JustRate

What is JustRate?

JustRate is a first mortgage for homebuyers in Mississippi, administered by Mississippi Home Corporation.

• JustRate allows a homebuyer to utilize a lower competitive interest rate offered through the Mortgage Revenue Bond (MRB) program without receiving down payment assistance. It is a 30-year fixed-rate first mortgage offering the lowest rate among MHC's MRB programs.
• Lowest interest rate of any MHC MRB program; 30-year fixed rate; no liquid asset limit.
• Funding comes from Mortgage Revenue Bonds.

Do you have to pay it back?

JustRate is a first mortgage and is repaid under the terms set by Mississippi Home Corporation.

• The assistance is recorded in first position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

JustRate is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

JustRate sets its income limit as follows: Must be within income guidelines for the county in which the home is purchased (MRB program limits).

• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Is there eligibility for specific groups?

JustRate names veterans among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

JustRate serves buyers purchasing anywhere in Mississippi.

• The program targets specific areas: Certain areas of the state designated as Target Areas are exempt from the first-time homebuyer requirement.

How do you apply?

Applications for JustRate go through Mississippi Home Corporation, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact Mississippi Home Corporation to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.