I called over a week ago.  I was told someone would call me back in a couple of days.  I havent received a call from anyone.

I called over a week ago also and was told I would be contacted in a couple of days. I still havent been contacted.

I called and about a week and a half I got my appointment! I just got back and I was approved for the max down payment. So you just have to be patient and they will call.

WHat is 120% AMI for a household of 2 in jackson county? thanks

I am on the opposite side of this. I am currently selling my home in Ocean Springs to a recipient of My Home My Coast. We went through Katrina like many others and had to leave our home. We rented it out to help another family even though we knew we could have made a huge profit selling it at that time. The family we wanted to help was not in a position to buy it so we continued to rent it to them. We now have to sell it. We are selling it to a person who makes more money than we do and recieved a grant for 17,000 plus the partical no interest. Yet still she asked for 10,000 less than our very reasonable asking price. This is on top of the 5,000 we just put into the house in new carpet and paints and landscaping. Then she still wants very petty and minor repairs made that are costing us a lot because we are out of state and have to hire people out to do everything. My point is this. This person makes more money than we do. We are all experiencing hardships. I think it is graet that their are programs out like this to help people but those that are being helped PLEASE be grateful and think about the person on the other side that is losing about 20K! Please be grateful and not petty and gready!

This post is in response to Johanna's post. My Father-in-law owns a home in Ocean Springs.He is ill and has been living with us in fla. for the past year. We've found a buyer that is going through this program and have been in contract for about 2.5 weeks. The inspection and appraisal have been completed. According to my agent they now need to do a environmental inspection. My question is what is the total process of this program and how long will it take.

On commenting about what you have had to do with your home,I have had to do about the same when it comes to upgrades. I recently came there and put in new carpet, installed new tile and repainted the interior at the cost of $8000. The contract was signed for $5000 less than appraisal.After the inspection they wanted us to replace the airhandler at the tune of $2100 more.Part of the agreement was that we had to purchase a home warranty and cover up to $3500 in closing costs. From what I have just learned, they can receive up to $3500 in closing costs. You would thank that a person that has this option would to help the seller out a little and attempt to qualify for it. If I would have known this before the contract signing, I would have not agreed to the closing costs. I agree with you Johanna its ashamed that the people that are able to take advantage of this program want sellers like us take such a lose on our property. I thought these kind of programs were here to help stimulate everyone involved not just the buyers. Renaissance should have set up some guidelines for the seller as well so we could all benefit from the program.

To anyone that might have some info that will help me understand exactly how this process works Please contact me at gddkjags@aol.com

To all the people who left or is planning to leave ugly comments..the least you could do is spell them correctly!

cgeez,

I hope you are not trying to receive money from this grant program. You are obviously much too intelligent to have run your credit in the ditch and need hand outs from programs such as this. I am sure you have a great paying, high profile job up on that pedalstool of yours. Really is it the spelling that offends you or points being made which is- that some people just don't know when their hands are full. Even after given so much, they still have their hands out waiting for more as it is being taking away from other struggling families!  

Wow, Looks like somebody has their panties in a wad. All I was hoping for is a little info. not a argument about spelling and grammar issues. My comments were of a general nature and the issurs I'm having to deal with. last thing I wanted to do is offend anyone. This program is a good thing but just seems to be one sided. So again, All I'm looking for is some good info to help me understand the program as the seller. If you don't mind answering Joanna, Have you closed yet? How long did the process take and what is the exact procedure. Thanks for any info you might have.

Thanks, Glenn

HI Glenn,

I have not closed yet. We are set to do so at the end of the month. Hopefully! The process is slow. It is my understanding that this process usually takes about 2-3 weeks but with My Home My Coast, it takes about 2-3 months. In our situation, the buyer had a home inspection done and then brought a list of things that he wanted fixed prior to moving in. We were able negotiated that slightly. Yesterday, we had the home appraisal completed. We are still waiting for the pre-approval from the buyer's lender. Your agent should be able to give you much more info. Hope this was helpful.

Good Luck.

If anyone has actually closed a loan under this program please let everyone know:  What is your impression?  How long did it take?  Any tips that could make it better? 

If you haven't closed and have been in the program for a couple of months what are the problems you are experiencing?  Any insight, tips, etc.?  

I think any answers to these questions could be helpful.

