25 Miss. Code. R. 202-2.3 - Loan for existing home
When a veteran applies for a loan to purchase an existing home, the veteran must make an initial payment of twenty percent (20%) from his/her own cash savings. This form of initial payment may include, but is not limited to savings accounts, proceeds from the sale of a present home, mutual funds, 401K savings, cash gift from a family member, and proceeds from the sale of personal property. The initial payment of twenty percent (20%) cannot be in the form of borrowed funds, appraised equity, nor a second mortgage on the subject property.
Notes
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