Housing Assistance for Teachers (HAT)

What is Housing Assistance for Teachers (HAT)?

Housing Assistance for Teachers (HAT) is a grant for homebuyers in Multiple County, Mississippi.

• Mississippi Critical Teacher Shortage Act grant: up to $6,000 forgivable assistance for MS-licensed K-12 public-school teachers committing to 3 years in a designated critical-shortage school district. Funded by MS Department of Education, administered by MHC.
• The Housing Assistance for Teachers (HAT) program was authorized by the Mississippi Critical Teacher Shortage Act of 1998 and is funded by the Mississippi Department of Education (administered by Mississippi Home Corporation). HAT provides up to $6,000 in grant assistance toward down payment, closing costs, prepaid items, and (if applicable) mortgage insurance, for licensed Mississippi public-school K-12 teachers who agree to teach for at least three years in a designated critical-shortage school district. The grant is structured as a forgivable loan: it is fully forgiven once the teacher completes three years of service. If the teacher leaves the district before the three years are up, the prorated balance becomes repayable. Borrower must contribute a minimum 1% of own funds plus one month's reserves.
• Funding comes from State.

Do you have to pay it back?

Housing Assistance for Teachers (HAT) is structured as a grant, so it is not repaid.

• Repayment is triggered by Forgiven upon completion of three (3) years of teaching service in the designated critical-shortage school district. Prorated repayment owed if teacher leaves the district before completing the 3-year service requirement, or if the property is no longer owner-occupied.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Housing Assistance for Teachers (HAT) is open to buyers who will live in the home as their primary residence.

What are the income limits?

Housing Assistance for Teachers (HAT) sets its income limit as follows: No income limits when used stand-alone. Income limits per the paired MHC mortgage product (Smart7, Easy8, Trusty10, DPA 14) when stacked.

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Housing Assistance for Teachers (HAT) caps the purchase price as follows: No HAT-specific purchase price limit when used stand-alone; per paired MHC mortgage product when stacked.

• Eligible property types include Single-family detached, condominium, townhouse, PUD and manufactured home on permanent foundation per servicer overlays.
• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

Housing Assistance for Teachers (HAT) names veterans, active-duty service members, reservists and National Guard members, surviving spouses, and educators among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Housing Assistance for Teachers (HAT) serves buyers purchasing in Multiple County, Mississippi.

• The program targets specific areas: MS Department of Education designated 'Critical Teacher Shortage' school districts (60+ districts statewide).

How do you apply?

Applications for Housing Assistance for Teachers (HAT) go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through MHC-approved homebuyer education provider (Framework, eHome America, or HUD-approved counseling agency) when paired with an MHC mortgage product..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Reserved through MHC's Lender Online portal at time of rate lock by approved participating lender, with HAT loan-agreement documentation., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.