"It identifies individuals who were renters, who want to be a home owner, put them through some credit counseling, through some home ownership education, and then we'll eventually get them to sit down with a bank," says Thomas Corley, Client Services Manager, Rebuild Joplin.
A family must make at least $25,000 a year to qualify. Once a client is approved for a mortgage, Rebuild Joplin takes over, and construction is underway.
"An average 2 bedroom house, maybe, is costing us 50 to 60,000 to build and it's being appraised form somewhere around 80,000 dollars," says Corley.
The difference in value between the mortgage amount and the appraised value will become a second mortgage held by Rebuild Joplin. That acts as a down payment on a home, and it will be transferred to the home owner over time.
"By the end of year 10, that forgivable mortgage amount is completely forgiven, it's equity, and it's in the clients name," says Corley.
Joplin Long Term Recovery Committee members say helping the people who rented in the disaster zone, is important to the area's long term stability.
"Fabulous to see the new homes coming up, but we can't help to notice the absence of homes as well," says Renee White, Chairperson, Joplin Area Long Term Recovery Committee.
"It's one more option, it's one more way that a renter, who was affected, can find a way to get home," says Corley.
There are specific income and credit requirements that people would have to meet to get approved. For more information about the program, you can call Rebuild Joplin at (417) 623-0065.