Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

Mississippi

Mississippi Home Corporation (MHC) Smart6 Program

  • What It Offers: Provides up to $6,000 in down payment and closing cost assistance.

  • Who Qualifies: First-time and repeat homebuyers using an MHC mortgage program.

  • Income Limits: Varies by county and household size.

  • Repayment: 0% interest loan, repayable upon sale, refinance, or payoff of the first mortgage.

  • Website: https://www.mshomecorp.com/programs/

Housing Assistance for Teachers (HAT) Program

  • What It Offers: Provides up to $6,000 in forgivable assistance for teachers purchasing homes in underserved areas.

  • Who Qualifies: Teachers working in qualifying school districts.

  • Income Limits: Based on program-specific guidelines.

  • Repayment: Forgivable after three years if the teacher remains employed in the district.

  • Website: https://www.mshomecorp.com/programs/

Jackson First-Time Homebuyer Assistance Program

  • What It Offers: Provides up to $15,000 in down payment assistance.

  • Who Qualifies: First-time homebuyers purchasing in Jackson, MS.

  • Income Limits: Based on HUD income guidelines.

  • Repayment: Forgivable loan after a set period.

  • Website: https://www.jacksonms.gov/homebuyer-assistance-program/

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Mortgage Credit Certificate (MCC) Program

  • Assistance: Allows first-time homebuyers to claim up to 40% of their annual mortgage interest (up to $2,000) as a federal tax credit each year for the life of the loan.

  • Eligibility: Income and purchase price limits apply, varying by county.

  • More Information: https://www.mshomecorp.com/programs/

City of Vicksburg

For other counties and cities in Mississippi, it's advisable to contact local housing authorities or community development offices, as additional programs may be available. Program availability and terms can change, so it's essential to verify the most current information directly with the administering agencies.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.