$65,000 Soft Second Mortgage Offered to First Time Homebuyers in Orleans Parish

By
Real Estate Agent with Keller Williams Realty New Orleans

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. In addition, the program offers up to $10,000 closing cost assistance when buying a home that will be your principal residence. 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. The minimum amount of the first mortgage loan must be equal to at least 50% of the lesser of the purchase price of the home or the appraised value.

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 25% ON THE BALANCE OF THEIR ‘PATHWAY TO HOMEOWNERSHIP’ SOFT-SECOND MORTGAGE LOAN. AND AN ADDITIONAL 15% FOR EACH YEAR THEREAFTER FOR WHICH BORROWER DEMONSTRATES OWNER-OCCUPANCY.

The ‘Pathway to Homeownership’ Soft-Second Mortgage Loan Program does not discriminate on the grounds of race, sex, religion, age, disability or national origin.

To learn more about the ‘Pathway to Homeownership’ Soft-Second Mortgage Loan Program contact Alicia Lagarde Craig at (504) 382-3724 or Jeff Craig at (504) 352-6190. This is a great opportunity to get into your dream home and have an affordable monthly note.

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Anonymous
UNIKKI08

Sounds good to me!!!

Mar 30, 2009 02:13 AM #1
Anonymous
cathy
What is the income guideline for this grant?
May 20, 2009 03:46 AM #2
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Rainmaker
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Alicia Lagarde-Craig

Realtor, New Orleans, LA
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