Home Ownership Means Everything (HOME)

• Amount: $7,500 maximum
• Loan Term: Ten yrs.
• Interest Rate: 0% for years one through five. In years six the interest rate will be set at the 10 year US Treasury Bond rate and remain so through year ten.
• Fee: $500 of the loan will be used to cover application processing.

Other 

• HOME will take a second position behind the primary lender.
• The property purchased using HOME funding MUST be occupied by the borrower(s).
• The loan is not assumable and must be paid in full at or before the sale of the home.
• The borrower must provide HOME with proof of insurance on the home at the time of closing.

• The home must be within the incorporated City of Jackson.
• The maximum home value cannot exceed $150,000.
• The borrower must meet their lenders’ underwriting criteria in order to qualify for HOME funding. A letter of approval is required to be provided to HOME by the lead lender.
• All first-time homebuyers will be required to successfully complete the Home Stretch Certification Program prior to application for the HOME loan funds. For more information check out this website: https://swmhp.force.com/swmhpcft/NWSHOP__TrainingCenterCPS