Information on the Mississippi hardest hit fund / Home Saver Program.

The Mississippi Home Corporation has received federal government funds that will be used to create the Home Saver / Hardest Hit Fund. The goals of the program are many, but overall the program is intended to provide mortgage help to those homeowners who have had a reduction in income from a job loss, medical emergency, or underemployment.

The state will be implementing a statewide assistance program that will focus on both the underemployed and unemployed across the state. It will provide mortgage assistance to those Mississippi borrowers who are at risk of losing their home to a mortgage loan default, or who may be facing foreclosure through an event that is outside of their control.

The Home Save and Hardest Hit Fund will provide qualified homeowners across the state with the time needed to find gainful employment and to increase their household income without the worry of foreclosure of their home. The program will even assist those homeowners who are delinquent or behind on their mortgage to bring the payments current.

Details on Mississippi Home Saver and Hardest Hit Fund

There are many criteria that need to be met before someone can receive help, and the program provides differently types of mortgage assistance. Some of those details include.



  • Qualified homeowners can receive up to 6 months of payments to pay past mortgage arrearage balances.
  • The Home Saver program will pay up to 12 months of future monthly mortgage payments to help an individuals avoid a foreclosure filing.
  • The borrower needs to be delinquent on their mortgage, or must be facing imminent risk of default or a foreclosure of their home.
  • One of the conditions that needs to be met is the borrower must have a monthly mortgage payment that they cannot afford due to a reduction in income from a job loss, unemployment, a medical emergency or underemployment. The hardship must be documented and the homeowner needs to be able to provide proof.
  • The borrower must have a monthly mortgage payment that is greater than 31 percent of their gross monthly household income.
  • The property will need to be occupied as the borrower's primary residence, and they can’t have a second home.
  • The mortgage assistance provided will help eligible borrowers receive the time they need to find gainful employment and increase their income without the worry of foreclosure.

The monthly mortgage payments provides by the program will be used to cover the homeowners principal, interest, real estate taxes, fees, delinquent taxes, hazard insurance, or escrow shortage and borrowers insurance. Clients of the program can receive up to $36,000 to help them pay their mortgage, if they meet all qualifications of the program.

The assistance is provided in the form of a loan that has a zero percent interest rate. Provided the homeowner increases their income, adheres to all of the policies of the Mississippi hardest hit fund, the loan will be forgiven over a period of 60 months. So what that in effect means is that the homeowner will not need to repay the loan, and the maximum of $36,000 is provided free of charge to the homeowner.


To learn more about the Home Saver - Hardest Hit fund, call the Mississippi Home Corporation at 601-718-INFO.




By Jon McNamara

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