New Orleans Real Estate - "A Pathway to Homeownership"
I just read about a fantastic new housing assistance program here in New Orleans. The Finance Authority of New Orleans has teamed up with the Louisiana Recovery Authority, the City of New Orleans, and the State Office of Community Development to create this new program. It is specifically intended to help potential home buyers purchase a home and also help current homeowners who need help to renovate their homes in the Housing Opportunity Zones in Orleans Parish. Click here to see the "zones" where this new program applies.
According to the website:
The ‘Pathway to Homeownership' Soft-Second Mortgage Loan Program offers soft-second home mortgage loans through participating lenders up to $65,000 at 0% interest with payments on the loan deferred until sale or refinance of the home. In addition, the program offers up to $10,000 closing cost assistance when buying a home that will be your principal residence in any one of the Housing Opportunity Zones. The actual amount of the soft-second loan and closing cost grant received will be determined by need and annual household income, since the goal of this loan program is to cover the ‘gap' between the highest affordable first mortgage loan for which you qualify and the purchase price or value of the home.
ALL BORROWERS OF A ‘PATHWAY TO HOMEOWNERSHIP' SOFT-SECOND MORTGAGE LOAN MUST COMMIT TO REMAIN AN OWNER-OCCUPANT AT THE FINANCED HOME FOR AT LEAST THREE (3) YEARS. THOSE BORROWERS WHO DEMONSTRATE CONTINUAL OCCUPANCY FOR FIVE (5) YEARS WILL RECEIVE LOAN FORGIVENESS EQUAL TO 20% ON THE BALANCE OF THEIR ‘PATHWAY TO HOMEOWNERSHIP' SOFT-SECOND MORTGAGE LOAN.
This is a great opportunity to help people become homeowners. Go to the Finance Authority website for more info.
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This New Orleans real estate finance program blog post was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at firstname.lastname@example.org or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.
Click here to view Darryl Glade's Real Estate Profile.