First-Time Home Buyer Programs in Mississippi

Mississippi Home Corporation (MHC) Programs:

Smart6 Program:

Eligibility: First-time and repeat buyers statewide.
Offerings: 30‑year mortgage paired with $6,000 no-interest deferred grant.
Requirements:

• Income ≤ $122,000. Smart6 program info.
• Minimum credit score 640‡.
• DTI ≤ 45%.
• Homebuyer education required for first‑timers.
• Purchase price cap $258,000; $309,000 in targeted areas.

Mortgage Revenue Bond 7 (MRB7):

Benefits: $7,000 0% interest, 10‑year forgivable second loan.
Eligibility: First-time buyers, veterans, or buyers in target zones.
Details: Income ≤ $122,000; same purchase caps as above. MRB7 info.

Housing Assistance for Teachers (HAT):

Description: Up to $6,000 forgivable grant for educators in critical-shortage areas.
Requirements: 3 years teaching + 1% borrower cash + one month reserves. HAT program info.

Other Statewide Programs:

• Easy8: $8,000 no-interest grant.
  
• Trusty10: $10,000 second loan at 2% for 15 years.
• Home4All: Need-based grants up to $25,000.
• DPA 14: $14,000 combined grant/loan in Tunica & Washington Counties through Apr 30, 2026.

Local Programs:

Jackson

Jackson Homebuyer Assistance: Up to $15,000 0% interest second mortgage (forgivable annually); income ≤ 80% AMI; house cap $156,000.

Vicksburg

Vicksburg DPA: Up to 4% grant or $25,000 forgivable loan over 5 years.

Gulfport

Gulfport First-Time Buyer Program: Up to $10,000 deferred 0% loan; income ≤ 80% AMI.

Additional Information:

• Mortgage Credit Certificate (MCC): Up to 40% tax credit on mortgage interest (max $2,000/year).
• FHA Loans: 3.5% down, credit ≥ 580.
• USDA & VA Loans: 0% down options available.