Getting Started
If you have found a house you want to buy, then:
Contact one of Mississippi Home Corporation’s Participating Lenders to get pre-qualified for your loan. Getting pre-qualified is the first step in the loan process and tells you the maximum amount the Lender will loan you for your home purchase.
Make sure you qualify using the income and acquisition limits enclosed, and meet the first-time homebuyer status (if applicable), required by MHC, for the county in which you are considering purchasing your new home. (Not all counties require that you be a first-time homebuyer.)
Contact your seller/Real Estate professional,and let them know your pre-qualification status. This will then allow your seller/Real Estate professional to obtain a sales contract for you, which your Lender must have, before the lender can reserve assistance with MHC for your loan.
Return to your Lender, and complete the loan process. This will include the Lender reviewing your complete credit history, verifying your income and other necessary items required by FHA, VA, RD, Fannie Mae or Freddie Mac. Your Lender will then contact MHC for you and reserve the assistance.
If you have NOT found a house you want to buy, then:
Contact one of Mississippi Home Corporation’s Participating Lenders to get pre-qualified for your loan. Getting pre-qualified is the first step in the loan process and tells you the maximum amount the Lender will loan you for your home purchase.Make sure you qualify using the income limits enclosed, and meet the first-time homebuyer status (if applicable), for the county in which you are considering purchasing your new home.Either contact a Real Estate professional to help you find a home, or search on your own for a home that is for sale by owner that fits within your pre-approved limits and MHC’s purchase price limits. (Not all homes qualify for lender financing.)
If you want to buy a house but know that you need help with your credit, then:
- Contact a lender to get pre-qualified and Lender will conduct an interview
- Lender will then refer you to an approved Credit Counselor
- Credit Counselor will go over your file with you and then refer you to a homebuyer education counselor
- Return to your lender for a referral to a REALTOR who will help you in locating a home you can qualify for. Lender will reserve the loan with MHC once all above requirements have been met