Down Payment Assistance Program

Explore your mortgage options. Find the right options based on loan terms, down payment and other circumstances.

Smart6

Available for a 30-year fixed-rate mortgage Program Features: FHA insured, VA, Rural Development and Fannie Mae or Freddie Mac loans; No liquid asset limit; $6,000 with 0% interest due upon sell; Can be used with Mortgage Credit Certificate (MCC) program-must meet all IRS regulations and pay $300 non-refundable reservation fee; Purchase Price limit follows loan agency guidelines-unless used with MCC.
$6,000 down payment or closing cost at 0% interest on a 2nd mortgage Payable back to MHC at Due-On-Sale, Refinance, Non-Owner Occupied, or 1st Mortgage Paid in Full.
Eligible for new or existing homes Home must be located in the state of Mississippi. Eligible types of home: Single-family homes, townhouses, condominiums, or manufactured homes (depending on servicer overlays).
Household annual income $122,000 or less Buyer Eligibility: Must serve as your primary residence; household annual income $122,000 or less (unless used with Mortgage Credit Certificate); must be a legal resident of the United States; credit score is based on servicer guidelines; no first-time homebuyer requirements (unless used with Mortgage Credit Certificate).

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Easy8

Available for a 30-year fixed-rate mortgage The rate is subject to change. FHA, VA, Rural Development, and Fannie Mae or Freddie Mac loans are insured.
$8,000 with 0% interest on a 2nd mortgage Due-on-sale payable to MHC at refinance, non-owner occupied, or 1st mortgage paid in full.
You’re eligible if you are a first-time homebuyer or someone who has not owned a home for the last three years Eligibility: Frist-time homebuyers, or persons who have not owned a principal interest in a residence in the past three years; certain areas of the state, called “Target Areas” and Veterans are exempt from the “first-time homebuyer” rule; households who are within the income guidelines for the county in which they purchase a home; credit qualify with a participating lender; property must be owner-occupied & principal residence; homebuyer education required.

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Trusty10

Available for a 30-year fixed-rate mortgage The rate is subject to change. FHA, VA, Rural Development, and Fannie Mae or Freddie Mac loans are insured.
$10,000 down payment on a 2nd mortgage 2nd Mortgage has a 2% interest rate; a 15-year loan; can be used towards a down payment, closing costs, or pre-paids.
You’re eligible if you are a first-time homebuyer or someone who has not owned a home for the last three years Eligibility: Frist-time homebuyers, or persons who have not owned a principal interest in a residence in the past three years; certain areas of the state, called “Target Areas” and Veterans are exempt from the “first-time homebuyer” rule; households who are within the income guidelines for the county in which they purchase a home; credit qualify with a participating lender; property must be owner-occupied & principal residence; homebuyer education required.

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Mortgage Credit Certificate

Reduce the amount of federal income tax on your mortgage loan
Free up income to qualify for a mortgage
May be combined or used as a stand-alone product It may be combined with MHC’s Smart6 program at a 30-year fixed rate or used as a stand-alone product with a 15, 20, 25, or 30-year term.
First-time homebuyers or previous homebuyers are eligible Eligibility: First-time homebuyers or persons who have not owned a principal interest in a residence in the past three years are eligible. Certain areas of the state called “Target Areas” are exempt from the “first-time homebuyer” rule, and household members’ maximum annual income may not exceed certain income limits.
Specific program requirements for buyer eligibility Program Requirements: Property must be owner-occupied; property must be primary residence; must be a single-family residence; the manufactured home must be HUD-approved; borrower must own or purchase land on which the manufactured home will be sited; cost of the home must be within maximum acquisition cost limits for the county in which property is located; borrower must have available the following: $300 non-refundable reservation fee to participate in the program Sales contract including a legal description of the property Federal Income Tax returns for the past three years and any other documents required by the lender Homebuyer education certificate showing completion of classroom or online course

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