Project Re-Invest: Homeownership
Who can participate in the Program?
- An individual who is not a current homeowner & will occupy the home as his/her primary residence.
- An individual whose household income is not greater than 100% of the Area Median Income (AMI) based on the most-recent HUD income limits.
All potential applicants must first receive mortgage pre-approval from an approved lender and submit all required documentation to have total household income calculated to determine the household’s AMI. Only applicants with total household income at or below 100% AMI and lender pre-approval will be allowed to proceed into the program.
A complete list of income documentation requirements is available at www.rclfms.com. Program funds are limited and subject to availability. Applicants are processed on a first come, first serve basis. Other restrictions apply.
What is the process an applicant will encounter?
- Applicant meets with an approved lender to prequalify and submits all required documentation to confirm total household income is at or below 100% AMI.
- Lender submits the household income package to Renaissance for review.
- Renaissance calculates household income and advises the lender of the applicant’s eligibility.
- If eligible to proceed, applicant proceeds with lender towards home purchase.
- Applicant attends a homebuyer education class with an approved agency prior to closing.
- Lender processes required compliance package for funding approval with Renaissance.
- Applicant closes on new home.
What are the financial benefits to the applicant?
The program offers $10,500 in down payment assistance to approved household at or below 100% AMI for county in which the home will be purchased. The funds are secured as a subordinate lien on the home which is deferred for the life of ownership. The loan is called due upon sale or when the borrower no longer occupies the home as his/her primary residence.
What type of real estate properties can be purchased through the Program?
- Home must be located in the state of Mississippi.
- Home must be the applicant’s primary residence and owner occupied for the life of the ownership.
- Flood insurance is required for all properties located in a flood zone according to the most current FEMA maps.
What are the responsibilities of the applicant?
- Must receive mortgage pre-approval from an approved lender.
- Must complete the required intake application and education class.
- Must maintain required structure insurance to include homeowners, wind, and if applicable, flood insurance.
Get started by contacting an approved lenders:
- Renaissance Community Loan Fund
- BNA Bank
- Charter Bank Mortgage
- Citizens National Bank
- Community Bank
- CMG Financial
- FBT Mortgage
- Gulf Coast Community Federal Credit Union
- Gum Tree Mortgage
- Home Bank
- HOPE Credit Union
- Keesler Federal Credit Union
- Liberty Bank & Trust Company
- Renasant Bank
- Residential Mortgage Corp
- The Citizens Bank
- The Home Lending Group, LLC
- Trustmark Bank
Approved homebuyer education class providers:
- Hancock County Resource Center - 228-463-8867
- Mercy Housing and Human Development - 228-896-1945
- University of Southern MS Institute for Disability Studies - 601-266-5163
- Sacred Heart Southern Missions Housing Corporation - 1-800-232-9079
- MS Faith Based Coalition for Community Renewal - 601-346-7503
- Tunica County Community Development Coalition - 662-357-9007