What I'm thinking is that if it seems too good to be true it usually isn't.  Which lenders are closing these loans?  How many have they closed?

It sure looks complicated to me.  Perhaps someone is out there with some first hand insight.  

Johanna who is the buyer's lender?

Thanks

Hi John,

Wish I could help you, but I'm just as lost as you are. I called the call center and asked about the program and all she could tell me was to contact the buyers counselor, maybe they could give me more info. I asked to my agent  to talk to the seller for his contact. Not much response, except for the environmental inspection was next and would take the longest.

Great, that helped alot. John, I'm not real sure what the hush, hush is about this program and it seems my agent is as clueless as usl. What worries me the most, is that ever since I signed the contract my MLS listing shows "contract pending" They have not shown the house since.(Going on 4 weeks). They were showing the house at least 2 times a week for 2months. I had  3 offers, but they were trying to low ball.Now I'm stuck in a contract with no guarantee that the seller will be able to close,and missing the opportunity of other potential buyers due to the contract pending.

I'm stuck in the waiting game at this point. As soon as I receive more info I'll post it.

Thanks Johanna for your insight and please keep us informed as your trans. progresses.

I asked my agent to talk to the "Buyer" for his contact

Glenn,

Here's my deal and what I know... I was in the MHMC program. I qualified and completed all the required classes and 8 weeks later went to pick up my certificate and noticed they made a mistake. Turns out they miscalculated my income and I didn't qualify for the program in the first place, then they called and said yes I do qualify, then called back and said No I don't. In the end I don't. My lender thought I qualified too and actually pre-approved me for much more than I wanted. Had I not questioned their mistake and gone through with that pre-approval, It would've all fallen apart right before closing, which would've been worse for the seller who wouldve been strung along.

What annoyed me even more was that there was a house we really liked (from outside, hadnt been in it though) and it went under contract just 1 week before everything fell apart for us. I checked the listings daily and was really disappointed when it went under contract. We drove by it often just to look at it. I have since been approved for an FHA loan (payments are much more without MHMC). Had I known about the problems before going through the program, I couldve done FHA back then and got that house.

Here's the thing Glenn, Judging by the info in your post, I think it's YOUR (Father-in-law's) HOUSE THAT I'M TALKING ABOUT!!! All of those updates were recently done to the house and according to county records it is in the C/O Glen A---- in Jacksonville. They also said it was a MHMC sale. My Realtor took me to see it the other day, but the owner's realtor said there was no reason to think that the deal wouldnt go through and because I know how long it takes to close a MHMC loan, there was no way we could wait to see. I am now under contract with another house.

In the program we were told about 60 days to close because it needed that environmental inspection. My realtor said he had one that took 68 days recently and knows one that just went over 60 days and hasn't closed yet. But because of the problems I had, I know how it could fall apart. I don't believe that very many MHMC loans have actually closed yet.

Yes, they do get $3500 for closing costs. They automatically qualify for that with the program so I'm sure they knew and are getting it. This program is definitely geared for the buyer's advantage more than the seller's. However if i had the program I wouldve been in a better position to concede more.

I hope it all works out for you.

Thanks Chris for the response. Its a small world. Looks like you may have been looking at my father-in-laws house. It's in the Fort Bayou subdivision. Whats kinda of ironic, is I just received more info from my agent yesterday,all inspections have been completed and final review will be finished this week. Docs. sent to the attorney etc. . We have a possible closing this coming Mon. or Tues. We'll see. I haven't heard from anyone today.

Johanna,John and Chris, Thank You so much for your info and help. I'll keep you informed about my situation and Johanna if you have any further updates please let us know.

Thanks again, Glenn

CJ,

In Re:

WHat is 120% AMI for a household of 2 in jackson county?

 The answer is $52,800.

You can find a helpul chart with the AMI's for each county at  http://www.msdisasterrecovery.com/workforce_housing/documents/2009AMILimits.pdf

Well, we are finally finishing our last post purchase class.  We applied in May and the process has obviously taken forever.  We are going through the MS Faith Based Coalition in Gulfport.  I think we have to be patient because it does not seem like these people are too familiar with the program themselves.  At least, most of them aren't.  You really have to keep calling and calling and keep them on their feet to get a call back.  I even called BanCorp South over and over again to find out about a home loan and they were in the works just trying to figure out who was going to be in charge of the MHMC customers.  They never would call me back and finally I just gave up on them.  I left a message that we didn't want their services anymore, and finally got a call back.  Hmmmm.  Then they explained their dilemma, but it wasn't good enough.  Communication is the key to good service and they could have called us back.  So now we are looking for a good lender.  If you have any recommendations, we would appreciate it.

