Mississippi Smart7

How do you repay Mississippi Smart7?

A deferred loan with 0% interest. You pay it back once you move out, refinance, sell or your main home loan is fully paid.

With a deferred loan, you pay nothing each month. The full amount comes due when you sell or refinance, or when the first mortgage is paid off.

Who can get Mississippi Smart7?

• To qualify, your household's income for the year must not go over $132,770.
• Being a first-time buyer isn't required.
• You take it together with the MHC first mortgage, a 30-year fixed rate loan.
• Maximum price: $413,610.

Most limits depend on your county and the size of your household. Use our HUD income limits search to see the median income in your area and how your household compares.

Applying for Mississippi Smart7

1. The money is paid out by Mississippi Home Corporation through its approved lenders, so your home loan and this application go through one of them.
2. The lender reviews your credit, income and the home to see they meet the program's rules, then sets aside the money for you.
3. At closing, the money goes toward your down payment and closing costs.

For the full rules and to see if applications are open, go to Mississippi Home Corporation's page for Smart7.

More programs for first-time buyers in Mississippi

• Mississippi Easy8:

  as much as $8,000, deferred loan.

• Mississippi Trusty10:

  as much as $10,000, repayable loan.

• Mississippi Housing Assistance for Teachers (HAT):

  as much as $6,000, forgivable loan.

• Mississippi Home4All:

  as much as $25,000, grant.

Every Mississippi first-time home buyer program · Down payment assistance in every state