FINANCIAL LITERACY AND HOME BUYER EDUCATION:
1. Financial Literacy and Home Buyer Education Workshops
Offered by: City of Vicksburg - Call 601-636-3413 to pre-register for a class.
Potential home buyers may attend a home buyer education class which consists of approximately 8 hours of home ownership education counseling. Those participating will learn about banking, borrowing basics, saving, budgeting, debt management, credit reports, financing a home, home maintenance, mortgage loans, insurance, taxes and much more. A certificate of completion can be obtained by participants who attend 8 hours. The certificate expires after 2 years. The nationally accredited curriculums were developed by FDIC and NeighborWorks of America and are approved by HUD. Approximately 5 classes are held per year, on a Saturday from 8:45 a.m. to 4:30 p.m. Space is limited therefore participants must per-register.
Note: Home buyers assisted through the City of Vicksburg programs will be required to attend 8 hours of home ownership education counseling.
** TENTATIVE 2010 HOMEBUYER EDUCATION WORKSHOP SCHEDULE** :
SATURDAY, JANUARY 23, 2010
SATURDAY, MARCH 20, 2010
SATURDAY, MAY 22, 2010
SATURDAY, JULY 24, 2010
SATURDAY, SEPTEMBER 25, 2010
Registration is required. Contact Keysha McDonald at (601) 636-3413.
2. Post Home Buyer Education
Offered by: City of Vicksburg - Call 601-636-3413 to pre-register for a class.
The HOME S.M.A.R.T. workshop is a post purchase curriculum designed to educate new homeowners on both the predictable and the unexpected issues and expenses that may come with owning a home. This class is held once per year, usually on a Saturday from 8:45 a.m. to 12:45 p.m. Default and foreclosure prevention counseling referrals can be made by the City of Vicksburg - Housing Office.
Note: Home buyers assisted through the City of Vicksburg programs will be required to attend 4 hours of post purchase home ownership education counseling.
** TENTATIVE 2010 POST HOMEBUYER EDUCATION WORKSHOP SCHEDULE** :
SATURDAY, NOVEMBER 06, 2010
Registration is required. Contact Keysha McDonald at (601) 636-3413.
Other certified housing counselors may be found at www.hud.gov
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Homebuyer Tax Credits
Up to $8,000 tax credit is available for first time home buyers if the sale occurs after January 1, 2009 and on or before April 30, 2010 ( Closed by June 30, 2010).
Up to $6,500 tax credits is available for move-up/repeat homebuyers if purchase is made after November 6, 2009 and on or before April 30, 2010 (Closed by June 30, 2010).
CITY OF VICKSBURG ADMINISTERED HOMEBUYER ASSISTANCE PROGRAM:
1. Affordable Housing Program (AHP):
The first-time home buyer Affordable Housing Program is funded through Federal Home Loan Bank of Dallas. Up to $11,000 is provided to assist with principal reduction/down payment and/or closing cost. Home buyers will be assisted through a deferred loan which will be forgiven over a 5-year period at a rate of 1/5 per year. To insure long term retention, Deed Restrictions will be recorded which will address the AHP funds.
The following criteria qualify the applicant(s) as First-Time Home Buyer(s):
1) Applicant(s) have NOT owned a home during the three-year period immediately prior to purchase.
2) Applicant is a displaced homemaker, meaning an individual who is an adult and:
- Has not worked full-time, full-year in the labor force for a number of years but has, during such years, worked primarily without remuneration to care for the home and family and
- Is not employed or is underemployed and experiencing difficulty obtaining or upgrading employment.
3) Applicant is a single parent, meaning an individual who is:
- Unmarried or legally separated from a spouse and
- Has one or more minor children for whom the individual has custody or joint custody or is pregnant (at point applicant occupies the property).
4) Applicant(s) own or owned, as a principal residence during the three-year period immediately prior to purchase, a dwelling unit whose structure is not in compliance with State, local or model building codes, or other applicable codes, and cannot be brought into compliance with such codes for less than the cost of constructing a permanent structure.
5) Applicant(s) own or owned, as a principal residence during the three-year period immediately prior to purchase, a dwelling unit whose structure is NOT permanently affixed to a permanent foundation in accordance with local or other applicable regulations.
6) Applicant(s) own or owned, as a principal residence during the three-year period immediately prior to purchase, a dwelling unit that was substantially destroyed due to a natural disaster or other event of catastrophic loss.
- Funds are available to first-time home buyer households earning 60% or below the area median income (see chart below)
- The home must be located inside the Vicksburg city limits
- The first mortgage loan will normally be with USDA or a lending institution that finances the purchase of the home. This loan will be at the lender’s interest rate.
- Applicants should have monthly income that will allow the expenses of home ownership (including taxes and insurance) plus other normal and usual expenses.
- Home buyer is required to complete approximately 8 hours of home ownership education counseling.
