- 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.