Mississippi Home Corporation (MHC) Programs:
Updated May 18, 2026Mississippi 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.
Seeking Agents® connects you with Mississippi agents experienced in these programs who compete to offer reduced commissions or added services—free for buyers/sellers.
Frequently Asked Questions
What first-time home buyer assistance is available in Mississippi?
Mississippi buyers may qualify for statewide housing assistance, local opportunities, and federal loan options such as FHA, VA, and USDA loans. Programs vary by location, borrower profile, and current funding availability.
Who qualifies as a first-time home buyer in Mississippi?
Generally, Mississippi programs use a three-year standard, meaning you typically must not have owned a principal residence during the previous three years. Some program-specific exceptions may apply.
Can Mississippi programs help with closing costs too?
Yes, some Mississippi buyer assistance programs can help cover closing costs in addition to part of the down payment. The form of help depends on the specific program and may include grants or subordinate financing.
Do Mississippi buyer programs require homebuyer education?
Many Mississippi first-time buyer programs require a homebuyer education class before closing. This requirement is intended to help buyers prepare for mortgage qualification and long-term ownership costs.
Why use a Mississippi real estate agent familiar with assistance programs?
A Mississippi agent with program experience can help you identify suitable properties, coordinate timing with your lender, and avoid common issues when using buyer assistance funds.