Fannie Mae's Expanded Approval LoansEnhanced Streamline RefinanceMississippi Mortgage Revenue Bond LoansMHC Down Payment AssistanceFNMA’s “HomeChoice” Loans“Housing Assistance for Teachers” Loan ProgramReverse Mortgage Loan ProgramSimultaneous Second LoansTrustmark’s “New Physician” Loan programTrustmark's My Community MortgageCommunity Solutions
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Fannie Mae's Expanded Approval Loans
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Expanded Approval Loans allow us to approve loans that fall outside of traditional underwriting guidelines. Because of credit issues, higher debt loads or other risk factors present in the loan, we can now offer competitively priced financing options to borrowers who may have otherwise been denied. Fannie Mae's Expanded Approval Loan program offers borrowers very competitive loan terms and interest rates.
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Enhanced Streamline Refinance
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For borrowers who already have their mortgage loan with Trustmark and want to refinance to a lower interest rate, we offer our Enhanced Streamline Refinance loan or ESR. This program offers minimum qualification requirements. This program is by far the easiest and most efficient way possible to refinance your existing Trustmark mortgage loan and immediately enjoy the savings of a lower interest rate.
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Mississippi Mortgage Revenue Bond Loans
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The Mississippi Revenue Bond Program or "Bond Loan" as it is more commonly referred, is a program designed for first-time home buyers. It offers down payment and closing cost assistance through the MS Home Corporation. This assistance can be used on an FHA, VA, Rural Development and some conventional loan programs. Income and sales price limits do apply with this program.
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MHC Down Payment Assistance
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Mississippi Home Corporation offers down payment assistance through second mortgages up to 3% of the loan amount. This money can be used to pay down payment and closing costs. The interest rate on the second loan is the same as the first mortgage and has a term of 10 years. There is no pre-payment penalty. Income and sales price limitations apply.
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FNMA’s “HomeChoice” Loans
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Our Home Choice loan program is designed specifically for people with disabilities and those with dependents with disabilities. Underwriting flexibilities include budget based qualifying using alternative sources of income. Homeownership and financial counseling is required and is provided to insure disabled people have access to homeownership opportunities.
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“Housing Assistance for Teachers” Loan Program
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Up to $6,000 is available to teachers purchasing homes in Mississippi in areas designated by the MS Department of Education as having a teacher shortage. Conventional, fixed rate financing is available with limited qualifying guidelines. There is no limitation on income or sales price. Borrower must contribute 1% plus one months payment as a downpayment. Homeownership counseling may be required.
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Reverse Mortgage Loan Program
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A Reverse Mortgage is a loan program specifically designed for persons 62 years of age or older. This unique program allows seniors to turn the equity of their home into cash money without having to make monthly loan payments. The Reverse Mortgage does not have to be repaid as long as the senior lives in the home. Many seniors use the money from a Reverse Mortgage to complete home repairs, pay off consumer or medical debt, to travel, or just as a supplement to their monthly retirement income. Qualification is simple. Contact our Reverse Mortgage Loan Specialist, Shari Crook at 601-939-1490 for more information about this program.
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Simultaneous Second Loans
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This second mortgage loan product offers borrowers the ability to use a second mortgage to lower their loan to value below 80%. This type transaction is also referred to as a "Piggyback" mortgage.
For example, the borrower would put 10% of their own money as a down payment, obtain a 1st mortgage loan for 80 % and use a Simultaneous Second loan for the remaining 10%.
By lowering your 1st mortgage's loan to value below 80%, PMI or Private Mortgage Insurance is not required. This program is available on Conventional loans only. Both a 15 yr fixed rate and a 30 year, with a 15 year balloon is available.
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Trustmark’s “New Physician” Loan program
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Trustmark's "New Physician" loan program is designed to meet the needs of new physcians just entering the medical profession or medical residents at an approved universtiy. This program offers 100% + financing for new physcians desiring to purchase a home.
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Trustmark's My Community Mortgage
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100% financing is available to borrowers whose income does not exceed 100% of the median income for the county in which the property is located. Borrower's minimum contribution toward closing cost and prepaids is the lesser of 1% of the sales price or $500. Homeownership counseling is required for the program.
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Community Solutions
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Community Solutions loan program offers 100% financing for teachers, policemen, firemen, emergency medical and other security personnel. Borrower's minimum contribution is the lesser of 1% of the sales price or $500. Homeownership counseling is required.
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