Mississippi Phase II Housing Needs Assistance Program
If you know anyone who was a Home Owner prior to Katrina and their home suffered structural damage, you should encourage them to apply for the Phase II Housing Needs Assistance Program. It is a Compensatory Program that will compensate the Home Owner's for their damage.
The good thing about this Program is that there are no restrictions on how the Home Owner spends their money. The grants are limited to $100,000.
There is a clause however, the Home Owner must agree to have Home Owner's and Flood Insurance on the property. If they try to sell the home, the new owners must agree to the covenant also.
Here is a link for some more information about the Grant Program.
http://www.mshomehelp.gov/p2_default.htm
I just got hired on as one of the Financial Counselors, so if you have any questions about it, please ask me. It is a really great program!
USDA and the MS Gulf Coast
I'm not sure if any of you have done any USDA loans, but due to Hurricanes Rita and Katrina, some areas of MS and AL that were not previously eligible areas are now eligible. This opens up many more new avenues for borrowers wanting to purchase a home, but perhaps they had been told that they wouldn't qualify or they assumed they wouldn't qualify because of income or debt problems.
The cities listed below and the cities and communities contiguous to these cities (until 8/29/2008):
Hattiesburg
Gulfport
Biloxi
Pascagoula
Meridian
Vicksburg
Columbus
Greenville
This is a link to an income eligibility calculator for the Single Family Housing Program
This is a brief description about the Section 502 loans:
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