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.

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.

JustRate is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer rule does not apply to buyers purchasing in designated Target Areas, or to qualified veterans. A homebuyer education course is required. No down payment assistance is included with this product; it is a standalone low-rate first mortgage. Income limits vary by county. Acquisition/purchase price limits apply (MRB). Rates subject to change.

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.

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.

JustRate serves homebuyers 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.

Applications for JustRate go through Mississippi Home Corporation, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.