There are several down payment assistance options available to Mississippians in the Southern 3 Counties.  These counties were hit hardest 3 years ago by Hurricane Katrina.  Each program has its own rules and income limits.  These programs will still be allowed under the new Housing Act.  If you are interested in getting more information on any of these programs, please call me at 228-257-9000.

1) City Community Block Grants - each city receives a set amount of money by the state at the beginning of each year.  In some cases, the grants can exceed $20,000 per family.  It is distributed on a first come/first serve basis.  Those who are approved bring all of the required items so that their application can be send to the state agency for final approval.  One of these items includes a homebuyer class certificate.  To obtain this certificate, the homebuyer must an 8 week course for homeownership through a non-profit agency approved by the city.  Typically, the homebuyer must agree to stay in the home for a given amount of years and then the grant is forgiven.  Most cities on the coast have about 12 grants available per year.  If you want this program, be organized, get your credit straight and complete the homebuyer education requirement asap.

2) Long Term Workforce Housing Grant - see #1. The amount of the grants & rules for this program are due out by 9/1/08.  Call me to be put on the email list for more information once this is officially announced.

3) MS Home Corps Mortgage Revenue Bond Program - these funds are available throughout the year.  The down payment/closing cost assistance = 3% of the loan amount.  There are income limits and purchase price limits. The 3% is a gift that does not have to be repaid, however, if the home is sold within the first 10 years, there could be a tax recapture fee if they realize a 50% capital gain as well as have an increase in household income greater than the formula set out by the program.

4) Home of Your Own (HOYO) - This program can give up to $20,000 in the way of down payment and upgrades to a home for a family that has a disabled person living in it.  This program has unique rules and limitations.  Call me for more information if you believe you would qualify for this program.

5) REACH Program - This program can offer up to $40,000 (up to $10,000 from employer & matching funds 3X EAH program) for eligible homebuyers. This program is still in the test phase and will hopefully be officially announced by the end of Aug 2008.  If you would like to be on the email list for more information when it is officially announced, please call or email me.

Molly Lionberger, Assistant Vice President

First Bank and Trust of Mississippi

228-257-9000 cell/text message

228-872-1020 office

mlionberger@fbtonline.com    or molly@mollysloans.com