First Time Home Buyer Guide Mississippi

Additional Resources for Mississippi

  • Federal Home Loan Bank of Dallas Down Payment Assistance – Offers up to $6,000 in down payment and closing cost assistance. Offered through participating lenders. Income and purchase price limits apply.
  • Local Municipality Programs – Some cities and counties in Mississippi offer down payment or closing cost assistance. Programs vary by location.
  • USDA Rural Development Direct Home Loan Program – Offers 100% financing to eligible low and very-low income home buyers in rural areas of Mississippi. No down payment required. Income limits apply.
  • FHA Loan – Requires only 3.5% down payment for first time home buyers who qualify—offered through FHA-approved lenders.
  • VA Loan – Requires no down payment for qualified veterans and active duty military. Offered through VA-approved lenders.

Mississippi Housing Loan Programs

  • Mississippi Home Corporation Down Payment Assistance Program – Provides up to $6,000 in down payment and closing cost assistance to qualified first-time home buyers. Income limits apply. Offered through participating lenders.
  • Mississippi Mortgage Credit Certificate (MCC) – Provides a federal income tax credit up to $2,000 annually for the life of the loan to qualified first-time buyers. Offered through participating lenders.
  • The Home Key 1st Program – Offers 30-year fixed-rate mortgage financing at below-market interest rates to first-time buyers. Offered through participating lenders. Income limits apply.
  • The Home Key Plus Program – Combines a first mortgage with down payment and closing cost assistance up to 5% of the purchase price. Offered to first-time buyers through participating lenders.
  • Habitat for Humanity – Provides affordable housing opportunities through sweat equity to qualified first-time buyers. Local Habitat affiliates assist with purchasing Habitat homes in Mississippi.
  • Local Down Payment Assistance – Some local municipalities like Jackson, Biloxi, and Tupelo offer down payment assistance grants to first-time buyers within their communities. Programs vary by location.