Despite the challenges presented by the ongoing pandemic, 71 first time homebuyers have made their homeownership dreams come true since the start of the Covid era with the help of Hancock Whitney Community Lending Specialists.
Through the Plan Your Way Home program, Hancock Whitney provides a road map to homeownership for qualifying clients who are ready to start the journey. With communication, resources and hands-on help from experts, first-time home buyers like Treasure Charles are able to find meaningful places to put down roots for generations to come.
Proud new homeowner Treasure Charles at a local title company after the closing on the purchase of her new home. She and a Hancock Whitney Community Lending Specialist created a financial plan that made her homeownership dreams come true.
Ms. Charles took the first step toward homeownership by attending and successfully completing a HUD-approved homebuyer education class. Through the Plan Your Way Home process, other first-time homebuyers like her can access information and services such as homebuyer and financial education, along with pre-purchase credit counseling through local Hud-approved housing counseling agencies that will help them to prepare for homeownership.
The process itself takes much of the research burden off the applicant. A Hancock Whitney Community Lending Specialist works directly with potential borrowers to identify programs that they may qualify for, including mortgage loans that offer minimal to no down payment and/or local, state and federal closing costs and/or down payment assistance programs. Generally, to qualify for most assistance programs, certain eligibility requirements must be met:
- Applicant must meet program income limits
- Property must be located in the program’s targeted area
- Purchase price and appraised value cannot exceed program limits
- Applicant may be required to complete an approved homebuyer training or financial education course
- Must obtain a first mortgage loan through Hancock Whitney
In addition to the personalized "one stop shop" resource that Plan Your Way Home provides, eligible borrowers may also qualify for a Plan Your Way Home Lender Credit of up to $5000 towards closing costs and prepaid expenses when purchasing or refinancing their primary residence (rate and term only).
Plan Your Way Home successfully helped 71 families find their way to a new home, with qualifying homeowners receiving a total of over $11 million in mortgage financing. Visit hancockwhitney.com/plan-your-way-home or contact one of our Community Lending Specialists to learn more.