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BancorpSouth’s Right@Home mortgage loan program has expanded mortgage credit opportunities for many consumers in BancorpSouth’s eight-state footprint by lowering or eliminating upfront costs for qualifying borrowers. Since the program’s introduction in December 2015, the Right@Home program has provided loans to borrowers interested in purchasing a new home or refinancing their existing mortgages. Right@Home loans now represent a substantial portion of BancorpSouth’s total loans to low- to moderate-income borrowers purchasing or refinancing a home.
Low-income applicants are those whose gross income is less than or equal to 50 percent of the Estimated Median Family Income (EMFI) for the area where they reside. A moderate-income applicant is one whose gross income is greater than 50 percent and less than or equal to 80 percent of the EMFI (income level is determined by the U.S. Census).
BancorpSouth’s Right@Home mortgage program provides alternative sources for downpayment and closing costs, a lower downpayment, 100 percent maximum loan to value, and a fully amortized 30-year fixed rate. With no lender fees, no private mortgage insurance and a minimum contribution of $500, the Right@Home mortgage is a very affordable loan program for qualified homebuyers.
“BancorpSouth is committed to its ongoing consumer outreach efforts and providing access to affordable mortgage products for all consumers in our markets," said Phil Sandoval, BancorpSouth first vice president and community development lending manager. "The Right@Home mortgage features flexible criteria that can help qualified consumers achieve homeownership."
“BancorpSouth mortgage loan officers are qualified to assist consumers who might not know if they meet the income eligibility criteria, and whether the Right @Home mortgage is a right fit or not,” said Scott Dickey, president of BancorpSouth Mortgage. “If the Right@Home mortgage is not a fit, our loan officers will help with other suitable and affordable mortgage programs. We have been very encouraged with the results since the introduction of this mortgage program."