How much down payment do I need to buy a house in Mississippi?

You can buy a home in Mississippi with as little as 0% down (VA/USDA), 3% down ($4,950 conventional), or 3.5% down ($5,775 FHA) on the median-priced home of $165,000.

What income do I need to buy a home in Mississippi?

To afford the median-priced home in Mississippi ($165,000) with a 30-year mortgage at 6.1%, you typically need a household income of approximately $40,475 per year (using the 28% rule). The median income in Mississippi is $46,511.

What is the FHA loan limit in Mississippi for 2026?

The FHA loan limit in Mississippi for 2026 is $472,030. This means first-time buyers using FHA loans can finance up to this amount with just 3.5% down payment.

First-Time Home Buyer Mississippi 2026

Q: What first-time home buyer programs are available in Mississippi?

Mississippi offers 2 major first-time buyer programs including MHC Smart Solution, MHC HELP Grant. These programs provide grants, forgivable loans, and below-market rates to help with down payment and closing costs.

Your complete guide to buying your first home in Mississippi. 2+ down payment assistance programs, FHA loans from 5.9%, and step-by-step guidance.

Median Price

$165,000

Min Down (FHA)

$5,775

DPA Programs

Best Rate

5.9%

Check My Mississippi Eligibility

What First-Time Buyer Programs Are Available in Mississippi?

Mississippi offers 2 major first-time home buyer assistance programs. These include MHC Smart Solution, MHC HELP Grant. Programs provide up to 3% of loan in down payment assistance through grants, forgivable loans, and below-market interest rates.

How Much Do I Need to Buy in Mississippi?

You can buy a home in Mississippi with as little as $0 down. VA and USDA loans require zero down payment. FHA loans need just 3.5% ($$5,775), and conventional loans start at 3% ($$4,950) on the median price of $165,000.

Loan Type	Down Payment	$ Amount	Monthly P&I	Min Credit
VA Loan	0%	$0	$973	620
USDA Loan	0%	$0	$1,000	640
Conventional 3%	3%	$4,950	$970	620
FHA Loan	3.5%	$5,775	$944	580
Conventional 20%	20%	$33,000	$800	620

Mississippi Down Payment Assistance Programs

MHC Smart Solution

DPA up to 3% as second mortgage

Up to 3% of loandeferred

MHC HELP Grant

Down payment and closing cost grant

Up to $7,000grant

5 Steps to Buy Your First Home in Mississippi

To buy your first home in Mississippi, start by checking your credit score, getting pre-approved, and researching DPA programs. The entire process typically takes 30-60 days from pre-approval to closing. Here's your step-by-step roadmap.

Check Your Credit & Finances

Review your credit score (aim for 620+), calculate your debt-to-income ratio, and save for closing costs. In Mississippi, you may need as little as $5,775 for an FHA down payment.

Get Pre-Approved

Compare rates from at least 3 lenders. Current Mississippi rates: 6.1% (30-year), 5.9% (FHA). Pre-approval shows sellers you're serious and locks your rate.

Apply for Mississippi DPA Programs

Mississippi has 2+ DPA programs. The MHC Smart Solution offers up to 3% of loan. Apply early—funding can be limited.

House Hunt & Make an Offer

Popular cities in Mississippi: Jackson, Gulfport, Hattiesburg, Biloxi, Southaven. Median price is $165,000 (+6.0% YoY). Work with a local real estate agent who knows the market.

Close on Your New Home

Closing costs in Mississippi typically run 2-5% of the purchase price ($4,950-$8,250). Some DPA programs also cover closing costs.

Start Your Mississippi Home Buying Journey

Get pre-approved in minutes and see what you qualify for.

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Mississippi First-Time Buyer FAQ

What first-time home buyer programs are available in Mississippi?

Mississippi offers 2 major programs: MHC Smart Solution, MHC HELP Grant. These provide grants, forgivable loans, and below-market rates for down payment and closing cost assistance.