Mississippi Couple Purchases 1st Home With Grant Assistance

Mississippi first time home buyers should follow in the footsteps of Lora and Michael Gallion of Greenwood, Mississippi. Living on a very low income, they thought purchasing a home was something they’d never be able to afford. However, with assistance from a $4,000 Homebuyer Equity Leverage Partnership (HELP) grant, they were able to turn their dream of home ownership into reality.

PRNewswire has the details:

Lora and Michael Gallion were lifelong renters and living on a fixed income. The only houses the couple could afford were run-down spaces that were almost uninhabitable.

Then one day, the Gallions saw a sign about the Baptist Town Cottages, a revitalized neighborhood in Greenwood, Mississippi, with new homes for families earning less than 50 percent of the area median income.

“I’m so glad we saw the sign,” said Mrs. Gallion, 50, a former certified nursing assistant now living on disability. “We had looked at other homes to rent, but even at $400 a month, the condition of them was not good.”

The Gallions were introduced to Emily Roush Elliott, a Rose Architectural Fellow and Baptist Town Cottages’ project manager. The couple attended a homeownership class, where Ms. Roush Elliott discussed the home-buying process, but the Gallions’ fixed income did not provide money for a down payment. Ms. Roush Elliot said they might qualify for a Homebuyer Equity Leverage Partnership (HELP) grant.

HELP is offered by the Federal Home Loan Bank of Dallas (FHLB Dallas) through its member financial institutions. In this case, the grant was made available through Planters Bank & Trust Company. HELP provides grants to income-qualified, first-time homebuyers for down-payment or closing-cost assistance on new or existing homes.

The Gallions were awarded a $4,000 HELP grant, which was applied toward their down payment. Eric Miller, first vice president at Planters Bank & Trust Company, said the HELP program is a valuable asset. “With HELP grant funding, we are able to assist deserving homebuyers with getting into their first homes. It is very rewarding,” Mr. Miller said.

>> read the full story at prnewswire.com

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