Smart7
Mississippi Home Corporation (MHC) — Mississippi's state Housing Finance Agency
Amount: $7,000 toward down payment and/or closing costs, structured as a 0% interest second mortgage (no monthly payments; due on sale, refinance, change to non-owner-occupied, or when the first mortgage is paid off)
Type: Deferred, zero-interest second mortgage (formerly marketed by third parties as "Smart6" at $6,000; the current live version confirmed directly on mshomecorp.com is Smart7 at $7,000)
Available to both first-time AND repeat buyers (no first-time-buyer requirement); maximum household income $132,770; maximum purchase price $398,310; must be a primary residence (single-family home, townhouse, or condo) in Mississippi; credit qualification set by individual participating lender (no fixed minimum score published by MHC); pairs with FHA, VA, USDA, or conventional first mortgages through MHC-approved lenders; homebuyer education required.
Easy8
Mississippi Home Corporation (MHC)
Amount: $8,000 toward down payment, closing costs, or prepaids, as a 0% interest second mortgage (due on sale, refinance, non-owner occupancy, or first-mortgage payoff)
Type: Deferred, zero-interest second mortgage, first-time-buyer restricted
Must be a first-time homebuyer OR not have owned a principal residence in the past 3 years (exemption for buyers in state-designated "Target Areas" and for veterans); household income must fall within county-specific limits set by MHC; property must be owner-occupied primary residence; credit qualification determined by participating lender; homebuyer education course required.
Trusty10 (with optional Trusty10 Plus 2)
Mississippi Home Corporation (MHC)
Amount: $10,000 for down payment, closing costs, or prepaids, as a second mortgage at 2% interest repaid over 15 years; an optional "Plus 2" adds $2,000 more when working with a real estate agent (while funds last)
Type: Low-interest (2%), repayable second mortgage, first-time-buyer restricted
Must be a first-time homebuyer OR not have owned a principal residence in the past 3 years (Target Area buyers and veterans exempt from this rule); income must be within county-specific MHC limits; can be paired with FHA, VA, USDA, or conventional first mortgages; credit qualification set by participating lender; homebuyer education required; owner-occupied primary residence.
Home4All
Mississippi Home Corporation, funded via federal HOME Investment Partnerships Program funds and locally administered through partner intake agencies (e.g., North Mississippi Rural Legal Services)
Amount: Reported up to $25,000 in assistance (down payment, closing costs, mortgage interest rate buydown, and/or principal reduction) — corroborated by multiple secondary sources (Bankrate and mortgage-industry guides) but not independently confirmed on a live MHC program page during this research; verify the exact current cap with MHC or the local intake agency
Type: Need-based grant/subsidy funded by federal HOME funds, with recapture provision (not a simple flat second mortgage)
Must be a first-time homebuyer; income-restricted (need-based, tied to area median income); property purchase price limits apply; 5- or 10-year affordability/recapture period (funds recaptured pro-rata if home is sold within that period); mandatory homebuyer education; detailed eligibility requirements provided via an intake package from the local administering agency rather than a single published threshold.