Qualifying Properties
The Pathway to Homeownership Soft-Second Mortgage
Loan Program is limited to one or two unit residences
primarily within one of the Housing
Opportunity Zones. A smaller pool of funds may be available
on a limited basis for residential properties outside a
Housing Opportunity Zone, when the residence is a part of
the New Orleans Redevelopment Authority (NORA) re-development
portfolio or when the seller can demonstrate at least $5200
of damages realized from Hurricanes Katrina and/or Rita.
(THIS SMALL POOL OF FUNDS HAVE BEEN EXHAUSTED)
The Maximum Permissible Purchase Price
(or redevelopment value) shall be:
| Unit
Size/Unit Type |
Purchase
Price Limit |
| 1 Unit either New or Existing |
$289,704 |
| 2 Unit Existing Only |
$370,884 |
All properties must meet City Building
Code and Zoning Code requirements as well as the physical
standards and inspection procedures of FHA/VA, Fannie Mae
or Freddie Mac mortgage loan product chosen by the borrower.
Newly constructed, reconstructed or renovated
homes are eligible. Modular or panelized construction is
also eligible. In addition to City Building Code requirements,
new constructed homes shall comply with The Finance Authority
Minimum
Home Building Guidelines.
Eligible properties must be insured with
flood, wind, and standard homeowners coverage in an amount
equal to the first and second mortgage balances. Proof
of mortgagee clause listing The Finance Authority of New
Orleans as a lien holder must be received by The Authority
prior to loan closing.
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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