P.S. I guess I didn't think about what the seller's are sacrificing with this economy.  After reading some of your posts I will definitely try to be as fair as possible.  We are just happy to have any kind of assistance.  We have never qualified for anything and it sure is nice to catch a break for once.

Jessica

Yeah Glenn thats the same house in Fort Bayou. Great job with the upgrades, I wasn't expecting that when I saw it, since the pictures online were never changed.

Good luck with it all.

Well its done and over.We closed yesterday at 5 p.m. Looks like the whole process takes about 2 months from contract signing. It seems to me that my buyer was preapproved with Regions Bank first and what takes the most time is the MCMH approvals and inspections. Looking through the HUD docs. the buyer was granted $1250 for closing costs, $22500 for down payment assistance. Not sure what the interest rate was, but, seems that the mortgage is split between Regions Bank and MCMH.MCMH holds the majority of the loan. Thanks so much for everyones help and responses. I wish all the best and hope it works for you either being a buyer or seller.

Glenn

To Johanna:

I would just like to say that there are a lot of people in this program like you have described who are looking for handouts and have run their credit in the ground...but those are not the people purchasing homes and stimulating this market. Some people have good credit, they just don't have thousands of dollars saved up for a down payment + closing costs to purchase a home, and if given the opportunity, would like to be able to do so. If you were in a situation similar to this, you cannot say there is now way you would accept that money because its just a handout and "good homebuyers" save their money so I won't take it! That would be ludicrous. Especially since the partial mortgage at 0% is such a once in a lifetime opportunity...it's just a smart financial decision on my part to participate in this. All I'm saying is this..there are lots of buyers who are just looking for a hand out and their are lots of sellers who just assume that's what all buyers are doing. Stop judging people. Some of us just want to be good contributors to society and own their first home. If a handout is the means to that end, then so be it. Don't be bitter because you didn't get such a sweet deal.

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Does anyone know if for any reason, buyers who go through this program will NOT receive the $8,000 tax credit for first-time homebuyers?

Brian,

Going though this program does not in any way affect you getting the $8K. You can get both, as long as you meet the qualifications for both.

Glenn,

Glad it all worked out for you. I'll always like that house. Seems like your buyers got almost the best possible scenerio from the program. The interest rate was probably 6.25 or 6.5%. That is the typical Regions rate for MHMC. (All the banks involved charge higher rates for this program than you would get without it). I would recommend Regions. Closing costs are also less since there is no origination fee with MHMC loans.

I am having a problem with the program and I'm hoping someone can help me with this matter.  Let me explain my problem..... When I first started dealing with Renaissance I was under the Reach program.  I completed all of the requirements for the reach program.  When I went to my bank for pre-approval for Reach, the bank informed me of the My Home My Coast Program.  It sounded great, so I decided to switch to the My Home My Coast Program.  I completed all of the requirements, which was credit counseling and 2-8 hour courses, for My home My Coast .  I called to get an appointment with my bank for pre-approval.  The loan officer began to take some information over the phone.  She asked if I received a certificate stating the amount of down payment I was going to receive from the program.  I never received any certificate stating the actual amounts, so I called IRD (my credit counselor).  At that time IRD informed me that they were unable to process anyone with an AMI of 80% or greater and they couldn't give me my certificate at that time.  The lady with IRD said that Renaissance was trying to renew their grant and they would only allow her to process applicants with an AMI or 80% or less.  She said Renaissance was trying to show that people with low income are benefiting from the program.  I am hoping IRD misinformed me.  Has anyone heard anything like this?   

I've contacted Renaissance via phone and email, but I can't get an answer.  They act OBLIVIOUS to the matter.  I feel like IRD is telling me the truth.  IRD has no reason to make this up.  If this is true I plan on doing everything in my power to make the public aware of the issue.  I know these programs have been discussed at the city councel's meeting, so I am currently trying to find out what I need to do to get on the agenda for the next meeting.  I also plan on contacting Thad Cochran regarding this matter.  Hopefully, he will be able to help in this matter.  I know I'm not the only one this has happened to.  If this has happened to you, please write in.  Something can be done about this.  If they will only want very low income people to benefit from the program, they need to change the requirements. 

