Last Updated on September 12, 2023 by Lori Pace
Mississippi Home Corporation receives federal funding for use in creating the Homesaver Plus/Hardest Hit Fund. Although the program has many goals, the main purpose is to help homeowners with mortgage assistance who have lost their income. Reasons are job loss, a medical emergency or are currently unemployed.
The state will implement a statewide assistance program. It will target both the unemployed and the underemployed throughout the state. It will offer mortgage assistance to Mississippi borrowers who could lose their home due to default on their mortgage loans or face foreclosure because of an uncontrollable event.
The Home Save and Hardest Hit Fund provides qualified homeowners in the state with the assistance they need to find work and increase their income, without having to worry about their home being foreclosed. This program can even help homeowners who are behind or in default on their mortgage payments to make them current.
Details on Mississippi Homesaver Plus and Hardest Hit Fund
Before someone is eligible for assistance, there are several criteria. The program offers different types of mortgage help.
- Qualified homeowners may receive up to 6 monthly payments to cover past mortgage arrear balances.
- To help individuals avoid foreclosure, the Home Saver program will cover up to 12 months’ worth of monthly mortgage payments.
- The borrower must not be current on their mortgage or be at imminent risk of defaulting or losing their home.
- The borrower must be able to afford a monthly mortgage payment. This is due to income loss, unemployment, or a medical emergency. The homeowner must prove that they are able to show proof of hardship.
- A monthly mortgage payment must not exceed 31 percent of the borrower’s gross monthly household income.
- The property must be used as the borrower’s primary residence. They can’t have any other homes.
- Mortgage assistance will allow eligible borrowers to gain the time and income they require without worrying about foreclosure.
To learn more about the Homesaver Plus – Hardest Hit fund, call the Mississippi Home Corporation at 601-718-INFO.