City of Vicksburg Down Payment Assistance for First Time Homebuyers

City of Vicksburg Down Payment Assistance for First Time Homebuyers is down payment assistance for homebuyers in Vicksburg, Mississippi, administered by City of Vicksburg Housing Office. The City of Vicksburg Housing Office administers down payment assistance for first-time homebuyers with low to moderate incomes by facilitating access to multiple programs. These include the Mississippi Home Corporation Smart Solutions Premium (4% of loan amount grant with no repayment or deed restrictions), Home Loan Plus ($25,000 forgiven over 5 years with deed restriction), and the Federal Home Loan Bank of Dallas Affordable Housing Program (up to $7,500). The Housing Office provides comprehensive counseling services including credit counseling, financial preparation, and homebuyer education workshops. Multiple DPA products: up to $25,000 Home Loan Plus (5-yr forgivable). 4% Smart Solutions Premium grant with no repayment. Up to $7,500 FHLB AHP grant. 8-hour homebuyer education. Individual financial and credit counseling. Annual Housing Education Fair. Funding comes from Mississippi Home Corporation (MHC); Federal Home Loan Bank of Dallas Affordable Housing Program.

City of Vicksburg Down Payment Assistance for First Time Homebuyers offers up to $25,000 in assistance. Award tiers: Smart Solutions Premium: 4% of loan amount grant, no repayment, no deed restrictions. Home Loan Plus: up to $25,000 forgivable over 5 years with deed restriction. FHLB Affordable Housing Program: up to $7,500 in down payment and closing cost assistance. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — City of Vicksburg Housing Office determines any individual award.

City of Vicksburg Down Payment Assistance for First Time Homebuyers is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Home Loan Plus has a 5-year deed restriction and is forgiven after 5 years. Smart Solutions Premium grant has no repayment and no deed restrictions. FHLB AHP grant has a 5-year deed restriction. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Vicksburg Down Payment Assistance for First Time Homebuyers is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Acceptable credit score required; specific minimum not published. A homebuyer education course is required, through City of Vicksburg Housing Office sponsors 8-hour homebuyer education class; Housing Education Fair held annually. The City of Vicksburg Housing Office primarily facilitates access to MHC and FHLB programs rather than funding its own city-sourced DPA; confirm whether the city also provides direct city-funded assistance. Smart Solutions Premium and Home Loan Plus are MHC products; FHLB AHP grant amounts subject to annual allocation change. Carolyn Harrison is listed as Housing Director at (601) 634-4528. Website is live and confirmed active. City-specific income limit used from 2024 HUD HOME limits for Warren County.

City of Vicksburg Down Payment Assistance for First Time Homebuyers limits household income to 80% of the area median income, which varies by county and household size. First-time homebuyers with low to moderate income not to exceed Area Median Income. 2024 HUD HOME Low Income limit for Warren County, MS is $58,300 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 Vicksburg Down Payment Assistance for First Time Homebuyers caps the purchase price as follows: Not specified; contact housing office. Eligible property types include Single Family.

City of Vicksburg Down Payment Assistance for First Time Homebuyers serves homebuyers purchasing in Vicksburg, Mississippi.

Applications for City of Vicksburg Down Payment Assistance for First Time Homebuyers go through City of Vicksburg Housing Office, 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.