First-Time Homebuyer Down Payment Assistance

-Minimum Credit Score  | 640 (min. for manufactured home | 660)

-Minimum Investment from Borrower | 1% of Sales Price 

-Income Limits | County Specific

-Sales Price Limits | $224,500

-Maximum of 2 acres (up to 5 acres with waiver approval)

What you should know... About MSHDA

-You can get up to 6% in seller's contribution (some restrictions may apply)

-You can get a gift from a relative

-If you buy in a "Targeted Area", you don't have to be a First-Time Homebuyer

-You may qualify for a MSHDA Loan without using down payment assistance at a lower mortgage rate.

-Non-Applicant Household Members' income needs to be included, but they do not need to qualify or be on the mortgage. 

-Single Family Homes Only

-Maximum Debt Ratio is 45%

Items You Will Need to Gather to Apply for Pre-Approval

- Most Recent Pay Stubs

-Last 2 Years W2's | All Employers

-Complete 2 Year Work History | inc. Employer Name, Address, Phone, Job Title

-Last 2 Months Bank Statements | All Pages

-401K Statements | Last 2 Statements

*Retirement or Social Security Income | Contact for specific requirements