The down payment assistance programs that are listed here are a sample of what is available for homebuyers in Mississippi. This can be your starting point as you search for the right program for your family. Home Purchase and Refinance Loans

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Smart Solution

Financial Assistance for Homebuyers in Mississippi

One of the major obstacles on the path to homeownership is the down payment. Though many people can afford to make monthly mortgage payments, they don’t have enough money saved to pay the upfront costs. In an effort to help individuals overcome this obstacle, the Mississippi Home Corporation started the Smart Solution program.

Available Assistance
In addition to competitive interest rates, Smart Solution offers eligible applicants up to 3% of the purchase price as down payment assistance. These funds can come in the form of a cash advance or second mortgage with a 10-year term and the same rate as the first mortgage.

Eligibility Requirements
In order to be considered eligible for the Smart Solution program, applicants must meet certain requirements. All borrowers must be legal residents of the U.S. They must have an annual household income no higher than $95,000, and a minimum credit score of 640.

Property Guidelines
Any home purchased under the Smart Solution program must serve as the applicant’s primary residence, and must be located in the state of Mississippi. Eligible property types include single family homes, townhouses, condominiums, duplexes, or manufactured homes using FHA financing. 

The purpose of this program is to make funds available to eligible applicants who are interested in purchasing a home but need financial help to pay the upfront costs, which include the down payment, as well as the closing costs and prepaid items required to obtain homeownership. These expenses can add up to a substantial amount, and the inability to pay it might keep people stuck in a renters trap. 

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but state and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.

Note: All information was accurate at the time of publication and may no longer be current - visit the program website for updated information.

Down payment assistance programs and/or grants were researched by the team at Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.'s compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

Down Payment Grants in Mississippi

In an effort to help individuals afford the purchase of a new home, the Mississippi Home Corporation offers competitive interest rates and down payment assistance via proceeds from the sale of Mortgage Revenue Bonds.

In an effort to help individuals afford a mortgage the Mississippi Home Corporation started the Smart Solution program and offer eligible applicants down payment assistance. 

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