Trusty10

What is Trusty10?

Trusty10 is a repayable second loan for homebuyers in Statewide, Mississippi.

• MHC bond DPA: 30-year fixed first + $10,000 amortizing second @ 2% over 15 years (monthly P&I payments). Statewide. FTHB required (waived in targeted areas/for vets).
• Trusty10 is Mississippi Home Corporation's bond-funded homebuyer program providing a 30-year fixed-rate first mortgage (FHA, VA, USDA-RD, Fannie Mae/Freddie Mac) plus $10,000 in down payment / closing-cost assistance. Unlike MHC's deferred / soft-second products, the Trusty10 DPA is a fully AMORTIZING second mortgage with a 2% interest rate and a 15-year term - the borrower makes monthly principal-and-interest payments on the second from origination. Funds may be used toward down payment, customary closing costs, or prepaid items. No liquid asset limit.
• Funding comes from State and Bond.

Do you have to pay it back?

Trusty10 is a repayable second loan and is repaid under the terms set by the administering agency.

• Repayment is triggered by Monthly principal-and-interest payments on the second mortgage over the 15-year amortization. Remaining balance due-on-sale, refinance, non-owner-occupancy, or first-mortgage payoff.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Trusty10 is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Trusty10 limits household income to $136,640.

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Trusty10 caps the purchase price at $380,640.

• Eligible property types include Single-family detached, condominium, townhouse, PUD and manufactured home on permanent foundation per servicer overlays.
• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

Trusty10 names veterans, active-duty service members, reservists and National Guard members, and surviving spouses 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?

Trusty10 serves buyers purchasing in Statewide, Mississippi.

• The program targets specific areas: Federally designated targeted census tracts where MRB FTHB requirement is waived and higher income / purchase price limits apply.

How do you apply?

Applications for Trusty10 go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through MHC-approved homebuyer education provider (Framework, eHome America, or HUD-approved counseling agency)..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Reserved through MHC's Lender Online portal at time of rate lock by approved participating lender., 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.