Who Is Eligible for Mississippi Down Payment Assistance
Program and regulatory figures verified October 6, 2026. Details change; confirm your scenario with us.
Mississippi eligibility is not one list. It is five requirements, and three of them have different answers depending on which MHC product you are using.
What income do I need to be under?
That depends entirely on the program, and the gap is wide:
| Program | Income limit | Varies by |
|---|---|---|
| Smart7 | $137,870 | Nothing — one statewide figure |
| Easy8 | County MRB | County, household size, target status |
| Trusty10 | County MRB | County, household size, target status |
| JustRate | County MRB | County, household size, target status |
| HAT alone | None | — |
| HAT + an MHC product | That product's limit | As above |
County figures run from $81,100 to $117,720 for a one-or-two-person household. All eighty-two counties.
Do I have to be a first-time buyer?
Not on Smart7, ever. On Easy8, Trusty10 and JustRate the rule is that you must not have owned a principal interest in a residence for three years, and MHC publishes two exemptions: target areas and veterans. Both carve-outs come from 26 U.S.C. §143, the federal provision governing qualified mortgage bonds.
Because forty-two of eighty-two counties are target areas throughout, the requirement reaches nobody in half the state. Thirty more counties are split, so the address decides. The three-way structure.
What is the purchase price limit?
$413,610 on Smart7. On Easy8, Trusty10 and JustRate it is $382,590 inside a target area and $316,373 outside one.
That $97,237 spread between Smart7 and the non-target figure is large enough that program choice can decide whether a specific house is buyable at all.
Does it have to be my primary residence?
Yes, on every MHC product without exception. The home must serve as your primary residence, and for the deferred seconds the balance comes due if the property stops being owner-occupied.
That last part matters later, not just at closing. Converting a Smart7 or Easy8 home to a rental triggers repayment.
What kind of property qualifies?
New or existing homes in Mississippi, as single-family homes, townhouses or condominiums. Smart7's page lists manufactured homes as possible depending on servicer overlays, which is a conditional yes rather than a general one.
If a manufactured home is your plan, raise it at the start. The answer comes from the servicer handling your specific loan, not from a brochure.
What credit score do I need?
MHC does not publish a single floor across its products. Smart7's page says credit score is based on servicer guidelines, and HAT's says it is dependent on loan-to-value. The underlying FHA, VA, Rural Development, Fannie Mae or Freddie Mac rules also apply.
What is published is the FHA floor underneath an FHA-financed MHC loan. HUD Handbook 4000.1 sets it: a borrower at or above 580 is eligible for maximum financing, and a borrower between 500 and 579 is limited to 90% loan-to-value, which means a 10% down payment rather than 3.5%.
We are not going to invent an MHC number MHC has not published. Call and we will tell you where your file actually sits.
Is homebuyer education required?
Yes, on all MHC products. MHC's own words are that all of its products require pre-purchase homebuyer education, and your lender needs proof of completion before moving forward with assistance.
Do it early. It is the requirement most likely to delay a closing because it was left to the end. How it works.
Any residency requirement?
Smart7's eligibility list states the buyer must be a legal resident of the United States. MHC publishes that on Smart7 specifically.
Can any lender do this?
No. Only an approved MHC participating lender can pre-qualify you or accept an application for an MHC product, and that lender is the one who reserves the assistance with MHC once you are under contract.
It also means the lender is who checks whether your address falls on the target or non-target side in a split county. Talk to our team.
Frequently asked questions
Who qualifies for down payment assistance in Mississippi?
A buyer who will occupy the home as their primary residence, completes pre-purchase homebuyer education, credit-qualifies with an approved MHC participating lender, and comes in under the income and purchase price limits for their chosen program. Smart7 adds no first-time buyer requirement and uses a $137,870 statewide income limit; Easy8, Trusty10 and JustRate use county limits and a first-time rule with target-area and veteran exemptions. Verified against MHC 2026-10-06.What credit score do I need for Mississippi down payment assistance?
MHC does not publish a single minimum across its products. Smart7's page states credit score is based on servicer guidelines, and the teacher grant's states it is dependent on loan-to-value. The underlying FHA, VA, Rural Development, Fannie Mae or Freddie Mac requirements also apply, so the answer comes from your specific file rather than a published floor. Verified against MHC 2026-10-06.Is homebuyer education required for MHC programs?
Yes, on every MHC product. MHC states that all of its products require pre-purchase homebuyer education and that your lender needs proof you have completed a class before moving forward with assistance. It is worth completing early, since leaving it late is a common cause of closing delays. Verified against MHC 2026-10-06.Can I use MHC assistance on an investment property in Mississippi?
No. Every MHC product requires the home to be your primary residence. For the deferred seconds, Smart7 and Easy8, the balance also becomes due if the property later stops being owner-occupied, so converting the home to a rental triggers repayment. Verified against MHC 2026-10-06.Does having savings disqualify me from Mississippi DPA?
No. MHC lists no liquid asset limit as a feature of all four of its mortgage products, so savings beyond what you need to close do not disqualify you. Housing Assistance for Teachers goes further in one respect, requiring that you contribute 1% of the sales price from your own funds. 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.