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.

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&#8220These 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.

&#8220Go 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. &#8220It’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: