MS SB2355

Amends Section 35-7-17, Mississippi Code of 1972, to revise conditions under which the Veterans' Home Purchase Board may refinance permanent mortgage loans.

Changes refinancing requirement from requiring a weighted average interest rate at least 3.5% greater than the refinance loan rate to requiring the refinance loan terms comply with Department of Veterans Affairs guaranteed loan program guidelines.

Limits refinance loans to payoff of existing mortgages plus closing costs, capped at 80% of property value or available Department of Veterans Affairs guaranty amount.

Allows the board to establish different interest rates, terms, and conditions on refinance loans compared to original loans made by the board.

Takes effect upon passage.