Housing Assistance for Teachers: Mississippi Initiative Supports Educators in Lafayette County
Mississippi’s Housing Assistance for Teachers program aids educators in purchasing homes in regions facing severe teacher shortages.
The program is currently available locally for teachers in the Lafayette County School District, as it was one of the districts identified as having a teacher shortage. Teachers who meet the requirements must agree to serve in designated districts for a period of three years.
The program provides forgivable grants of up to $6,000 to assist with closing costs and down payments. Applicants are required to meet certain credit criteria and are expected to provide a down payment of 1%.
Properties must be located within the teacher’s employment district. Income limits do not apply unless combined with other Mississippi Home Corporation loan products. Income limits do not apply unless combined with other Mississippi Home Corporation loan products.
If the applicant stays employed for three years in one of the 71 school districts in Mississippi facing a critical shortage of teachers, this grant will be forgiven.
In addition, this grant must be used in combination with a 25- or 30-year fixed loan, such as FHA, VA, USDA, Fannie Mae, or Freddie Mac products. The available funds are distributed on a first-come, first-served basis, and the grant program receives funding on an annual basis.
Source: The Oxford Eagle
