Wealth Builders for Everyone Down Payment Assistance Program

Program Type: Down Payment Assistance for Homebuyers

Overview:
A down payment assistance program designed to help remove barriers from the home buying process for minority and low-to-moderate income (LMI) individuals and families.

Key Features

• Award Amount: Up to $12,000 as a forgivable loan
• Interest Rate: 0% (zero percent)
• Monthly Payment: $0 (zero dollar)
• Loan Forgiveness: Staggered at 20% per year; fully forgiven at 5 years if all criteria are met
• Eligible Uses: Down payment, prepaids, and closing costs

Target Population

• Priority: Minority and low-to-moderate income home buyers
• Geographic Scope: Arkansas and Mississippi (expanded to South: San Antonio to Atlanta as of 2023)
• Focus Areas: Closing the homeownership gap in underserved communities

Additional Services

• Homebuyer Education: HUD-Approved Homebuyer Education provided by HUD-Certified Housing Counselors
• Mission: Support efforts to close wealth gaps and create accessible paths to homeownership

Background Context

• Launched January 23, 2024
• Product of collaboration between Southern Bancorp Community Partners (SBCP) and Southern Bancorp's mortgage division
• Addresses demographic discrepancy: Black and Hispanic household homeownership rates are ~30 points lower than white households nationally

Contact Information

• Organization: Southern Bancorp Community Partners
• Website: www.SouthernPartners.org
• Phone: 1-800-789-3428

Application Process

Application details for this program were not provided in the available documentation. Contact Southern Bancorp Community Partners directly for application procedures.

How to Apply

1. Contact Southern Bancorp directly through local branch locations
2. Call 1-800-789-3428
3. Visit www.SouthernPartners.org
4. Applicants will work with HUD-Certified Housing Counselors who provide HUD-Approved Homebuyer Education as part of the process

Eligibility Requirements

• Low-to-moderate income (LMI) status
• Minority status (priority given to Black and Brown families)
• Meet qualification criteria (intentionally direct and streamlined)
• Located in service area (Arkansas, Mississippi, and expanding South region)

Required Documentation

Specific documentation requirements not detailed in available materials. Contact organization for complete application requirements.