Hi Susanne,

Thank you for sharing, I am experiencing exactly what you are talking about.  I sure hope that you check this site again because I would love to join forces with you!  I just found out yesterday that I am at over 80% AMI. I spoke to Camille Schaeffer at MHMC, apparently she is someone with authority there.  I have my contract signed and my loan is in progress and now they are telling me that it won't be processed because they changed the rules half way through the game and neglected to tell those of us involved!  This is so incredibly unfair!  And unethical, I might add! 

I was going to build but when I heard about how long the environmentals were taking, the builder was willing to work with me on purchasing a home that was already constructed.  This developer said that they have one environmental with MHMC that was requested more than 3 months ago!  I am appreciative of the grant if it goes through. (just for the record, if you have poor credit, you can't qualify for this loan).  I am in the midst of a divorce that I never wanted, I'm not receiving any maintenance, I have good credit and pay my bills on time, and I was looking so forward to this being an opportunity to get on my feet.  To have help with the down payment and closing costs was going to be an incredible blessing for me.  It has become a huge source of disappointment and frustration! 

How many other hard working community members have been shafted by MHMC?  It's not right to build up people's hopes and dreams only to crush them!  For those of us that have "jumped through all the hoops", they should have processed us and put the new rules in place for new applicants.  The only answer that Ms. Schaeffer would give me as to how come they could do this is because it's a government grant.  If this was a business or individual, I would have nothing to do with them but, because it's the government we have to endure.

If anyone knows anything else about this, please write.  If you have contacted people or are attending meetings to discuss this, share it here.  If we all band together, maybe we can make a difference.  Hopefully they will follow through on their "good word".      

Hello Suzanne, Ladybug, & all others experiencing this same issue:

I am a MHMC recipient who just so happens to be lucky enough to be at 79% AMI so I am not having to experience what you are going through, but I have many friends who are. I also have a contact at ECD who works directly with MDA and Gulf Coast Renaissance to run the MHMC program and this is what I have been told. Letters are going out to people in the program that say that if you are not under the 80% AMI limit AND under contract with an environmental inspection already ordered, you will not be able to go through the program to receive down payment & mortgage assistance. I was told that the real reason for this, regardless of what they say in the letter, is that they are supposedly running out of funds. Now, when you consider that about 4,000 people have been accepted into the program, if each of those people got approved for a mortgage with a bank, got down payment assistance, and got anywhere from 40-60% of their mortgage financed thru Renaissance, that adds up quickly and their millions of dollars dwindle down to pennies, which means that the people in the 80% or lower income bracket become top priority since they are supposedly the ones who "need" the money the most. Now, that's not  to say that those people in that bracket are more apt to pay their mortgages and can realistically afford it more than people above the 80% AMI...I'm just trying to state fact here. So I would say that what will probably happen (my opinion here) is that once the people who actually get approved for a mortgage at the bank actually go thru and buy a home, and the ones who really can't afford it get flushed out...they'll open it back up to those above 80% AMI. But of course nothing is guaranteed.

In the way of the length of time it takes to get a completed environmental review....mine took 4 weeks exactly. But it varies from person to person. A friend of mine had his ordered two weeks before me and ours came back the same week. Then, I am told, its about a 3 week process after that to do your Compliance package and all the other legal junk that comes with buying a house. I will post an update when I actually close on my house. Hope this helps somebody! Good luck in the fight to open the program back up to everyone between 80-120% AMI. Its definitely a worthy cause!

I've been going through the program since May.  Ive had a contract on a house since July.  No one seems to be able to tell me anything other than we are almost done.  I've had 2 lenders and 5 suppose to be done by dates.  The process is  to daunting and has nearly ruined my entire familes life for the past 6 months of hoops and emotional rollercoasters that weve had to endure.  Someone needs to step in and take over.  There are way to many peoples lives hanging in the balance because of someones ignorance.  Come on people get off your duffs, and let us know where we stand, enough of jumping through hoops and stalling.