REVOLUTION REAL ESTATE
  • Home
  • Client Services
    • Services for 1st Time Buyers
    • Services for Sellers
    • Services for Experienced Buyers
  • Local Lifestyle
    • Jefferson Parish (JP) >
      • Gretna/ Terrytown
      • Harrahan
      • Kenner
      • Marrero
      • Metairie
      • Westwego
    • Lafayette Area >
      • Broussard
      • Carencro/ Scott
      • Central Lafayette
      • Milton
      • Northside Lafayette
      • Southside Lafayette
      • Youngsville
    • New Orleans >
      • 7th Ward
      • 9th Ward
      • Algiers
      • Downtown/ CBD
      • Gentilly
      • Marigny/ Bywater
      • MidCity
      • The East
      • Uptown
    • Northshore >
      • Abita Springs
      • Covington
      • Hammond
      • Mandeville
      • Slidell
    • St Bernard Parish >
      • Arabi
      • Chalmette
  • Blog

2 Ways to Buy a Home With Little to No Money Down (Louisiana Only)

5/16/2019

0 Comments

 
Picture

1. Louisiana has down payment funds available with no extra work on your part. This is available to all Louisiana residents, but is only available through some lenders. In Orleans, I have a contact who can assist you. 
​

2. City and parish level down payment and closing cost funds are available but there may be additional requirements. They are worth it, and detailed below. (Orleans and Jefferson parishes)


LOUISIANA STATE-WIDE INFO
First of all, the state has funds available for down payment assistance that do not require any extra work on your part. No classes, no extra applications or anything. This is the program I used to purchase my first property. 

You apply for your mortgage and mention that you are a first time buyer and you want the down payment assistance. Your banker will tell you how much is available and help you prepare to shop for a property. 

Also, you can buy a single family or multi-family property as long as you live in the property for one year after purchase. 

But there is a program in Orleans that covers down payments and closing costs, reducing your out of pocket costs to almost $0 for the purchase of your first property. However, you will need to complete a course and other requirements as listed below. 

JEFFERSON PARISH INFO
(the following was sent to the brokerage I work with, from lenders in Jefferson Parish)

Good morning –
 
I wanted to let you know that Jefferson Parish Department of Community Development opened their program yesterday, 05/20/2019.   You and your client(s) can go to their website www.jeffparish.net for any questions or concerns.   Jefferson Parish has up to $40,000.00 for down payment, closing cost and prepaid assistance.   City of Kenner has up to $50,000.00 for down payment, closing cost and prepaid assistance.   City of Kenner clients can also be directed to the Jefferson Parish Department of Community Development website.    Please let me know if you should have any questions.
 
Have a nice day!


NEW ORLEANS INFO
The following comes directly from: Nola.gov's Community Development page. 

CITY OF NEW ORLEANS DIRECT HOMEBUYER ASSISTANCE PROGRAM
Direct Homebuyer Assistance Program
The Direct Homebuyer Assistance Program provides down payment and closing costs subsidies to eligible first- time homebuyers.  Subsidies made available to Homebuyers Bridge the gap between the purchase price of the home and the maximum first mortgage loan amount.  Subsidies also include closing costs.
The City of New Orleans Office of Community Development is pleased to announce that $3,000,000 in Community Development Block Grant funds (CDBG) will be made available for the Soft Second Mortgage Program beginning March 11,  2019.  This program is a direct homebuyer assistance program that provides down payment and closing cost subsidies to eligible first-time homebuyers whose income does not exceed 80% of the Area Median Income (AMI). The Soft Second Mortgage Program assist Homebuyers to bridge the gap between the purchase price of the home and the maximum first mortgage. Eligible homebuyers may receive up to $35,000 in soft second funds and up to $5,000 in closing cost assistance.
To qualify, the buyer must:
  • Complete Homeownership training by one of the LA Homebuyer Education Collaborative Certified Agencieshttps://www.gnoha.org/main/home
  • Qualify for a first mortgage by an Approved Lender
  • Meet HUD 80% Annual Median Income Guidelines - Income Guideline Chart
Additional Documents:
  • Underwriting Guidelines
  • CNO Closing Agencies
For More Information:
Please contact Tonya Bernard 504-658-4245, Taymia Muse 504-658-4243 or Lindsay Smith 504-658-4244


0 Comments



Leave a Reply.

    ...

    Author

    Jessica Bordelon, Agent,
    504-453-5353
    ​​jesbordelon@gmail.com
    Licensed in
    ​New Orleans, LA., with Bennette Dukes Realty, 504-644-1111

    Picture

    Archives

    December 2020
    November 2020
    September 2020
    July 2020
    March 2020
    February 2020
    January 2020
    December 2019
    October 2019
    September 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019

    Categories

    All

    RSS Feed

Powered by Create your own unique website with customizable templates.
  • Home
  • Client Services
    • Services for 1st Time Buyers
    • Services for Sellers
    • Services for Experienced Buyers
  • Local Lifestyle
    • Jefferson Parish (JP) >
      • Gretna/ Terrytown
      • Harrahan
      • Kenner
      • Marrero
      • Metairie
      • Westwego
    • Lafayette Area >
      • Broussard
      • Carencro/ Scott
      • Central Lafayette
      • Milton
      • Northside Lafayette
      • Southside Lafayette
      • Youngsville
    • New Orleans >
      • 7th Ward
      • 9th Ward
      • Algiers
      • Downtown/ CBD
      • Gentilly
      • Marigny/ Bywater
      • MidCity
      • The East
      • Uptown
    • Northshore >
      • Abita Springs
      • Covington
      • Hammond
      • Mandeville
      • Slidell
    • St Bernard Parish >
      • Arabi
      • Chalmette
  • Blog