Wealth Builders for Everyone Down Payment Assistance Program

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