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