Housing Assistance for Teachers
rural Mississippi there exists a critical shortage of qualified teachers.
In order to move Mississippi forward, our children must have the benefits
of a quality education.
response to this need, the Mississippi Legislature passed the “Mississippi
Critical Teacher Shortage Act of 1998”, which offers attractive
incentives for qualified teachers.
Housing Assistance for Teachers Program (HAT) was designed to assist with
funding to help teachers buy homes. Making homeownership easier will certainly
encourage teachers to move to these shortage areas.
Features of the HAT Program
An assistance promissory note is converted to an interest-free grant
if the approved applicant is participating as a licensed teacher, and
agreeing to employment of service for a period of no less than three
years in a school district where a critical shortage of teachers exists.
State assistance will cover the actual amount of funds needed to close
on a home. This amount is not to exceed $6,000.
State assistance can be used for down payment, closing costs, prepaid
expenses, and Private Mortgage Insurance (PMI).
Applicants must provide a minimum down payment from one's own funds
of 1% of the sales price and one month reserves.
may be a gift from a relative.
No income limits.
Units must be located in targeted counties of the state as designated
by the Mississippi State Board of Education.
Applicants who agree to render service as a teacher in the district
for three years starting with the beginning of the school year.
Applicants meeting the credit eligibility requirements.
25 or 30-year fixed loan rate (depending on debt-to-income ratios).
Fannie Mae conventional products.
Loan-to-Value (LTV) - 97%.
Credit score(dependin on LTV).
12%-30% Mortgage Insurance required (depending on LTV).
residential counties for the HAT program
more information contact Nedra Patton