2009 Warren County Income Limits
|
Number of Persons Per Household
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
|
Very Low Income Households at or below 50% of the Area
|
$18,450
|
$21,100
|
$23,750
|
$26,350
|
$28,500
|
$30,600
|
$32,700
|
$34,800
|
|
60% Limits
|
$22,140
|
$25,320
|
$28,500
|
$31,620
|
$34,220
|
$36,720
|
$39,240
|
$41,760
|
For additional information contact the City of Vicksburg - Housing Office (see contact information above).
The housing programs of the City of Vicksburg are administered without regard to race, age, sex, national origin, religion, handicapped, etc.
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OTHER HOME BUYER ASSISTANCE PROGRAMS AVAILABLE FOR AREA HOME BUYERS:
DISCLAIMER: Please be advised that the material contained on this document is for information only. We endeavor to update the information on a regular basis, but cannot guarantee its accuracy at all times. The information does not include all programs available or all information available on programs summarized. This publication does not constitute an endorsement by the City of Vicksburg.
1. USDA Rural Development Programs:
- Section 502 Direct Program - buy or build a house. Household income must be less than 80% of median income. Low income applicants may qualify for subsidy based on income. Loan limit for Warren County $131,000.00.
- Section 502 Guaranteed Program - buy or build a house with a 90% RD guaranteed loan. 100% financing requiring no down payment, closing cost can be included in loan. Gross household income cannot exceed incomes listed below. Local lenders usually participate in this program.
|
People In Household
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
|
Very Low
50%
|
$18,450 |
$21,100 |
$23,750 |
$26,350 |
$28,500 |
$30,600 |
$32,700 |
$34,800 |
|
Low Income 80%
|
$29,550
|
$33,750
|
$37,950
|
$42,150
|
$45,550
|
$48,900
|
$52,300
|
$55,650
|
|
Guaranteed Loan Program
|
$70,750
|
$70,750
|
$70,750
|
$70,750
|
$93,400
|
$93,400
|
$93,400
|
$93,400
|
*These incomes are maximums for the category they are listed beside. For example, a family of 4 making less than $40,400 per year would be considered low income.
Applications may be picked up at the City of Vicksburg - Housing Office (see address above). For additional information contact USDA Rural Development at:
27169 Highway 28, Suite B
Hazlehurst, MS 39083-2219
Phone: (601) 894-1118 ext. 4
Fax: (601) 894-5588
www.usda.gov
2. The University of Southern Mississippi Institute of Disability Studies
Mississippi Home of Your Own Program:
Nita Martin 601-432-6413 or 1-866-883-4474 or www.usm.edu/ids/housing
First-time home buyer households with a disabled member may qualify for up to $15,000 for down payment, closing cost, principal reduction and retrofitting of the home being purchased to accommodate the disability. Household income must be below 80% of Warren County median income. The applicant must qualify through a participating MHC lender for the balance of the funds needed to purchase a home.
IDS Participating Lenders in Warren County include - USDA Rural Development, AmSouth, BancorpSouth, Trustmark, Countrywide Home Loans and Regions Bank.
3. Mississippi Regional Housing Authority, No. VI Section 8 Homeownership Option:
Nelma Thomas, 601-714-3943, or Levon Swan, 601-714-3947
P.O. Drawer 8746
Jackson, MS 39284-8746
Eligible Section 8 participants may purchase a home and use Section 8 subsidies to assist with the mortgage payment. See basic requirements below:
- Annual income of $10,300 or more (excluding welfare allotments unless the family is classified as elderly or disabled.)
- Be employed for a minimum of 30 hours per week.
- See brochure or ask Section 8 about program.
4. Individual Development Accounts (IDA):
Funded by Federal Home Loan Bank of Dallas and Britton & Koontz Bank - Contact Candy Francisco at 601-630-8201.
Save $500 of your own money and get up to $4,500 in matching funds to purchase or construct a house. Household(s) must be a first time home buyer. Home buyer must qualify for a mortgage on a home they are able to purchase. Home buyer education is required.
2009 Warren County Income Limits
|
Number of persons
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
|
Maximum Family Gross Income 80%
|
$29,550
|
$33,750
|
$37,950
|
$42,150
|
$45,550
|
$48,900
|
$52,300
|
$55,650
|
5. Neighborhood Assistance Corp of America (NACA):
1-888-302-NACA(6222) or www.naca.com
No down payment; no closing costs; below market interest rate. Program is for low, moderate income and other home buyers. A 10 step program for home buyer is required. Maximum purchase price in Vicksburg is $200,000.
6. HOPE Mortgage Products:
Enterprise Corporation of the Delta (ECD) - 601-944-1100 or www.ecd.org
Household income must be below 80% of state wide median income ($42,600). Funds are not limited to first time home buyers. The minimum required down payment from borrower’s own funds is 1% or $500, whichever is less of the sales price/appraisal value. Remaining down payment can be a gift/grant or seller contribution.
