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 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. Smart7 has specific income and acquisition limits set by MHC per county; see the MHC income limits table. (MHC Programs, Income Limits)
• 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: MHC lists grant funds up to $6,000) for qualifying certified public school teachers in select areas.
• Home4All — up to $25,000 in homebuyer assistance; requires contact with and completion of housing counseling before a loan reservation.

Eligibility & limits (overview):

• First-time homebuyer definition: typically no ownership in the past 3 years unless a product or county is targeted; Smart7 may be available to repeat buyers in some counties. Confirm on MHC pages or with an MHC-approved lender.
• Income limits: county- and program-specific. MHC publishes county AMI-based income limits and acquisition (purchase) caps — many single-family limits commonly fall in ranges shown on the MHC income table. Check MHC Income Limits for exact numbers and effective dates (new 2026 limits effective May 18, 2026).
• Purchase price caps: MHC sets program purchase limits by product and county (examples and exact caps are on the MHC income page).
• Credit and underwriting: MHC delegates credit score requirements to participating lenders. Common minima for lender overlays often start around the low 600s for conventional overlays; FHA, VA, and USDA have their own rules. Expect lender overlays and verify with the lender.
• 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 counseling certificate before reservation).

Down Payment Assistance (DPA) Options (MHC):

MHC pairs first mortgages with fixed-dollar second-lien assistance in most 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 MHC Programs.
• 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 a certificate of completion from an approved housing counseling agency prior to reservation. See Home4All details.
• Some DPA options may be forgivable or partially forgivable depending on program rules and the affordability period; check the individual program pages on MHC for precise forgiveness terms.

Mississippi Heroes and Targeted Help:

MHC and local partners run targeted programs for teachers and other public servants. See HAT and Home4All descriptions on 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 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 a HOME-funded DPA program. The city brochure lists a forgivable assistance amount up to $20,000 (brochure dated 2021) and HUD 80% AMI income targeting; 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 action plan documents show recurring homebuyer assistance in the HOME program; contact Gulfport or Harrison County HOME administrators for the current award amounts and eligibility. (Gulfport Action Plan / HOME documents.)

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 official 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. (See HUD/FHA guidance and lender resources.)

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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