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Mississippi Program Provides Grants for Foreclosed Home Purchases

In an effort to help every qualified Mississippian own a home, the ""Mississippi Development Authority"":http://www.mississippi.org/ (MDA) is overseeing a limited-time grant program.

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Authorized through ""HUD"":http://portal.hud.gov/portal/page/portal/HUD, the ""Home Buyer Advantage"" program provides one-time downpayment assistance grants for individuals buying foreclosed property in Mississippi. These grants range in amount from $14,999 to $39,999 for foreclosed homes in qualifying areas of the state.

According to MDA, the program is a government initiative, and there are no hidden fees or confusing rates to worry about. In addition, MDA noted that the downpayment assistance is a grant, not a loan, meaning the homeowner will not be required to repay the amount, provided the terms of the program are met.

Both first-time homebuyers and repeat homebuyers are eligible for the program, as long as the grant funds are used to purchase a foreclosed home as a primary residence. Depending on the amount received, there is a principal residency requirement period of five or 10 years. If the buyer moves before completing this period, he or she will be required to repay a prorated portion of the grant from the sale of the home, based on the number of months the home was lived in.

But the deadline for this program is quickly approaching.

""Residents who wish to participate in the program should act quickly to ensure their paperwork is received on time and that funding is still available,"" said Caldon Williams, Neighborhood Stabilization Program Bureau Manager for MDA. ""Due to federal regulations, the application period will end on July 15, 2010.""

About Author: Brittany Dunn

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