MyHome MyCoast was launched in April 2009 by the Gulf Coast Renaissance Corporation as a perpetual fund to assist thousands of residents and potential residents of Mississippi’s six coastal counties. The long-term, stimulus-style housing program will provide homeownership opportunities to private individuals, focusing on those who have been negatively impacted by the devastation of Hurricane Katrina and/or the recent national credit crisis.

Through it’s initial goal to bridge the gap in affordable workforce housing in the area, MyHome MyCoast – which is a partnership developed by Renaissance with Mississippi’s largest financial lenders, the Gulf Coast Business Council, Enterprise Corporation of the Delta, Mississippi Development Authority, Gulf Coast Housing Director Gerald Blessey and several community-based organizations – also provides many benefits to South Mississippi, including stimulating the private real estate market.

• An individual who is not a current homeowner in any of the six eligible counties.
• A renter interested in becoming a homeowner (cannot have owned a home in the preceding six months)
• A person displaced or affected by Hurricane Katrina who wishes to purchase a home in the six coastal counties.
• A new resident to the six coastal counties.
• An individual whose household income is not greater than 120 percent of the Annual Median Income based on the most-recent HUD income limits.

• The program leverages local lenders’ mortgages and offers a zero-percent interest on a second mortgage funded by Community Development Block Grant funds. The mortgages, which are 30-year, fixed-rate, have a loan-to-value position of 40/60 percent, with a graduating scale based upon household Annual Median Income  
• Flexibility in lending as the local financial lenders will not be burdened with selling loans in the secondary mortgage marketplace.
•  A down-payment-assistance grant based on the Annual Median Income , ranging from $14,300 to $22,500.
•  Up to $3,500 grant funds toward closing costs.
•  Taxes and insurance will be escrowed by the lending institution.
•  No origination fee