City officials are looking for 10 applicants for a new first-time homebuyer program funded through the state and Trustmark National Bank.

The program will lend $12,500 in state funds for down payment and closing costs at 3 percent interest as a second mortgage. The first mortgage will be handled by Trustmark at market rates.

The Housing Revolving Loan Program will give more people a chance to own a home, said Beatrice Moore, who coordinates the city’s housing programs.

“The big picture is that we have a lot of households that pay a whole lot for rent and can’t save money for a down payment,” Moore said.

Home ownership is a stabilizing force and helps instill pride in communities, she said.

The program is open to families with $40,000 or less in income who are first-time homebuyers and have reasonably good credit. Participants must attend home buyer education classes offered by the city, which explain how mortgages and contracts work, how to prioritize finances, and other aspects of home buying.

More information is available from Moore at the City Planning office, 634-4520 or 634-4522.