Trena Taggart has achieved the American dream of owning her own home, something she didn’t think she could afford.

But, because it was her first time to buy, she was eligible for some help. Taggart received, through the City of Vicksburg’s Affordable Housing Grant and Homebuyer Education Program, $11,000 for a down payment and closing costs on her Oak Street home, priced in the mid-$50,000 range. If she stays in the home more than five years, she won’t have to pay back the grant.

For information

More on the City of Vicksburg’s Affordable Housing Grant and Homebuyer Education Program can be obtained by calling 601-636-3413.

“I don’t think I would’ve been able to afford my house with my income,” said Taggart, who works in housekeeping at Horizon Casino and worked with Realtor Mary Barnes of Jones & Upchurch to find her 2514 Oak St. home.

She also secured a $30,000 Housing Revolving Loan at a 3 percent interest rate through the City of Vicksburg and $14,000 through Trustmark Bank — for a total of $55,000.

Taggart, who moved in to her home this month, in a neighborhood where she already lived, learned about funding options by attending one of the city’s homebuyer education workshops at the Warren County-Vicksburg Public Library. A kickoff campaign was last week, and the first workshop is set for Aug. 1.

Cherrie Collins, a budget analyst at Lockheed Martin who rents a home, attended the kickoff Monday and plans to return in August.

“I need some help getting on the right track,” she said. “I’m paying $550 a month for something that will never be mine.”

She is eyeing some homes with backyards on Drummond Street.

During Monday’s seminar, more than 60 other first-time homebuyers asked counselors, such as Housing Coordinator Leona Stringer, what they might need before the workshop.

“We offer information and guide them through setting up for free counseling,” Stringer said.

All first-time homebuyers, regardless of income, are encouraged to attend the kickoff before beginning the required workshops, said Beatrice Moore, the city’s Housing and Community Development director.

At the city’s June 15 board meeting, the Vicksburg Board of Mayor and Aldermen signed off on $198,000 from the Federal Home Loan Bank of Dallas through RiverHills Bank for first-time homebuyers. Another $11,000 is still available from 2007 at RiverHills Bank and, from 2008, $176,000 with BancorpSouth — totaling $385,000, Moore said.

“Up to $11,000 will be provided for down payment and closing-cost assistance to approximately 35 very low and low income first-time homebuyers,” Moore said.

Very low income means less than $18,250 per year, and low translates to $21,900 for a single person. For two people, very low is $20,900, and low is $25,080.

Vicksburg Realtor Beverly McMillin said first-time homebuyers have had trouble getting loans due to tougher restrictions since this year’s uptick in foreclosures.

But, an $8,000 federal government tax credit and the city’s housing grants have boosted the local housing market with first-time buyers, said David Blackledge, RiverHills Bank vice president.

The workshops offer downpayment assistance information and free credit counseling.

“When they leave, they know if they need to clean up their credit,” Moore said. “We recommend everyone check theirs yearly.”

Applicants must submit a lender’s pre-approval and sales contract to the city’s housing office before getting financial assistance, Moore said.

Also, through the University of Southern Mississippi’s Institute of Disability Studies Mississippi Home of Your Own Program, disabled individuals can qualify for up to $15,000, Moore said. The funds can be used for a down payment, closing costs and to make the home compatible to those with disabilities, she said.

Household income must be below 80 percent of Warren County’s median income, which is $52,200.

AmSouth, BancorpSouth, Trustmark, Countrywide Home Loans, Regions Bank and the U.S. Department of Agriculture Rural Development participate in the IDS program, Moore said.

The city’s housing office has helped 54 first-time homebuyers in the last four years and has provided financial education to more than 700 clients, Moore said.

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Contact Tish Butts at tbutts@vicksburgpost.com