to empower their community by providing substantial financial assistance and a platform for expert guidance. Aspiring homeowners are encouraged to attend this event and take the first step towards turning their homeownership dreams into reality.
