Frequently Asked Questions -
Bond Loan Program
What is it?
The Bond Loan Program is a low interest rate first mortgage loan offered with or without closing cost assistance to the mortgagor. Bond loans may be made to both first time AND non-first time homebuyers.
A First Time Home Buyer, whose salary is at or below income limits, is eligible for up to 4% down payment assistance. A Non-First Time Home Buyer is not eligible for down payment assistance.
Who can use this money?
Virtually anyone.
Who is a First-Time Homebuyer?
A first-time homebuyer is a person(s) 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.
Where can I buy a home?
Anywhere in Orleans Parish.
Can I sell my home at any time?
Yes. Your loan will be paid off from the proceeds of the sale. There may be a recapture tax owed if the sale occurs within 9 years of your purchase. the tax is on a percentage of any gain you earned on the sale, since you were the beneficiary of low interest federal tax-exempt bond funds [See section 143(m) of the IRC or talk to a tax preparer] to finance your home.
