Buying a home in Mississippi may be within reach of other parts of the country. The state offers relatively affordable property. Especially for first-time home buyers working on a moderate budget.
Even if your home costs are low, you may need help covering your home purchase advance costs. If you are a first-time home buyer in Mississippi, you Mississippi Home Corporation (MHC). The state’s Housing Treasury Department can connect you with mortgage programs and down payment assistance that can help with advance payment costs to buy a home. There are also special programs for certain types of borrowers.
Furthermore, there are nationwide Home Buying Program It is designed to help first-time buyers as well. Let’s take a look at what agents and others have to offer.
Mississippi’s first home buyer program
MHC SMART6
Mississippi Home Corporation’s Smart6 Program We offer a 30-year mortgage paired with down payment assistance of up to $6,000. Down payment assistance is provided in the form of a second mortgage with no profits and can be used to cover down payments and closing costs. Borrowers can choose from a variety of loan types, including FHA, VA, USDA, and Freddie Mac loans. This program can repeat first-time home buyers.
Mississippi Down Payment Support and Grants
home4all
home4all is a needs-based HomeBuyer Assistance program that offers up to $25,000 in financial assistance to help qualified first-time home buyers buy a Mississippi home. This assistance will be provided as a grant to cover down payments and closing costs.
The amount awarded is based on the individual’s financial needs and is subject to an affordable period. Participants must complete their home buyer education through a HUD approved housing counseling agency before applying. The program supports a variety of loan types, including FHA, VA, USDA and 30-year traditional loans.
MHC Housing Support for Teachers
MHC’s Housing support for teachers (HAT) programs provide eligible educators who provide up to $6,000 permitted assistance to cover down payments and closing costs. The program is designed to encourage teachers to work and stay in designated critical shortages in Mississippi, including specific school districts and subject areas such as mathematics, science and special education. The funds are structured as a tolerant loan without monthly payments, and full forgiveness is granted if the teacher meets all services and residency requirements.
City-specific Home Buyer Support Program
Jackson City Home Buyer Assistance Program
Jackson City HomeBuyer Assistance Program Provide down payment assistance through non-profit partnerships under federal home funding. The assistance will be provided as a second mortgage with monthly payments and zero percent interest. Loans are partially permitted each year.
DPA 14 (Tunica and Washington Counties)
MHC will work with the Tunica and Washington County Board of Supervisors to provide the competitiveness of a 30-year fixed-rate mortgage through revenue from the sale of mortgage income bonds. DPA 14 Program It also offers $7,000 in grants and $7,000 in generous loans. This helps borrowers with advance fees associated with the purchase of the home for a total support of $14,000. This program will run by April 30, 2026.
Other Mississippi First Home Buyer Loans
First-time home buyers in Mississippi Mortgage credit certificate (MCC). The MCC is a tax credit of 40% of annual mortgage interest and up to $2,000 a year. The idea is that credits help you qualify for a mortgage and make home ownership more affordable for you.
In addition to being a first-time home buyer, you also need to meet different household income restrictions depending on the county and purchase price restrictions.
Mississippi’s first-time home buyers have other options besides state-level assistance, including government loan programs. These include FHA, VA, or USDA loans.
- FHA loan: This government-supplied option is suitable for first-time home buyers who don’t have money due to large down payments or many of their credit history. Only 3.5% of the purchase price is required, and lenders may be able to qualify for an FHA mortgage with a credit score of 580 people.
- VA loan: For a qualified service member, veteran, or eligible spouse, this mortgage, guaranteed by the Department of Veterans Affairs, does not require a down payment or a minimum credit score.
- USDA loan: Just like with a VA loan, there is no down payment required. You may only need a credit score of 640 to qualify with a USDA-approved lender. USDA loans help first-time home buyers buy homes in designated rural areas in Mississippi. check here Check if your property qualifies for this mortgage.
Mississippi’s first-time home buyers are also available to traditional loans, but some have fallen by just 3%. Heading to the bank rate First Home Buyer Loans and Programs Please see details.
Let’s get started
Once you’re ready to buy your first home, consider starting with the Mississippi Housing Corporation and learning about the agency’s affordable mortgage options and specific requirements for each.
If you like what you see, you can connect with being involved Mortgage lender Your area to decide on your next step.
Be sure to research the type of funding you will ultimately choose. Mortgage fees You will ensure you find the best rates and conditions available and offer to take advantage of your first home purchase grant, such as an FHA, VA, or USDA loan or a national mortgage program. Also, don’t forget to compare Homeowner Insurance Company In the state, find the best coverage for your needs.
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