Bill > SB2769

This bill establishes the "Market-Ready Homes Revolving Loan Program" and the "Market-Ready Homes Revolving Loan Fund" in Mississippi, both to be administered by the Mississippi Home Corporation (MHC). The program aims to help homeowners, specifically those owning "starter homes" (defined by a calculation based on local median income), make necessary repairs and upgrades to increase their home's listing price. Loans from the fund will have a six-month term with mandatory repayment, below-market interest rates, and can be used for various improvements like window replacement, roof repairs, and HVAC upgrades, provided they help the home qualify for a mortgage. To qualify, homeowners need repair quotes from licensed contractors and a listing agreement with a licensed real estate agent. Loan amounts are based on repair cost estimates, not exceeding 85% of the estimated post-repair value (determined by a Broker Price Opinion or BPO) and capped at $30,000, after accounting for existing liens. The MHC can also charge application fees. While a single three-month loan extension is possible under specific circumstances, the program is set to be repealed on July 1, 2029. The bill also amends existing law to explicitly grant the MHC the power to carry out this new program.

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https://billstatus.ls.state.ms.us/2026/pdf/history/SB/SB2769.xml