7. ECD HOME Program - 601-944-9302, Kay Cutrer or www.ecd.org
Household income must be below 80% of Warren County median income. Funds are not limited to first time home buyers. The minimum required down payment from borrower’s own funds is 1% or $500, which ever is less of the sales price/appraisal value. Remaining down payment can be a grant of up to 20% of the purchase price which is not repaid if borrower lives in home for 10 years. Interest rates are competitive. No mortgage insurance required.
Income Limits:
Number of persons 1 2 3 4 5 6 7 8
Max Family Gross Income 80% $29,550 $33,750 $37,950 $42,150 $45,550 $48,900 $52,300 $55,650
8. Mississippi Home Corporation (MHC) 601-718-4636 or ww.mshomecorp.com
Homebuyer Advantage Program
A grant ranging from $14,999 to $39,999 (depending on credit score) is available for anyone buying an eligible abandoned or foreclosed property to live in as their primary residence. Homebuyer does not have to be a first time homebuyer. Homebuyer must complete an 8 hour pre-purchase homebuyer education class with a HUD approved housing counseling agency. Homebuyer must be qualified for a mortgage through an approved Home Buyer Advantage lender. See www.mshomecorp.com for income limits and more information.
Mortgage Revenue Bond Program (MRB)
FHA, VA, Rural Development or Conventional Fannie Mae insured mortgage loan programs offering the borrower 3% down payment assistance and an interest rate at or below the current market rate. Household income, in Warren County, for a 1 to 2 person household cannot exceed $50,500 and a family of 3 or more persons cannot exceed $58,075. Sales price limits cannot exceed $320,980.
Down Payment Assistance Program (DPA)
Used in conjunction with any FHA, VA, Rural Development or FNMA mortgage loan to assist the borrower by providing down payment funds equal to 3% of the first mortgage loan amount to purchase a home, through a 10 year, fixed rate second mortgage. Household income, in Warren County, for a 1 to 2 person household cannot exceed $60,600 and a family of 3 or more persons cannot exceed $70,700. Sales price of the home cannot exceed $155,000.
Mortgage Credit Certificate
Reduces the amount of Federal Income Tax to be paid by a borrower, therefore, improving the borrower’s ability to borrow. Income limits for a 1 to 2 person household cannot exceed $50,000 and 3 or more in family cannot exceed $58,075. Sales price limits cannot exceed $320,980.
MHC Participating Lenders in Warren County Include - USDA Rural Development, BancorpSouth, Britton & Koontz, First Mississippi Capital Corporation, Regions Bank, and Trustmark National Bank.
9. My Community Mortgage (MCM):
All Major Local Lenders Can Offer This FannieMae Product
Applicants must be low and moderate-income to purchase (or improve) an owner-occupied single family dwelling or owner-occupied duplex in designated sections of the community. Gross annual income must not exceed 80% of the median family income for Warren County. Standard loan application process will be followed.
10. Warren County Habitat for Humanity:
915 South Street, Vicksburg, MS, 601-634-6633
Habitat builds houses for families in need through volunteer labor.
11. Federal Home Loan Bank of Dallas and Trustmark National Bank 3406 Hallsferry Road, Vicksburg, MS Contact Peggy Bush at 601-631-3253.
Put $500 of your own money down and get up to $ 7,000 in matching funds to purchase a home. Homebuyer must qualify for a mortgage on the home they are buying. Homebuyer education is required.
Income Limits:
Number of persons : 1 2 3 4 5 6 7 8
Max Family Gross Income 80% $29,550 $33,750 $37,950 $42,150 $45,550 $48,900 $52,300 $55,650
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GETTING HELP WITH YOUR CREDIT
1. Free Annual Credit Report
You have the right to get a free copy of your credit file disclosure, commonly called a credit report, once every 12 months, from each of the nationwide consumer credit reporting companies - Equifax, Experian and TransUnion. For instant access to your free credit report or information on obtaining your free credit report, visit www.annualcreditreport.com or call 877-322-8228. Credit Report Request Forms are available at the City of Vicksburg Housing Office. Request forms should be mailed to: Annual Credit Report Request Service P.O. Box 105281 Atlanta, GA 30348-5281. The following information is required to process your request:
- copy of drivers license
- copy of social security card
- copy of a current utility bill showing your current address.
Omission of any information may delay your request. Your request will be processed within 15 days of receipt and then mailed to you.
2. Money Mentors - FREE Financial Counseling
Tired of being broke? Avoiding the phone? Choose a better way. Learn to dump your debt. For an appointment, please call Warren County Extension Office at (601) 636-5442.
