MHC Smart6 Program
Funding status: Active
How much assistance
Up to $6,000 (Deferred Loan)
Deferred second mortgage at 0% interest with no monthly payments. Repaid when you sell, refinance, pay off the first mortgage, or move out.
Eligibility
- Income limits: Household income up to $110,000 (varies by county; up to $132,770 in some areas)
- Purchase price limit: $275,000
- First-time buyer required: No
- Credit score minimum: 640
- Geographic restrictions: Must purchase within Mississippi.
- Homebuyer education required: Yes
How to Apply for MHC Smart6 Program
Step 1: Contact a Mississippi Home Corporation participating lender to apply. Complete an approved homebuyer education course before applying. The lender will process your first mortgage along with the $6,000 second mortgage.
Notes
Compatible with FHA, VA, USDA, and Conventional 97 loans. Reduced mortgage insurance premiums. Purchase price limit increases to $332,000 in MHC-designated targeted areas.