Up to $65,000 Grant to buy a home in New Orleans for 1st Time Home Buyers

4 Comments

Looking for yet another reason to buy a home instead of renting. How about a $65,000 forgivable grant to buy a home in New Orleans. The mayor just re launched an incentive to help buyers purchase their 1st homes.
There are eligibility requirements, that are posted in this blog. Many college students, both recent graduates and soon to be graduates, are great candidates for this program.

 

You can read the press release here

Income Eligibility Chart

What can I do to see if i qualify? Contact an agent with Mirambell Realty. We will help determine what you qualify for, assist you with contacting a mortgage company, and help register you for 12 hours of home buying training. From there we will help you find an eligible property and get you moved in.

Non Targeted Area Grant Amounts

Eligibility Requirements
To qualify for gap financing assistance, homebuyers must:
• be a first-time homebuyer (not have owned a home for the last three years)
• have a total household income that is equal to or less than 120% of the area median income (AMI)
• complete a 12-hour homebuyer training course at a participating counseling agency (purchasers of doubles must also complete a landlord training course)
• attain a 1st mortgage from a participating lender that is at least 50% of the purchase price
• contribute the lesser of 1% of the sale price or $1,500 toward the down payment
• purchase a one or two-family home within the City limits that meets FHA price guidelines and the federal Housing Quality Standards
• agree to maintain the home as a primary residence
• maintain flood and homeowner’s insurance in the amount required by the
mortgage lenders
To qualify for closing cost assistance, homebuyers must:
• have a total household income that is equal to or less than 90% of AMI
• have limited liquid assets
Road Home Restrictions
Road Home Option 2 or Option 3 households are ineligible.
Option 1 recipients are eligible if they met all the terms of their Road Home Covenant, sold the property and not owned a home in the past 3 years.
Loan Repayment
Full repayment if the house is sold within 5 years of its purchase or if the first mortgage is foreclosed.
25% of the soft second mortgage amount is forgiven after the 5th year of occupancy and 15% is forgiven each subsequent year until the loan is zeroed out.

Posted in: In the News
About

Craig is a real estate broker in the metro New Orleans area. He has been in Real Estate since 2003 and has owned Mirambell Realty since 2007.

4 comments on “Up to $65,000 Grant to buy a home in New Orleans for 1st Time Home Buyers

  1. Diana Crockett on said:

    I would like some information on purchasing the home I currently reside in. I live with my elderly parents and would like to purchase their house. Currently I’m renting to own, but I really wanted to purchase the house from them. Any information you can give me on this will be greatly appreciated.
    Thank You Kindly,

  2. Brittni Baynes on said:

    I am just interested in seeing if I qualify for this program and if it is still available. More details than that posted above would be great. thanks!

  3. Michelle Niederstadt on said:

    Can you help me obtain more information and details about this home buying grant program?

  4. Susan Nguyen on said:

    Mr. Mirambell,
    I was wondering is the first-time home buyers program still available?

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