Renaissance Community Loan Fund
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Renaissance Community Loan Fund is pleased to offer the Ready Loan Fund Program, one of our multiple consumer lending programs designed to meet the various lending needs of homeowners in Mississippi. Currently, the READY Loan Fund service area is limited to the coastal counties up to the Hattiesburg area. We hope to expand the program across the state in the future.

The loan fund will provide for energy efficiency improvements, such as upgrades to attic and crawl space insulation; insulated windows; the conversion to energy-efficient appliances and fortifications to proactively protect the homeowner's property from storm damage. The loan fund also allows for modifications to bathrooms and doorways according to the Americans with Disabilities Act compliance guidelines.

A maximum loan amount of $25,000, at an interest rate to be determined for up to 10 years, is available to qualified applicants. Once a household is determined to be eligible for the program and decides to move forward in the process, a non-refundable inspection fee of $250.00 will be due prior to the initial home inspection.

Before submitting any of the required income documents to Renaissance Corporation, 
all potential applicants must complete the on-line home assessment. Simply click on the "Take the Assessment" button below and click the submit button when you have finished. If the results of the assessment indicate that the home may meet the minimum eligibility qualifications, the applicant will be contacted by Renaissance Corporation to discuss the household's eligibility for the program.

Applicants will then be required to complete the income documentation necessary to calculate the total household income. To complete this documentation now, please click the following link: 
Household Income Calculation Package. The total household income must be at or below 120% of the Area Median Income based on HUD's most recent charts. If the results of your home assessment do not qualify you to apply for the Ready Loan Fund, you will be notified via email of your application's discontinuation.

About the Program

The Ready Loan Fund will allow approved homeowners the opportunity to borrow up to $25,000 for mitigation, efficiencies and rehabilitation efforts. The loans will offer amortized terms of up to 10 years and interest rates lower than those charged by traditional lenders. The loan provides for energy efficiency upgrades, ADA modifications, and the valuable option for official Fortified Home designation which may lead to a reduction in insurance premiums. In order to determine if your home and household could be eligible for the program, start the process by taking the Ready Loan Fund Home Assessment below.

What is the application process?

  1. Applicant completes the on line home assessment.
  2. Assessment results are reviewed by The Gulf Coast Community Design Studio (GCCDS) to determine the potential eligibility of home for rehab, repairs or retrofits.
  3. If results indicate the home does not meet the minimum eligibility qualifications, applicant is sent notification of discontinuation.If results indicate the home may meet minimum eligibility qualifications, applicant is sent the program income eligibility requirements by Renaissance to determine total household Area Median Income (AMI).
  4. Applicant gathers all required income documentation to submit to Renaissance to calculate total household AMI.
  5. Applicants who are identified as ineligible based on total household AMI over 120% are discontinued in the process.
  6. Applicants who are identified as eligible to participate and proceed to the next step in the process based on total household AMI are referred to The Gulf Coast Community Design Studio (GCCDS) to conduct an inspection of the home. A non-refundable $250 home inspection fee is due from the applicant prior to the inspection.
  7. The scope of work and cost estimates are determined by GCCDS and the approved contractor from Renaissance's contractor list and presented to the homeowner.
  8. Homeowner opts to not proceed with work, the process ends.
  9. Owner agrees to proceed with work: Renaissance's loan department contacts applicant for determination of collateral used to secure the loan; at loan closing, the applicant pays the additional $400 in inspection fees to ensure all work is done properly. Fees can be paid by applicant or included in total loan.*
  10. Applicant completes the loan process with Renaissance's in-house loan department based on collateral position selected and closes on the loan.
  11. Detailed meeting between the homeowner, the contractor and The GCCDS.
  12. Contractor completes the scope of work.
  13. Final inspection of work completed.
  14. Process is complete.
*If fortified roof work is completed an additional fee is required.

Each eligible applicant will choose from two collateral options to secure the loan:

  1. The home is used as loan collateral. A lien is placed on the home for the life of the loan to secure the total amount. The lien will either be a first or second mortgage depending on status of current home financing. Closing cost fees total $1,800.00. These fees can be added to the loan and include the additional inspection fees incurred during the contractor work phase.
  2. Personal property is used as collateral. A lien is placed on the property for the life of the loan to secure the total amount. Closing cost fees total $1,250.00. These fees can be added to the loan and include the additional inspection fees incurred during the contractor work phase.

What are the responsibilities of the applicant?

  1. Must be the legal homeowner of the property. Home must be the applicant's primary residence.
  2. Must submit all required documentation requested by GCRC staff during the program eligibility process and the loan process.
  3. Must maintain required structure insurance to include homeowners, wind and if applicable flood insurance based on the most current FEMA Flood Zone maps.
  4. Mobile homes may be excluded from the program.

​You are about to take the Ready Loan Fund Home Assessment

The assessment is organized into three components. If you qualify for the first component you will then be able to complete the sections about individual areas of your home. Each step in the second component of the assessment is printable. For some questions it might be easier to print a copy of the questions to have with you while you complete the assessment. The third section of the assessment will generate a list of suggested improvements for your home based on your answers. The list and costs of improvements are based off of the average size of a Mississippi home and are only estimates. The applicant will be asked to select the repairs for which they would like to apply their funds. The scope of work completed by the contractor will indicate the costs of the work for your home. Before you get started with the assessment it will be helpful for you to have with you a copy of the last month's energy bills. You will also need to know your gross annual income. You can establish your estimated household GAI by visiting the Gross Income Calculator and inputting some basic information about wages earned and hours worked. Please take a few moments to read through the safety tips and gather the items listed that you will need to complete the assessment.
Have a question? Click here!
Take The Assessment

Affiliates & Partners

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Locations


11975 Seaway Road
​Suite A140
Gulfport, MS 39503

431 W. Main Street

Suite 300
​Tupelo, MS 38804


301 Buschman Street
Hattiesburg, MS 39401

(Satellite Office: By Appt. Only)

Hours


Monday - Thursday
8:00AM to 5:00PM
​
Friday
​8:00AM to 4:30PM

Saturday - Sunday
​CLOSED

Phone


Gulfport Office: 228-896-3386
Tupelo Office: 662-687-3290
Hattiesburg Office: 601-325-5230

Fax

228-896-3326

Email


info@rclfms.com

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