Housing Assistance for Teachers
In rural Mississippi there exists a critical shortage of qualified teachers. In order to move Mississippi forward, our children must have the benefits of a quality education.
In response to this need, the Mississippi Legislature passed the “Mississippi Critical Teacher Shortage Act of 1998”, which offers attractive incentives for qualified teachers.
The Housing Assistance for Teachers Program (HAT) was designed to assist with funding to help teachers buy homes. Making homeownership easier will certainly encourage teachers to move to these shortage areas.
Eligible Residential Counties
|Amite||Amite County SD|
|Attala||Attala County SD|
|Benton||Benton County SD|
|Bolivar||North Bolivar Consolidated SD
West Bolivar Consolidated SD
|Chickasaw||Okolona Separated SD|
|Claiborne||Claiborne County SD|
|Clay||West Point Consolidated SD|
|Coahoma||Clarksdale Municipal SD
Coahoma County SD
Coahoma Agricultural High School
|Copiah||Hazlehurst City SD|
|Covington||Covington County SD|
|Hinds||Joel E. Smilow Collegiate
Jackson Public SD
Midtown Public Charter School
|Holmes||Holmes Consolidated SD|
|Humphreys||Humphreys County SD|
|Jasper||East Jasper Consolidated SD|
|Jefferson||Jefferson County SD|
|Jefferson Davis||Jefferson Davis County SD|
|Kemper||Kemper County SD|
|Lauderdale||Lauderdale County SD
Meridian Public SD
|Leake||Leake County SD|
|Leflore||Leflore County SD
Greenwood Public SD
|Marshall||Holly Springs SD|
|Montgomery||Winona-Montgomery Consolidated SD|
|Newton||Newton Municipal SD|
|Noxubee||Noxubee County SD|
|Panola||North Panola SD|
|Pearl River||Picayune SD|
|Pike||South Pike SD
|Quitman||Quitman County SD|
|Scott||Scott County SD
Forest Municipal SD
|Sharkey||South Delta SD|
|Sunflower||Sunflower County Consolidated SD|
|Tallahatchie||East Tallahatchie SD
West Tallahatchie SD
|Union||New Albany Public Schools|
|Walthall||Walthall County SD|
|Washington||Western Line SD
|Wilkinson||Wilkinson County SD|
|Yazoo||Yazoo City Municipal SD|
Who is eligible:
- Applicants who agree to render service as a teacher in the district for three years starting with the beginning of the school year
- Applicants meeting the credit eligibility requirements
- 25 or 30-year fixed loan rate
- Fannie Mae conventional products
- Maximum Loan-to-Value (LTV) - 97%
- Credit score dependent upon LTV
- Mortgage Insurance required (depending on LTV)
Features of the HAT Program:
- Grant assistance is forgiven if the approved licensed teacher satisfies a required executed Loan Agreement. The Loan Agreement requires the applicant to be employed for a period of no less than three (3) years in a school district where a critical shortage of teachers exist. Your participating lender has access to this document.
- MS Dept. of Education assistance will cover the amount of borrower funds needed to close on a home up to and not to exceed $6,000.
- MS Dept. of Education assistance can be used to cover required down payment (less borrower’s 1% required contribution), borrower paid closing costs, prepaid expenses, and Private Mortgage Insurance (PMI), if applicable, depending upon the amount of additional down payment paid over the required amount (contact your lender).
- Homebuyer(s) must provide a minimum down payment from one’s own funds of 1% of the sales price and one month’s reserves. Reserves requirement may be gifted from a relative, but not the 1% down payment contribution.
- No income limits unless using with another MHC loan product (see other program guidelines).
- Residential property must be located within the county where the teacher is employed and is designated by the MS Department of Education as a critical shortage county.