FNB Community Fund
The FNB Community Fund, 501 (c)(3) non-profit organization, was created with the focus of counteracting the effects of the affordable housing crisis in our communities.
The FNB Community Fund is committed to implementing affordable housing initiatives, including housing down-payment assistance and owner-occupied rehab loans. The organization is advised by a Board of Directors, including bank representatives and local stakeholders from the communities we serve.
How it Works
For our initial Down Payment Assistance Program, we offer loans up to $25,000, which can be applied toward the down payment, closing costs, or prepaid expenses. This will be structured as a loan with terms up to 10 years at or below 2% interest, depending on household income levels.
Vision
North Mississippi, including Oxford, and the surrounding areas, is experiencing a significant shortage of affordable housing options for low-income households. As of April 2025, the median home price in Lafayette County, MS is $389,100, while the median listing price is $525,000. Rapid development, student population growth, and increasing demand are factors that have driven up property prices and rental rates, making affordable housing increasingly inaccessible for low-income households. We aim to focus our work on directly addressing this affordable housing crisis. The FNB Community Fund is committed to implementing affordable housing initiatives, as well as providing financial education and counseling programs.
Mission
Our mission is to help vulnerable or under-banked individuals, along with working families in low-income communities, build stronger financial futures by offering support and affordable financial solutions that better suit their needs. We also aim to create a charitable foundation that supports and carries out this mission of doing good through social, charitable, and community-focused efforts while complying with the IRS 501(c)(3) guidelines.
Requirements to Qualify
Property Requirements:
In order to qualify for this loan, the property must be an owner-occupied, principle residence. The maximum cost of the home is $350,000. Eligible properties include single-family homes (detached or attached), fee-simple town homes, or condominiums that are FHA, VA, or conventional financing.
Eligible Buyers:
The buyer must be a first-time home buyer, with a household income no greater than 120% AMI of the county residence (Lafayette County is $83,700). They must live in the property being financed. The buyer must be able to qualify with a lender for a permanent mortgage or similar product along with this loan. Further qualifications are listed on the Application for the Down Payment Assistance Program.