Homebuyer Programs in Southaven, MS (2026)
Southaven is the third-largest city in Mississippi, located in DeSoto County just south of Memphis, Tennessee. With a median home price around $282,000, Southaven offers suburban living with easy access to the Memphis metro area. While the city does not currently offer its own city-funded down payment assistance, buyers here can access the Southern Bancorp Wealth Builders DPA Program providing up to $12,000 in forgivable loans, and Arcadia-DeSoto County Habitat for Humanity offers affordable homeownership opportunities for qualifying families. State programs from the Mississippi Home Corporation add another $6,000 to $10,000 in potential assistance through the Smart6, Easy8, and Trusty10 programs. By combining the Southern Bancorp program with state assistance, eligible Southaven buyers could receive $22,000 or more in total down payment and closing cost help.
Top Homebuyer Programs in Southaven
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| FHA Loans | Government-Insured Mortgage | Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026) | No | View → |
| FHLBA Community Partners Product | Forgivable Loan | Up to $20,000 in home purchase assistance for down payment and closing costs | No | View → |
| FHLBA First Time Homebuyer Product | Forgivable Loan | Up to $17,500 in home purchase assistance for down payment and closing costs | Yes | View → |
| FHLBA Workforce Housing Plus+ | Forgivable Loan | Up to $15,000 in home purchase assistance for down payment and closing costs | No | View → |
| Good Neighbor Next Door (HUD) | Government Property Sale Program | 50% discount off the list price of HUD-owned homes | Yes | View → |
| Home Possible Mortgage (Freddie Mac) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HomeReady Mortgage (Fannie Mae) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HUD $100 Down Program | FHA-Financed HUD REO Purchase | Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs. | No | View → |
| USDA Rural Development Loans | Government-Guaranteed Mortgage | 100% financing (no down payment required); loan amount up to appraised value | No | View → |
| VA Loans | Government-Guaranteed Mortgage | No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026) | No | View → |
| Arcadia-DeSoto County Habitat for Humanity Homeownership | Zero-Interest Loan | Affordable home with below-market financing | No | View → |
| Southern Bancorp Wealth Builders DPA Program | Forgivable Loan | Up to $12,000 | No | View → |
| MHC Easy8 Program | Deferred Loan | Up to $8,000 | Yes | View → |
| MHC Housing Assistance for Teachers (HAT) | Forgivable Loan | Up to $6,000 | No | View → |
| MHC Smart6 Program | Deferred Loan | Up to $6,000 | No | View → |
| MHC Trusty10 Program | Zero-Interest Loan | Up to $10,000 | No | View → |
| Mississippi Mortgage Credit Certificate (MCC) | Grant | Up to $2,000 per year (tax credit) | Yes | View → |
- Type:
- Government-Insured Mortgage
- Amount:
- Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $20,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $17,500 in home purchase assistance for down payment and closing costs
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $15,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Government Property Sale Program
- Amount:
- 50% discount off the list price of HUD-owned homes
- First-time only:
- Yes
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- FHA-Financed HUD REO Purchase
- Amount:
- Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- 100% financing (no down payment required); loan amount up to appraised value
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
- First-time only:
- No
- Type:
- Zero-Interest Loan
- Amount:
- Affordable home with below-market financing
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $12,000
- First-time only:
- No
- Type:
- Deferred Loan
- Amount:
- Up to $8,000
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $6,000
- First-time only:
- No
- Type:
- Deferred Loan
- Amount:
- Up to $6,000
- First-time only:
- No
- Type:
- Zero-Interest Loan
- Amount:
- Up to $10,000
- First-time only:
- No
- Type:
- Grant
- Amount:
- Up to $2,000 per year (tax credit)
- First-time only:
- Yes
How to Apply
- Step 1:
Check your eligibility. The Southern Bancorp Wealth Builders DPA Program focuses on low-to-moderate income homebuyers and underserved communities. State programs through Mississippi Home Corporation have income limits up to $122,000 depending on the program.
- Step 2:
Complete homebuyer education. Southern Bancorp provides HUD-approved homebuyer education through their certified housing counselors as part of the Wealth Builders program. Arcadia-DeSoto County Habitat for Humanity also offers pre-purchase homebuyer education workshops in DeSoto County covering budgeting, credit repair, and financial planning.
- Step 3:
Contact a local housing partner. For the Wealth Builders DPA Program, contact Southern Bancorp directly through their website or local branch. For affordable homeownership, contact Arcadia-DeSoto County Habitat for Humanity through their website at habitatdesoto.org.
- Step 4:
Get pre-approved for a mortgage. For the Southern Bancorp program, work directly with their mortgage team for pre-approval. For state programs, contact a Mississippi Home Corporation participating lender to determine which DPA programs you qualify for.
- Step 5:
Find a home within program limits. The MHC Smart6 program caps the purchase price at $275,000 in most areas and $332,000 in targeted areas. Southern Bancorp Wealth Builders funds can be applied to a qualifying home purchase in Mississippi.
- Step 6:
Submit your application and close. Work with your lender and housing counselor to submit applications for each program you qualify for. Southern Bancorp handles the DPA application as part of their mortgage process.