What It Covers, and What It Costs You Monthly
Program and regulatory figures verified October 6, 2026. Details change; confirm your scenario with us.
Mississippi is unusual in having both kinds of assistance in one agency's stack. Which kind you pick decides whether the amount even matters.
The two kinds of Mississippi assistance
| Program | Amount | Monthly cost | Does the amount matter? |
|---|---|---|---|
| Smart7 | $7,000 | None | No — take all of it |
| Easy8 | $8,000 | None | No — take all of it |
| Trusty10 | $10,000 | Yes | Yes — take what you need |
| Trusty10 Plus 2 | $12,000 | Yes | Yes |
| HAT | Up to $6,000 | None | No — it is forgiven |
On a 0% deferred second there is no monthly cost and no DTI impact, so the full amount is the right amount. On an amortising second at 2% over 15 years, every dollar adds a payment.
What does the assistance cover?
Down payment, closing costs, and on Easy8 and Trusty10 prepaid expenses as well. On an FHA purchase the minimum down payment is 3.5% of the price, since HUD Handbook 4000.1 caps purchase loan-to-value at 96.5%, so on a $200,000 home Smart7's $7,000 covers the full down payment with room left over.
HAT is broader in one respect and narrower in another: it covers down payment beyond your required 1%, closing costs, prepaids and mortgage insurance, but it caps at $6,000 and requires that 1% from your own funds.
★ What does Trusty10 cost monthly?
We do not print payment figures and we do not publish rates. What we will tell you is the structure: $10,000 at a 2% rate over 15 years, amortising, billed monthly from the month you close.
And we will show you both numbers side by side on your own file before you choose. That comparison, Smart7 against Trusty10 with your actual income and your actual purchase price, is the only version of this calculation that means anything.
★ Why taking the biggest number can cost you twice
Trusty10's second payment counts in your debt-to-income ratio. So every extra dollar of assistance does two things:
- Adds a monthly cost for fifteen years.
- Reduces the first mortgage you can qualify for, because the same DTI room is now occupied.
Taking $10,000 when $7,000 closes the gap buys you nothing and charges you for fifteen years. And Smart7's $7,000 comes with a higher income ceiling and no first-time rule on top. The full comparison.
The other cost nobody calculates
There is a second price on the bigger programs and it is not monthly. Easy8 and Trusty10 both replace Smart7's $137,870 statewide income ceiling with a county figure as low as $81,100, and cut the purchase price cap from $413,610 to as little as $316,373.
Run that as a calculation and $1,000 of extra assistance can cost $56,770 of income headroom. That is the Mississippi arithmetic that matters most, and it has nothing to do with payments. Your county's figures.
What happens when you sell?
On Smart7 and Easy8 the full amount comes back, because you have not paid any of it down. On Trusty10 the balance at sale is lower than what you borrowed, since you have been amortising it from month one, and after fifteen years it is gone.
On HAT, once you have completed three years in a critical-shortage district, there is nothing to repay at all.
Frequently asked questions
How much does MHC down payment assistance cost per month?
Smart7 and Easy8 cost nothing monthly: both are 0% second mortgages with the principal deferred until sale, refinance, loss of owner-occupancy or payoff of the first. Trusty10 does carry a monthly cost, since MHC publishes it at a 2% interest rate over a 15-year term, so it amortises. We do not publish rates or payment figures; both are shown on your own file before you choose.Should I take the maximum Mississippi down payment assistance?
On Smart7 and Easy8, yes, because a 0% deferred second costs nothing monthly and does not touch your debt ratios. On Trusty10 usually not: its second amortises at a 2% rate over fifteen years, so the payment counts in your debt-to-income and taking more than the purchase requires reduces the first mortgage you can qualify for. Verified against MHC 2026-10-06.Does Mississippi assistance cover closing costs as well as the down payment?
Yes. MHC states Smart7's $7,000 is for down payment and closing cost, and lists Easy8 and Trusty10 as usable toward down payment, closing costs or prepaids. Housing Assistance for Teachers covers down payment above your required 1% contribution, borrower-paid closing costs, prepaid expenses and mortgage insurance where applicable. Verified against MHC 2026-10-06.Mike Certo · NMLS #260555 · Cornerstone First Mortgage NMLS #173855 · Equal Housing Lender. Educational content about financing, not a loan commitment and not tax or legal guidance. MHC program terms, income limits and purchase price limits are set by the Mississippi Home Corporation and change; figures here carry the date we verified them against MHC's published pages and its Homebuyer Guide. Smart7 and Easy8 are 0% second mortgages with no monthly payment, deferred until sale, refinance, loss of owner-occupancy or payoff of the first mortgage. Trusty10 is a 15-year second at a 2% rate set by MHC and does carry a monthly payment. Housing Assistance for Teachers is Mississippi Department of Education grant money forgiven on completion of three years' service in a district the Department designates as critical-shortage. Loans are subject to borrower and property qualification.