- A Soft Second Loan of 20% of the purchase price up to $55,000.
- Up to $5,000 for Closing Costs for a total of up to $60,000.
TERMS OF THE SOFT SECOND LOAN
Repayment of the principal amount of the soft second loan shall be deferred until the loan is extinguished upon sale or refinance.
In other words, if the homebuyer occupies the home for the full ten year term, then the soft second loan will be forgiven.
There are income and purchase price limitations and the program is limited to Gustav/Ike and Isaac designated parishes:
Acadia, Allen, Ascension, Avoyelles, Beauregard, Bienville, Bossier, Caddo, Calcasieu, Caldwell, Catahoula, Claiborne, De Soto, East Carroll, East Baton Rouge, East Feliciana, Evangeline, Franklin, Grant, Iberia, Iberville, Jackson, Jefferson Davis, Lafayette, LaSalle, Lincoln, Livingston, Madison, Morehouse, Natchitoches, Ouachita, Pointe Coupee, Rapides, Red River, Richland, Sabine, St. Helena, St. James, St. Landry, St. Martin, St. Tammany, Tangipahoa, Union, Vermilion, Vernon, Washington, Webster, West Baton Rouge, West Carroll, West Feliciana and Winn Parish
HERE ARE HOMES THAT QUALIFY