Total Mortgage in Mississippi

MHC Smart6

The Smart6 program of the Mississippi Home Corporation provides 30-year mortgages at low & lucrative rates and lower mortgage insurance premiums. Options include Freddie Mac's 97% financing, FHA, VA, and USDA financing, which can be used in conjunction with down payment assistance in Mississippi.

This is a beneficial program for repeat and first-time home buyers in Mississippi who are buying residential property in this state. The property can be a single-family, condominium, townhome, or duplex. If someone is eligible for an FHA loan, they can look for a manufactured home. Federal income limits include a household income of $122,000.

MHC Mortgage Revenue Bond 7

The MRB7 program is meant for first-time home buyers, veterans, and individuals planning to buy a home in a designated area. Under this program, eligible applicants can enjoy down payment assistance along with competitive interest rates.

Eligibility criteria must be met. This includes meeting minimum credit score requirements based on your loan type (VA, FHA, USDA, and Fannie Mae or Freddie Mac). Income limits also apply based on the county.

Purchase price limits also apply to this Mississippi mortgage assistance program, which is $332,000 for a house in the target area and $275,000 for a house in the non-target area.

MHC Smart Solution Second

When you borrow a mortgage through MHC's Smart6 down payment assistance program in Mississippi, you qualify for the Smart Solution Second down payment assistance. Under this program, you can receive up to $6,000 in help as a second mortgage at zero percent interest.

MHC MRB7 down payment assistance Program

The MRB7 down payment assistance program in Mississippi offers financial aid of up to $7000 as a deferred, no-interest loan. These funds can be used to fulfill down payment & closing cost expenses. An additional benefit is that it is forgivable after 10 years.

MHC Housing Assistance for Teachers

MHC's Housing Assistance for Teachers grants eligible educators funding of up to $6,000. This first-time home buyer grant in Mississippi helps cover home-buying expenses, such as down payments and closing costs.

Any teacher teaching in the field of Special Education, Foreign Language, Mathematics, and Science in critical shortage areas is eligible for this grant. It is further forgiven if the applicant meets the following criteria:

• Teaching in a critical shortage school district for a minimum of three years.
• Buying a residential property in the county where the district is located.
• Teachers must make a personal contribution of 1% towards their home’s down payment and have reserves for a minimum of 1 month.

Mortgage credit certificate (MCC)

For Mississippi first-time homebuyers, a Mortgage Credit Certificate can reduce federal income taxes. This means that the credit can cover as much as 40% of your annual mortgage interest up to $2000 per year. MCC can help you become eligible for a mortgage loan in Mississippi and make your residential ownership more budget-friendly. Note that first-time home buyers in Mississippi must surpass household income requirements based on purchase price limits and county.

The City of Jackson Homebuyer Assistance Program

Do you want to live in Jackson using the mortgage assistance in Mississipi? If so, your dream can turn into a reality. All you need to see is if you fulfill the program’s eligibility criteria: the applicant’s income must be at or less than 80% AMI. Now, if you are eligible, you can get a second mortgage for up to $ 15,000 or more. There are no monthly payments, with a 0% interest rate, and a part of the loan is forgiven each year until it clears. There is only one nuanced requirement: homeownership education training. The only disadvantage is that the purchase price of your next home must be $156,000 and below. Finding the right home as per this requirement can be challenging and time-consuming.

DPA14

The MHC and the Board of Supervisors from Coahoma, Tunica, and Washington counties offer a 30-year fixed-rate mortgage at a lucrative rate through the proceeds of the sale of Mortgage Revenue Bonds.

This MS first-time home buyer program offers total assistance of $14000 ( a $7,000 forgivable loan and a $7,000 grant) with upfront costs linked to their residential property’s purchase. This ultimate program will run till April 20. 2026.

FHA Loan

This is a good choice for first-time home buyers in Mississippi if you have a low credit history. Just 3.5% of the home’s purchase price and a credit score of 580 are enough to make you eligible for FHA loans in Mississippi.