Which Program is Right for Me?
We work hard to keep lenders and real estate professionals well educated on our programs and services. Lenders who participate in our programs will help you choose the programs best suited for you when you pre-qualify for your loan. 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.
Your lender will consider both your household income and credit score. To determine which MHC program is right for you, your lender will make sure you qualify using the income limits for our programs, and meet the first-time homebuyer status (if applicable), for the county in which you are considering purchasing your new home.
MHC LOAN PRODUCTS
Smart6
30-year fixed rate mortgage with $6,000 second mortgage at 0% interest with principal due upon property sale, loan repayment or loan maturity. Credit Score requirements are based on participating lender guidelines.
Easy8
30-year fixed rate mortgage with a $8,000 with 0% interest. Credit Score requirements based on participating lender guidelines.
Trusty10
30-year fixed rate mortgage with a $10,000 down payment as a second mortgage. Credit Score requirements based on participating lender guidelines.
HOMEBUYER TAX DEDUCTION
Mortgage Credit Certificate (MCC)
Mortgage Tax Credit equal to 40% of the annual interest paid on the mortgage loan, therefore reducing the borrowers federal tax liability. Can be added to any mortgage product except MRB7.
SPECIALIZED LOAN PRODUCTS
Housing Assistance for Teachers (HAT)
Grant funds up to $6,000 to assist with mortgages for Mississippi certified public school teachers in select areas of the state.
Home4All
The Home4All program is designed to assist people to become homeowners by providing up to $25,000 in homebuyer assistance. You MUST contact the housing counseling agency in your area before proceeding. You MUST complete the homebuyer education process with a housing counseling agency BEFORE any loan can be reserved. IF you do not have a certificate of completion from the counseling agency, you will not be able to proceed with a loan reservation for this grant program.
DPA 14
MHC in conjunction with the Board of Supervisors from Tunica and Washington counties can assist borrowers with homeownership by offering a competitive mortgage rate through the proceeds of the sale of Mortgage Revenue Bonds.