Mississippi Administrative Code
Title 6 - Economic Development
Part 4 - Community Services
Chapter 6 - Mississippi Single Family Residential Housing
Rule 6-4-6.4 - Lending Guidelines
Current through September 24, 2024
The maximum and minimum loan amounts are $750,000 and $100,000, respectively. The loan amounts will be divided according to Participant's Pro Rata Share. MDA, Fannie Mae, and MS Home Corporation (MHC) are considered as Participants under the program. The total funding sources for the program are as follows:
A. MS Home Corporation: $2,000,000;
B. MDA: $5,000,000, and;
C. Fannie Mae: $5,000,000.
The Ownership/Participation Percentages consist of 41.667% and 50%. Interest rates assigned by Participants are blended to leverage the cost and availability of construction financing. MDA's interest rate is assigned at 3% on funds disbursed. Loans may be for a term up to 2 years with a possible six months extension at the discretion of the Participants. The loans are made in the form of lines of credits and are reviewed for renewal on an annual basis. Loans that are funded shall not have a loan to value ratio that is greater than 80%.
House Bill 530, 1999 Regular Session
