Mississippi homebuyers can access up to $10,500 in down payment assistance through the Mississippi Home Corporation (MHC). On the state's $175,400 median home price, that covers roughly 30% of a standard 20% down payment.
Primary Program: Smart6 Down Payment Assistance
maximum assistance
True grant — no repayment ever. This money does not need to be paid back under any circumstances.
- Administering Agency
- Mississippi Home Corporation (MHC)
- Income Limit
- 115% of Area Median Income
- Purchase Price Cap
- $481,176
- Repayment Required
- N/A — this is a true grant.
How Down Payment Assistance Works
Most state DPA programs are layered on top of a first mortgage — you apply through an approved lender who originates both the primary loan and the DPA second lien at the same closing. The DPA funds reduce the cash you need upfront.
Grants
Free money — no repayment ever. Typically the smallest amounts but highest value.
Forgivable Loans
Balance forgiven after a set period (usually 3–15 years) if you stay in the home. Selling early triggers repayment.
Deferred Loans
No monthly payments. Balance due when you sell, refinance, or pay off your mortgage.
Down Payment Calculator
Down Payment Planner
Mississippi median pre-loaded
Your Savings Plan
Timeline
5.9 yrs
saving $500/mo
No PMI at 20% down
20% or more avoids private mortgage insurance entirely.
Estimate only — does not include investment returns on savings.
Full Calculator →Frequently Asked Questions
What down payment assistance is available in Mississippi?
Mississippi's primary DPA program is the Smart6 Down Payment Assistance, administered by the Mississippi Home Corporation (MHC). It provides up to $10,500 as a grant. True grant — no repayment ever. This money does not need to be paid back under any circumstances.
How much down payment do I need in Mississippi after using DPA?
On a $175,400 home (Mississippi median), a 20% down payment is $35,080. With the Smart6 Down Payment Assistance covering $10,500, your remaining gap would be $24,580. Many buyers combine DPA with a 3–5% conventional or FHA loan to reduce their cash needed further.
Do I have to repay Mississippi down payment assistance?
True grant — no repayment ever. This money does not need to be paid back under any circumstances.
Can I combine Mississippi DPA with other assistance programs?
Yes — Mississippi's DPA programs can generally be combined ("stacked") with local city and county assistance programs, employer homebuyer benefits, and federal programs. Check with an approved lender or HUD-approved counselor to identify all programs you qualify for.
What are the income limits for Mississippi down payment assistance?
The Smart6 Down Payment Assistance requires income at or below 115% of the Area Median Income (AMI) for your county. AMI limits vary by location and household size. Your lender or the Mississippi Home Corporation (MHC) can confirm the exact limit for your area.
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