3. Getting help with your credit:
- Consumer Credit Counseling Service
Attention: Chris Burford (chris.burford@cccsinc.org)
2906 North State Street, Suite 204
Jackson, MS 39216
1-800-251-2227 or www.cccsinc.org
- NeighborWorks America
1-800-438-5547
www.nw.org
- National Foundation of Credit Counselors
1-800-388-2227
www.nfcc.org
- HUD Approved Housing Counseling Agencies in Mississippi
800-880-2221 or www.hud.gov
4. Personal Finance web sites and home buyer information:
www.debtorsanonymous.org
www.debtadvice.org
www.myvesta.org
www.myfico
www.circlelending.com
www.nfcc.org or call 1-800-388-2227
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OTHER INFORMATION:
1. Earned Income Tax Credit (EITC)
For the nearest free tax site, call the IRS toll free at (800) 906-9887 or visit www.irs.gov and http://www.aarp.org/taxaide/
EITC is a tax benefit to help low-income workers increase their financial stability. It is intended to reduce taxes for workers, supplement wages and make work more attractive than welfare. The General Accounting office estimates 25% of EITC dollars owed to working families go unclaimed every year.
2. Consumer Action, www.consumeraction.gov
Get helpful tips on specific consumer issues, like buying a car or home or preventing identity theft.
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DEFAULT AND FORECLOSURE PREVENTION SOLUTIONS:
Millions of mortgages written in the last few years have ended in foreclosure. Find out if you’re at risk, and where to find help. The following are HUD approved housing counseling agencies for mortgage delinquency/foreclosure prevention counseling.
1. NeighborWorks Center for Foreclosure Solutions
HOPE Hotline: 1-888-995-HOPE (4673)
2. Enterprise Corporation of the Delta / HOPE Community Credit Union
4 Old River Place
Jackson, MS 39202
(601) 944-1100
www.ecd.org
3. Consumer Credit Counseling Service
Attention: Chris Burford
chris.burford@cccsinc.org
2906 North State Street, Suite 204
Jackson, MS 39216
1-800-251-2227
www.cccsinc.org
4. Consumer Credit Counseling Service of Greater New Orleans
1-800-880-2221 or
(228) 388-9408 Biloxi
(662) 680-9750 Tupelo
www.cccsno.org
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HOME OWNER REHABILITATION:
1. The City of Vicksburg does not offer an ongoing housing rehabilitation program. However, from time to time, referrals can be made to non-profits and other church groups who can make emergency repairs to roofs, windows, doors, steps, porches, floors, walls, provide handicapped ramps, etc.
Low income Warren County residents (including those inside the city limits) are eligible for the USDA Section 504 Housing Repair Program described below:
Call USDA Rural Development - 601-894-1118, ext. 4. Grant/loan application are also available at http:://www.usda.gov, print form RD 410-4 and form RD 3550-1. Applications may be picked up at the City of Vicksburg Housing Office (address above).
Section 504 Housing Repair Program - repair or improve a dwelling in order to make it safer and remove safety and health hazards. Household income must be very low (50% of median income). Applicant must own their dwelling. Loan limit is $20,000.00 (lifetime). The maximum term for the loan is 20 years at 1%. Owner can borrow up to $7,500 without having a lien against property. A limited amount of grant funds are available to remove health and safety hazards from your home.
|
|
1 Person
|
2 Persons
|
3 Persons
|
4 Persons
|
5 Persons
|
6 Persons
|
7 Persons
|
8 Persons
|
|
Very Low 50%
|
$18,250
|
$20,900
|
$23,500
|
$26,100
|
$28,200
|
$30,300
|
$32,350
|
$34,450
|
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RENTAL ASSISTANCE:
1. Vicksburg Housing Authority
131 Elizabeth Circle
Vicksburg, MS 39183
(601) 638-1661
TDD Machine Callers
2. Section 8
Mississippi Regional Public Housing Authority VI
2180 Terry Road
Jackson, MS 39204
(601) 373-7040 - Phone
(601) 714-3970 - Fax
3. HUD Multifamily Subsidized Rental Properties
For a complete list of multifamily subsidized rental properties in Warren County, please visit www.hud.gov.
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SPECIAL PROGRAM:
Flood Buyout Program:
From time to time the City of Vicksburg participates in the acquisition and demolition of flood prone properties utilizing Federal Emergency Management Agency (FEMA) and Mississippi Emergency Management Agency (MEMA) funds.
NEW AFFORDABLE HOUSING:
More information will be provided as this project materializes.
OUTREACH MEETINGS:
City of
Vicksburg
– Housing Office is dedicated to providing timely program and product information to citizens. We can schedule an outreach meeting for a group of employees at their work site or a group of interested individuals who are not aware of Affordable Housing Programs and services. If there are programs that you do not understand or would like to have explained in detail to you, or your group, please contact our office using the information at the top of our web site. Our office hours are Monday – Friday,