Mississippi Administrative Code Title 25 - Military and Veterans - Veterans' Home Purchase Board
Here’s a detailed summary of Mississippi Administrative Code – Title 25: Military & Veterans – Veterans’ Home Purchase Board:
📚 Overview & Organization (Title 25)
Parts & Chapters:
Part 101 – State Veterans Affairs Board (Chapter 1)
Part 102 – Organization (Chapters 1–6)
Part 103 – Administrative Rules (Chapters 1–4)
Part 201 – Organization & Executive Policies (Chapters 1–3)
Part 202 – Loan Policies (Chapters 1–19)
Part 201 · Organization & Executive Policies
• Chapter 1 – Organization of VHPB
Rule 1.1: Defines chapter scope (duties, structure, public contact)
Rule 1.2 – Duties:
VHPB is a state agency under Miss. Code §§ 35‑7‑1 through 35‑7‑51
Charged with funding residential mortgage loans for eligible veterans
Rule 1.3 – Board structure:
6-member board appointed by Governor (Senate‑confirmed)
Executive Director + three department heads (Mortgage Origination, Servicing, Finance) and supporting staff
Rule 1.5 – Contact info:
Address & phone provided; details on official site
• Chapter 2 – Rulemaking Oral Proceedings
Procedures for public hearings on new or amended rules. Requests must meet formatting requirements, notice periods, signage, time limits, etc.
• Chapter 3 – Declaratory Opinions
Defines who may request written interpretations of statutes/rules/orders, submission format, timeframe (within 45 days response or commit within 90 days), grounds for refusal, and public indexing
Part 202 · Loan Policies
This part includes 19 chapters governing various aspects of loan programs.
Highlights:
Chapter 1 – Loan Refinancing Policy:
Limits refinance to specific cases: temporary loans, hardship, construction loans, or when market conditions warrant. Defines eligibility criteria (e.g., prior loan payment history, rate differentials, funding availability)
Chapters 2–4 – Non‑Guaranteed Loans, Interest Rates & Closing Funds:
Chapter 2: Non-guaranteed loans require 20% down payment from veteran’s own funds; defines acceptable sources (savings, sale proceeds, gifts), excludes borrowed funds
Chapter 3: Board sets posted rates monthly; exceptions allowed; rate locks defined (45 days)
Chapter 4: Borrower must have closing cost funds plus two months’ payment reserves verified by statements
Chapters 5–7 – Appraisals, Privacy & Divorced Veteran Guidelines:
Chapter 5: VA-guaranteed loans use VA-assigned appraisers; non-guaranteed loans require state-licensed local appraisers
Chapter 6: Enforces customer privacy in accordance with federal/state law
Chapter 7: Guidance for divorced veterans—criteria for loan retention, deed transfers, release procedures
Chapter 8 – Loan Assumptions:
Policies to allow assumption of VA loans closed prior to March 1988 under certain conditions (transfer fee, insurance, title, application packet)
Chapter 9 – Maximum Loan Limit Policy:
Board reviews limits biannually (March & September), based on median home prices from reliable sources (Realtor associations, Fannie Mae, HUD, etc.)
Chapter 10 – Waiting List Policy:
In fund-short times, veterans are placed on a waiting list (first‑come, priority for disabled/Vietnam vets)
Chapter 11 – Divestment of Property:
Veterans must divest primary residence (other than true rental property) before buying another, with provisions for waivers/affidavits
Chapters 12–19 – Operational Policies:
Ch. 12: Late charges—4% if payment >15 days late
Ch. 13: Handling insurance loss-draft funds during repairs
Ch. 14: ACH automated payments allowed
Ch. 15: Collateral insurance policies (deductibles, escrows)
Ch. 16: Confidentiality of borrower data
Ch. 17: Procedures on borrower’s death
Ch. 18: Delinquency interventions after 36 days
Ch. 19: NSF policy—non-sufficient funds handling
🏛 How to Access the Complete Text
For full regulatory text, including precise wording and updates:
Cornell LII has searchable code by title and part
Justia provides full breakdown by part and chapters
Mississippi Secretary of State (SOS) site hosts official PDFs and updates
Summary
| Category | Key Points |
|---|---|
| Structure | 4 Parts; covers board governance, rulemaking, loan policies |
| Board Duties | Provide home-purchase/residential mortgage funding to eligible vets |
| Eligibility | Requirements for down payment, refinancing, assumptions, divorce, etc. |
| Loan Terms | Rates, appraisals, insurance, late fees, ACH payments, delinquencies |
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