JustRate: No Assistance, MHC's Lowest Bond Rate
Program and regulatory figures verified October 6, 2026. Details change; confirm your scenario with us.
Three of MHC's four programs hand you money. This one hands you a rate instead, and for a buyer who does not need the money that is the better trade.
What is JustRate?
A Mortgage Revenue Bond first mortgage with no second lien attached. MHC's description is direct: JustRate lets a homebuyer use a lower competitive rate available through the MRB program without receiving down payment assistance.
It is a 30-year fixed loan, available on FHA, VA, Rural Development, Fannie Mae or Freddie Mac financing, with no liquid asset limit. Source: MHC's JustRate program page.
Why would I give up the assistance?
Because assistance you do not need is a lien you do not need. MHC says JustRate carries a lower rate than any of its other bond programs, so the buyer who already has their down payment handled is trading something worthless to them for something valuable.
Three situations where that is the right call:
- Your savings already cover the down payment and closing costs.
- You are receiving a gift that covers them.
- You are selling a home and the proceeds cover them.
In all three, taking Smart7 or Easy8 means recording a second lien against your house for money you did not require. JustRate skips it.
What rate will I get?
We do not publish rates and will not quote one here. MHC sets its bond rates and quotes them weekly, and the number changes.
What we can repeat is MHC's own relative statement: JustRate prices below its other MRB programs. For the actual figure, call (480) 296-6513 and we will give you MHC's current quote rather than a stale number from a web page.
What still applies without the assistance?
Most of it. JustRate is a bond program, so the federal bond rules reach it the same way they reach Easy8 and Trusty10:
| Requirement | Applies to JustRate? |
|---|---|
| First-time buyer (three-year lookback) | Yes, outside target areas |
| Target area exemption | Yes, 42 counties throughout |
| Veteran exemption | Yes |
| County income limit | Yes |
| Purchase price limit | Yes, $382,590 / $316,373 |
| Owner-occupancy | Yes |
| Homebuyer education | Yes |
| Second lien recorded | No |
JustRate or Smart7 if I do not need the money?
A real decision, and it turns on whether the bond rules bind on you. JustRate gives the better rate. Smart7 gives no first-time requirement, a $137,870 statewide income ceiling and a $413,610 price cap, but prices at MHC's Smart7 rate rather than its lowest bond rate.
So: if you clear your county's income limit and either qualify as first-time or sit in a target area, JustRate's rate is probably worth more than Smart7's $7,000 you were not going to use. If the county limit or the first-time rule blocks you, Smart7 is the program that is actually available. The whole comparison.
Can teachers combine HAT with JustRate?
Yes, and MHC names JustRate specifically. The consequence is that pairing them imports JustRate's county income limit onto a HAT file that would otherwise have no income limit at all.
For a teacher with the down payment covered who wants the lowest rate, HAT plus JustRate is a clean combination, as long as the county limit is comfortable. HAT in full.
Frequently asked questions
What is MHC JustRate?
A Mississippi Home Corporation Mortgage Revenue Bond first mortgage with no down payment assistance attached. MHC states it carries a lower rate than any of its other MRB programs, so it suits a buyer whose down payment is already covered. It is a 30-year fixed loan on FHA, VA, Rural Development, Fannie Mae or Freddie Mac financing, with no liquid asset limit. Verified against MHC 2026-10-06.Why take JustRate instead of down payment assistance?
Because assistance you do not need still records a second lien against your home. If your savings, a gift, or proceeds from a sale already cover the down payment and closing costs, JustRate trades the assistance for MHC's lowest bond rate. MHC's own description is that JustRate prices below any of its other MRB programs. Verified against MHC 2026-10-06.Does JustRate still have income limits?
Yes. JustRate is a Mortgage Revenue Bond program, so the county income limits, the purchase price limits of $382,590 in target areas and $316,373 outside them, the first-time homebuyer requirement with its target-area and veteran exemptions, owner-occupancy and homebuyer education all apply. Only the second lien is absent. 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.