City of Biloxi HOME Program Homebuyer Assistance

City of Biloxi HOME Program Homebuyer Assistance is a forgivable loan for homebuyers in Biloxi, Mississippi, administered by City of Biloxi Community Development Federal Programs Division. The City of Biloxi HOME Program Homebuyer Assistance Program provides up to $30,000 to eligible first-time homebuyers purchasing a home within Biloxi city limits. Funded through HUD's HOME Investment Partnerships Program, the assistance is provided as a forgivable loan with a 10-year owner-occupancy requirement. Applicants must have been Biloxi residents for at least one year, meet income eligibility (at or below 80% AMI), complete a homebuyer education course, and obtain lender pre-approval prior to receiving assistance. Up to $30,000 toward home purchase. 0% interest forgivable loan. 10-year affordability/forgiveness period. Homebuyer education through Visions of Hope or Mercy Housing. Funding comes from HUD HOME Investment Partnerships Program.

City of Biloxi HOME Program Homebuyer Assistance offers up to $30,000 in assistance. Amounts are the program's published maximums, not an offer — City of Biloxi Community Development Federal Programs Division determines any individual award.

City of Biloxi HOME Program Homebuyer Assistance is forgiven after 10 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Must reside in home as primary residence for 10 years; vacancy or failure to maintain primary residency triggers repayment. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Biloxi HOME Program Homebuyer Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Has not owned a home in the last 3 years. On credit, the program states: Must be pre-approved from a bank for mortgage financing before assistance can be approved. A homebuyer education course is required, through Visions of Hope Inc.; Mercy Housing. Residency requirement: Must be a Biloxi resident for at least 1 year prior to application. Program PDF on file at biloxi.ms.us/pdf/dpaguidelines.pdf does not carry a publication date; the 2025 Consolidated Plan draft (June 2025) references the program as ongoing. Income limit example in PDF ($43,200 for 4-person) appears to be an older HUD figure; 2024 HUD HOME Low Income limit for the metro area is $60,800 — confirm current limit with administering agency. Lien position, exact forgiveness structure, and max purchase price not confirmed from available documents.

City of Biloxi HOME Program Homebuyer Assistance limits household income to 80% of the area median income, which varies by county and household size. Household income must be at or below 80% of Area Median Income (AMI). Example cited in guidelines: household of four must have income less than $43,200 (older figure); 2024 HUD HOME Low Income limit for Gulfport-Biloxi MSA is $60,800 for 4-person household. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of Biloxi HOME Program Homebuyer Assistance caps the purchase price as follows: Not specified in program guidelines; must purchase a home in Biloxi. Eligible property types include Single Family.

City of Biloxi HOME Program Homebuyer Assistance serves homebuyers purchasing in Biloxi, Mississippi.

Applications for City of Biloxi HOME Program Homebuyer Assistance go through City of Biloxi Community Development Federal Programs Division, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.