Eye on Family 4/23

My Own Home Program is a joint effort of Country Mortgages by Southwest Georgia Farm Credit and the Housing Authority of the City of Cairo. Our goal is to help families living in public housing in Cairo purchase a home of their own. Owning your own home is the first step toward building personal wealth.

How does the program work?

We have aligned community resources to help families toward the goal of home ownership. The first step is to see if you are mortgage-eligible. We
want people to know that you can get a home mortgage even if they don’t have perfect credit. So first, families apply for a mortgage. If they are accepted, we’ll help them through the paperwork, and then they can begin shopping for a home – one that is currently on the market or work with contractors and architects we have brought on board to assist them. We’ve identified architects and contractors who can build a home in the $100,000 to $110,000 range.

Is there any financial assistance?

There may be. Some families may receive some down payment assistance. There are other programs we can help families take advantage, such as through the state of Georgia.

What if a family’s credit history isn’t good?

Particularly in the case of an FHA loan, credit scores and credit history are just a piece of the puzzle. Sometimes, you need to develop a credit history, and we’re working with a local community bank which will be able to extend short lines of credit, in order to establish a revolving credit history. We also have a credit counselor as part of our team, who can assist applicants with understanding what they need to do to become eligible in the future.

What’s your goal?

Our goal is to provide as much information to as many families as we can. We are offering a free workshop on Saturday, April 26th at 9 a.m. at the Community Center at 230 4th Avenue N.E. in Cairo, where families can learn more, meet with staff from Country Mortgages by Southwest Georgia Farm Credit, as well as our local contractors, credit counselor, realtors and community bank. I think we’ve put a terrific team together, and we all have the same goal – to help families toward personal wealth through home ownership.

Where can people call to learn more?
They can call Farm Credit at 229.227.0327.

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