How RCLF Can Help You On Your Homeownership Journey

Mortgage Options for Your Home Purchase

Every homebuyer’s situation is different. RCLF offers several fixed-rate mortgage options for qualified borrowers.

*1-4 unit owner-occupied and condo purchase financing available.

Down Payment Assistance Programs

Down payment and closing costs can be one of the biggest barriers to buying a home. RCLF works with several programs that may help qualified borrowers. DPA is subject to available funding and program requirements and borrowers must utilize RCLF’s in-house mortgage team to process your loan.

ALABAMA

Alabama DPA Program*

Program Features:

• $20,000 DPA 2nd Mortgage
• Repaid if 1st mortgage is paid off
• Limited availability
• *Currently only available for Alabama residents

MISSISSIPPI

EASY8 Program

Easy8 offers $8,000 in down payment assistance and closing costs with a competitive interest rate. Let us make your dream of homeownership a reality.

Program Features:

• 30-year fixed rate mortgage (rate subject to change)
• FHA insured, VA, Rural Development, & Fannie Mae/Freddie Mac Loans
• No liquid asset limit
• $8,000 with 0% interest
• Due-on-sale payable to MHC at refinance, non-owner occupied, or 1st mortgage paid in full
• Can be used towards down payment, closing costs, or pre-paids

Eligibility:

• First-time homebuyers or persons who have not owned a principal interest in a residence in the past 3 years
• Certain areas of the state, called “Target Areas” and veterans are exempt from the “first-time homebuyer” rule
• Households who are within the income guidelines for the county in which they purchase a home
• Credit qualify with a participating lender
• Property must be owner-occupied & principal residence
• Homebuyer education required

TRUSTY10 Program

Need a program you can trust? Trusty10 offers $10,000 in down payment assistance and closing costs wit h a competitive interest rate. See if this program is right for you.

Program Features:

• 30-year fixed rate mortgage (rate subject to change)
• FHA, VA, Rural Development and Fannie Mae/Freddie Mac loans
• No liquid asset limit
• $10,000 down payment as a 2nd mortgage
• 2nd mortgage has a 2% interest rate
• 15-year loan
• Can be used towards down payment, closing costs, or pre-pa ids

Eligibility:

• First-time homebuyers or persons who have not owned a principal interest in a residence in the past 3 years
• Certain areas of the state, called “Target Areas” and veterans are exempt from the “first-time homebuyer” rule
• Households who are within the income guidelines for the county in which they purchase a home
• Credit qualify with a participating lender
• Property must be owner-occupied & principal residence
• Homebuyer education required

Smart7 Mortgage Program

The Smart7 Mortgage Program can give you the funds you need to purchase your first home or move up to your next one. As a participating lender with MS Home Corporation, Renaissance can offer competitive interest rates with $7,000 in down payment assistance as a second mortgage.

Program Features:

• 30-year fixed rate mortgage (rate subject to change)
• FHA, VA, Rural Development and Fannie Mae/Freddie Mac loans
• No liquid asset limit
• $7,000 with 0% interest due upon sell
  • Principal due upon property sale, refinance, non-owner occupied, or loan maturity
  • Can be used towards down payment, closing costs, or pre-paids
• Purchase price cannot exceed $398,310

Eligibility:

• Must serve as your primary residence
• Household income cannot exceed $132,770
• Must be a legal resident of the United States
• Credit score is based on service guidelines
• No first-time homebuyer requirements
• Homebuyer education required

Homebuyer Equity Leverage Partnership (HELP) Program

The HELP Program funding is based on availability as set by Federal Home Loan Bank Dallas. Through member institutions such as RCLF, HELP assists low-income qualified, first-time homebuyers with down payment assistance and closing costs. HELP has limited funds that are available on a first-come, first-served basis to qualified homebuyers.

Homebuyer Requirements:

• HELP funds may not exceed $20,000 per homebuyer.
• Household income must not exceed 80 percent of the area median income.
• Homebuyers are required to complete a Homebuyer Education Course.
• Homebuyers must contribute $500 of their own funds toward the required down payment or closing costs.
• Homebuyers cannot currently own a home.
• Home must be your principle residence.
• Homebuyers cannot receive any cash back at closing.
• Homebuyers are required to sign a five-year retention agreement.

If you are unable to submit this form online, please contact us at (228) 896-3386 for assistance.

Download a printable Home Purchase Intake Form

Descargue un formulario de compra de vivienda imprimible