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 program names and amounts changed for 2026; verify county-specific income and purchase limits before making a client decision at MHC Programs and the MHC Income Limits page.

Mississippi First-Time Homebuyer Mortgage Programs:

Top MHC offerings (short):

• Smart7 — 30-year fixed with a $7,000 0% second mortgage; principal due on sale, refinance, or maturity. (Check MHC for county income rules; Smart7 may not require first-time status in all counties.)
• Easy8 — 30-year fixed with an $8,000 0% second mortgage; repayable on sale, refinance, nonowner occupancy, or maturity.
• Trusty10 — 30-year fixed with a $10,000 second mortgage at 2% interest paid over a 15-year term.
• JustRate — 30-year fixed at a competitive market rate without a second mortgage feature.
• Housing Assistance for Teachers (HAT) — targeted grant funds (example: up to $6,000) for qualifying certified public school teachers in select areas.
• Home4All — up to $25,000 in homebuyer assistance; requires completion of housing counseling and a certificate from an approved housing counseling agency before reservation.

Eligibility & limits (overview):

• First-time homebuyer definition: typically no ownership in the past 3 years unless the product or county is targeted; Smart7 is often available to repeat buyers in some counties. Confirm on MHC pages or with an MHC-approved lender.
• Income limits: county- and program-specific. Many county AMI-based limits for single-family programs fall roughly in the range of about $78,000 to $110,000 for smaller households, but limits vary by county and household size — always check the MHC income table for exact numbers and effective dates.
• Purchase price caps: MHC sets program purchase limits (example: Smart7 and other MHC products have specific acquisition limits; see the income limits page for the exact cap per program and county).
• Credit and underwriting: MHC leaves credit score requirements to participating lenders. Common mortgage minima are often around 620+ for conventional-type overlays, while FHA and VA have different thresholds; expect lender overlays.
• Homebuyer education: MHC and most local HOME-funded programs require homebuyer education or counseling from an approved agency prior to reservation or closing.

Down Payment Assistance (DPA) Options (MHC):

MHC pairs first mortgages with second-lien assistance in fixed-dollar amounts rather than percentage-based grants in most of its branded products. Key points:

• Smart7/Easy8 — fixed-dollar second loan ($7,000 or $8,000) at 0% interest; typically repayable on sale, refinance, or other trigger events.
• Trusty10 — $10,000 second loan at 2% interest with scheduled payments over 15 years.
• Home4All — larger assistance up to $25,000 but requires mandatory counseling and pre-approval via an approved housing counselor.
• Some DPA options are forgivable or partially forgivable depending on the program and affordability period; check the individual program rules on MHC.

Mississippi Heroes and Targeted Help:

MHC and local partners run targeted or specialist programs for teachers and public servants. See the HAT and Home4All descriptions at the MHC programs page for scope and area limitations: MHC Programs.

Local Programs (verified examples):

Cities and counties administer HOME funds and other local DPA. Funding changes by award year; verify availability and current maximums with the local housing office.

Jackson / Hinds County

City HOME Homebuyer Assistance: City of Jackson administers HOME-funded DPA for low- and moderate-income households. Eligibility is often set at 80% AMI and the current city purchase cap is published by the City (example: Jackson lists a $156,000 purchase cap for its HOME DPA). See the City program page for application steps and exact limits: Jackson Homebuyer Assistance Program.

Hattiesburg / Forrest County

City of Hattiesburg DPA: HOME-funded DPA is available through the city. The Hattiesburg brochure documents forgivable assistance up to $20,000 (income limits apply and homebuyer education is required). Verify current application details at the City DPA page or by calling the city: Hattiesburg DPA brochure.

Gulfport / Harrison County

Gulfport / Harrison County: The city and county administer HOME funds through a consortium and make periodic DPA awards. City action plans and HOME award notices are the source of up-to-date details; contact the City of Gulfport or Harrison County HOME consortium for current assistance levels. See the City of Gulfport planning documents for HOME allocations and program structure.

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. See the USDA fact sheet: USDA SFHGLP fact sheet.
• VA Loans: VA-backed loans may allow no down payment for eligible veterans and service members; eligibility and entitlement rules apply. See VA guidance: VA Home Loans.
• FHA Loans: FHA rules commonly require a 3.5% down payment for borrowers with credit scores of 580 or higher; lower scores may require larger down payments. Confirm lender overlays and HUD policy with your lender. See HUD/FHA policy background in archived HUD guidance (consult lender/HUD for current underwriting rules).

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 and MHC Income Limits.

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