Mississippi Homebuyers Incentive Program
$50,000
About the Program
At MHC, we know that finding the cash for downpayment and closing costs when trying to buy a safe, decent, and affordable home is a major stumbling block for many Mississippians. Another stumbling block for many homebuyers is past credit issues or being credit ready to buy a home.
MHC not only understands these needs but has solutions! We have programs that will offer you cash assistance at closing, a way to reduce your federal tax liability and homebuyer education classes to improve your credit if that is what you need.
Getting Started
Visiting the MHC website is your first step towards your homeownership goal. The process below will help guide you on how to go about getting a mortgage with MHC.
Contact an approved MHC Participating Lender: Only an approved MHC lender will be able to pre-qualify you and accept applications for an MHC loan product. Before contacting an approved MHC participating lender, make sure you will be eligible to use our products by following the income limits for the county in which you are considering purchasing your new home. Some of the MHC products require that you be a first-time homebuyer in certain counties.
Do your Homework: Buying your first home or moving up is a big deal and you want to make sure you and your family will be able to afford it and maintain a mortgage. MHC has several resources that can help guide you.
Get pre-qualified: Getting pre-qualified is the first step in the loan process and tells you the maximum amount the Lender will loan you for your home purchase.
Increase your knowledge: All MHC products require that you complete pre-purchase homebuyer education. Your lender will need proof that you have completed a pre-purchase homebuyer education class before moving forward with mortgage assistance from MHC.
Start Shopping: Either contact a Real Estate professional to help you find a home, or search on your own for a home that is for sale by owner that fits within your pre-approved limits and MHC’s purchase price limits. Let them know your pre-qualification status. This will then allow your seller/Real Estate professional to obtain a sales contract for you, which your Lender must have before the lender can reserve assistance with MHC for your loan.
Complete your Process: Return to your Lender who will review your complete credit history, verify your income and guide you through the rest of the loan process. Your Lender will contact MHC for you and be your contact throughout the closing process.
Income Limits
To be eligible for any of MHC's down payment assistance products, you must follow the income limits for the specific product you are using to purchase your new home. Some of the MHC products require that you be a first-time homebuyer in certain counties.
You do not have to be a first-time homebuyer if you are using the Smart7 program or if there is an asterisk (*) under the target section for the other programs. In the other counties, buyers must not have owned or had an interest in a principal residence in the last 3 years. NT/T means they have split counties and have both non-target & target areas so you will need to check with your lender for those counties.
Purchase Price Limits for Easy8, Trusty10, and JustRate Products: $380,640 (target areas) / $314,760 (non-target areas)
Income Limit for Smart7: $132,770
Purchase Price Limit for Smart7: $398,310
Explore Communities Across Mississippi
You've learned about the program. Now explore communities across Mississippi to find the place that best fits your lifestyle and priorities.
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