TUPELO, Miss., July 6, 2016 /PRNewswire/
-- BancorpSouth's Right@Home mortgage loan program
continues to expand mortgage credit opportunities for many
consumers in BancorpSouth's 8-state footprint by lowering or
eliminating the up-front 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. These Right@Home loans now
represent a substantial portion of BancorpSouth's total loans to
low- to moderate-income (LMI) borrowers purchasing or refinancing a
home.
Low-income applicants are those whose gross income is less than
or equal to 50% 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% and less than or equal to
80% of the EMFI. This income level is determined by the U.S.
Census.
BancorpSouth's Right@Home mortgage program provides alternative
sources for down payment and closing costs, a lower down payment,
100% 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. The Right@Home mortgage features
flexible criteria that can help qualified consumers achieve
homeownership," said Phil Sandoval,
BancorpSouth First Vice President and Community Development Lending
Manager.
Homeownership Center Manager for Neighborhood Housing Services
of Birmingham, Alabama,
Verlene Hornbuckle, added: "In
providing counseling, education and information to help prospective
homebuyers in qualifying for a home mortgage, we are excited about
working with BancorpSouth on their Right@Home mortgage program.
Right@Home is an affordable and viable financing option for
families to consider."
"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."
For more information on the Right@Home mortgage program,
consumers can visit www.bancorpsouth.com, or call 888-797-7711 to
find the nearest BancorpSouth mortgage lender.
* Right@Home eligibility requirements apply, including
homebuyer education and counseling required. See a BancorpSouth
loan originator for more information. This is not a commitment to
lend. Member FDIC. Equal Housing Lender.
BancorpSouth, Inc. (NYSE: BXS) is a financial holding company
headquartered in Tupelo,
Mississippi, with approximately $13.9
billion in assets. BancorpSouth Bank, a wholly-owned
subsidiary of BancorpSouth, Inc., operates 239 full service
branch locations as well as additional mortgage, insurance and loan
production offices in Alabama,
Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in
Illinois. "Like" us on Facebook; follow us on Twitter:
@MyBXS; or connect with us through LinkedIn.
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SOURCE BancorpSouth, Inc.