Mississippi First-Time Buyer Programs

Mississippi Home Corporation (MHC) Programs:

Mississippi Home Corporation (MHC) is the state housing finance agency offering 30-year fixed mortgage options plus state down payment assistance. MHC updated program names and limits for 2026; always confirm county-specific income and purchase limits before advising a client at MHC Programs or the program pages below.

Mississippi First-Time Homebuyer Mortgage Programs:

Top MHC offerings (short):

• Smart7 — 30-year fixed with a $7,000 0% second mortgage; typically due on sale, refinance, non-owner occupancy, or maturity. Smart7 lists a household income cap on the program page (example: $137,870) and a Smart7 purchase cap (example: $413,610) — check county-specific rules on MHC’s Smart7 and Income Limits pages. See Smart7 details and MHC Income Limits.
• Easy8 — 30-year fixed with an $8,000 0% second mortgage; repayable on sale, refinance, or other trigger events in many cases. Easy8 has county/target-area acquisition caps — see Easy8 details and the MHC acquisition limits on the Income Limits page.
• Trusty10 — 30-year fixed first mortgage paired with a $10,000 second mortgage that is amortized and payable (Trusty10 second is commonly structured as a 15-year amortizing loan at about 2.00% per MHC lender materials). Trusty10 also has a Trusty10 Plus2 option (extra $2,000 through Mississippi REALTORS® partnership) in some cases — see Trusty10 lender resources and MHC acquisition limits.
• JustRate — 30-year fixed at a competitive MRB-backed rate without a DPA second mortgage; follows MRB acquisition limits and first‑mortgage eligibility rules. See JustRate.
• Housing Assistance for Teachers (HAT) — targeted teacher assistance administered by MHC (MS Dept. of Education funds). Program materials show MSDE assistance up to $6,000 to cover required buyer funds at closing in qualifying critical-shortage districts (forgivable after the specified service period). See HAT details.
• Home4All — HUD‑funded Home program administered by MHC offering larger assistance (MHC lists up to $25,000); HUD‑approved counseling/certificate is required before reservation. See Home4All details and MHC counseling resources.

Eligibility & limits (overview):

• First-time homebuyer definition: typically no ownership in the past 3 years unless a product or county is targeted; some MHC products or target areas (and veteran exceptions) allow repeat buyers — confirm on the program pages or with an MHC-approved lender.
• Income limits: county- and program-specific. MHC publishes county AMI-based income limits and acquisition (purchase) caps — check MHC Income Limits for exact numbers and effective dates (MHC published MRB income/acquisition limits effective 05/18/2026).
• Purchase price caps: MHC sets purchase limits by product and county. As an example, MRB products (Easy8/Trusty10/JustRate) commonly list acquisition limits near $382,590 (target) / $316,373 (non-target) — confirm county-specific caps on MHC’s acquisition limits tables.
• Credit and underwriting: MHC delegates minimum credit and underwriting overlays to participating lenders. Typical lender overlays vary (many lenders look for mid-600s for conventional overlays; FHA/VA/USDA have their own published underwriting rules) — verify at the lender level.
• Homebuyer education: MHC and most local HOME-funded programs require homebuyer education or counseling from an approved agency prior to reservation or closing (Home4All requires a HUD-approved counseling certificate before reservation). See MHC’s list of approved housing counselors.

Down Payment Assistance (DPA) Options (MHC):

MHC pairs first mortgages with fixed-dollar second-lien assistance in most MRB-branded products. Key points from MHC official materials:

• Smart7/Easy8 — fixed-dollar second loan ($7,000 or $8,000) at 0% interest; typically repayable on sale, refinance, or other trigger events. See Smart7 and Easy8.
• Trusty10 — $10,000 second loan commonly amortized over 15 years at ~2.00% (repayable); see MHC lender resources for exact maturity and servicer forms. See Trusty10 lender resources.
• Home4All — larger assistance up to $25,000; requires mandatory HUD-approved counseling and a certificate of completion prior to reservation. See Home4All.
• Some DPA options may be forgivable or partially forgivable depending on program rules and the affordability period (for example HAT forgives assistance after the required service period) — check the individual MHC program pages for precise forgiveness terms and the applicable affordability period.

Mississippi Heroes and Targeted Help:

MHC and local partners run targeted programs for teachers and other public servants. See HAT and Home4All descriptions on MHC’s program pages for scope and area limitations: HAT and MHC program resources.

Local Programs (verified examples):

Cities and counties administer HOME funds and other local DPA. Funding and award amounts change by program year and NOFA; verify availability and current maximums with the local housing office listed below.

Jackson / Hinds County

City HOME Homebuyer Assistance: The City of Jackson OHCD administers HOME-funded homebuyer assistance, down payment and closing cost help, and homebuyer education resources. Confirm eligibility, current income bands, and any purchase-price caps with the City’s Office of Housing and Community Development. (City OHCD: Jackson OHCD.)

Hattiesburg / Forrest County

City of Hattiesburg DPA: The City of Hattiesburg has offered HOME-funded DPA in past NOFAs. A Hattiesburg brochure dated 2021 lists a forgivable assistance amount up to $20,000; treat the 2021 brochure as historical and confirm current program maximums and income limits with Hattiesburg before relying on the 2021 brochure. (Hattiesburg DPA brochure (PDF).)

Gulfport / Harrison County

Gulfport / Harrison County: The City of Gulfport and Harrison County participate in a HOME consortium and periodically fund DPA through action plans and NOFAs. Official Gulfport community development pages show recurring HOME program activity; contact Gulfport or Harrison County HOME administrators for the current award amounts and eligibility. (Gulfport Community Development.)

Additional Information:

• USDA Loans: Single-family USDA guaranteed loans can permit 100% financing (no down payment) in eligible rural areas; check property eligibility and income limits with USDA Rural Development (official fact sheet cited). (See the USDA fact sheet: USDA SFH‑G fact sheet.)
• VA Loans: VA-backed loans may allow no down payment for eligible veterans and service members; eligibility and entitlement rules apply. See official VA guidance: VA Home Loans.
• FHA Loans: FHA typically requires a 3.5% down payment for borrowers with credit scores roughly 580 and above; lower credit scores usually require larger down payments. Lender overlays and mortgage insurance rules vary, so confirm with your lender and HUD: HUD / FHA guidance.

Always confirm daily interest rates, lender overlays, and the exact county program limits directly with an MHC-approved lender and local program administrators. For MHC program details and the most current county limits use MHC Programs, the MHC Income Limits page, or the specific program pages linked above.

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