First-Time Homebuyer Fund
The First Time Homebuyer Fund offers soft-second mortgage loans at zero (0%) per cent interest up to $65,000 and a closing cost assistance grant up to $10,000 for a homebuyer who has not owned a principal residence within the last three (3) years or is a single parent who no longer owns a home because of a divorce. This fund serves first-time homebuyers with household incomes of 120% or less of the metropolitan area median income (AMI) and who are purchasing homes primarily in the Housing Opportunity Zones or homes in Orleans Parish that sustained at least $5,200 worth of Katrina or Rita damage. Gross household incomes of qualifying borrowers for this fund cannot exceed the following:
"New higher income limits approved!"
1
person |
2
persons |
3
persons |
4
persons |
5
persons |
6
persons |
7
persons |
8
persons |
$51,400 |
$58,750 |
$66,100 |
$73,450 |
$79,300 |
$85,200 |
$91,050 |
$96,950 |
The borrower must also invest at least
1% of the purchase price or $1,500 from personal funds,
which ever is greater.
Homebuyers who have already received payments
from the State under the “sell” or “relocate”
option under the Road Home Homeownership Program are not
eligible to receive additional financial assistance from
this program.
To learn more about the Pathway to
Homeownership Soft-Second Mortgage Loan Program click
here.
For more information please call (504)
524-5533 local or (877) 524-5533 toll free.
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