City gets money for home buyers|[2/7/06]
Published 12:00 am Tuesday, February 7, 2006
An additional $500,000 for first-time home buyers is available in Vicksburg following action Monday by the Board of Mayor and Aldermen.
Beatrice Moore, the city’s director of housing and community development, said a total of $850,000 is now available through the city for residents who currently rent, but would like to own a home.
Board members adopted resolutions authorizing the mayor to execute grant agreements with the state for the 2005 HOME Investment Partnerships: Home buyer Assistance Program Funds and American Dream Down Payment Initiative Program Funds.
“These two programs combined will provide 20 percent in down payment, which will eliminate the need for mortgage insurance and that also will be a savings,” Moore said.
To qualify for down payment assistance, residents must meet several requirements including an annual household gross income that’s less than 80 percent of Warren County’s median income, $46,650.
For a two-person household, the annual gross household income must be $30,250 or less. For a four-person household, the income must be $37,850 or less.
“Go pick out whatever house you want and the city is willing give you up to $15,000 toward your down payment and then we forgive that money” over the next five years, said Mayor Laurence Leyens. “It’s free money and everybody ought to be jumping on it.”
For more information on the first-time home buyers’ assistance programs contact Moore at 601-634-4525.
In other business, the City Board: