Applications for a Mississippi Home Buyer Advantage Grant will be accepted by the Mississippi Development Authority through July 15.

The federal grants provide one-time down payment assistance grants for those who purchase foreclosed property in the state. Grants range from $14,999 to $39,999.

“Residents who wish to participate in the program should act quickly to ensure their paperwork is received on time and that funding is still available,” said Caldon Williams of MDA.

Those awarded grants must live in the homes for five or 10 years, depending on the amount received. Those who move before the residency time period is up must repay a prorated portion of the grant.

Interested homebuyers may contact MDA at 601-352-5052 or visit http://mshomegrant.com/press/php.