Mississippi Home Corporation Announces New Home Buyer Advantage Grant Program


Grants up to $40,000 to Help Purchase Foreclosed Properties

Jackson, MS – September 18, 2009 – (RealEstateRama) — The Mississippi Home Corporation (MHC) is now taking reservations under its new Home Buyer Advantage grant program. The program will provide grants of up to $40,000 to qualified home buyers who purchase foreclosed properties in any of the 48 eligible communities across Mississippi. Unlike most of MHC’s other programs, the Home Buyer Advantage program does not require applicants to be first-time home buyers. The program limits applicants to those who earn 120% of the Area Median Income or below.

“This program will have an enormous impact on the 48 communities statewide that have been identified as having high foreclosure rates,” said Dianne Bolen, Executive Director of MHC. “Over the next twelve months, the Home Buyer Advantage program will help homebuyers get good value for their money while simultaneously helping their neighbors protect the value of their homes. It’s a real win-win situation for everyone involved,” she continued.

MHC estimates the Home Buyer Advantage program will help home buyers purchase 600 to 700 foreclosed properties in Mississippi. Qualified home buyers purchasing a foreclosed property are immediately eligible for a $14,999 grant. The second component of the Home Buyer Advantage Program provides an additional grant of up to $25,000 based on the buyer’s credit score. The grants are forgiven over a period of five years for the initial grant and an additional five years for the credit score-based component.

“The Home Buyer Advantage program will provide much-needed stability to communities across Mississippi that have been impacted by foreclosures,” explained Dr. Ben Mokry, Senior Vice President at MHC. “By this time next year, we will have helped these communities avoid the blight of foreclosure to remain healthy and vibrant. That is our ultimate goal with the program,” he added.

The Home Buyer Advantage program is funded by the Neighborhood Stabilization Program, which was created in 2008 by the Housing and Economic Recovery Act. MHC has until September 2010 to utilize its $20.7 million grant before the unused funds must be returned to the federal government. The following communities are eligible for the Home Buyer Advantage program: Batesville, Booneville, Brandon, Byhalia, Canton, Carthage, Clarksdale, Cleveland, Clinton, Coldwater, Columbia, Columbus, Corinth, Greenville, Greenwood, Grenada, Hattiesburg, Hernando, Holly Springs, Horn Lake, Itta Bena, Jackson, Kosciusko, Laurel, Lumberton, Madison, Magnolia, McComb, Meridian, Natchez, Nesbit, New Albany, Olive Branch, Oxford, Pearl, Petal, Pontotoc, Raymond, Ridgeland, Senatobia, Southaven, Starkville, Sumrall, Terry, Tupelo, Vicksburg, Walls, and Yazoo City.

For more information about the Home Buyer Advantage program, including detailed program guidelines and a list of approved lenders, visit www.mshomecorp.com/hba. Parties who wish to learn more about the Mississippi Home Corporation should contact MHC directly at 601.718.INFO (4636) or at www.mshomecorp.com.

The Mississippi Home Corporation was created by the State in 1989 to serve as the State’s Housing Finance Agency. In that capacity, MHC administers the Mortgage Revenue Bond program and the Housing Tax Credit program, among others. MHC’s mission is to enhance Mississippi’s long-term economic viability by financing safe, decent, affordable housing and helping working families build wealth.


Scott Spivey
Vice President, Corporate Communications
Scott.spivey (at) mshc (dot) com



  1. The banks made risky loans and when people (taxpayers) lost their jobs the banks foreclosed; now the banks want to regain some of their money lose by grants from the taxpayers again! I have a house for sale by owner but it will not qualify for someone to get a grant because it is not a foreclosure, sounds like a case of discrimination with taxpayer money to help the banks.

  2. Comment on G. Stephens post: The just expired $8,000 federal homebuyer tax credit was available to first time buyers purchasing any home, not just foreclosures. REALTORS and lenders helped a lot of buyers using that credit.

    Mississippi Home Corporation has a program that offers first time buyers a way to reduce their federal tax liability called the Mortgage Credit Certificate. http://www.mshomecorp.com/homebuyers/mortgage%20credit%20certificate.htm

    MHC’s Mortgage Revenue Bond loan offers buyers a cash advance (3% of the loan amount) to help with downpayment and closing costs which helps buyers preserve their cash.
    http://www.mshomecorp.com/homebuyers/mortgage%20revenue%20bond.htm. Until December 31, 2010 this program is available to any buyer, not just first time buyers, in many of Mississippi’s counties. The eligible counties are shown in green or yellow on this map: http://www.mshomecorp.com/homebuyers/pdf/target%20area%202006.pdf

  3. As I understand this grant is for forclosed properties only.Why not give it to people who will be going into foreclosure soon? This would help a lot of people. It won’t help anyone if you send it back to the goverment.

  4. Comment on Charles Willams post. Federal law (Housing and Economic Recovery Act of 2008) defined how the funds can be used. Providing funds to current homeowners facing delinquency to help them stay in their homes was not one of the approved uses. Congress may provide funds in the future to help current delinquent mortgagors catch up and stay in their homes.

  5. I am trying to purchase a property. I have been pre-approved, but I will need help with down payment and closing costs. I would also like to see if there is any way for me to leave closing with cash to purchase furniture and necessary things for my home.

  6. I qualified for this program and received $25,000 toward purchasing a beautiful foreclosed home. The program took a long time due to having to submit alot of paper work but it was well worth it..

  7. I must agree with all of the positive comments,,,
    Yes it’s was time consuming,,
    and yes it was ALL worth the time,,,
    and yes I would do it all over again.
    I received well over 25,000 and I appreciate this
    program. Even the class offered on home ownership,, it was very very useful as well as informative feo me NOW as a homeowner
    When there’s a program available ( and advertised) and you don’t seize the moment/season, it may never show again.
    But I thank MY God for guidance & Directions in my life.

  8. […] Mississippi Home Corporation Announces New Home Buyer …In that capacity, MHC administers the Mortgage Revenue Bond program and the Housing Tax Vice President, Corporate Communications 601-718-4601 lost their jobs the banks foreclosed; now the banks want to regain some of their money lose by grants from … Return Document […]


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