As rents continue to rise across the city of New Orleans many people have been giving a good hard though to diving into home ownership. The biggest hurdle to over come is coming up with that down payment. However, big news has just been announced!
Now more than ever is THE TIME TO BUY! The city has announced this week that $3 million dollars has been approved to help with assistance for first time buyers in New Orleans. The funds provided by the Community Development Block Grant will be available for the Soft Second Mortgage Program, effective immediately.
This program will help buyers whose income does not exceed 80 percent of the Area Median Income. New Orleans homebuyers who are eligible may receive up to $35,000 in soft second funds and up to $5,000 to help with closing costs. Buyers must also complete a homeownership training with one of the approved agencies and be determined eligible for a first mortgage with one of the approved lenders.
Considering that mortgage rates are also on the decline, in fact this week they hit a 14 month low; there really is no better time than now to make the leap into your first home!
Get in contact with one of our agents now to help you start the process by calling our office at (504)-889-9850.
*Information for this post was retrieved from: