Easy8: $8,000 at 0%, With County Limits Attached
Program and regulatory figures verified October 6, 2026. Details change; confirm your scenario with us.
Easy8 is the right program for a specific buyer: one whose income sits comfortably under their county limit. For that buyer the extra $1,000 over Smart7 costs nothing at all.
What are Easy8's terms?
Eight thousand dollars as a second mortgage at 0% interest (CFPB explains what a second mortgage is), available toward your down payment, your closing costs, or prepaid expenses. Source: MHC's Easy8 program page. No monthly payment. MHC repays principal on sale, refinance, the property becoming non-owner-occupied, or the first mortgage being paid in full or reaching maturity.
Underneath is a 30-year fixed Mortgage Revenue Bond first mortgage, on FHA, VA, Rural Development, Fannie Mae or Freddie Mac financing, with no liquid asset limit.
How is Easy8 different from Smart7?
One thousand dollars more money, and three constraints that Smart7 does not carry:
| Easy8 | Smart7 | |
|---|---|---|
| Assistance | $8,000 | $7,000 |
| Rate and payment | 0%, no monthly payment | 0%, no monthly payment |
| First-time buyer | Required outside target areas | Never required |
| Income limit | County MRB, from $81,100 | $137,870 statewide |
| Purchase price | $382,590 / $316,373 | $413,610 |
In a non-target county that trade reads: pay me $1,000 and I will reduce your income ceiling by $56,770, cut $97,237 off your price cap, and require that you have not owned a home in three years. Stated that way, few buyers take it.
But if your income is well under the county figure and your target price is well under $316,373, none of those constraints bind. Then it really is $1,000 at no cost. Work out which case you are in.
Who counts as a first-time buyer?
MHC's definition is anyone who has not owned a principal interest in a residence in the past three years. Two exemptions apply, both published by MHC: buyers purchasing in a target area, and veterans.
Forty-two Mississippi counties are target areas throughout, so in half the state the requirement reaches nobody. Thirty more are split, where the answer depends on the address. The three-way county structure and the veteran exemption.
Which income limit applies to me?
Your county's, adjusted for household size and target status. The lowest figure in the state is $81,100 for a one-or-two-person household in a non-target area; the highest is $117,720 on the target side of Lafayette County.
In the thirty split counties there are two figures for one county, and which one applies depends on where the property sits. All eighty-two counties.
What does "deferred" actually mean here?
That the loan exists and does nothing until a triggering event. The balance is recorded as a second lien, no interest accrues at 0%, and no statement arrives. When you sell or refinance, the $8,000 is paid from proceeds.
This is the opposite of Trusty10, which MHC publishes at a 2% interest rate over a 15-year term and which therefore bills you monthly. Buyers conflate the two constantly. The difference, spelled out.
What else is required?
Homebuyer education, credit qualification with an approved MHC participating lender, and owner-occupancy as your principal residence. MHC requires education on every one of its products and your lender needs proof before closing.
Only approved MHC participating lenders can take an application for an MHC product. We are one.
Frequently asked questions
What is MHC Easy8?
A Mississippi Home Corporation program providing $8,000 toward down payment, closing costs or prepaid expenses as a 0% second mortgage with no monthly payment, paired with a 30-year fixed Mortgage Revenue Bond first mortgage. It requires a first-time homebuyer except in target areas and for veterans, and uses county income limits. Verified against MHC 2026-10-06.Is Easy8 better than Smart7?
Only when your county income limit does not bind on you. Easy8 pays $1,000 more, but it imposes a first-time buyer requirement outside target areas, replaces Smart7's $137,870 statewide income ceiling with a county figure as low as $81,100, and cuts the purchase price limit from $413,610 to as little as $316,373. If your income and price are comfortably inside the county figures, take the extra $1,000. Verified against MHC 2026-10-06.Does Easy8 have a monthly payment?
No. MHC writes Easy8 as an $8,000 second mortgage at 0% interest with the principal deferred, coming due on sale, refinance, the property becoming non-owner-occupied, or the first mortgage being paid in full or maturing. Nothing is collected monthly. Trusty10 is the MHC product that does carry a payment. Verified against MHC 2026-10-06.Can a previous homeowner use Easy8?
Yes, in two situations MHC publishes. If the property is in a target area, the first-time requirement does not apply, and forty-two Mississippi counties are target areas throughout. If you are a veteran, you are exempt regardless of location. Otherwise Easy8 requires that you have not owned a principal interest in a residence for three years. 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.