Molly Lionberger

No Down Payment for Military Families using their VA Entitlement!

For military families that would like to obtain off-base housing, consider using your VA entitlement! If you have the years of service required to obtain your entitlement. I can show you how to save money on your closing costs too! I can literally structure your loan so that you are out of pocket as little as $500. Plus, VA loans cost less monthly, the interest rate is fixed and lower than Conventional loans.

Attention all potential homebuyers that want to buy their primary residence in Gulfport, MS!!

Beginning October 1st, you can pick up your HOMELINE application at Trailer E-2 near City Hall. Part of the application process will be to obtain your homeloan financing.

Call Molly Lionberger, Assistant Vice President at First Bank & Trust of MS today to get pre-approved. 228-257-9000. Email: mlionberger@fbtonline.com

Be prepared with the following documents: 30 days of paystubs, 2 months bank statements, Last 2 years W-2s and tax returns, picture ID & Social security card.

Below is the press release from the City of Gulfport, briefly explaining the program.

CITY OF GULFPORT ANNOUNCES "HOMELINE"

A HOMEOWNERSHIP ASSISTANCE OPPORTUNITY PROGRAM

Gulfport, MS -- The City of Gulfport is very pleased to announce that it has been awarded $9 million in Katrina CDBG Workforce Housing Funds, which are being used to fund "HOMELINE," a homeownership assistance program providing $50,000 in down payment assistance for the purchase of affordable homes in the City of Gulfport.

HOMELINE funds may be used to purchase an existing home constructed in 1980 or later and in good condition, and newly constructed affordable housing located within the city limits of Gulfport.

To qualify for HOMELINE assistance, applicants must meet the household income qualifications, have the ability to secure a first mortgage, and complete a Homebuyer Education Class.

"The CDBG funds will provide long-awaited and greatly-deserved workforce housing opportunities for low and moderate income citizens. I encourage residents to take advantage of this program and fill out an application. The process is simple, and we are here to help," said Mayor Brent Warr.

October 1st, "HOMELINE" applications will be available for pick-up at the City of Gulfport Community Development Department, 2309 15th Street, Gulfport. For more information, call (228) 868-5736 or (228) 868-5862, or email communitydevelopment@gulfport-ms.gov.

City of Gulfport
Contact: Rebecca Kajdan
rkajdan@gulfport-ms.gov
(228) 868-5801

Remember, you need to get preapproved for your home loan. For more information and to get preapproved, call Molly Lionberger, Assistant VP at First Bank & Trust of MS, today to set up your appointment. 228-257-9000.

Many first time homebuyers are taking advantage of the low interest rate programs offered by the Mississippi Home Corporation Mortgage Revenue Bond Program. While the program name sounds complicated, the program offers Home Buyers below market 30 year fixed interest rates and a cash gift of up to $8691.15 to use towards down payment or closing costs (Cash gift not to exceed 3% of the purchase price of the home with a maximum purchase price of $289,705 & payable at closing). Homebuyers must qualify for an FHA, VA or Conventional Loan Program and earn less than the income limits for the program. Call Molly Lionberger at 228-257-9000 for the income limits for the county that you are looking to purchase a home in. For example, in Harrison County, along the MS Gulf Coast, for a household of 3 or more, the income limit is $68,600. This means that if your household earns less than $68,600, you may qualify for the program.

Credit issues like unpaid collections, unpaid charge-offs, unpaid judgments or unpaid tax liens are the most common roadblocks to qualifying for this program. If a homebuyer has any of these derogatory items on their credit, it will need to be resolved and show ‘debt satisfied' prior to buying a home under this particular program. I recommend that homebuyers set up an account with each of the 3 credit repositories:www.transunion.com www.equifax.com www.experian.com to check their credit and resolve any of these issues. Be an informed homebuyer. For more information on this program and other Mortgage Financing questions, call Molly Lionberger, Assistant Vice President at First Bank and Trust of Mississippi. Equal Housing Lender, at 228-257-9000.

If you are PCSing to the Mississippi Gulfcoast (or are the realtor helping a military family), be sure to call me first to see if you qualify to use your VA entitlement. In Mississippi, I can help you obtain 100% VA financing at low rates AND help you obtain closing cost assistance. Most military families need some type of help. The costs of moving are enormous and we all know that the military doesn't reimburse for every single cost. I have my own in-house underwriter. Recently, a family PCSing from Italy, emailed me and we had their 'credit side' fully approved before they even came to the states for their house-hunting trip. Many times, we are able to close on a VA loan in less than 2 weeks. My direct # is 228-257-9000. Homebuyers can also go to my secure web site and apply on-line.

Many states have bond programs that offer Cash Advances at closing to be applied towards Down Payment and/or Closing Costs. In Mississippi, we have the MS Home Corps Bond Program. It currently is offering a 3% Cash Advance for families that meet the income limits. If you are a realtor or thinking about buying a home in MS, please feel free to call or email me for more information. I have helped dozens of families obtain home ownership with this program. Plus I can help structure the deal so that buyers can come out of pocket with as little as $500. My direct phone number is 228-257-9000.

Molly Lionberger, Assistant Vice President

First Bank and Trust of Mississippi