Offered through the Mississippi Home Corporation, Smart Solution Second is an add-on down payment assistance program to the Smart Solution Mortgage.
Smart Solution Second provides a down payment of 3.5% of the house’s purchase price. It’s offered as a second mortgage with a 10-year loan term and the same interest rate as the first Smart Solution Mortgage.
The same requirements for the Smart Solution Mortgage apply for Smart Solution Second. Namely, the property being purchased using these programs must be owner-occupied, found in Mississippi, and be either a single-family house, townhome, condominium or duplex. Manufactured houses are also allowed as long as they have FHA financing.
Furthermore, the applicants’ annual household income cannot be more than $95,000 as of 2020. All applicants must be a United States legal resident and have a credit score 640 or higher.
Other programs in Mississippi: