Home Loans

Renaissance Community Loan Fund Home Purchase Services

Congratulations on taking your first step towards homeownership! Our Home Purchase Advisors offer credit and financial counseling to assist you in becoming mortgage ready. Our Advisors look forward to getting you on the right path to sustainable and responsible homeownership.

Home Purchase Loans

• Borrowers receive a fixed-rate mortgage offering stable and affordable monthly payments
• FHA, Fannie Mae, VA and USDA loans are available to qualified borrowers
• 1-4 unit owner occupied purchase financing available
• Condo purchase financing available

One-On-One Financial Counseling

The Renaissance’s HUD-certified housing counselors offer free, one-on-one financial counseling and education to help you become mortgage ready and build your financial future.

Section 8 Home Purchase Program

In this program, your Section 8 voucher may be used toward the monthly mortgage payment after a home purchase. If you are currently in a Section 8 rental, you must be approved through Section 8 to transfer your current rental voucher to a home ownership voucher.

Down Payment Assistance

Renaissance Community Loan Fund offers Down Payment Assistance (DPA) to qualified borrowers. In order to qualify for DPA available through Renaissance, you will need to utilize our in-house mortgage team to process your loan. At this time we are unable to offer only DPA in partnership with another lender’s loan. DPA is subject to availability.

*See below for our current DPA Programs

Mortgage Revenue Bond 7 (MRB7)

Mississippi Home Corporation is able to assist borrowers with home-ownership by offering a competitive mortgage rate through proceeds from the sale of Mortgage Revenue Bonds which are exempt from federal taxes. $7,000 in down payment is available to assist borrowers with upfront costs associated with their mortgage.

Program Features:

• No discount points are allowed for either buyer or seller
• $7,000 deferred 10-year second with 0% interest is applied to the borrower’s portion of allowable closing costs as follows:
  Origination Fee
  Attorney Fees
  Title Fees (includes Title Policy)
  Survey
  Inspection Fees
  Recording Fee
  Appraisal (if not a POC item)*
  Credit Report (if not a POC item)*
  Down Payment
  Flood Certification
  Amortization Fee
  Any other allowable costs
• Upfront MIP, PMI, VA Funding Fee & RD Guarantee Fee

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
• Individuals/families who meet the credit requirements established by FHA, VA, Rural Development, Freddie Mac and FannieMae products
• Individuals/families who are within the income guidelines for the county in which they purchase a home
• Must be a legal resident of the United States
• Must meet loan program credit underwriting requirements for FHA, RD or VA loans and Conventional loans

Smart6 Mortgage Program

The Smart6 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 $6,000 in down payment assistance as a second mortgage.

Program Features:

Eligibility:

• Must serve as your primary residence
• Household income cannot exceed $110,000
• Must be a legal resident of the United States
• Must be approved as buyer-ready by Renaissance’s home purchase team
• Available on new or existing single-family homes, townhomes or condominiums (manufactured homes using FHA) in the State of MS.

Homebuyer Equity Leverage Partnership (HELP) Program

HELP is a program administered by Federal Home Loan Bank Dallas. Through member institutions such as Renaissance, 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:

• Only first-time homebuyers are eligible for the program.
• HELP funds may not exceed $15,000 per homebuyer.
• Household income must not exceed 80 percent of the area median income.
• Homebuyers are required to complete a Homebuyer Counseling Program.
• Homebuyers must contribute $500 of their own funds toward the required down payment or closing costs.
• Homebuyers cannot receive any cash back at closing.
• Homebuyers are required to sign a five-year retention agreement.

Start the Home Purchase Process

To begin the process of purchasing a home with Renaissance, click the applicable button below and fill out the Home Purchase Inquiry form.

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

Use our Mortgage Resource Center to learn more about the homebuying process.

Home Purchase Success Stories

Read about Mississippians like you who worked with Renaissance to purchase the home of their dreams.